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BIS Working Papers
BIS Working Papers No 1002 Exorbitant privilege? Quantitative easing and the bond market subsidy of prospective fallen angels by Viral V Acharya, Ryan Banerjee, Matteo Crosignani, Tim Eisert and Ren e Spigt Monetary and Economic Department February 2022 JEL classification: E31, E44, G21. Keywords: Corporate bond market, investment-grade bonds, large-scale asset purchases (LSAP), credit ratings, credit ratings inflation. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The Papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS.
fallen angels exert negative externalities on more prudent rms similar to the congestion e ect created by zombie rms (Caballero et al.,2008). In summary, our paper presents evidence consistent with a decade of capital misallocation in the U.S. corporate bond market, driven by QE-induced demand for IG bonds. We show
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