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Bank interest rate margins in a negative interest rate environment
SSRN Electronic Journal, 2021This paper studies the impact of the negative interest rate policy (NIRP) on euro area banks’ interest rate margins, using bank-individual data for the 2007-2019 period. An important extension to other studies is our breakdown of banks’ interest rate margin into a funding and lending component.
Jorien Freriks, Jan Kakes
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Exchange rate behaviour with negative interest rates: Some early negative observations
Pacific Economic Review, 2018AbstractThis paper examines exchange rate behaviour during the recent period with negative nominal interest rates. We use a daily panel of data of 61 currencies from January 2010 to May 2016; during this time five economies (Denmark, EMU, Japan, Sweden and Switzerland) experienced negative nominal interest rates.
Hameed, Allaudeen S., Rose, Andrew
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SSRN Electronic Journal, 2016
Following the financial crisis of 2007, central banks have been pouring trillions of dollars to the commercial banks, even though the recent economic conditions are not similar to the ones of 2007. Then, there was a serious shortage of liquidity, banks were at the risk of bankruptcy, and the domino effect was a real threat, as in the 1932 crisis.
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Following the financial crisis of 2007, central banks have been pouring trillions of dollars to the commercial banks, even though the recent economic conditions are not similar to the ones of 2007. Then, there was a serious shortage of liquidity, banks were at the risk of bankruptcy, and the domino effect was a real threat, as in the 1932 crisis.
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A Negative Equilibrium Interest Rate
Financial Analysts Journal, 2003The average after-tax real interest rate on U.S. T-bills and the average rate of return on long-term government bonds (LTGB) have been negative over the past 75 years. Is this negative rate an equilibrium phenomenon or simply an empirical fluke? We show that a negative equilibrium interest rate is possible and that the wealthier the nation is, the more
Moshe Levy, Haim Levy, Avi Edry
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'Negative-For-Long' Interest Rates and Customer Deposit Rate
SSRN Electronic Journal, 2021Using Difference-in-Differences method and data from 5115 banks located in 74 countries over2009-2018, we investigate the effects of a negative interest rate policy (NIRP) on banks’ customerdeposit rate. Our results highlight that in response to the introduction of NIRP, banks reducedtheir customer deposit rate.
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Loans and Negative Interest Rates
European Business Law Review, 2016Payments of interest amounts in floating rate loans are generally linked to specific reference parameters, such as EURIBOR. Given the decrease of such parameters to reference values around zero, what would happen if such a fall continued below this value (so that lenders have to pay interest amounts to borrowers)?
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Negative interest rates: a Keynesian perspective
Review of Keynesian Economics, 2019One of the most surprising recent developments in financial markets has been the emergence of negative yields on long-term debt. This development contradicts the notion of the zero lower bound which, until recently, was taken as a given in monetary policy discussions. In this paper, I look at the phenomenon of negative yields through the lens of Keynes'
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Negative interest rates in the eurozone
Review of Keynesian Economics, 2019This paper reviews the eurozone's negative rate deposit facility and seeks to explain its rationale. The paper rejects the conventional explanation that the negative rate deposit facility improves the transmission mechanism of monetary policy and contributes to the economic recovery of the area.
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