Politická ekonomie 2021, 69(2):227-253 | DOI: 10.18267/j.polek.1310

Transmise měnové politiky a spodní efektivní hranice měnověpolitické úrokové sazby

Milan Šimáček ORCID...a,b
a Česká národní banka, Praha
b Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví

Monetary Policy Transmission and Effective Lower Limit of Monetary Policy Interest Rates

The central banks of developed countries and those in the region of Central Europe responded to the global financial crisis of 2008 and subsequent economic recession by considerably easing monetary conditions and using new monetary policy tools. One of those tools was the entry into the so far uncharted territory of negative interest rates. The passage of some years after the inception of these new tools has allowed the emergence of new empirical literature, which addresses their effects and effectiveness. The primary objective of this paper is to examine and summarize the empirical literature that deals with the effective lower limit of interest rates, especially in relation to the banking sector and bank interest margins. We then use empirical findings from other countries and apply them to the Czech Republic and draw conclusions for the future monetary policy of the CNB. Our results confirm that the CNB has got enough manoeuvring room even in the area of negative interest rates, which it can take advantage of either for the purpose of price stability, or for more effective management of FX operations.

Keywords: money and interest rates, financial markets and macroeconomy, monetary policy, central banking and supply of money and credit, central banks and their policies, financial institutions, financial markets, banks
JEL classification: E40, E44, E5, E52, E58, G20

Vloženo: 30. říjen 2019; Revidováno: 7. prosinec 2020; Přijato: 9. březen 2021; Zveřejněno: 28. duben 2021  Zobrazit citaci

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Šimáček, M. (2021). Transmise měnové politiky a spodní efektivní hranice měnověpolitické úrokové sazby. Politická ekonomie, 69(2), 227-253. doi: 10.18267/j.polek.1310
Stáhnout citaci
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Zobrazit celý článek

    Reference

    1. Albertazzi, U., Gambacorta, L. (2009). Bank Profitability and The Business Cycle. Journal of Financial Stability, 5(4), 393-409, https://doi.org/10.1016/j.jfs.2008.10.002 Přejít k původnímu zdroji...
    2. Altavilla C., Boucinha M., Peydró J.-L. (2017). Monetary Policy and Bank profitability in low interest rate enviroment. European Central Bank. Frankfurt am Main Working Paper No. 2105. Přejít k původnímu zdroji...
    3. Altavilla, C., Andreeva, D. C., Boucinha, M., et al. (2019a). Monetary Policy, Credit Institutions and the Bank Lending Channel in the Euro Area. European Central Bank. Frankfurt am Main Occasional Paper Series No. 222. Přejít k původnímu zdroji...
    4. Altavilla, C., Burlon, L., Giannetti, M., et al. (2019b). Is There a Zero Lower Bound? The Effects of Negative Policy Rates on Banks and Firms. European Central Bank. Frankfurt am Main Working Paper No. 2289. Přejít k původnímu zdroji...
    5. Andersson, F. N. G. (2016). A Blessing in Disguise? Banking Crises and Institutional Reforms. World Development, 83, 135-147, https://doi.org/10.1016/j.worlddev.2016.02.002 Přejít k původnímu zdroji...
    6. Andersson, F. N. G., Jonung, L. (2017). Inflation Targets and the Benefits of an Explicit Tolerance Band. VoxEU.org. Dostupné z: https://voxeu.org/article/inflation-targets-and-benefits-explicit-tolerance-ban
    7. Andersson, F. N. G., Jonung, L. (2020), Den svenska Phillipskurvan är internationell. Vad betyder detta för Riksbanken? (The Swedish Phillips Curve is International. What Does this Mean for the Riksbank?). Ekonomisk Debatt, 4, 74-81.
    8. Andersson, F. N. G., Jonung, L. (2020). Don't Do It Again! The Swedish Experience with Negative Central Bank Rates in 2015-2019. VoxEU.org. 08.05. Dostupné z: https://voxeu.org/article/swedish-experience-negative-central-bank-rates
    9. Arteta, C., Kose, M. A., Stocker, M., et al. (2016). Negative Interest Rate Policies Sources and Implications. World Bank Policy. Research Working Paper No. 7791. Přejít k původnímu zdroji...
    10. Basten, C., Mariathasan, M. (2018). How Banks Respond to Negative Interest Rates: Evidence from the Swiss Exemption Threshold. CESifo. Munich Working Paper Series No. 6901. Přejít k původnímu zdroji...
    11. Beck, R., Duca, I. A., Stracca, L. (2019). Medium Term Treatment and Side Effects of Quantitative Easing: International Evidence. European Central Bank. Frankfurt am Main Working Paper Series No. 2229, https://doi.org/10.2866/361485 Přejít k původnímu zdroji...
    12. Bech, M., Malkhozov, A. (2016). How Have Central Banks Implemented Negative Policy Rates? BIS Quarterly Review. Dostupné z: https://www.bis.org/publ/qtrpdf/r_qt1603e.pdf
    13. Bernanke, B. (2020). American Economic Review, 110(4),943-83. Přejít k původnímu zdroji...
    14. Boeckx, J., Dossche, M., Peersman, G. (2017). Effectiveness and Transmission of the ECB's
    15. Balance Sheet Policies. International Journal of Central Banking, 13(1), 297-333.
    16. Borio, C., Gambacorta, L., Hofmann, B. (2015). The Influence of Monetary Policy on Bank Profitability. Bank for International Settlements. Basel Working Papers No. 514. Dostupné z: https://www.bis.org/publ/work514.pdf
    17. Boucinha, M., Burlon, L. (2020). Negative Rates and the Transmission of Monetary Policy. ECB Economic Bulletin, 3.
    18. Brunnermeier, M. K., Koby, Y. (2017). The Reversal Interest Rate: An Effective Lower Bound on Monetary Policy.
    19. Bubeck, J., Maddaloni, A., Peydró, J. L. (2019). Negative Monetary Policy Rates and Systemic Banks' Risk-Taking: Evidence from the Euro Area Securities Register. Journal of Money, Credit and Banking, 52(S1), 197-231, https://onlinelibrary.wiley.com/doi/10.1111/jmcb.12740 Přejít k původnímu zdroji...
    20. Caruana, J. (2016). Persistent Ultra-low Interest Rates: The Challenges Ahead. Speech at the Bank of France- BIS Farewell Symposium for Christian Noyer. Paris 12 January 2016.
    21. Claessens, S., Coleman, N., Donnelly, M. (2018). Low-For-Long" Interest Rates and Banks' Interest Margins and Profitability: Cross-Country Evidence. Journal of Financial Intermediation, 35(A), 1-16, https://doi.org/10.1016/j.jfi.2017.05.004 Přejít k původnímu zdroji...
    22. ČNB (2019). Zpráva o finanční stabilitě 2018/2019. Praha: Česká národní banka.
    23. ČNB (2020). Nástroje nekonvenční politiky, interní materiál ČNB. Praha: Česká národní banka.
    24. De Groot, O., Haas A., (2020). The Signalling Channel of Negative Interest Rates. CEPR. Discussion Paper No. 14268. Přejít k původnímu zdroji...
    25. Demiralp, S., Eisenschmidt, J., Vlassopoulos, T. (2019). Negative Interest Rates, Excess Liquidity and Retail Deposits: Banks' Reaction to Unconventional Monetary Policy in the Euro Area. European Central Bank. Frankfurt am Main Working Paper Series No. 2283. Přejít k původnímu zdroji...
    26. ECB (2015). The Transmission of the ECB's Recent Non-standard Monetary Policy Measures. ECB Economic Bulletin, 7.
    27. ECB (2017). Impact of the ECB's Non-standard Measures on Financing Conditions: Taking Stock of Recent Evidence. ECB Economic Bulletin, 2.
    28. ECB (2019). Vyjádření prezidenta ECB Mária Draghiho. ECB Press Conference. Frankfurt am Main: European Central Bank.
    29. Eggertsson, G. B., Juelsrud, R. E., Summers, L. H., et al. (2019). Negative Nominal Interest Rates and the Bank Lending Channel. National Bureau of Economic Research. Cambridge, MA Working Paper No. 25416, https://doi.org/10.3386/w25416 Přejít k původnímu zdroji...
    30. English, W. B. (2002). Interest Rate Risk and Bank Net Interest Margins. BIS Quarterly Review, 67-82. Dostupné z: https://www.bis.org/publ/qtrpdf/r_qt0212g.pdf
    31. Galistl, V. (2016). ČNB odmítá záporné sazby. Euro. Dostupné z: www.euro.cz/politika/cnb-odmita-zaporne-sazby-1317722
    32. Heider, F., Saidi F., Schepens, G. (2018). Life Below Zero: Bank Lending Under Negative Policy Rates. European Central Bank. Frankfurt am Main Working Paper Series No. 2173. Dostupné z: https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2173.en.pdf?43f20b69ef7771db97633f8ea35b9b92 Přejít k původnímu zdroji...
    33. Horváth, R. (2009). The Determinants of the Interest Rate Margins of Czech Banks. Finance a úvěr-Czech Journal of Economics and Finance, 59(2), 128-136.
    34. Kerola, E., Koskinen, K. (2019). Slightly Negative Central Bank Interest Rates Ease Financial Conditions. Bank of Finland Bulletin, 4. Dostupné z: https://www.bofbulletin.fi/en/2019/4/slightly-negative-central-bank-interest-rates-ease-financial-conditions/
    35. Knechtová, J. (2019). Lagardeova múže do ECB vnést jiný styl řízení. Bloomberg, CNBC, ČTK. Dostupné z: www.Patri.cz/zpravodajství/4169590/analytici-Lagardeova-muze-do-ecb-vnest-jiny-styl-rizeni-html (neplatný odkaz - upřesnit)
    36. Kohlscheen, E., Murcia, A., Contreras, J. (2018). Determinants of Bank Profitability in Emerging Markets. Bank for International Settlements. Basel Working Papers No. 686.
    37. Kolcunová, D., Havránek, T. (2018). Estimating the Effective Lower Bound on the Czech National Bank's Policy Rate. Czech National Bank. Prague Working Paper Series No. 9. Dostupné z: https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/cnb_wp/cnbwp_2018_09.pdf
    38. Lane, R. P. (2019). Monetary Policy and Below-Target Inflation. Speech at Bank of Finland Conference on Monetary Policy and Future of EMU.
    39. Lilley, A., Rogoff, K. (2019). The Case for Implementing Effective Negative Interest Rate Policy, https://doi.org/10.2139/ssrn.3427388 Přejít k původnímu zdroji...
    40. Lilley, A., Rogoff, K. (2020). Negative Interest Rate Policy in the Post COVID-World. VoxEU.org. Dostupné z: https://voxeu.org/article/negative-interest-rate-policy-post-covid-19-world
    41. Lopez, J. A., Rose, A. K., Spiegel, M. (2018). Why Have Negative Nominal Interest Rates Had Such a Small Effect on Bank Performance? Cross Country Evidence. National Bureau of Economic Research.NBER Cambridge, MA Working Paper No. 25004, https://doi.org/10.3386/w25004 Přejít k původnímu zdroji...
    42. Lopez, J. A., Rose, A. K., Spiegel, M. M. (2020). Why Have Negative Nominal Interest Rates Had Such a Small Effect on Bank Performance? Cross Country Evidence. European Economic Review, 124, 103402, https://doi.org/10.1016/j.euroecorev.2020.103402 Přejít k původnímu zdroji...
    43. Molyneux, P., Reghezza, A., Xie, R. (2019). Bank Margins and Profits in a World of Negative Rates. Journal of Banking Finance, 107(C), 105613, https://doi.org/10.1016/j.jbankfin.2019.105613 Přejít k původnímu zdroji...
    44. Moselund Jensen, C., Spange, M. (2015). Interest Rate Passthrough and the Demand for Cash at Negative Interest Rates. Danmarks Nationalbank Monetary Rewiew 2-nd Quarter 2015 .
    45. Praet, P. (2018). Assessment of Quantitative Easing and Challenges of Policy Normalisation. Speech at ECB and Its Watchers XIX Conference, Frankfurt am Main 2018.
    46. Rosová, N., Karfilát, J. (2016). Záporná úroková sazba a její vliv na banky a jejich klienty. Schonherr, Právo. Dostupné z: www.epravo.cz/top/clanky/zaporna-urokova-sazba-a-jeji-vliv-na-banky-a jejich-klienty-101199.html
    47. Urbschat, F. (2018). The Good, the Bad, and the Ugly: Impact of Negative Interest Rates and QE on the Profitability and Risk-Taking of 1600 German Banks. CESifo. Munich Working Paper No. 7358.
    48. Witmer, J., Yang, J. (2016). Estimating Canada's Effective Lower Bound. Bank of Canada Review. Dostupné z: https://www.bankofcanada.ca/wp-content/uploads/2016/05/boc-review-spring16-witmer.pdf

    Tento článek je publikován v režimu tzv. otevřeného přístupu k vědeckým informacím (Open Access), který je distribuován pod licencí Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), která umožňuje nekomerční distribuci, reprodukci a změny, pokud je původní dílo řádně ocitováno. Není povolena distribuce, reprodukce nebo změna, která není v souladu s podmínkami této licence.


    Zpět na obsah