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La traslación de los tipos de interés de mercado a los tipos de interés bancarios

Author

Listed:
  • Sergio Mayordomo

    (Banco de España)

  • Irene Roibás

    (Banco de España)

Abstract

La traslación de los tipos de interés de mercado al coste de las nuevas operaciones bancarias de los hogares y de las empresas representa un elemento esencial en el mecanismo de transmisión de la política monetaria. En este documento analizamos cómo se está desarrollando esta transmisión en el actual ciclo de subidas de tipos de interés en la zona del euro y en España en comparación con episodios anteriores. Encontramos que la traslación a los tipos de interés de los depósitos a plazo minoristas está siendo más lenta que en el pasado en ambas jurisdicciones. Además, observamos una transmisión también más lenta para el caso de las hipotecas en España. A continuación, ilustramos que esta traslación está siendo heterogénea entre los países de la zona del euro, especialmente para las hipotecas y los depósitos a plazo de los hogares. Esta heterogeneidad está impulsada por las características idiosincrásicas de los bancos y del sector bancario de los países. Más concretamente, para el caso de los depósitos a plazo de los hogares, encontramos que casi la mitad de la diferencia entre su remuneración en España y en la zona del euro vendría determinada por las distintas necesidades del sector bancario de captar fondos a través de depósitos para ofrecer crédito.

Suggested Citation

  • Sergio Mayordomo & Irene Roibás, 2023. "La traslación de los tipos de interés de mercado a los tipos de interés bancarios," Occasional Papers 2312, Banco de España.
    • Handle: RePEc:bde:opaper:2312
    DOI: https://doi.org/10.53479/30254
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    More about this item

    Keywords

    política monetaria; transmisión de tipos de interés; canal bancario; préstamos; depósitos; heterogeneidad.;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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