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200301 ||| eng |
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|a 9781498300858
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| 100 |
1 |
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|a Bottero, Margherita
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| 245 |
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0 |
|a Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data
|c Margherita Bottero, Camelia Minoiu, José-Luis Peydró, Andrea Polo, Andrea Presbitero, Enrico Sette
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2019
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| 300 |
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|a 59 pages
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| 651 |
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4 |
|a Italy
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Interest rates
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| 653 |
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|a Credit
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| 653 |
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|a Banks
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| 653 |
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|a Finance
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| 653 |
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|a Industries: Financial Services
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| 653 |
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|a Banks and banking
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| 653 |
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|a Monetary economics
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| 653 |
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|a Financial institutions
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| 653 |
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|a Financial services
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Financial Institutions and Services: Government Policy and Regulation
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| 653 |
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|a Mortgages
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| 653 |
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|a Money
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| 653 |
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|a Loans
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Bank credit
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| 653 |
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|a Banking
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Central Banks and Their Policies
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| 653 |
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|a Bank deposits
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Financial Crises
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| 653 |
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|a Central bank policy rate
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| 700 |
1 |
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|a Minoiu, Camelia
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| 700 |
1 |
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|a Peydró, José-Luis
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| 700 |
1 |
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|a Polo, Andrea
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781498300858.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2019/044/001.2019.issue-044-en.xml?cid=46638-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.
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