Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/246182 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ECB Working Paper No. 2605
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We examine the transmission of monetary policy via the euro area investment fund sector using a BVAR framework. We find that expansionary shocks are associated with net inflows and that these are strongest for riskier fund types, reflecting search for yield among euro area investors. Search for yield behaviour by fund managers is also evident, as they shift away from low yielding cash assets following an expansionary shock. While higher risk-taking is an intended consequence of expansionary monetary policy, this dynamic may give rise to a build-up in liquidity risk over time, leaving the fund sector less resilient to large outflows in the face of a crisis.
Schlagwörter: 
Monetary policy
non-bank financial intermediation
liquidity management
ECB
JEL: 
E32
G11
G23
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4858-6
Dokumentart: 
Working Paper

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