Bajos tipos de interés en la eurozonaimpacto sobre los márgenes y la rentabilidad de los bancos

  1. Paula CRUZ-GARCÍA 1
  2. Juan FERNÁNDEZ DE GUEVARA 1
  3. Joaquín MAUDOS 1
  1. 1 Universitat de València
    info

    Universitat de València

    Valencia, España

    ROR https://ror.org/043nxc105

Journal:
Papeles de economía española

ISSN: 0210-9107

Year of publication: 2018

Issue Title: El negocio bancario tras las expansiones cuantitativas

Issue: 155

Pages: 132-146

Type: Article

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More publications in: Papeles de economía española

Abstract

This article analyzes the impact of monetary policy, in particular the effect of interest rates and the slope of the interest rate curve on the banking intermediation margin. In doing so, a large panel data of 30 countries covering the period 2000- 2015 is used. The results show that both variables, controlling for the influence of other interest margin determinants, have a positive and non-linear influence on the margin, which consequently shows that a normalization of the ECB’s accommodation policy would allow a recovery of the intermediation margins in the of European banking. Specifically, an increase of 100 basis points (bp) in the three-month interest rate would imply an increase in the margin of the intermediation (as a percentage of total assets) of 5 bp. For the case of the curve, the same variation implies an increase of 3 bp in interest rates.

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Funding information

Los autores agradecen el apoyo financiero del Ministerio español de Ciencia e Innovación (proyecto de investigación ECO2013-43959-R y ECO2017-84868-R). JOAQUÍN MAUDOS agradece, además, el apoyo financiero a la Generalitat Valenciana (proyecto de investigación PROMETEOII/2014/046). PAULA CRUZ-GARCÍA también agradece el apoyo financiero al Ministerio español de Educación, Ciencia y Deporte (FPU2014/00936).

Funders

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