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Causes et conséquences des taux d’intérêt négatifs

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  • Christophe Blot
  • Paul Hubert

Abstract

Since 2014, the ECB has applied a negative interest rate on the excess reserves (and deposit facilities) of commercial banks. This policy is complementary to Quantitative Easing (QE), a program whereby the ECB purchases securities on financial markets. Indeed, the QE provides liquidity to the banks and negative interest rates encourage them to reallocate this liquidity. The total amount of liquidity subject to a negative interest rate is 865 billion euros. The negative reserve rate amplifies the fall in short-term and long-term market rates and reinforces the incentive for commercial banks to operate reallocation on their portfolios towards riskier assets. JEL : E51, E52,G21.

Suggested Citation

  • Christophe Blot & Paul Hubert, 2016. "Causes et conséquences des taux d’intérêt négatifs," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(4), pages 219-245.
    • Handle: RePEc:cai:reofsp:reof_148_0219
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    Keywords

    monetary policy; negative interest rates; excess reserves;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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