| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13191 |
| DP13191 Life below zero: Bank lending under negative policy rates | |
| Florian Heider; Farzad Saidi; Glenn Schepens | |
| 发表日期 | 2018-09-19 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We show that negative policy rates affect the supply of bank credit in a novel way. Banks are reluctant to pass on negative rates to depositors, which increases the funding cost of high-deposit banks, and reduces their net worth, relative to low-deposit banks. As a consequence, the introduction of negative policy rates by the European Central Bank in mid-2014 leads to more risk taking and less lending by euro-area banks with greater reliance on deposit funding. Our results suggest that negative rates are less accommodative, and could pose a risk to financial stability, if lending is done by high-deposit banks. |
| 主题 | Financial Economics |
| 关键词 | Negative interest rates Deposits Zero lower bound Bank balance-sheet channel Bank risk-taking channel |
| URL | https://cepr.org/publications/dp13191 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541994 |
| 推荐引用方式 GB/T 7714 | Florian Heider,Farzad Saidi,Glenn Schepens. DP13191 Life below zero: Bank lending under negative policy rates. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
