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The Impact of the ECB's Targeted Long-Term Refinancing Operations on Banks’ Lending Policies : The Role of Competition

Andreeva, Desislava - 2020

We assess the impact of the Eurosystem's Targeted Long-Term Refinancing Operations (TLTROs) on the lending policies of euro area banks. We first build a theoretical model in which banks compete in the credit and deposit markets. We distinguish between direct and indirect effects. Direct effects...

Persistent link: https://www.econbiz.de/10012844182

Negative Rates, Monetary Policy Transmission and Cross-Border Lending Via International Financial Centres

Żochowski, Dawid; Andreeva, Desislava; Coman, Andra; … - 2023

-border lending. Using bank-level data from international financial centres – the United Kingdom, Hong Kong and Ireland – we examine …-centre affiliates. We find that NIRP impairs the bank-lending channel for cross-border lending to non-bank sectors, especially for those … euro-area data, including bank-level data from France, we find that NIRP does not influence overall cross-border lending …

Persistent link: https://www.econbiz.de/10014257755