ECB’s asset purchases had global spillovers – IMF research

Eurozone investors significantly rebalanced their portfolios during the European Central Bank’s asset-purchasing programmes, new research published by the International Monetary Fund finds.

The investor behaviour led to global spillovers involving a shift towards owning foreign advanced-economy securities, having the effect of pushing down foreign yields, Katharina Bergant, Michael Fidora and Martin Schmitz find.

The authors examine both country- and sector-level portfolio rebalancing activity

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