NDLI: Central Banking Below Zero: The Implementation of Negative Interest Rate Policies in Europe and Japan

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Central Banking Below Zero: The Implementation of Negative Interest Rate Policies in Europe and Japan

Content Provider	Scilit
Author	Angrick, Stefan Nemoto, Naoko
Copyright Year	2017
Description	Journal: SSRN Electronic Journal We provide an overview of the operational implementation of negative interest rates in Europe and Japan, drawing attention to the fact that there is precedent for negative policy rates and negative money market rates. We then address conceptual issues and summarize measures which define negative interest rate policies. Based on detailed institutional analyses and an examination of the interaction of negative interest rate policies with balance sheet policies, we argue that there is substantial heterogeneity in the purpose, design, and operational specificities of negative interest rate policies across economies, with significant consequences for effective money market rates, private sector funding conditions, and expectations. Finally, summarizing transmission channels of negative rates to the real economy and their potential benefits and risks, we call attention to potential adverse effects resulting from the interaction of negative interest rate policies with tighter liquidity and capital standards adopted since the Global Financial Crisis.
Related Links	https://www.econstor.eu/bitstream/10419/163239/1/888166478.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3174441
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3174441
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2017-05-23
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Central Banking Negative Interest Rate Policies Negative Policy Rates Monetary Policy Transmission Monetary Policy Effectiveness
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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