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Policy of negative interest rates: history and present

Demina M.I., Nazarova J.J., Khatmullina O.I.

Federal State Autonomous Educational Institution of Higher Professional Education «Ural Federal University named after the first President of Russia B.N. Yeltsin»,Russia,620002,Ekaterinburg, st. Mira, +79126198026, dyominamariya@mail.ru

The modern financial model sputtered out, it is necessary to make changes to it, and one of them – use of negative interest rates. Consideration of policy of negative interest rates consists in the overview of its historical formation and, as a result, forecasting of further development of this policy by the analysis of possible effects.

In 1890 the German economist Silvio Guesel came to a conclusion that money shall serve only as a means of exchanging, but not as a store of value. Therefore the idea of "demurrage charge" - a small symbolical payment ("демердж") for use and storage of a money was offered them that it was used as fight against accumulating of paper money. For support of municipalities in the USA during crisis of the 30th years in large quantities began to enter local currencies with the negative interest rate offered by Guesel, so-called "stamp scrip" ("hot bonds"). The analog of "hot bonds" in Russia was used in the village of Shaymuratovo of the Republic of Bashkortostan from 2010 to 2013, crisis of 2008 became the reason of implementation.

The main idea of negative interest rates is replacement of system of credit money for money which isn't present a sense to accumulate as they constantly lose in the cost that allows to eradicate thirst for moneymaking. Thus, use of money with a negative interest rate will stimulate money turnover, and the income in the long-term future in terms of today becomes even more valuable.

In the modern world entering of a negative interest rate by Central Banks of the European and other countries (Sweden, Denmark, Japan, Switzerland) is caused by the different purposes in the basic this control of fluctuations of the currency and decrease of the inflation rate. The main purpose of these countries is creation of conditions and financial stimulation of economic activity or "dispersal of economy".

Possible use of policy of negative interest rates in the modern world can find applications in various spheres, not only in economy in the form of stimulation of economic activity, but also in ecology in the form of rational environmental management. In the conditions of a negative interest rate the price of resources in the future in case of its discounting by today becomes more than their today's price. Therefore the meaning of maximization of production of these resources for the purpose of immediate sale is lost. Becomes profitable to realize the long-term projects oriented to stable production and generation of a fixed cash flow in the future.

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