The bank lending channel and the deposit channel of monetary policy: an empirical analysis of Eurozone banks

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-23 DOI:10.1016/j.frl.2025.107473

Sergio Sanfilippo-Azofra, María Cantero-Saiz, Begoña Torre-Olmo, Violeta Bringas-Fernández

引用次数: 0

Abstract

This study analyzes the deposit channel, emphasizing how positive and negative deposit spreads affect the impact of monetary policy changes on loan supply differently. Using a sample of 703 banks from 11 countries in the Eurozone between 2010 and 2023, we find evidence supporting the deposit channel in markets with high concentrations when deposit spreads are positive, partially validating this deposit channel. However, when deposit spreads are negative, our results do not support the deposit channel. These findings suggest that when deposit spreads are positive, the European Central Bank should consider the effects of the deposit channel in its decisions to achieve smoother transmission of monetary policy.

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货币政策的银行借贷渠道与存款渠道：对欧元区银行的实证分析

本文对存款渠道进行了分析，强调了正存款利差和负存款利差对货币政策变化对贷款供给影响的不同影响。我们以2010年至2023年间欧元区11个国家的703家银行为样本，发现当存款利差为正值时，在高度集中的市场中存在存款渠道，从而部分验证了这一存款渠道。然而，当存款利差为负时，我们的结果不支持存款渠道。这些发现表明，当存款利差为正值时，欧洲央行应在决策中考虑存款渠道的影响，以实现更顺畅的货币政策传导。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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