TY - BOOK ID - 138686791 TI - International Capital Flows at the Security Level – Evidence from the ECB’s Asset Purchase Programme AU - Bergant, Katharina. AU - Fidora, Michael. AU - Schmitz, Martin. PY - 2020 SN - 1513536559 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - United States KW - Exports and Imports KW - Investments: General KW - Investments: Stocks KW - Money and Monetary Policy KW - Industries: Financial Services KW - International Investment KW - Long-term Capital Movements KW - International Policy Coordination and Transmission KW - Monetary Policy KW - International Financial Markets KW - General Financial Markets: General (includes Measurement and Data) KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - Investment & securities KW - Finance KW - International economics KW - Monetary economics KW - Securities KW - Mutual funds KW - Capital flows KW - Stocks KW - Unconventional monetary policies KW - Financial institutions KW - Balance of payments KW - Monetary policy KW - Financial instruments KW - Capital movements UR - https://www.unicat.be/uniCat?func=search&query=sysid:138686791 AB - 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', i.e. 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. ER -