Negative interest rates and other latest financial technologies

The article examines negative rates and other financial technologies both from the point of view of their evaluation by modern economic science and as a logical development of previous trends and a logical step in a long chain of financial technologies development. Negative rates are regarded in the ar-ticle as the latest financial technologies that began to spread after the crisis of 2008–2010; they are supposed to become instrumental in getting out of the current crisis that started in 2020. The author explains the reasons for the introduction of negative rates and makes predictions about the future of financial technologies used by the largest modern economies and on the world-system scale. Negative rates can contribute to the process of financial convergence, that is, the convergence of developed and developing countries in terms of financial power (as is the case with GDP).

Keywords

new financial technologies, negative rates, quantitative easing, FRS, ECB, economic crisis

Received

03.02.2021

Publication date

18.02.2021

Number of characters

27462

Cite

GOST	Grinin L. Negative interest rates and other latest financial technologies // Obshchestvo i ekonomika – 2021. – Issue 2 C. 18-30 [Electronic resource]. URL: https://oie.jes.su/S020736760013634-6-1 (circulation date: 26.04.2024). DOI: 10.31857/S020736760013634-6
MLA	Grinin, Leonid "Negative interest rates and other latest financial technologies." Obshchestvo i ekonomika 2 (2021):18-30. DOI: 10.31857/S020736760013634-6
APA	Grinin L. (2021). Negative interest rates and other latest financial technologies. Obshchestvo i ekonomika (2), pp.18-30 DOI: 10.31857/S020736760013634-6

100 rub.

When subscribing to an article or issue, the user can download PDF, evaluate the publication or contact the author. Need to register.

Number of purchasers: 0, views: 541

Readers community rating: votes 0

1. Burlachkov V. K. Sovremennaya protsentnaya politika tsentral'nykh bankov i fenomen otritsatel'nykh protsentnykh stavok // Finansy i kredit. 2016. № 47. S. 2–14.

2. Burenin A. N. Otritsatel'nye protsentnye stavki: tsentral'nye banki poshli na ehksperiment // Vestnik MGIMO-Universiteta. 2016. № 4(49). S. 262–273. https://cyberleninka.ru/article/n/otritsatelnye-protsentnye-stavki-tsentralnye-banki-poshli-na-eksperiment.

3. Leont'eva E. L. Ehkonomicheskaya politika pravitel'stva Abeh Sindzo v usloviyakh globalizatsii // Yaponiya: ezhegodnik. M.: AIRO-XXI, 2016. C. 79–104.

4. Prudnikova A. A., Nikolaenkova M. S. Otritsatel'naya protsentnaya stavka kak netraditsionnyj instrument denezhno-kreditnoj politiki // Regional'nye problemy preobrazovaniya ehkonomiki. 2016. № 11. S. 108–114. https://cyberleninka.ru/article/n/otritsatelnaya-protsentnaya-stavka-kak-netraditsionnyy-instrument-denezhno-kreditnoy-politiki.

5. Pshenichnikov V. V. Otritsatel'nye protsentnye stavki kak ehlement global'nykh transformatsij denezhno-kreditnoj sfery // Nauchno-tekhnicheskie vedomosti SPbGPU. 2016. № 3. S. 160–168.

6. Golovnin M. Yu., Burlachkov V. K., Tikhonov A. O. Tendentsii razvitiya denezhno-kreditnoj sfery i monetarnaya politika tsentral'nykh bankov veduschikh stran // Vest-nik Instituta ehkonomiki Rossijskoj akademii nauk. 2017. № 1. S. 8–21.

7. Kavitskaya I. L. Institutsional'nye osobennosti politiki otritsatel'nykh protsentnykh stavok evropejskogo tsentral'nogo banka // Journal of Institutional Studies (Zhurnal institutsional'nykh issledovanij). 2019. №11(1). S. 81–94. https://cyberleninka.ru/article/n/institutsionalnye-osobennosti-politiki-otritsatelnyh-protsentnyh-stavok-evropeyskogo-tsentralnogo-banka.

8. Kovalyov A. Otritsatel'nye stavki protsenta: neudavshijsya ehksperiment ili dolgosrochnyj trend? // Bankovskij vestnik. 2019. № 6 (671). S. 14–21. https://elibrary.ru/item.asp?id=38533883.

9. Heller R. The Financial Crisis: Monetary Mischief and the Debt Trap // Cato Journal. 2017. Vol. 37. No 2. P. 247–261.

10. Whittall C., and Goldfarb S. Black Hole of Negative Rates Is Dragging Down Yields Everywhere // Wall Street Journal. 2016. July 10.

11. Kantchev G., Whittall C. and Inada M. Are Negative Rates Backfiring? Here’s Some Early Evidence // Wall Street Journal. 2016. August 8.

12. Sims C. A. Fiscal Policy, Monetary Policy and Central Bank Independence // Proceed-ings of the Federal Reserve Bank of Kansas City Economic Policy Symposium, Jackson Hole, Wyo. (August 26). 2016.

13. Whalen C. Will Negative Interest Rates Save Europe’s Banking System? Kroll Bond Rating Agency, April 1, 2016.

14. Orphanides A. Central Bank Policies and the Debt Trap // CATO Journal. 2017. Vol. 37. No 2. Pp. 223–246.

15. Humphrey D. Negative Interest Rates and the Demand for Cash // Journal of Pay-ments Strategy & Systems. Winter 2015–16. No. 10. Pp. 280–289.

16. Abu Bakr Farid A. A. Politika finansovoj repressii: mezhdunarodnyj opyt // Finansy i kredit. 2016. № 47. S. 15–26.

17. Varga E. S. Izbrannye proizvedeniya. 1914–1926. Nachalo obschego krizisa kapitalizma // M.: Nauka, 1974.

18. Grinin L. E., Korotaev A. V. Global'nyj krizis v retrospektive: Kratkaya istoriya pod'emov i krizisov: ot Likurga do Alana Grinspena. Izd. 2. // M.: LIBRO-KOM, 2012.

19. Grinin L. E. Global'nyj krizis kak krizis pereproizvodstva deneg // Filosofiya i obschestvo. 2009. № 1. S. 5–32.

20. Khudyakova L. Reforma global'nykh finansov v kontekste ustojchivogo razvitiya // Mirovaya ehkonomika i mezhdunarodnye otnosheniya. 2018. T. 62. № 7. S. 38–47.

21. Krippner G. R. The financialization of the American economy // Socio-Economic Re-view. Oxford Journals. 2005. Vol. 3. No. 2. Pp. 173–208.

22. Blackburn R. Subprime crisis // New Left Review. 2008. Vol. 50.

23. Kokhno P., Enin Yu. O zakonomernostyakh razvitiya mirovoj ehkonomiki // Obschestvo i ehkonomika. 2020. № 10. S. 5–36.

24. Jordan J. Rethinking the Monetary Transmission Mechanism // Cato Journal. 2017. Vol. 37, No. 1. Pp. 361–384.

25. Jordan J. The New Monetary Framework // Cato Journal. 2016. Vol. 36. No. 2. Pp. 367–83.

26. Dowd K., Hutchinson M. From Excess Stimulus to Monetary Mayhem // Cato Journal. 2017. Vol. 37. Pp. 303–328.

27. Grinin L. E. and Korotayev A. V. The Future of the Global Economy in the Light of Inflationary and Deflationary Trends and Long Cycles Theory // World Futures. 2018. Vol. 74. No. 2. Pp. 84–103. DOI: 10.1080/02604027.2017.1357934

28. Krugman P. R., Smit V. L., Solou R. M. Ehkonomika dlya lyuboznatel'nykh. O chem razmyshlyayut Nobelevskie laureaty // Ehkonomicheskaya politika. 2016. № 5. S. 162–187.

29. Vymyatnina Yu., Grischenko V., Ostapenko V., Ryazanov V. Finansovaya nestabil'nost' i ehkonomicheskie krizisy: uroki Minski // Ehkonomicheskaya politika. 2018. T. 13. № 4. S. 20–41.

30. Tugan-Baranovskij M. I. Periodicheskie promyshlennye krizisy // M.: Direktmedia Pablishing, 2008 [1913].

31. Anners Eh. Istoriya evropejskogo prava // M.: Nauka, 1994.

32. Minski Kh. Stabiliziruya nestabil'nuyu ehkonomiku // M.; SPb.: Izd-vo Instituta Gajdara; Fakul'tet svobodnykh iskusstv i nauk SPbGU, 2017.

33. Burenin A. N. O neizbezhnosti ehkonomicheskikh krizisov v sovremennoj razvitoj rynochnoj ehkonomike // Ehkonomicheskaya politika. 2017. T. 12. № 5. S. 8–21.

34. Todd W. F. The Fed’s Failed Policies / Cato Journal. 2017. vol. 37. no 2. Pp. 407–421.

35. Rahn R. W. The madness of negative interest rates // The Washington Times. 2016. April 25, URL: https://m.washingtontimes.com/news/2016/apr/25/richard-rahn-the-madness-of-negative-interest-rate/

36. Burenin A. N. Predely makroehkonomicheskoj politiki pod uglom zreniya ehkonomicheskikh krizisov // Ehkonomicheskaya politika. 2019. T. 14. № 1. S. 76–91.

37. Thornton D. L. Federal Reserve Mischief and the Credit Trap // Cato Journal. 2017. Vol. 37. No 2. Pp. 263–285.

38. Grinin L. E. Stsenarii kitajskogo buduschego: ne vozobladayut li faktory tormozheniya // Obschestvo i ehkonomika. 2011. № 8–9. S. 256–276.