| 000 | 01307cam a2200205 4500500 | ||
|---|---|---|---|
| 005 | 20250121114538.0 | ||
| 041 | _afre | ||
| 042 | _adc | ||
| 100 | 1 | 0 |
_aBlot, Christophe _eauthor |
| 700 | 1 | 0 |
_a Hubert, Paul _eauthor |
| 245 | 0 | 0 | _aCauses and consequences of negative interest rates |
| 260 | _c2017. | ||
| 500 | _a93 | ||
| 520 | _aSince 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. | ||
| 690 | _aexcess reserves | ||
| 690 | _anegative interest rates | ||
| 690 | _amonetary policy | ||
| 786 | 0 | _nRevue de l'OFCE | o 148 | 4 | 2017-01-04 | p. 219-245 | 1265-9576 | |
| 856 | 4 | 1 | _uhttps://shs.cairn.info/journal-revue-de-l-ofce-2016-4-page-219?lang=en&redirect-ssocas=7080 |
| 999 |
_c547016 _d547016 |
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