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Life below zero: bank lending under negative policy rates
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| Personen und Körperschaften: | , , |
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| Titel: | Life below zero: bank lending under negative policy rates/ Florian Heider, Farzad Saidi, Glenn Schepens |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2018]
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| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2173 (August 2018)
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | 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. |
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| Umfang: | 1 Online-Ressource (circa 74 Seiten) |
| ISBN: |
9789289932783
9289932783 |
| DOI: | 10.2866/310210 |