[13] In particular, in Bottero, M., Minoiu, C., Peydro, J.-L., Presbitero, A. and Sette, E. (2019), “Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data,” IMF Working Papers, No WP/19/44, International Monetary Fund, the authors find evidence, based on administrative credit data from Italy, that the negative interest rate policy has expansionary effects on credit supply – and hence the real economy – through a portfolio rebalancing channel.
These securities too were packaged and sold through the shadow banking system. As we now know, however, neither the investors, nor the rating agencies, nor the regulators, nor even the firms that designed the securities fully appreciated the risks that those securities  BIS Review 42/2010  1  entailed.