Polityka ujemnych nominalnych stóp procentowych a ryzyko systemowe - wybrane aspekty

• Autorzy: Karol Rogowicz

Warianty tytułu

Negative Interest Rates and Systemic Risk - Selected Problems

• Języki publikacji: PL

Abstrakty

W ciągu ostatnich lat część banków centralnych w gospodarkach rozwiniętych obniżyło stopy procentowe poniżej zera, kwestionując dominujący wcześniej pogląd o nieujemności nominalnych stóp procentowych. Nowatorski charakter tego działania skutkował pojawieniem się konieczności analizy jego wpływu przede wszystkim na sektor finansowy. Niniejszy artykuł podejmuje próbę określenia czy polityka pieniężna wykorzystująca ujemne stopy procentowe wpływa na poziom ryzyka systemowego oraz, przede wszystkim, czy wpływ ten jest silniejszy niż w środowisku dodatnich stóp procentowych. Przeprowadzona analiza pozwala stwierdzić, że specyfika oddziaływania polityki NIRP na ryzyko systemowe wiąże się ze zmianą struktury i intensywności przenoszenia impulsów w sektorze bankowym, a nie zmianą mechanizmów transmisji polityki pieniężnej. Jednocześnie ani polityka ujemnych, ani też dodatnich stóp procentowych nie jest powinna być rozumiana jako zdarzenie o znaczeniu systemowym, a jedynie jako wpływająca na poziom ryzyka systemowego. (abstrakt oryginalny)

EN

In recent years some central banks have lowered their official policy rates below zero (implemh the prevailing view in the literature has been that a zero lower bound constrains nominal enting a so-called negative interest rate policy - NIRP]. This has taken place during a period in whicinterest rates. The goal of this study is to assess whether NIRP has any impact - or, in principle, an impact stronger than that of conventional monetary policy - on systemic risk. The analysis presented in this article allows to conclude that uniqueness of NIRP's impact may be characterized as arising from the evolution of the structure and intensity of impulse transmission while leaving the structure of the monetary policy transmission mechanism unaffected. Simultaneously, neither NIRP nor positive interest rates policy is not identified as systemic risk event butasa factor affecting the overall level of systemic risk. (original abstract)

Słowa kluczowe

PL

Polityka pieniężna; Ryzyko systemowe; Ujemna stopa procentowa; Efekt zarażania; Analiza sieciowa

EN

Monetary policy; Systemic risk; Negative interest rate; Contagion effect; Network analysis

• Czasopismo: Bezpieczny Bank
• Rocznik: 2022
• Numer: nr 3 (88)
• Strony: 7--34

Twórcy

autor

Karol Rogowicz

• Szkoła Główna Handlowa w Warszawie

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Identyfikatory

DOI

10.26354/bb.1.3.88.2022