Negative Interest Rates and Financial Stability

Lessons in Systemic Risk

Karol Rogowicz (SGH Warsaw School of Economics), Małgorzata Iwanicz-Drozdowska

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English

Routledge
26 August 2024

Economic theory & philosophy; Monetary economics; Econometrics; Economic statistics; Finance

Series: Routledge International Studies in Money and Banking

This book sheds new light on a recently introduced monetary tool – negative interest rates policy (NIRP). It provides in-depth insight into this phenomenon, conducted by the central banks in several economies, for example, the Eurozone, Switzerland and Japan, and its possible impact on systemic risk.

Although it has been introduced as a temporary policy instrument, it may remain widely used for a longer period and by a greater range of central banks than initially expected, thus the book explores its effects and implications on the banking sector and financial markets, with a particular focus on potentially adverse consequences. There is a strong accent on the uniqueness of negative policy rates in the context of financial stability concerns. The authors assess whether NIRP has any – or in principle a stronger – impact on systemic risk than conventional monetary policy. The book is targeted at presenting and evaluating the initial experiences of NIRP policy during normal, i.e. pre-COVID, times, rather than in periods in which pre-established macroeconomic relations are rapidly disrupted or, specifically, when the source of the disruption is not purely economic in nature, unlike in systemic crisis.

The authors adopt both theoretical and practical approaches to explore the key issues and outline the policy implications for both monetary and macroprudential authorities, with respect to negative interest rate policy, thus the book will provide a useful guide for policymakers, academics, advanced students and researchers of financial economics and international finance.

By: Karol Rogowicz (SGH Warsaw School of Economics), Małgorzata Iwanicz-Drozdowska
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 500g
ISBN: 9781032319506
ISBN 10: 103231950X
Series: Routledge International Studies in Money and Banking
Pages: 272
Publication Date: 26 August 2024
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

1. Introduction 2. Negative interest rate policy: a theoretical outline 3. Negative interest rate policy experience of selected central banks 4. Initial experience of negative rates transmission 5. Financial sector and negative interest rate policy 6. Concept and measurement of systemic risk 7. Negative rate policy versus systemic risk 8. Concluding remarks

Karol Rogowicz is Assistant Professor in the Financial System Department at SGH Warsaw School of Economics, Poland and a Senior Economist at the National Bank of Poland. Małgorzata Iwanicz-Drozdowska is Professor of Finance and Head of the Financial System Department at SGH Warsaw School of Economics, Poland.