This would double the amount outstanding of ETFs from the end of 2012 to the end of 2014. Regarding CP and corporate bonds, it was decided to maintain the amounts outstanding of these holdings given the already low levels of risk premia (expected excess returns demanded by investors relative to safe assets) after the decision in January.
As a result, policymakers are often forced to rely on non-data information sources, such as surveys or market participants’ reports. Data on the financial system’s exposures to commercial real estate have comparable shortcomings, while information on lending standards is very limited. Closing these data gaps would offer several advantages for policymakers.