Acharya, Viral V.; Pierret, Diane; Steffen, Sascha - 2018
We document the mechanism through which the risk of fire sales in the sovereign bond market contributed to the … crisis. As a lender of last resort via the long-term refinancing operations (LTROs), the European Central Bank (ECB) improved … contrast, the ECB's announcement of being a potential buyer of last resort via the Outright Monetary Transaction (OMT) program …