Causes et conséquences des taux d’intérêt négatifs

Christophe Blot () and Paul Hubert

Revue de l'OFCE, 2016, vol. N° 148, issue 4, 219-245

Abstract: Since 2014, the ECB has applied a negative interest rate on the excess reserves (and deposit facilities) of commercial banks. This policy is complementary to Quantitative Easing (QE), a program whereby the ECB purchases securities on financial markets. Indeed, the QE provides liquidity to the banks and negative interest rates encourage them to reallocate this liquidity. The total amount of liquidity subject to a negative interest rate is 865 billion euros. The negative reserve rate amplifies the fall in short-term and long-term market rates and reinforces the incentive for commercial banks to operate reallocation on their portfolios towards riskier assets. JEL : E51, E52,G21.

Keywords: monetary policy; negative interest rates; excess reserves (search for similar items in EconPapers)
JEL-codes: E51 E52 G21 (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=REOF_148_0219 (application/pdf)
http://www.cairn.info/revue-de-l-ofce-2016-4-page-219.htm (text/html)
free

Related works:
Working Paper: Causes et conséquences des taux d'intérêt négatifs (2016)
Working Paper: Causes et conséquences des taux d'intérêt négatifs (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:reofsp:reof_148_0219

Access Statistics for this article

More articles in Revue de l'OFCE from Presses de Sciences-Po
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().