NEGATIVNE KAMATNE STOPE U TEORIJI I PRAKSI : Završni rad

Politika negativnih kamatnih stopa predstavlja nestandardni instrument monetarna politike koji su centralne banke počele primjenjivati nakon Globalne financijske krize. Cilj ovog rada je pokušati ukratko objasniti teoriju monetarne politike i način na koji koristi negativne kamatne stope u ostvarivanju svojih ciljeva. Koristeći dostupnu literaturu na ovu temu navedene su glavne karakteristike ove politike i razlozi primjene te primjeri nekoliko centralnih banaka koje se ovom politikom koriste. Zaključak je da iako se u ekonomskoj literaturi kao donja granica negativnih nominalnih kamatnih stopa navodila nula (eng.zero lower bound) centralne banke su primjenom ove politike pokazale da se ta granica u praksi ipak može spustiti ispod nule. Dosadašnji rezultati pokazuju da su različite zemlje imale različita iskustva u primjeni politike negativnih kamatnih stopa. Što se tiče bankarskog sustava, kratkoročno ova politika nije imala značajniji utjecaj na profitabilnost banaka iako je zabilježeno blago smanjenje neto kamatnih marži, u prvom redu zbog snažnijeg utjecaja ove politike na kretanje kamatnih stopa na kredite banaka u odnosu na kamatne stope na depozite.Negative interest rate policy is a non-standard instrument of monetary policy that central banks began to apply after the Global Financial Crisis. The aim of this paper is to try to briefly explain the theory of monetary policy and the way it uses negative interest rates in achieving its goals. Using the available literature on this topic, the main characteristics of this policy and the reasons for its application are listed, as well as examples of several central banks that use this policy. The conclusion is that central banks manage to overcome the zero-lower bound by applying this monetary policy tool and have shown that in practice this limit is somewhere below zero. The results so far show that different countries have had different experiences in applying negative interest rate policies. Regarding the banking system, in the short run this policy did not have a significant impact on bank profitability, although there was a slight decrease in net interest margins, primarily due to the stronger impact of this negative interest rate policy on interest rates on bank loans compared to interest rates on deposits