Chart 1  Market portfolio  Source: Papoutsi, Piazzesi, Schneider (2021). Data sources: ECB (SHS & CSDB), Eurostat, Orbis. Notes: Market shares measured as capital income by sector. “Dirty Manufacturing” = oil & coke, chemicals, basic metals, nonmetallic minerals. Other Manufacturing = food, beverages, tobacco, textiles, leather, wood, paper, pharmaceuticals, electronics, electrical equipment, machinery, furniture, construction, and other manufacturing. Papoutsi et al.
(2021) then compare the sectoral distribution of the market portfolio to the ECB’s current holdings under its corporate sector purchase programme (CSPP)[15], highlighting a clear divergence in the portfolios’ sectoral composition. [16] While the services sector is underrepresented in the ECB portfolio, the manufacturing, utility, automobile and transportation sectors are overrepresented relative to the market portfolio (Chart 2).