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1. Negative monetary policy rates and systemic banks' risk-taking

   evidence from the euro area securities register
   Autor*in: Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis

   Erschienen: [2020]

   Verlag:  European Central Bank, Frankfurt am Main, Germany

   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... mehr

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   Kiel: ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel

   Standort:

   ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel

   Signatur:

   DS 534

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   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.

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   Quelle:	Verbundkataloge
   Sprache:	Englisch
   Medientyp:	Ebook
   Format:	Online
   ISBN:	9789289940412
   Weitere Identifier:	doi: 10.2866/310634 hdl: 10419/229012
   Schriftenreihe:	Working paper series / European Central Bank ; no 2398 (April 2020)
   Umfang:	1 Online-Ressource (circa 42 Seiten), Illustrationen