TY  - BOOK
AU  - Blot,Christophe
AU  -  Hubert,Paul
TI  - Causes and consequences of negative interest rates
PY  - 2017///.
							
N1  - 93
N2  - Since 2014, the ECB has applied a negative interest rate to commercial banks’ excess reserves (and deposit facilities). This policy is complementary to Quantitative Easing (QE), a program whereby the ECB purchases securities on financial markets. Indeed, 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
UR  - https://shs.cairn.info/journal-revue-de-l-ofce-2016-4-page-219?lang=en&redirect-ssocas=7080
ER  -