美联储利率及收益率曲线对银行净息差的影响及对策
摘要
资产负债业务及利息收入仍是全球银行业的主要利润来源。衡量利息收入盈利状态的主要指标是净息差(Net Interest Margin,也称净息收益率,以下简称NIM)。NIM直接受两个外部因素影响:央行利率周期及水平,以及利率期限利差或收益率曲线形态。它们之间的关系非常复杂且处于动态变化中。本文拟深入研究美国货币政策周期和收益率曲线与银行整体NIM的关系及影响,分析在同样环境下银行之间NIM差异形成的原因,探讨银行业在升息环境下的资产负债及NIM管理的实践和对策。
引文
[1]Francisco B.Covas,Marcelo Rezende,And Cindy M.Vojtech,Fed:“Why Are Net Interest Margins Of Large Banks So Compressed?”,2015
[2]Huberto M.Ennis,Helen Fessenden And John R.Walter,Fed:“Do Net Interest Margins And Interest Rates Move Together?”,2016
[3]Oliver Brenman,Frank Eich,And Jumana Saleheen:“Is A Steeper Yield Curve Good News For Banks?A Challenge To The Conventional Wisdom”,2018
[4]Total Bank Solutions:“Bank Funding Survey Results And Analysis”,2018
[5]Pierluigi Bologna,Imf:“Banks’Maturity Transformation:Risk,Reward,And Policy”,2018
[2]Huberto M.Ennis,Helen Fessenden And John R.Walter,Fed:“Do Net Interest Margins And Interest Rates Move Together?”,2016
[3]Oliver Brenman,Frank Eich,And Jumana Saleheen:“Is A Steeper Yield Curve Good News For Banks?A Challenge To The Conventional Wisdom”,2018
[4]Total Bank Solutions:“Bank Funding Survey Results And Analysis”,2018
[5]Pierluigi Bologna,Imf:“Banks’Maturity Transformation:Risk,Reward,And Policy”,2018