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Negative monetary policy rates and systemic banks’ risk-taking: Evidence from the Euro area securities register

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dc.contributor.author Bubeck, Johannes
dc.contributor.author Maddaloni, Angela
dc.contributor.author Peydró, José-Luis
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2020-05-25T09:26:58Z
dc.date.available 2020-05-25T09:26:58Z
dc.date.issued 2019-03-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1678
dc.identifier.citation
dc.identifier.uri http://hdl.handle.net/10230/44737
dc.description.abstract 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.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 1678
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Negative monetary policy rates and systemic banks’ risk-taking: Evidence from the Euro area securities register
dc.title.alternative
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2020-05-25T09:26:09Z
dc.subject.keyword negative rates
dc.subject.keyword non-standard monetary policy
dc.subject.keyword reach-for-yield
dc.subject.keyword securities
dc.subject.keyword banks
dc.subject.keyword Macroeconomics and International Economics
dc.rights.accessRights info:eu-repo/semantics/openAccess

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