期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：This paper sheds light on how recent nancial tensions in the euro area were ulti-mately reected in bank interest rate setting. We make two new contributions. First,we develop a theoretical model capturing banks nancing and the rate setting choices.Banks in the model can nance themselves through deposits, on the money marketand/or by issuing bonds. Second, we assemble a novel database and put our model totest. Our model extends that of Gambacorta (2004), as we formalise banks' decision toissue debt endogenously. Gambacorta's analysis was conducted for Italian banks anddid not include the recent nancial crisis. Instead, we focus our analysis on the GreatRecession period (July 2007 to October 2014) and euro area banks. From a monetarypolicy perspective, both our theoretical model and the empirical results provide usefulinformation on the impact of some of the measures introduced by the ECB during the nancial crisis. First, the ECB introduced speci c measures to alleviate tensions inmoney markets. To the extent that these measures fostered stability in money mar-kets, and reduced the volatility of money market rates, this paper shows that they werealso channelled to bank rates. Second, the ECB also introduced measures to addresstensions in bond markets. Our results also show that having access to debt nancinghas important implications for bank rate setting.
关键词：Bank interest rate setting; bank nancing; non-standard monetary policy;and euro area crisis.
