Úrokové sazby – faktory formování jejich výše na finančních trzích
Interest Rates – Factors Influencing Their Final Values in Financial Markets

Summary/Abstract: The monetary policy of a central bank unquestionably affects all interest rates in the financial markets. But the final impact is influenced by quite a lot of factors, where the character and structure of the financial markets, in the Czech Republic bank market especially, are the key factors of the flexibility of interest rate reactions. The final interest rates include in addition to the interest base also a set of margins reflecting risks and costs related to inflation, volatility, liquidity, ability to pay debt and credit volumes. In the Eurozone we can observe the higher sensitivity and flexibility of all the aggregate retail interest rates compared to the Czech Republic. However, even Czech financial institutions reflect and react to the monetary-policy interest rates. The only difference is speed and flexibility of reactions. We can demonstrate the strong link by looking at the same development of all the basic interest rates of money and credit markets with the official rates in the Eurozone and also in the Czech Republic, except for aggregate average interest rates charged to households.

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