Arbeitspapier
The new normal: bank lending and negative interest rates in Austria
Evidence on the effects of negative interest rates on bank lending is inconclusive so far. By applying a difference-in-difference estimation using granular loan level data with a large coverage from Austria, I show, contrary to some previous ndings, that the introduction of a negative deposit facility rate by the European Central Bank led to an increased credit supply by high-deposit nanced banks. Given the importance of relationship banking, the extended credit is granted mainly by smaller banks and via existing credit relationships to firms and households. Banks lend more often to indebted customers and to clients with higher probabilities of default, confirming the previous found increased risk-taking behavior in negative interest rate environment.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 242
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Money Supply; Credit; Money Multipliers
Monetary Policy
Central Banks and Their Policies
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
Monetary policy transmission
negative interest rate policy
portfolio rebalancing channel
bank lending
nancial stability
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Barmeier, Marcel
- Ereignis
-
Veröffentlichung
- (wer)
-
Oesterreichische Nationalbank (OeNB)
- (wo)
-
Vienna
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Barmeier, Marcel
- Oesterreichische Nationalbank (OeNB)
Entstanden
- 2022
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