Adapting lending policies in a "negative-for-long" scenario

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cam a22000004b 4500</leader>
    <controlfield tag="001">MAP20210011160</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20210409105520.0</controlfield>
    <controlfield tag="008">160623s2021    esp||||       ||| ||spa d</controlfield>
    <datafield tag="017" ind1=" " ind2=" ">
      <subfield code="a">M. 8.646-2021</subfield>
    </datafield>
    <datafield tag="020" ind1=" " ind2=" ">
      <subfield code="a">978-84-09-28237-1</subfield>
    </datafield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">921.91</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="4">
      <subfield code="a">Adapting lending policies in a "negative-for-long" scenario</subfield>
      <subfield code="c">Oscar Arce...[et al.]</subfield>
    </datafield>
    <datafield tag="260" ind1=" " ind2=" ">
      <subfield code="a">Madrid</subfield>
      <subfield code="b">Fundación de Estudios Financieros</subfield>
      <subfield code="c">2021</subfield>
    </datafield>
    <datafield tag="300" ind1=" " ind2=" ">
      <subfield code="a">51 p.</subfield>
    </datafield>
    <datafield tag="500" ind1=" " ind2=" ">
      <subfield code="a">Este trabajo obtuvo el Primer Premio en 2020 Premios de Investigación y Estudio Antonio Dionis Soler 2020</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">What is the long-term impact of negative interest rates on bank lending? To answer this question we construct a unique summary measure of negative rate exposure by individual banks based on exclusive survey data and banks' balance sheets and couple it with the credit register of Spain and firms' balance sheets to identify this impact on the supply of credit to firms. We find that only after a few years of negative rates do affected banks (relative to non-affected banks) decrease their supply and increase their rates, especially when lowly capitalized and lending to risky firms. This suggests that the adverse effects of the negative interest rates on banks' intermediation capacity only show up after a protracted period of ultra-low rates. </subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080546694</subfield>
      <subfield code="a">Créditos</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080578527</subfield>
      <subfield code="a">Tipos de interés</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080603519</subfield>
      <subfield code="a">Rentabilidad bancaria</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080602772</subfield>
      <subfield code="a">Operaciones bancarias</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080546991</subfield>
      <subfield code="a">Empresas</subfield>
    </datafield>
    <datafield tag="700" ind1=" " ind2=" ">
      <subfield code="0">MAPA20180005558</subfield>
      <subfield code="a">Arce, Oscar</subfield>
    </datafield>
    <datafield tag="710" ind1="2" ind2=" ">
      <subfield code="0">MAPA20080455651</subfield>
      <subfield code="a">Fundación de Estudios Financieros</subfield>
    </datafield>
  </record>
</collection>