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Der Einfluss des (negativen) Einlagesatzes der EZB auf die Kreditvergabe im Euroraum

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  • Bucher, Monika
  • Neyer, Ulrike

Abstract

Mit einer extremen Niedrigzinspolitik, die mit negativen Einlagesätzen einhergeht, versucht die Europäische Zentralbank, die Kreditvergabe im Euroraum zu stimulieren. Dieser Beitrag diskutiert, welchen Einfluss Veränderungen des Einlagesatzes auf das Kreditangebot der Banken haben. Es wird argumentiert, dass eine Senkung des Einlagesatzes, die den Abstand zwischen dem Hauptrefinanzierungssatz und dem Einlagesatz erhöht, kontraktiv auf das Kreditangebot in den Peripherieländern wirkt. In den Kernländern ist der Effekt nicht eindeutig. Für die Effekte in beiden Regionen ist es unerheblich, ob der Einlagesatz positiv oder negativ ist. Aber ein negativer Einlagesatz wirkt bei einigen Banken in den Kernländern wie eine zusätzliche "steuerliche" Belastung.

Suggested Citation

  • Bucher, Monika & Neyer, Ulrike, 2015. "Der Einfluss des (negativen) Einlagesatzes der EZB auf die Kreditvergabe im Euroraum," DICE Ordnungspolitische Perspektiven 64 [rev.], University of Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  • Handle: RePEc:zbw:diceop:64r
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    More about this item

    Keywords

    Geldpolitik; Interbankenmarkt; Kreditvergabe; negative Zinssätze; Einlagesatz;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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