This paper investigates how a prolonged period of low‐interest rates affects bank intermediation activity. We use data for 113 large international banks headquartered in 14 major advanced economies during the period 1994–2015. We find that low‐interest rates induce banks to shift their activities from interest‐generating to fee‐related and trading activities. This rebalancing is stronger for low capitalised banks. Banks also moderately adjust their funding structure, away from short‐term market funding towards deposits. We observe a concomitant decline in the risk‐weighted asset ratio and a reduction in loan‐loss provisions, which is consistent with signs of evergreening.

中文翻译：

---

低利率环境下的银行中介活动

本文研究了长期的低利率对银行中介活动的影响。我们使用1994-2015年期间总部位于14个主要发达经济体的113家大型国际银行的数据。我们发现低利率促使银行将其活动从生息转变为与收费相关的交易活动。对于低资本银行而言，这种再平衡更为强劲。银行还适度调整其融资结构，从短期市场融资转向存款。我们观察到，风险加权资产比率随之下降，贷款损失准备金减少，这与常绿的迹象相吻合。