Stabilność finansowa i napięcia w systemie finansowym w środowisku ujemnych stóp procentowych
Journal Title: "Finanse" Czasopismo Komitetu Nauk o Finansach PAN - Year 2017, Vol 10, Issue 1
Abstract
The aim of the paper is to analyze new sources of systemic risk in the negative interest rates environment. The study reviews possible consequences of negative interest rates policy (NIRP) for financial stability. This paper tries to fulfill above goal by implementing an overall market stress indicator for the four economies with negative interest rates – Eurozone, Denmark, Sweden and Switzerland and other 14 countries with positive rates. In order to achieve this, we choose six segments of the market on which negative interest rates policy (NIRP) may have a significant impact. According to our results, problem of the NIRP has been so far limited and concern mostly bond market. Our research indicates macroprudential policy should be more active in NIRP than in positive interest rate environment and demand coordination with monetary policy.
Authors and Affiliations
Łukasz Kurowski, Karol Rogowicz
Keywords
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