Implicatii ale plasarii dobanzilor in zona negativa

Danila, Marius (2016): Implicatii ale plasarii dobanzilor in zona negativa. Published in: Economistul No. 5-6 (1 March 2016): pp. 14-20.

Abstract

Negative interest rates, as an instrument of monetary policy, are regarded by the central authorities as a stimulant for the growth of real economy through: decrease of lending costs, increase of consumption, decrease of volatility and so on. However this policy has a negative influence within certain areas of the financial industry, and has the potential to create instead increased market volatility, uncertainty and mistrust in institutions and decision makers. Profitability of banking institutions, volume of NPLs, capital adequacy, liquidity risk, challenges for investment funds and stock exchanges are several issues analysed by this paper, together with several recommendations on tackling the most pressing effects of negative interest rates.

• Item Type: MPRA Paper
• English Title: Effects of negative interest rates
• Language: Romanian
• Keywords: European banking, European Central Bank, negative interest rates, capital adequacy, financial industry, investment funds, non performing loans, monetary policy
• Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E43 - Interest Rates: Determination, Term Structure, and Effects; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies; G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets; G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; G - Financial Economics > G2 - Financial Institutions and Services > G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors

References

Various interviews of Peter Praet, Member of the Executive Board of the ECB, Yves Mersch, Member of the Executive Board of the ECB, Vítor Constâncio, Vice-President of the ECB, Ignazio Angeloni, Member of the Supervisory Board of the ECB

Speeches at the Prometeia40 event, Bologna, December 2015

Various speeches at the CEPR and CFM Conference on Credit Dynamics and the Macroeconomy; London, December 2015

Various speeches at the Economic Club of New York, December 2015

Various European Central Bank press releases and statements 2015 - 2016

Bloomberg data