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Negative monetary policy rates and systemic banks' risk-taking: evidence from the euro area securities register
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| Personen und Körperschaften: | , , |
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| Titel: | Negative monetary policy rates and systemic banks' risk-taking: evidence from the euro area securities register/ Johannes Bubeck, Angela Maddaloni, José-Luis Peydró |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2020]
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| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2398 (April 2020)
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26 largest euro area banking groups. Banks with more customer deposits are negatively affected by negative rates, as they do not pass negative rates to retail customers, in turn investing more in securities, especially in those yielding higher returns. Effects are stronger for less capitalized banks, private sector (financial and non-financial) securities and dollar-denominated securities. Affected banks also take higher risk in loans. |
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| Umfang: | 1 Online-Ressource (circa 42 Seiten); Illustrationen |
| ISBN: |
9789289940412
9289940417 |
| DOI: | 10.2866/310634 |