We investigate whether banks actively manage their exposure to interest rate risk in the short run. Using bank-level data of German banks for the period 2011Q4- 2017Q2, we find evidence that banks actively manage their interest rate risk exposure in their banking books: They take account of their regulatory situation and adjust their exposure to the earning opportunities of this risk. We also find that the customers' preferences predominantly determine the fixed-interest period of housing loans and that the fixed-interest period of these loans has an impact on the banks' overall exposure to interest rate risk. This last finding is not in line with active interest rate risk management.

中文翻译：

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是什么驱动了银行利率风险敞口的短期波动？

我们调查银行是否在短期内积极管理其利率风险敞口。使用德国银行 2011Q4-2017Q2 期间的银行级数据，我们发现银行积极管理其银行账簿中的利率风险敞口的证据：他们考虑监管情况并调整其敞口以应对这种风险的盈利机会. 我们还发现，客户的偏好主要决定了住房贷款的固定利率期限，而这些贷款的固定利率期限对银行的整体利率风险敞口有影响。最后一个发现不符合积极的利率风险管理。