Munich Personal RePEc Archive

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.

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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.

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