Did BOJ's Negative Interest Rate Policy Increase Bank Lending?
Did BOJ's Negative Interest Rate Policy Increase Bank Lending?
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日本央行的负利率政策是否增加了银行贷款？
DOI：
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
Hiroshi Gunji
中科院分区：
文献类型：
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作者：
Hiroshi Gunji
本文采用非连续性回归设计（RDD）研究了日本负利率政策（NIRP）对银行贷款的影响。2016年1月29日，日本央行宣布从2016年2月16日开始实施NIRP。由于金融市场没有预料到这一政策，我们把这一事件作为一个自然的实验。从2016年2月开始的几个月里，对持有准备金超过2015年平均月准备金的银行征收负利率。这使得我们可以使用RDD。结果表明，对负利率银行的平均处理效果约为-1.5%至-3.5%。换句话说，与没有实施负利率政策的银行相比，实施负利率政策的银行的贷款利率有所下降。
We investigate the effects of the negative interest rate policy (NIRP) in Japan on bank lending using regression discontinuity design (RDD). On January 29, 2016, the Bank of Japan announced the beginning of the NIRP from February 16, 2016. Since the financial market did not anticipate this policy, we use the event as a natural experiment. For a few months, starting from February 2016, a negative interest rate was levied on banks that held reserves exceeding the average monthly reserves of 2015. This allows us to employ RDD. The results suggest the average treatment effect on the banks to which a negative interest was levied was approximately -1.5% to -3.5%. In other words, the loan rates of banks to which negative interest rates were levied declined compared to those of the banks that were not subject to NIRP.
日本负利率政策的有效性：早期评估
影响因子：
2.9
作者：
Hitoshi Inoue;Kiyotaka Nakashima;and Koji Takahashi;植杉威一郎;Yuzo Honda and Hitoshi Inoue
通讯作者：
Yuzo Honda and Hitoshi Inoue