Pankkien korkokatteen herkkyys korkotasoille: Vertaileva analyysi euroalueen ja Yhdysvaltojen välillä

This thesis examines whether banks in the euro area and the United States differ in how their net interest margins relate to prevailing interest rate conditions. Using quarterly data on publicly listed banks from both regions over the period 2013Q3–2025Q3, the analysis employs a panel regression framework to study the association between bank-level net interest margins, short-term interest rates, and the slope of the yield curve. The empirical specification controls for unobserved bank-specific characteristics and common macroeconomic developments, allowing the analysis to focus on cross-sectional differences between regions within each quarter rather than within-region responses over time. The results provide clear comparative evidence of cross-regional differences in net interest margin behavior. Banks operating in the region with relatively higher short-term interest rates tend to exhibit higher net interest margins relative to their usual levels in the same quarter. In addition, statistically significant differences are found between the euro area and the United States in how net interest margins relate to maturity-transformation conditions, as captured by term spreads. Overall, the findings suggest that structural features such as funding models, balance-sheet composition, and interest rate pass-through play an important role in shaping how interest rate environments are reflected in bank profitability across regions.