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How do banks set interest rates?
Open accessAbstract
The aim of this paper is to study cross-sectional differences in banks interest rates. It adds to the existing literature in two ways. First, it analyzes in a systematic way both micro and macroeconomic factors that influence the price setting behavior of banks. Second, by using banks' prices (rather than quantities) it provides an alternative way to disentangle loan supply from loan demand shift in the bank lending channel' literature. The results, derived from a sample of Italian banks, suggest that heterogeneity in the banking rates pass-through exists only in the short run. Consistently with the literature for Italy, interest rates on shortterm lending of liquid and well-capitalized banks react less to a monetary policy shock. Also banks with a high proportion of long-term lending tend to change their prices less. Heterogeneity in the pass-through on the interest rate on current accounts depends mainly on banks' liability structure. Bank's size is never relevant.
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Cites
Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors
Pedroni, P. (1999) · Oxford Bulletin of Economics and Statistics · doi:10.1111/1468-0084.61.s1.14 · Cited by 6,726
The impact of monetary policy on bank balance sheets
Kashyap, A. K., & Stein, J. C. (1995) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(95)00032-u · Cited by 1,130
Some evidence on the empirical significance of credit rationing
Berger, A. N., & Udell, G. F. (1992) · Journal of Political Economy · doi:10.1086/261851 · Cited by 550
Cited by
POLITICIANS AT WORK: THE PRIVATE RETURNS AND SOCIAL COSTS OF POLITICAL CONNECTIONS
Cingano, F., & Pinotti, P. (2013) · Journal of the European Economic Association · doi:10.1111/jeea.12001 · Cited by 561
PORTFOLIO SELECTION WITH MONOTONE MEAN‐VARIANCE PREFERENCES
Maccheroni, F., Marinacci, M., Rustichini, A., & Taboga, M. (2009) · Mathematical Finance · doi:10.1111/j.1467-9965.2009.00376.x · Cited by 426
What's Behind 'Inflation Perceptions'? A Survey-Based Analysis of Italian Consumers
Del Giovane, P., Fabiani, S., & Sabbatini, R. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1105734 · Cited by 275
Metadata
- Authors
- Gambacorta, L.
- Venue
- European Economic Review
- Publisher
- Elsevier BV
- Published
- 2008-07
- Volume
- 52
- Issue
- 5
- Pages
- 792-819
- ISSN
- 0014-2921 (ISSN-L)
- OpenAlex
- W2076875561
- Cited by
- 611
- References
- 3
- FWCI
- 20.90
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
