Gerstenberger, Juliane; Schnabl, Gunther - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 4, pp. 533-562
This paper presents an analysis of the impact of the Bank of Japan's low-interest rate policy on the banking sector in the wake of the 1998 Japanese financial crisis. We show how the low-cost liquidity provision as a means to stabilize banks has created a growing gap between deposits and loans...