Bank lending policies and monetary policy: some lessons from the negative interest era
利用西班牙银行调查数据、资产负债表和信贷登记，研究负利率对银行贷款的长期影响，发现仅当存款利率触及零下限时，受影响的银行才会减少信贷供给，尤其是资本不足且向高风险企业放贷的银行。
Abstract What is the long-term impact of negative interest rates on bank lending? To answer this question, we construct a unique summary measure of negative rate exposure by individual banks based on exclusive survey data and banks’ balance sheets and couple it with the credit register of Spain and firms’ balance sheets to identify this impact on the supply of credit to firms. We find that only when deposit rates reached the zero lower bound did affected banks (relative to non-affected banks) decrease their supply, especially when undercapitalized and lending to risky firms. The adverse effects of the negative rates on banks’ intermediation capacity only took place after a protracted period of time.