Negative Interest Rate Policy Nirp
DOWNLOAD
Download Negative Interest Rate Policy Nirp PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Negative Interest Rate Policy Nirp book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Negative Interest Rate Policy Nirp
DOWNLOAD
Author : Andreas Jobst
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-10
Negative Interest Rate Policy Nirp written by Andreas Jobst and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-10 with Business & Economics categories.
More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Pushed Past The Limit How Japanese Banks Reacted To Negative Interest Rates
DOWNLOAD
Author : Mr.Gee Hee Hong
language : en
Publisher: International Monetary Fund
Release Date : 2018-06-13
Pushed Past The Limit How Japanese Banks Reacted To Negative Interest Rates written by Mr.Gee Hee Hong and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-13 with Business & Economics categories.
In this paper, we investigate how negative interest rate policy (NIRP) introduced in January 2016 by the Bank of Japan (BoJ) affected Japanese banks' lending and risk taking behavior. The BoJ's announcement was an unexpected surprise to the market and was followed by a sharp drop in equity prices of Japanese financial firms. We exploit the cross-sectional variation in the change of share prices on the day of the announcement to measure banks' differential exposure to NIRP. We show that more exposed banks increased their credit and took on more risk compared to banks that were less exposed to negative rates.
Negative Interest Rates And Financial Stability
DOWNLOAD
Author : Karol Rogowicz
language : en
Publisher: Taylor & Francis
Release Date : 2022-12-01
Negative Interest Rates And Financial Stability written by Karol Rogowicz and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-01 with Business & Economics categories.
This book sheds new light on a recently introduced monetary tool – negative interest rates policy (NIRP). It provides in-depth insight into this phenomenon, conducted by the central banks in several economies, for example, the Eurozone, Switzerland and Japan, and its possible impact on systemic risk. Although it has been introduced as a temporary policy instrument, it may remain widely used for a longer period and by a greater range of central banks than initially expected, thus the book explores its effects and implications on the banking sector and financial markets, with a particular focus on potentially adverse consequences. There is a strong accent on the uniqueness of negative policy rates in the context of financial stability concerns. The authors assess whether NIRP has any – or in principle a stronger – impact on systemic risk than conventional monetary policy. The book is targeted at presenting and evaluating the initial experiences of NIRP policy during normal, i.e. pre-COVID, times, rather than in periods in which pre-established macroeconomic relations are rapidly disrupted or, specifically, when the source of the disruption is not purely economic in nature, unlike in systemic crisis. The authors adopt both theoretical and practical approaches to explore the key issues and outline the policy implications for both monetary and macroprudential authorities, with respect to negative interest rate policy, thus the book will provide a useful guide for policymakers, academics, advanced students and researchers of financial economics and international finance.
Negative Monetary Policy Rates And Portfolio Rebalancing Evidence From Credit Register Data
DOWNLOAD
Author : Margherita Bottero
language : en
Publisher: International Monetary Fund
Release Date : 2019-02-28
Negative Monetary Policy Rates And Portfolio Rebalancing Evidence From Credit Register Data written by Margherita Bottero and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-28 with Business & Economics categories.
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.
Negative Interest Rates
DOWNLOAD
Author : Luís Brandão Marques
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-03
Negative Interest Rates written by Luís Brandão Marques and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-03 with Business & Economics categories.
This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.
Bank Profitability And Risk Taking
DOWNLOAD
Author : Natalya Martynova
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-25
Bank Profitability And Risk Taking written by Natalya Martynova and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-25 with Business & Economics categories.
Traditional theory suggests that more profitable banks should have lower risk-taking incentives. Then why did many profitable banks choose to invest in untested financial instruments before the crisis, realizing significant losses? We attempt to reconcile theory and evidence. In our setup, banks are endowed with a fixed core business. They take risk by levering up to engage in risky ‘side activities’(such as market-based investments) alongside the core business. A more profitable core business allows a bank to borrow more and take side risks on a larger scale, offsetting lower incentives to take risk of given size. Consequently, more profitable banks may have higher risk-taking incentives. The framework is consistent with cross-sectional patterns of bank risk-taking in the run up to the recent financial crisis.
Negative Interest Rate Policies Initial Experiences And Assessments
DOWNLOAD
Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-08
Negative Interest Rate Policies Initial Experiences And Assessments written by International Monetary Fund. Asia and Pacific Dept and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-08 with Business & Economics categories.
The depth of the crisis and the weakness of the ensuing recovery led to new ways to implement monetary policy. At the onset of the crisis, central banks in several advanced economies quickly moved policy rates to zero and initiated large-scale asset purchases. In more recent years, with inflation still below target and limited support from fiscal policy, several central banks lowered their policy rates below the previous zero lower bound, embarking on so-called negative interest rate policies (NIRPs). This paper explores the implications of NIRPs for monetary policy transmission and banks’ behavior. It considers potential differences between interest rate cuts in positive versus negative territory on deposit and lending rates, as well as banks’ interest rate margins and profitability, and market functioning. The paper focuses on the bank transmission channel, where differences between positive and negative policy rates could arise. Finally, the paper reviews cross-country experiences through case studies.
Negative Monetary Policy Rates And Portfolio Rebalancing
DOWNLOAD
Author : MARGHERITA; MINOIU BOTTERO (CAMELIA; PEYDRO, JOSE.)
language : en
Publisher:
Release Date :
Negative Monetary Policy Rates And Portfolio Rebalancing written by MARGHERITA; MINOIU BOTTERO (CAMELIA; PEYDRO, JOSE.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Economic Growth And Macroeconomic Stabilization Policies In Post Keynesian Economics
DOWNLOAD
Author : Hassan Bougrine
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-07-31
Economic Growth And Macroeconomic Stabilization Policies In Post Keynesian Economics written by Hassan Bougrine and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-31 with Business & Economics categories.
Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
Introduction To Central Banking
DOWNLOAD
Author : Ulrich Bindseil
language : en
Publisher: Springer Nature
Release Date : 2021-05-18
Introduction To Central Banking written by Ulrich Bindseil and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-18 with Business & Economics categories.
This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of 2007–2008. Illuminating the role of central banks in ensuring financial stability and as last resort lenders, it also offers an overview of the international monetary framework. A flow-of-funds framework is used throughout to capture this essential dimension in a consistent and unifying manner, providing a unique and accessible resource on central banking and monetary policy, and its integration with financial stability. Addressed to professionals as well as bachelors and masters students of economics, this book is suitable for a course on economic policy. Useful prerequisites include at least a general idea of the economic institutions of an economy, and knowledge of macroeconomics and monetary economics, but readers need not be familiar with any specific macroeconomic models.