层级之乐？负利率环境下的储备分级和银行行为

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-11-01 DOI:10.1016/j.jmoneco.2024.103614

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引用次数: 0

摘要

负利率制度通常涉及准备金分级，使部分银行准备金不受负利率影响。我们研究了瑞士国家银行对储备金分级进行的一次巨大且意料之外的调整对银行行为的影响，这一调整在各银行之间产生了巨大差异，且与其他事件无关。我们发现，银行体系内的流动性和存款发生了相当大的重新分配。较高的豁免降低了负利率对存款利率的传递，尤其是对银行间市场准入有限的零售银行而言。对贷款的影响不大，表明较高的盈利能力减轻了追求收益的压力。我们的研究结果更广泛地说明了货币政策通过银行业的传导渠道。我们讨论了存款准备金分级的影响与利率变化的影响有何不同，强调存款准备金分级通过更窄的渠道影响经济。

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Tiers of joy? Reserve tiering and bank behavior in a negative-rate environment

Negative interest rate regimes typically involve reserve tiering to exempt a portion of bank reserves from negative rates. We study the effects on bank behavior of a large and unanticipated change in reserve tiering by the Swiss National Bank that generated substantial variation across banks and was not related to other events. We find a sizable reallocation of liquidity and deposits within the banking system. Higher exemptions reduce the pass-through of negative rates to deposit rates, especially at retail banks with limited access to the interbank market. Effects on lending are moderate and suggest that higher profitability lessens pressure to reach for yield. Our results are informative about the transmission channels of monetary policy through the banking sector more broadly. We discuss how effects of reserve tiering may differ from effects of changes in interest rates, emphasizing that reserve tiering affects the economy through a narrower set of channels.

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.