当前位置: X-MOL 学术International Review of Financial Analysis › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Keep the faith in banking: New evidence for the effects of negative interest rates based on the case of Finnish cooperative banks
International Review of Financial Analysis ( IF 8.235 ) Pub Date : 2021-03-26 , DOI: 10.1016/j.irfa.2021.101724
Juha Junttila , Jukka Perttunen , Juhani Raatikainen

This paper analyses the profitability of Finnish cooperative banks during the period of negative nominal interest rates. Contrary to expectations, the continuous decline in money market interest rates between 2009 and 2014, and the following negative rate era, did not have adverse effects on the profitability of banks at the beginning of negative interest rate period. Based on especially using a risk-adjusted measure for bank profitability, these results contrast with previous findings. In our findings, the increasing wholesale funding (WSF) ratio seems to be an important factor. However, after 2017 the banks have not been able to improve especially their risk-adjusted profitability so strongly anymore, because the WSF and the development of other than net interest margin returns have been in negative connection to it. In addition, the unconventional monetary policy actions seem not to improve profitability in the most recent observations of our data. These results raise serious concerns for the future of bank profitability during the prolonged period of negative interest rates.



中文翻译:

保持对银行业的信心:基于芬兰合作银行的案例,负利率效应的新证据

本文分析了名义利率为负期间芬兰合作银行的盈利能力。与预期相反,2009年至2014年之间货币市场利率的持续下降以​​及随后的负利率时代,在负利率时期开始时对银行的盈利能力没有不利影响。这些结果特别基于对银行获利能力进行风险调整后的计算得出,这些结果与以前的发现形成了鲜明的对比。在我们的发现中,批发资金(WSF)比率的增加似乎是一个重要因素。但是,在2017年之后,银行无法再特别是大幅提高其风险调整后的盈利能力,因为WSF和净息差回报率以外的发展都与之息息相关。此外,在我们对数据的最新观察中,非常规的货币政策行动似乎并未提高盈利能力。这些结果引起了人们对长期负利率下银行盈利前景的严重关注。

更新日期:2021-04-05
down
wechat
bug