Αρνητικά ονομαστικά επιτόκια και η επίδρασή τους στις τράπεζες και την οικονομία
KeywordsΑντισυμβατική νομισματική πολιτική ; Αρνητικά επιτόκια ; Τραπεζική κερδοφορία ; Unconventional monetray policy ; Negative interest rates ; Bank profitability
The current thesis presents a very important and newfound phenomenon, that of the negative nominal interest rates. The policy of negative interest rates constitutes the ultimate tool that an increasing number of central banks apply nowadays, amongst which are the European Central Bank and the central banks of Denmark, Sweden, Switzerland and Japan, in order to enhance the demand and boost growth and inflation. However, the practice of this unconventional monetary policy through the adoption of negative interest rates directly influence, not only the wider economy, but also the bank profitability. In the present study, we provide some of the repercussions that have been observed in the banks of Denmark, Sweden, Switzerland, and Japan. Thereinafter, an empirical economic analysis is being carried so as to examine the bank profitability of 86 banks from 19 different countries of the Eurozone. In particular, with the application of cross-section analysis we attempt to study the existence of any alterations in the composition of profitability in these specific banks between the year of 2011, when the interest rates were positive, and the year of 2015, when the interest rates reached negative levels, aiming to extract valuable inferences. The fact that the negative interest rates are being applied from the mid of 2012 and mostly from the mid of 2014, with a high number of countries starting to adopt them in 2016, makes the current bibliography limited, nevertheless offering fertile ground for further research in the future.