The Impact of the European Central Bank's Interest Rates on Investments in the Euro Area

• Autorzy: Joanna Stawska , Katarzyna Miszczyńska

Warianty tytułu

Wpływ stóp procentowych banku centralnego na inwestycje w strefie euro

• Języki publikacji: EN

Abstrakty

EN

The main objective of this paper is to examine the impact of the central bank's interest rates on investments in the euro area. The results of the analysis indicate that in 1999-2016 the European Central Bank's main interest rate lagged by two quarters had an inversely proportionally and statistically significant influence on the level of investment outlays in the euro area. The disturbances that euro-area economies were experiencing in the analysis period due to the recent financial crisis considerably weakened the monetary policy's effect on the real economy. However, the relationship between the ECB's main interest rate and investment outlays was statistically significant, implying that the interest rate played a role in the central bank's influence on investments. (original abstract)

Głównym celem artykułu jest zbadanie wpływu stóp procentowych banku centralnego na inwestycje w strefie euro. Na podstawie przeprowadzonej analizy można wywnioskować, że stopa referencyjna ECB opóźniona o dwa kwartały miała odwrotnie proporcjonalny i statystycznie istotny wpływ na poziom inwestycji w strefie euro w latach 1999-2016. Powinniśmy pamiętać, że badany okres obejmuje silne zawirowania w gospodarkach strefy euro spowodowane przez ostatni kryzys finansowy, które w istotnym stopniu wpłynęły na osłabienie oddziaływania polityki monetarnej na sferę realną gospodarki. Pomimo tego w omawianym okresie zależność pomiędzy podstawową stopą EBC opóźnioną o dwa kwartały a inwestycjami była istotna statystycznie, co może wskazywać na to, że stopa procentowa w omawianym okresie miała znaczenie w procesie oddziaływania banku centralnego na inwestycje. (abstrakt oryginalny)

Słowa kluczowe

EN

Central banks; Interest rate; Eurozone; Vector Autoregression Model (VAR)

PL

Banki centralne; Stopa procentowa; Strefa euro; Model wektorowej autoregresji

• Czasopismo: Gospodarka Narodowa
• Rocznik: 2017
• Numer: nr 5
• Strony: 50--72

Twórcy

autor

Joanna Stawska

• University of Lodz, Poland

autor

Katarzyna Miszczyńska

• University of Lodz, Poland

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