01971cas a2200265 a 4500 AALejournalIMF016217 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513529233 1018-5941 BD-DhAAL BD-DhAAL Bergant, Katharina. International Capital Flows at the Security Level : Evidence from the ECB's Asset Purchase Programme / Katharina Bergant, Michael Fidora, Martin Schmitz. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (46 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced away from securities targeted under the Public Sector Purchase Programme and other euro-denominated debt securities, towards foreign debt instruments, including `closest substitutes', id est certain sovereign debt securities issued by non-euro area advanced countries. This rebalancing was particularly strong during the first six quarters of the programme. Our analysis also reveals marked differences across sectors as well as country groups within the euro area, suggesting that quantitative easing has induced heterogeneous portfolio shifts. Mode of access: Internet Fidora, Michael. Schmitz, Martin. IMF Working Papers; Working Paper ; No. 2020/046 Full text available on IMF http://elibrary.imf.org/view/journals/001/2020/046/001.2020.issue-046-en.xml IMF e-Library