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Negative Monetary Policy Rates and Portfolio Rebalancing
Margherita Bottero
其他書名
Evidence from Credit Register Data
出版International Monetary Fund, 2019
ISBN14983018009781498301800
URLhttp://books.google.com.hk/books?id=tmBHzQEACAAJ&hl=&source=gbs_api
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.