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Jahrbücher für Nationalökonomie und Statistik

Journal of Economics and Statistics

Editor-in-Chief: Winker, Peter

Ed. by Büttner, Thiess / Riphahn, Regina / Smolny, Werner / Wagner, Joachim

IMPACT FACTOR 2018: 0.200
5-year IMPACT FACTOR: 0.309

CiteScore 2018: 0.50

SCImago Journal Rank (SJR) 2018: 0.154
Source Normalized Impact per Paper (SNIP) 2018: 0.382

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Volume 239, Issue 5-6


Did Interest Rates at the Zero Lower Bound Affect Lending of Commercial Banks? Evidence for the Euro Area

Ansgar Belke
  • Corresponding author
  • University of Duisburg-Essen, Essen, Germany
  • CEPS Brussels, Brussels, Belgium
  • King’s College London, London, UK
  • Email
  • Other articles by this author:
  • De Gruyter OnlineGoogle Scholar
/ Christian Dreger
Published Online: 2019-08-08 | DOI: https://doi.org/10.1515/jbnst-2018-0098


The paper examines the bank lending activities of banks in a low interest rate environment. External financing of small- and medium-sized enterprises in the euro area primarily takes place via bank loans and not through capital markets. Based on the Bankscope database, bank balance sheet data is utilized. Control variables are included, such as for the system of banking regulation. The panel estimation includes 706 banks from 15 Euro area member states and is conducted for the period 2000 to 2015. All models show a significant positive impact of lower interest rates on net lending. In particular, the results do not indicate that credit is restricted if interest rates move towards the zero-lower bound.

Keywords: bank lending; banking regulation; monetary transmission mechanisms; low interest rate environment

JEL Classification: E44; E51; E52


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About the article

Received: 2018-10-31

Accepted: 2019-02-03

Revised: 2018-12-31

Published Online: 2019-08-08

Published in Print: 2019-09-25

Citation Information: Jahrbücher für Nationalökonomie und Statistik, Volume 239, Issue 5-6, Pages 841–860, ISSN (Online) 2366-049X, ISSN (Print) 0021-4027, DOI: https://doi.org/10.1515/jbnst-2018-0098.

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