Bank levies, the money market and monetary policy operations

Mariusz Kapuściński

Finance Research Letters, 2025, vol. 83, issue C

Abstract: The effects of bank levies on loan rates and volumes are well documented. Less is known about its consequences for the money market and monetary policy operations. In this study I focus on the bank levy introduced in Poland and apply the difference-in-differences method to transaction-level data. I find that the introduction of the levy has affected the use of some monetary policy instruments, and money market rates and volumes. This means that it has had important implications for monetary policy implementation and interest rate benchmark reform.

Keywords: Bank levy; Difference-in-differences; Panel data; Monetary policy instruments; Money market (search for similar items in EconPapers)
JEL-codes: C23 E43 E52 G18 H26 H39 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325008050

DOI: 10.1016/j.frl.2025.107546

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