Empirical Evidence of the Lending Channel of Monetary Policy under Negative Interest Rates
| dc.rights.license | open | en_US |
| hal.structure.identifier | Laboratoire d'analyse et de recherche en économie et finance internationales [Larefi] | |
| dc.contributor.author | BOUNGOU, Whelsy | |
| dc.date.accessioned | 2022-06-07T15:09:05Z | |
| dc.date.available | 2022-06-07T15:09:05Z | |
| dc.date.issued | 2020-01-01 | |
| dc.identifier.issn | 1062-9769 | en_US |
| dc.identifier.uri | oai:crossref.org:10.1016/j.qref.2021.06.013 | |
| dc.identifier.uri | oai:crossref.org:10.2139/ssrn.3513885 | |
| dc.identifier.uri | https://oskar-bordeaux.fr/handle/20.500.12278/140158 | |
| dc.description.abstractEn | Does the lending channel of monetary policy operate under a negative interest rate policy (NIRP)? The purpose of this study is to shed light on the existence of a lending channel of monetary policy under NIRP. To do so, we aim to provide an in-depth analysis of the relationship between NIRP and bank-lending behavior. To achieve this, we employ a large panel dataset of 4072 banks operating in 54 countries over the period 2009–2018 and a Difference-in-Differences methodology. We find that banks located in countries affected by negative interest rates have adjusted their bank-lending behavior by increasing lending activities. Our findings suggest that in response to negative interest rates, banks have reduced their lending cost, and increased lending supply, particularly loans with maturities ranging from 3 to 12 months and those over 5 years. Finally, we also find that the transmission of monetary policy under negative interest rates to the real economy depends on banks’ specific characteristics such as reliance on retail deposits and size. | |
| dc.language.iso | EN | en_US |
| dc.source | crossref | |
| dc.subject.en | Negative interest rates | |
| dc.subject.en | Lending cost | |
| dc.subject.en | Lending supply | |
| dc.subject.en | Lending maturity | |
| dc.subject.en | Difference-in-Differences estimation | |
| dc.title.en | Empirical Evidence of the Lending Channel of Monetary Policy under Negative Interest Rates | |
| dc.type | Article de revue | en_US |
| dc.subject.hal | Sciences de l'Homme et Société/Economies et finances | en_US |
| dc.subject.jel | E - Macroeconomics and Monetary Economics::E4 - Money and Interest Rates::E43 - Interest Rates: Determination, Term Structure, and Effects | en_US |
| dc.subject.jel | E - Macroeconomics and Monetary Economics::E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit::E51 - Money Supply; Credit; Money Multipliers | en_US |
| dc.subject.jel | E - Macroeconomics and Monetary Economics::E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit::E52 - Monetary Policy | en_US |
| dc.subject.jel | F - International Economics::F3 - International Finance::F34 - International Lending and Debt Problems | en_US |
| dc.subject.jel | G - Financial Economics::G2 - Financial Institutions and Services::G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages | en_US |
| bordeaux.journal | Quarterly Review of Economics and Finance | en_US |
| bordeaux.page | 309-318 | en_US |
| bordeaux.volume | 81 | en_US |
| bordeaux.hal.laboratories | Laboratoire d'analyse et de recherche en économie et finance internationales (LAREFI) - EA2954 | en_US |
| bordeaux.institution | Université de Bordeaux | en_US |
| bordeaux.institution | CNRS | |
| bordeaux.peerReviewed | oui | en_US |
| bordeaux.inpress | non | en_US |
| bordeaux.import.source | dissemin | |
| hal.identifier | hal-03689971 | |
| hal.version | 1 | |
| hal.date.transferred | 2022-06-07T15:09:07Z | |
| hal.export | true | |
| workflow.import.source | dissemin | |
| dc.rights.cc | Pas de Licence CC | en_US |
| bordeaux.COinS | ctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.jtitle=Quarterly%20Review%20of%20Economics%20and%20Finance&rft.date=2020-01-01&rft.volume=81&rft.spage=309-318&rft.epage=309-318&rft.eissn=1062-9769&rft.issn=1062-9769&rft.au=BOUNGOU,%20Whelsy&rft.genre=article |
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