Corporate Bonds Issues during Anti-crisis Actions by the European Central Bank after 2008

• Autorzy: Jarosław Czaja

Warianty tytułu

Emisje obligacji korporacyjnych w okresie działań antykryzysowych Europejskiego Banku Centralnego po 2008 roku

• Języki publikacji: EN

Abstrakty

EN

The aim of the article is to determine whether the anti-crisis measures of the European Central Bank are conducive to increases in corporate bonds issues. This matter is important because it relates to a period when a very active monetary policy was applied, not only in the euro area countries. The internationalization of the debt markets increased the possibilities of indebtedness in the financial markets, with the excessive risk of the mass insolvency of various enterprises and even countries. The author points out that the actions of the European Central Bank have significantly changed the terms of issuing corporate bonds.The conclusions of this study are based on a comparative analysis of the volume of bond issues (with interest rates correlations), changes in ratings, and the impact of central bank intervention on the corporate bond market, mainly in the euro area and the USA. Additionally, debt sector indices (government, financial and corporate) were used. The time series mainly cover the period 2011-2019, but some figures come from earlier times. Central bank interventions in the bond markets (mainly the purchase of corporate bonds) increased corporate bond issues and shifted funding from loans to bond issues as other sectors slightly reduced the use of this type of debt.(original abstract)

Celem artykułu jest ustalanie, czy działania antykryzysowe Europejskiego Banku Centralnego sprzyjają wzrostom emisji obligacji korporacyjnych. Kwestia ta jest ważna, bo dotyczy okresu, w którym zastosowano bardzo aktywną politykę monetarną nie tylko w krajach strefy euro. Umiędzynarodowienie rynków długu zwiększyło możliwości zadłużania się na rynkach finansowych przy nadmiernym ryzyku masowej niewypłacalności różnych przedsiębiorstw, a nawet państw. Autor zwraca uwagę na to, że działania Europejskiego Banku Centralnego w istotny sposób zmieniły warunki emisji obligacji korporacyjnych. Podstawą wniosków z niniejszego opracowania jest analiza porównawcza wielkości emisji obligacji, zmian stóp procentowych, zmian ratingów, wpływu programu interwencji Europejskiego Banku Centralnego na rynek obligacji korporacyjnych, głównie w strefie euro i w USA. Dodatkowo wykorzystano wskaźniki proporcji zadłużenia sektorowego (rządowego, finansowego i korporacyjnego). Szeregi czasowe obejmują głównie lata 2011-2019, ale niektóre dane liczbowe dotyczą wcześniejszych okresów.(abstrakt oryginalny)

Słowa kluczowe

EN

Bond market; Interest rate; Central banks; Rating; Financial crisis

PL

Rynek obligacji; Stopa procentowa; Banki centralne; Rating; Kryzys finansowy

• Czasopismo: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
• Rocznik: 2020
• Numer: nr 12 (64)
• Strony: 31--46

Twórcy

autor

Jarosław Czaja

• Wroclaw University of Economics and Business

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Identyfikatory

DOI

10.15611/pn.2020.12.03