Der Einfluss des Einlagesatzes des Eurosystems auf das Kreditangebot der Banken

The Influence of the Eurosystem"s Deposit Rate on Bank Loan SupplyThe Eurosystem"s ample liquidity provision since autumn 2008 has led to a substantial liquidity surplus in the banking sector. As a consequence, commercial bank deposits with the Eurosystem have risen to unprecedented levels. Against this background, this paper analyses how changes in the deposit rate impact bank loan supply. We argue that the reductions in the deposit rate have had so far no effect or a small contractionary effect on bank loan supply in the peripheral countries of the euro area, and a small expansionary effect on bank loan supply in the core countries. The sign of the deposit rate is, in general, irrelevant for these effects