Arce, Oscar
[Verfasser:in]
;
Garcia-Posada, Miguel
[Sonstige Person, Familie und Körperschaft];
Mayordomo, Sergio
[Sonstige Person, Familie und Körperschaft];
Ongena, Steven
[Sonstige Person, Familie und Körperschaft]
Adapting lending policies in a “negative-for-long” scenario (Updated October 2020)
Erschienen in:Banco de Espana Working Paper ; No. 1832
Umfang:
1 Online-Ressource (46 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.3255441
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 15, 2020 erstellt
Beschreibung:
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 couple it with the credit register of Spain to identify this impact on the supply of credit to firms. We find that only after a few years of negative rates do affected banks (relative to non-affected banks) decrease their supply and increase their rates, especially when lowly capitalized and lending to risky firms. However, no firms are facing funding constraints, yet