Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/163239 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
ADBI Working Paper No. 740
Verlag: 
Asian Development Bank Institute (ADBI), Tokyo
Zusammenfassung: 
This paper provides an overview of the operational implementation of negative interest rates in Europe and Japan. Drawing attention to the fact that there is precedent for negative policy rates and negative money market rates, the paper addresses conceptual issues and summarizes measures which define negative interest rate policy. Based on detailed institutional analysis and an examination of the interaction of negative interest rate policies with balance sheet policies, it is argued that there is substantial heterogeneity in the purpose, design and operational specificities of negative interest rate policies across economies, with significant consequences for effective money market rates, private sector funding conditions, and expectations. Summarizing transmission channels of negative rates to the real economy and their potential benefits and risks, the paper calls attention to potential adverse effects resulting from the interaction of negative interest rate policy with tighter liquidity and capital standards adopted since the Global Financial Crisis.
Schlagwörter: 
negative interest rates
central banking
policy rates
market rates
balance sheet policies
JEL: 
E5
E52
E58
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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