Essays on banking intermediation and negative interest rate environment ; Essais sur l'intermédiation bancaire et l'environnement de taux d'intérêt négatifs

Abstract

The purpose of this thesis is to enrich the debate on the effects of the shift of policy interest rates into negative territory. We analyze how the implementation of negative interest rate policy (NIRP) impacts banks. As the literature on this topic is limited (but burgeoning), this thesis aims to contribute to it in two ways: (i) In the first part, we identify the effects of NIRP on banks' net interest margins and credit supply; (ii) the second part analyzes the different channels of banks' responses (including risk-taking incentives) to the introduction of negative interest rates. The first chapter shows that NIRP have reduced banks' net interest margins (NIM). It is also observed that the compression of NIM stems from the reluctance of banks to reduce or even charge a negative interest rate on savers' deposits. The results of the second chapter highlight that banks affected by NIRP adjusted their lending behavior by increasing the volume of credit and prioritizing loans with longer maturities. In addition, the third chapter assesses the influence of the NIRP-related reduction in net interest margins on banks' risk taking. Our results indicate that despite the reduction in NIM, banks did not have an incentive to take more risk. Finally, the fourth section, suggests that the decrease in interest income due to negative interest rates was only partially mitigated by an increase in non-interest income. Our results also highlight that banks' responses are not instantaneous and that they adjust them as negative interest rates persist over time. ; Cette thèse a pour but d'enrichir le débat sur les effets du passage des taux d'intérêt directeurs en territoire négatif. Nous analysons la manière dont l'implémentation des taux d'intérêt directeurs négatifs (TIDN) impacte les banques. La littérature sur ce sujet étant limitée (mais en pleine expansion), cette thèse vise à contribuer à celle-ci de deux manières : (i) Dans une première partie, nous identifions les effets de TIDN sur les marges nettes d'intérêt des banques ...