本研究係採用美國於2001年到2015年間共6000多筆的年度資料來檢視低利率是否加劇銀行風險承擔行為此一假設。我所得到的結果與此假設並不一致。此篇論文所得到的結果如下:當使用風險資產比率來衡量風險承擔程度時，該比率會隨著短期利率、長期利率，以及央行利率的下降而減少；然而，當使用不良貸款比率做為風險承擔指標時，該比率則是與所有測試的利率之間呈現負向關係，亦即，利率下降時，銀行會提高所願承擔的風險程度。此外，本研究結果亦證實銀行間的異質性會對於其風險承擔行為造成影響。其中，成本效率較低的銀行相對而言會傾向持有較多的風險性資產。

This paper tests the hypothesis that low interest rates are likely to exacerbate banks’ risk-taking behavior by examining approximately 6000 annual observations in the United States over the period of 2001-2015. I find mixed results. Inconsistent with this hypothesis, I find that banks’ risk assets rise with short-term rate, long-term rate, and central bank rate. However, I find opposite results when I measure the level of banks’ risk-taking by non-performing loans. In addition, I find that heterogeneous risk-taking behavior is likely to result from differential bank characteristics. Specifically, less efficient banks tend to take on higher risk than more efficient counterparts.

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