Stabilność finansowa i napięcia w systemie finansowym w środowisku ujemnych stóp procentowych

• Autorzy: Łukasz Kurowski , Karol Rogowicz

Warianty tytułu

Financial Stability and Financial Imbalances in the Negative Interest Rate Environment

• Języki publikacji: PL

Abstrakty

Celem artykułu było sprawdzenie, czy NIRP wpływa na wzrost ryzyka systemowego. Aby odpowiedzieć na to pytanie, wzięliśmy pod uwagę 4 gospodarki, w których banki centralne wprowadziły ujemne nominalne stopy procentowe. Poziom napięć w systemie finansowym obliczyliśmy za pomocą miary zaproponowanej przez Hollo et al. (2012) - CISS (composite indicator of systemic stress), ale rozszerzyliśmy ją o zmienne bilansowe z sektora bankowego. (fragment tekstu)

EN

The aim of the paper is to analyze new sources of systemic risk in the negative interest rates environment. The study reviews possible consequences of negative interest rates policy (NIRP) for financial stability. This paper tries to fulfill above goal by implementing an overall market stress indicator for the four economies with negative interest rates - Eurozone, Denmark, Sweden and Switzerland and other 14 countries with positive rates. In order to achieve this, we choose six segments of the market on which negative interest rates policy (NIRP) may have a significant impact. According to our results, problem of the NIRP has been so far limited and concern mostly bond market. Our research indicates macroprudential policy should be more active in NIRP than in positive interest rate environment and demand coordination with monetary policy. (original abstract)

Słowa kluczowe

PL

Stabilność finansowa; System finansowy; Polityka pieniężna; Ryzyko systemowe; Ujemna stopa procentowa; Polityka makroostrożnościowa

EN

Financial sustainability; Financial system; Monetary policy; Systemic risk; Negative interest rate; Macroprudential policy

• Czasopismo: Finanse : czasopismo Komitetu Nauk o Finansach PAN
• Rocznik: 2017
• Numer: nr 1(10)
• Strony: 195--206

Twórcy

autor

Łukasz Kurowski

• Szkoła Główna Handlowa w Warszawie

autor

Karol Rogowicz

• Szkoła Główna Handlowa w Warszawie

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