valamint a kereskedelmi bankok gyakorla-

(1)

The negative interest rate, like zero-close, is an old-fashioned phenomenon in economic policy, which is increasingly involved in post-crisis monetary policy. In- terest, as the time value of money, can only be positive in some macromodels, wants to use money to buy goods in the present has to pay a premium to those who are willing to give up on it. At the same time, monetary practice has evolved in the opposite direction in several countries over the past period. One of the most spec- rate is the negative rate imposed on the depositor at the central bank. The negative interest rate was used by the major banks, the ECB, the Swiss and Japanese central banks. After the crisis in 2007, the central banks of the developed world kept their standard rates close to zero for a long time after 2009. Following the crisis, the central bank s rescue operation proved to be successful in the fact that the world can not raise interest rates because they would risk a recession instead of stagnation. This situation does not cause any problems, while the rise in inflation does not necessitate interest rate hikes. For a significant part of the world economy, there is no need to keep inflation threatened for some time, but the trend of interest rate rise has been observed in several countries.

Kulcsszavak:

Keynotes: monetary policy, low interest rate, negative interest rate, liquidity trap, ECB

(2)

-

valamint a kereskedelmi bankok gyakorla-

,

ahol a

mert n a az

a Ez olyan alacsony (Keynes szerint ez

, a a emelke-

anak.

- l -

bankok ke

sze

(3)

be

1, 2

kamat - csak a

Silvio

volt ismert csak fordult a kamat-

3

.

4

kifejti:

talommal)

5

inti.) Ez c. p.

-

is. Amennyiben az U

-, arany-

(4)

Figure 1.: Change of Dax between 1990 and 2016

http://investinghaven.com/screening/bullish-dax-stock-market-index- forecast-2017/

helyzet az arany-

- Figure 2.: Efficiency of some indexes in 2017 (growth in percentage

of the previous year)

(5)

ban csak az alacsony

csony

-

, amelyek arra utalnak, hogy

6

A fenti gilag ri

z

-

ez a banki be- a

A eset ben

-

(6)

mai,

ha

hogyan hathatna a teoretikus esetekben. Abban melle

. Amennyiben a jegybankok kamat

,

7

zonyult, hogy

,

.

⁸

m tudtak

prob mat-

(7)

9

gyaro 6-ben

Ha ez be-

- mes alkalm

uralja.

A jelenlegi, euro yamata

4- el, amikor az EKB 0,1%-ra

10

Mind az

a jegybankban, hanem hitelezz hosszabb

be.

-

zet

¹¹

(8)

,

. nyezet

A 2003-ban

2,2 kamatmarzs 2014 0,5 vagyis kevesebb,

mint az ez rontotta a bankok

ami miatt

:

2003

Figure 3.: The average interest rate on mortgages and deposits in German banking system between 2003 and 2014 (%)

http://www.portfolio.hu/finanszirozas/bankok/megcsapoljak-a- magyar-bankbeteteket-jonnek-a-negativ-kamatok.210330.html

(9)

A -

-

Figure 4.: Inflation-purged bank interest rate in the euro area actual and reference interest rates

* szaggatott vonal: referencia , folyamatos

Sikova¹²

A

A jegybank az al-

kalmazott : a 1972 1978

a frank miatt.

2, majd 3, pedig 10 volt

1973 1978 a

frank 29

¹³

S

hitel

(10)

:

Figure 5.: Switzerland interest rate between 2000 and 2016

s: http://www.tradingeconomics.com/swiss national bank

-Pete

¹⁴

-es .

:

Figure 6.: Japan interest rate between 2008 and 2018

https://tradingeconomics.com/japan/interest-rate 07.

(11)

15

Tanweer

¹⁶

), hogy

- -

17

-

.

: A FED-

Figure 7.: Interest rate of FED

https://tradingeconomics.com/united-states/interest-rate

-

Az EKB Az

-

az egynapos

(12)

:

Figure 8.: UK interest rate

https://tradingeconomics.com/united-kingdom/interest-rate

:

Figure 9.: Interest rate of ECB

https://tradingeconomics.com/euro-area/interest-rate 07.

g elem

-

n igen

(13)

-

vel

-

1. http://www.elemzeskozpont.hu/az-ekb-nullara-csokkentette-az-alapkamatot weblapon jelent meg.

2.

http://www.elemzeskozpont.hu/12- ra-vagta-az-mnb-az-iranyado-kamatlabat)

3.

4.

2007. november, 975. oldal.

5. -

6. Szini, R. (2015): A ko Az alacsony

7. Kennedy, M. Lietaer, B.

of regional currencies, Triarchy Press.

8.

9.

- -

tember 17.

(14)

10. http://www.bankmonitor.hu/cikk/megtortent-a-lehetetlen-itt-a-negativ- kamat.htm

11.

https://www.portfolio.hu/finanszirozas/bankok/

megcsapoljak-a-magyar-bankbeteteket-jonnek-a-negativ-kamatok.210330.html

12. Holzhausen, Arne - Sikova, Sabina (2015): Niedrigzinsen, Einkommen und 190.

https://www.allianz.com/v_1443391200000/media/economic_research/

publications/working_papers/de/WPQEimpact.pdf 25.

13.

http://www.origo.hu/gazdasag/hirek/20110802- hogyan-mozgott-a-frank-es-a-forint-a-kormanyvaltas-ota.html

2018. 09. 12.

14.

augusztus.

15.

Liquidity Trap. Brookings Papers on Economic Activity, 2: 137 205. o.

16.

Levy Economics Institute.

17.

frank ellen. http://www.origo.hu/gazdasag/hirek/20110802-hogyan-mozgott-a- frank-es-a-forint-a-kormanyvaltas-ota.html 02.

r gewinnt, wer verliert. Working Paper Nr. 190.

https://www.allianz.com/v_1443391200000/media/economic_research/

publications/working_papers/de/WPQEimpact.pdf Szini, R. (2015): A ko

regional currencies, Triarchy Press.

2007. november.

quidity Trap. Brookings Papers on Economic Activity, 2: 137 205. o.

-

(15)

P

augusztus.

Economics Institute.

kamatok. https://www.portfolio.hu/finanszirozas/bankok/megcsapoljak-a- magyar-bankbeteteket-jonnek-a-negativ-kamatok.210330.html. Le

10. 01.

-

http://www.bankmonitor.hu/cikk/megtortent-a-lehetetlen-itt-a-negativ-kamat.htm.

01. 10.

http://www.elemzeskozpont.hu/12-ra-vagta-az-mnb-az-iranyado-kamatlabat.

http://www.elemzeskozpont.hu/az-ekb-nullara-csokkentette-az-alapkamatot.