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

    Angrick, Stefan; Nemoto, Naoko | May 2017
    Abstract
    This paper provides 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, the paper addresses conceptual issues and summarizes measures which define negative interest rate policy. Based on detailed institutional analysis and an examination of the interaction of negative interest rate policies with balance sheet policies, it is argued 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. Summarizing transmission channels of negative rates to the real economy and their potential benefits and risks, the paper calls attention to potential adverse effects resulting from the interaction of negative interest rate policy with tighter liquidity and capital standards adopted since the Global Financial Crisis.
    Citation
    Angrick, Stefan; Nemoto, Naoko. 2017. Central Banking below Zero: The Implementation of Negative Interest Rate Policies in Europe and Japan. © Asian Development Bank Institute. http://hdl.handle.net/11540/7160.
    Keywords
    Enterprises
    Financial aid
    Economies in transition
    Local Finance
    Local Government
    Insurance Companies
    Banks
    Social Equity
    Economic Development
    Economic Infrastructure
    Economic Policies
    Regional Economic Development
    Microfinance Programs
    Public Finance
    Local Financing
    Financial Stability
    Financial Sector Regulation
    Social responsibility of business
    Accounting
    Personal budgets
    Cost and standard of living
    Bank accounts
    Credit control
    Regulatory reform
    Banks and banking
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    Citable URI
    http://hdl.handle.net/11540/7160
    Metadata
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    adbi-wp740.pdf (6.577Mb)
    Author
    Angrick, Stefan
    Nemoto, Naoko
    Theme
    Economics
    Finance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise