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RBA Glossary definition for SOEs

SOEs – state owned enterprises

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The Consequences of Low Interest Rates for the Australian Banking Sector

21 Dec 2022 RDP 2022-08
Anthony Brassil
I then use a recent advance in macrofinancial modelling to explore whether pass-through in Australia could turn negative – the so called ‘reversal rate’ – and find that the features of the
https://www.rba.gov.au/publications/rdp/2022/2022-08.html

The Consequences of Low Interest Rates for the Australian Banking Sector

21 Dec 2022 RDP 2022-08
Anthony Brassil
So there are many channels through which low interest rates could affect how banks operate. ... So zero pass-through is also enough to offset the credit growth channel discussed above.
https://www.rba.gov.au/publications/rdp/2022/2022-08/full.html

Investigating the ‘Reversal Rate’ in Australia

21 Dec 2022 RDP 2022-08
Anthony Brassil
So BA-MARTIN has the same fundamental mechanism as in Brunnermeier and Koby (2018)'s model. ... So zero pass-through is also enough to offset the credit growth channel discussed above.
https://www.rba.gov.au/publications/rdp/2022/2022-08/investigating-the-reversal-rate-in-australia.html

Non-technical summary for ‘The Rise in Household Liquidity’

21 Dec 2022 RDP 2022-08
Anthony Brassil
So there are many channels through which low interest rates could affect how banks operate. ... With pass-through falling, a key question for central banks has been whether pass-through could ever turn negative – the so called ‘reversal rate’.
https://www.rba.gov.au/publications/rdp/2022/2022-08/non-technical-summary.html

Introduction

21 Dec 2022 RDP 2022-08
Anthony Brassil
So there are many channels through which low interest rates could affect how banks operate. ... So as the returns on these assets fall, so does the return on this equity (all else equal).
https://www.rba.gov.au/publications/rdp/2022/2022-08/introduction.html

References

21 Dec 2022 RDP 2022-08
Anthony Brassil
Brandão-Marques L, M Casiraghi, G Gelos, G Kamber and R Meeks (2021), ‘Negative Interest Rates: Taking Stock of the Experience So Far’, IMF Departmental Paper No 21/03. ... Hack M and S Nicholls (2021), ‘Low Interest Rates and Bank Profitability
https://www.rba.gov.au/publications/rdp/2022/2022-08/references.html

Conclusions, Policy Implications and Future Research

21 Dec 2022 RDP 2022-08
Anthony Brassil
Over time, many of these households respond to this risk by building up substantial buffers of excess repayments, so financial stability need not be lower as a result of households bearing
https://www.rba.gov.au/publications/rdp/2022/2022-08/conclusions-policy-implications-and-future-research.html

The Literature through the Lens of Banks' Balance Sheets

21 Dec 2022 RDP 2022-08
Anthony Brassil
These unconventional policies are typically used by central banks when interest rates are low, and so should be considered a part of the central bank's toolkit at low rates. ... Banks use both debt and equity to fund their loans. So it is possible that
https://www.rba.gov.au/publications/rdp/2022/2022-08/the-literature-through-the-lens-of-banks-balance-sheets.html

The Pass-through of Monetary Policy at Low Interest Rates

21 Dec 2022 RDP 2022-08
Anthony Brassil
rate. So cash rate reductions remain an effective policy tool during large downturns and at low interest rates.
https://www.rba.gov.au/publications/rdp/2022/2022-08/the-pass-through-of-monetary-policy-at-low-interest-rates.html