Overview
- First comprehensive Analysis of the European Central Bank’s Covered Bond Purchase Programmes since 2009
Part of the book series: Essays in Real Estate Research (ERER)
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Table of contents(8 chapters)
About this book
Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by € 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs’ effectiveness relies on the market’s expectations and its prevalent health.
About the Author
Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.
Authors and Affiliations
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EBS Universität f. Wirt. u. Recht , Wiesbaden, Germany
Holger Markmann
About the author
Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.
Bibliographic Information
Book Title: Covered Bonds under Unconventional Monetary Policy
Authors: Holger Markmann
Series Title: Essays in Real Estate Research
DOI: https://doi.org/10.1007/978-3-658-20975-9
Publisher: Springer Gabler Wiesbaden
eBook Packages: Business and Management, Business and Management (R0)
Copyright Information: Springer Fachmedien Wiesbaden GmbH 2018
Hardcover ISBN: 978-3-658-20974-2Published: 09 February 2018
Softcover ISBN: 978-3-658-21522-4Published: 04 June 2019
eBook ISBN: 978-3-658-20975-9Published: 01 February 2018
Series ISSN: 2570-2246
Series E-ISSN: 2570-2254
Edition Number: 1
Number of Pages: XVIII, 120
Number of Illustrations: 16 b/w illustrations
Topics: Real Estate Management, Macroeconomics/Monetary Economics//Financial Economics, Banking