Bank lending policies and monetary policy: Some lessons from the negative interest era

IF 4.5 3区 经济学 Q1 ECONOMICS
Oscar Arce, Miguel García-Posada, Sergio Mayordomo, Banco de España, Steven Ongena
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引用次数: 0

Abstract

What is the long-term impact of negative interest rates on bank lending? To answer this question, we construct a unique summary measure of negative rate exposure by individual banks based on exclusive survey data and banks’ balance sheets and couple it with the credit register of Spain and firms’ balance sheets to identify this impact on the supply of credit to firms. We find that only when deposit rates reached the zero lower bound (ZLB) did affected banks (relative to non-affected banks) decrease their supply, especially when undercapitalized and lending to risky firms. The adverse effects of the negative rates on banks’ intermediation capacity only took place after a protracted period of time.
银行贷款政策和货币政策:负利率时代的一些经验教训
负利率对银行贷款的长期影响是什么?为了回答这个问题,我们基于独家调查数据和银行资产负债表,构建了一个独特的衡量单个银行负利率风险的汇总指标,并将其与西班牙信贷登记和企业资产负债表相结合,以确定负利率对企业信贷供应的影响。我们发现,只有当存款利率达到零下限(ZLB)时,受影响的银行(相对于未受影响的银行)才会减少信贷供应,尤其是在资本不足和贷款给高风险企业的情况下。负利率对银行中介能力的不利影响只有在经过一段较长的时间后才会出现。
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来源期刊
Economic Policy
Economic Policy ECONOMICS-
CiteScore
4.80
自引率
0.00%
发文量
41
期刊介绍: Economic Policy provides timely and authoritative analyses of the choices confronting policymakers. The subject matter ranges from the study of how individual markets can and should work to the broadest interactions in the world economy. Economic Policy features: Analysis of key issues as they emerge Views of top international economists Frontier thinking without technical jargon Wide-reaching coverage of worldwide policy debate
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