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Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data
Margherita Bottero
Ms.Camelia Minoiu
José-Luis Peydro
Andrea Polo
Mr.Andrea F Presbitero
Enrico Sette
出版
International Monetary Fund
, 2019-02-28
主題
Business & Economics / Banks & Banking
Business & Economics / Money & Monetary Policy
Business & Economics / Industries / Financial Services
ISBN
1498300855
9781498300858
URL
http://books.google.com.hk/books?id=CKUZEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.