Ujemne stopy procentowe. Doświadczenia europejskie
Negative Interest Rates. European experiences

Summary/Abstract: Several European central banks have cut key interest rates below 0%. Despite that negative interest rates have a short history and markets only recognize how they work, some initial conclusions can be drawn. The conditions led to introduction of monetary policy negative interest rates, manners of their implementation and solutions taken to steer negative interest rates more effectively are described. Their impact on a few selected areas is shown: commercial banks deposit and lending rates, banks profitability and imbalance in the mortgage and real estate markets.

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