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 2024-11-14T10:09:50Z
- dc.date.available 2024-11-14T10:09:50Z
- dc.date.issued 2019-03-01
- dc.date.modified 2024-11-14T10:06:35Z
- 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.identifier https://econ-papers.upf.edu/ca/paper.php?id=1678
- dc.identifier.citation Journal of Money, Credit and Banking, 2020, 52(S1): 197-231
- dc.identifier.uri http://hdl.handle.net/10230/44737
- 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.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- 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.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