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Andreeva, Desislava éC. [VerfasserIn]; Coman, Andra [VerfasserIn]; Everett, Mary [VerfasserIn]; Froemel, Maren [VerfasserIn]; Ho, Kelvin [VerfasserIn]; Lloyd, Simon [VerfasserIn]; Meunier, Baptiste [VerfasserIn]; Pedrono, Justine [VerfasserIn]; Reinhardt, Dennis [VerfasserIn]; Wong, Andrew [VerfasserIn]; Wong, Eric [VerfasserIn]; çZochowski, Dawid [VerfasserIn]

Negative rates, monetary policy transmission and cross-border lending via international financial centres

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  • Medientyp: Bericht; E-Book
  • Titel: Negative rates, monetary policy transmission and cross-border lending via international financial centres
  • Beteiligte: Andreeva, Desislava éC. [VerfasserIn]; Coman, Andra [VerfasserIn]; Everett, Mary [VerfasserIn]; Froemel, Maren [VerfasserIn]; Ho, Kelvin [VerfasserIn]; Lloyd, Simon [VerfasserIn]; Meunier, Baptiste [VerfasserIn]; Pedrono, Justine [VerfasserIn]; Reinhardt, Dennis [VerfasserIn]; Wong, Andrew [VerfasserIn]; Wong, Eric [VerfasserIn]; çZochowski, Dawid [VerfasserIn]
  • Erschienen: Frankfurt a. M.: European Central Bank (ECB), 2023
  • Sprache: Englisch
  • DOI: https://doi.org/10.2866/350963
  • ISBN: 978-92-899-5517-1
  • Schlagwörter: Negative interest rates ; Cross-border lending ; F42 ; International financial centres ; Monetary policy ; E52 ; Bank lending ; Risk-taking ; F34 ; G21 ; F36
  • Entstehung:
  • Anmerkungen: Diese Datenquelle enthält auch Bestandsnachweise, die nicht zu einem Volltext führen.
  • Beschreibung: We study the effects of negative interest rate policies (NIRP) on the transmission of monetary policy through cross-border lending. Using bank-level data from international financial centres - the United Kingdom, Hong Kong and Ireland - we examine how NIRP in the economies where banks have their headquarters influences cross-border lending from financial-centre affiliates. We find that NIRP impairs the bank-lending channel for cross-border lending to non-bank sectors, especially for those banks that have only a weak deposit base in IFCs - and are thus relatively more exposed to NIRP in their headquarters. Using euro-area data, including bank-level data from France, we find that NIRP does not influence overall cross-border lending from banks' headquarters' economies, but NIRP does impair lending to financial sectors based in IFCs. This impairment is stronger for banks with a large deposit base in headquarter economies exposed to NIRP.
  • Zugangsstatus: Freier Zugang