Term Structure and the Sluggishness of Retail Bank Interest Rates in Euro Area Countries
Term Structure and the Sluggishness of Retail Bank Interest Rates in Euro Area Countries
复制标题
欧元区国家的期限结构和零售银行利率低迷
DOI：
10.2139/ssrn.781086
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
Natacha Valla
中科院分区：
文献类型：
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作者：
G. D. de Bondt;Benoît Mojon;Natacha Valla
本文分析了欧元区国家银行贷款和存款的定价。我们发现，零售银行利率调整不仅在短期利率的变化，而且长期利率。这一结果可以说是长期零售银行利率的直观结果，也可以在短期工具的银行利率上得到证实。研究发现，短期市场利率变动沿收益率曲线沿着的传导是零售银行利率不振的一个关键因素。我们还表明，在我们不能拒绝的情况下，自引入欧元以来，零售利率的调整发生了变化，这种调整变得更快。JEL分类：E43，G21
This paper analyses the pricing of bank loans and deposits in euro area countries. We show that retail bank interest rates adjust not only to changes in short term interest rates but also to long-term interest rates. This result, which is arguably intuitive for long-term retail bank rates, is also confirmed for bank interest rates on short-term instruments. The transmission of changes in short-term market interest rates along the yield curve is found to be a key factor explaining the sluggishness of retail bank interest rates. We also show that in the cases where we cannot reject that the adjustment of retail rates has changed since the introduction of the euro, this adjustment has become faster. JEL Classification: E43, G21