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 banks’ balance sheets and couple it with the credit register of Spain and firms’ balance sheets to identify this impact on the supply of credit to firms. We find that only when deposit rates reached the zero lower bound (ZLB) did affected banks (relative to non-affected banks) decrease their supply, especially when undercapitalized and lending to risky firms. The adverse effects of the negative rates on banks’ intermediation capacity only took place after a protracted period of time.

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银行贷款政策和货币政策：负利率时代的一些教训

负利率对银行贷款的长期影响是什么？为了回答这个问题，我们根据独家调查数据和银行资产负债表构建了一个独特的衡量各个银行负利率风险的汇总指标，并将其与西班牙的信用登记册和企业的资产负债表结合起来，以确定这种对供应的影响。对企业的信贷。我们发现，只有当存款利率达到零下限（ZLB）时，受影响的银行（相对于未受影响的银行）才会减少供应，特别是在资本不足并向风险企业放贷时。负利率对银行中介能力的不利影响是在相当长一段时间后才发生的。