Zarys współczesnych teorii stopy procentowej
An Outline of Contemporary Theories of the Interest Rate
Autor zarysował dwa nurty: teorie klasyczne i keynesistowską pieniężną teorię procentu, dotyczące procentu oraz wpływu stopy procentowej na życie gospodarcze.
The article begins with the definition of the very essence of interest, the factors determining its level and the functions of interest. Contemporary views on the interest rate have two sources: - classical theories according to which the interest rate is determined by the real values, i.e. economic values (savings and investments), - Keynesian theories based on monetary factors. Contemporary theories are seeking a compromise between the two directions. Adherents of the classical theories incorporate money factors into these theories (e.g.K. Wicksele), but those basing on the Keynesian theory also take into account the real factors (J.R. Hicks in his concept "IS-ZN", B. Ohlin and E. Indahl in "Loanable Fund"). The author has also characterised briefly the teories of interest structures (expectations, liquidity and market segmentation) along with the attempts at explaining the nature of interest on the basis of model equilibrium. The theories of the Preferred Habitat Theory which are trying to combine these partial theories into a single one, have been mentioned as well. (original abstract)