Pushed past the limit? : How Japanese banks reacted to negative interest rates /
"In this paper, the authors investigate how negative interest rate policy (NIRP) introduced in January 2016 by the Bank of Japan (BoJ) affected Japanese banks' lending and risk taking behavior. The BoJ's announcement was an unexpected surprise to the market and was followed by a sharp...
| Main Authors: | , |
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| Corporate Author: | |
| Format: | Book |
| Language: | English |
| Series: | IMF working paper ;
WP/18/131 |
| Subjects: |
| Summary: | "In this paper, the authors investigate how negative interest rate policy (NIRP) introduced in January 2016 by the Bank of Japan (BoJ) affected Japanese banks' lending and risk taking behavior. The BoJ's announcement was an unexpected surprise to the market and was followed by a sharp drop in equity prices of Japanese financial firms. They exploit the cross-sectional variation in the change of share prices on the day of the announcement to measure banks' differential exposure to NIRP. They show that more exposed banks increased their credit and took on more risk compared to banks that were less exposed to negative rates."--Abstract |
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| Item Description: | "June 2018." |
| Physical Description: | 1 online resource (50 pages) |
| ISBN: | 148436161X 1484363191 9781484361610 9781484363195 |