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

Journal Title: "Finanse" Czasopismo Komitetu Nauk o Finansach PAN - Year 2017, Vol 10, Issue 1

Abstract

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.

Authors and Affiliations

Łukasz Kurowski, Karol Rogowicz

Keywords

Related Articles

Konkurs o Nagrodę Komitetu Nauk o Finansach Polskiej Akademii Nauk za wybitne osiągnięcia naukowe w zakresie finansów

W trakcie Konferencji Katedr Finansów, organizowanej w bieżącym roku przez Szkołę Główną Handlową w Warszawie (16–18 września 2015 r., Jachranka) ogłoszone zostało rozstrzygnięcie VIII edycji Konkursu o Nagrodę Komitetu...

The consolidated debt of local government units in Poland

All local government units in Poland have been analysed regarding their consolidated debt. The consolidated debt was compared with the budget debt which is subject to monitoring and statutory restrictions. The scale of e...

Rehabilitation in the Polish health system and its financing methods

The aim of this paper is to analyse whether the medical rehabilitation segment is an important part of the entire Polish healthcare system, and if the medical rehabilitation services are provided with adequate levels of...

Upadłość przedsiębiorstw na rynku publicznym i niepublicznym w Polsce

Insolvency of businesses is a process that appears in every economy having a free market that eliminates ineffective entities. The aim of this article is to present the number of insolvencies in Poland and in Europe with...

Inwestycje w surowce w połączeniu z polskim rynkiem kapitałowym. Analiza ryzyka i efektywności

The article presents the major categories and types of investments in commodities. Main goal of this paper is to examine whether the investment in Warsaw Stock Exchange index, combine with commodities, is the main compon...

Download PDF file
  • EP ID EP308653
  • DOI -
  • Views 55
  • Downloads 0

How To Cite

Łukasz Kurowski, Karol Rogowicz (2017). Stabilność finansowa i napięcia w systemie finansowym w środowisku ujemnych stóp procentowych. "Finanse" Czasopismo Komitetu Nauk o Finansach PAN, 10(1), 195-206. https://www.europub.co.uk/articles/-A-308653