期刊名称：International Journal of Business Administration
印刷版ISSN：1923-4007
电子版ISSN：1923-4015
出版年度：2020
卷号：12
期号：1
页码：9-21
DOI：10.5430/ijba.v12n1p9
出版社：Sciedu Press
摘要：This paper investigates the impact of unconventional monetary policy (UMP) on bank profitability in the euro area, over the period 2007-2019. In particular, through multiple regression models, we analyze the relationship between the UMP variables (Longer-term refinancing operations and Securities held for monetary policy purposes) and the main bank profitability variables used in the literature (Return on average equity, Return on average assets and Net interest margin). This work is original compared to recent studies on the subject as it considers the impact of UMP expressed in terms of volumes rather than in terms of interest rates on bank profitability variables. Our results suggest that the UMP adopted by the Eurosystem over the period considered is negatively associated with bank profitability expressed by the Return on average equity and the Return on average asset. By contrast, monetary policy measures do not seem to have had any effect on the Net interest margin.
关键词：eurosystem; unconventional monetary policy; bank profitability; bank performance; euro area banks
