2017 | 1(10) | 195-206
Article title

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

Selected contents from this journal
Title variants
Languages of publication
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.
Physical description
  • Szkoła Główna Handlowa w Warszawie
  • Szkoła Główna Habdlowa w Warszawie
  • Berndt, D., Clifford, J., Using dynamic time warping to find patterns in time series, KDDworkshop 1994, t. 16(10).
  • Clementi, D., Maintaining financial stability in a rapidly changing world: Some threats and opportunities, Bank of England speech 2001.
  • Dell Ariccia, G., Laeven, L., Suarez, G., Bank leverage and monetary policy’s risk-taking, International Monetary Fund 2013, WPA/13/143.
  • Genay, H., Podjasek, R., What is the impact of a low interest rate environment on bank profitability?, Federal Reserve Bank of Chicago 2014, Chicago Fed Letter 324.
  • Hannoun, H., Ultra-low or negative interest rates: What they mean for financial stability and growth, Speech at the Eurofi High Level Seminar, Riga 2015.
  • Hartmann, P., Hubrich, K., Kremer, M., Tetlow, R., Widespread instabilities and the macroeconomy – regime switching in the euro area, European Central Bank and Federal Reserve Board, Mimeo 2012.
  • Hollo, D., Kremer, M., Lo Duca, M., CISS – a composite indicator of systemic stress in the financial system, European Central Bank, Working Paper Series 2012, nr 1426.
  • Hott, C., Jokipii, T., Housing bubbles and interest rates, Swiss National Bank Working Papers 2012-07.
  • Hubrich, K., Tetlow, R., Financial stress and economic dynamics: The transmission of crises, European Central Bank, Working Paper Series 2014, nr 1728.
  • IMF, Fostering Stability in a Low-Growth, Low-Rate Era, Global Financial Stability Report, International Monetary Fund, October 2016.
  • Robinson, T., Stone, A., Monetary Policy, Asset-Price Bubbles and the Zero Lower Bound, NBER Working Paper 2005, nr 11105.
  • Soderstrom, U., Westermark, A., Monetary policy when the interest rate is zero, Riksbank Economic Review 2009, nr 2.
  • Sohn, B., Park, H., Early warning indicators of banking crisis and bank related stock returns, Finance Research Letters 2016, nr 18.
  • Tsinaslanidis, P., Alexandridis, A., Zapranis, A. and Livanis, E., Dynamic time warping as a similarity measure: applications in finance, w: 13th Annual Conference of Hellenic Finance and Accounting Association (HFAA), 12th–13th December, 2014, Volos, Greece.
Document Type
Publication order reference
YADDA identifier
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.