Unconventional monetary policy, competition and financial stability. Evidence from the Eurozone banks
Fecha
2020Versión
Acceso abierto / Sarbide irekia
Tipo
Artículo / Artikulua
Versión
Versión aceptada / Onetsi den bertsioa
Identificador del proyecto
ES/1PE/ECO2016-77631-R
Impacto
|
10.25115/eae.v38i1.2970 (erróneo)
Resumen
This article analyses the effects of the ECB’s negative interest rates (or unconventional) policy on the degree of banking competition, lending and deposit supply, and financial stability. Using a dataset comprising 191 Eurozone banks for the 2002Q1-2016Q4 period, our results suggest that negative interest rates (i) increase banks’ lending and deposit supply, (ii) reduce banking competition, and ...
[++]
This article analyses the effects of the ECB’s negative interest rates (or unconventional) policy on the degree of banking competition, lending and deposit supply, and financial stability. Using a dataset comprising 191 Eurozone banks for the 2002Q1-2016Q4 period, our results suggest that negative interest rates (i) increase banks’ lending and deposit supply, (ii) reduce banking competition, and (iii) weaken financial stability. This phenomenon is economically more significant for periphery country banks than for core country banks. [--]
Materias
Bank competition,
Financial stability,
Lending and deposit supply,
Negative interest rates,
Quantitative easing
Editor
Asociación Internacional de Economía Aplicada (ASEPELT)
Publicado en
Estudios de Economía Aplicada vol. 38, núm. 1 (2020)
Departamento
Universidad Pública de Navarra. Departamento de Gestión de Empresas /
Nafarroako Unibertsitate Publikoa. Enpresen Kudeaketa Saila
Entidades Financiadoras
José Manuel Mansilla Fernández gratefully acknowledges financial support from ECO2016-77631-
R (Ministerio de Economía y Competitividad).