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How long can the global low interest rate policy actv

The failure of the global low interest rate policy can delay the long – Zhang Monan global the negative interest rate monetary experiment seems unconventional easing, the bank credit crunch risk has not been fundamentally lifted, the global financial market long-term structural effects should not be overlooked. Low interest rates or negative interest rate policy environment is likely to end in a few years. In view of the differentiation of global monetary policy and financial cycle, how best to circumvent the dilemma of coordination of monetary policy spillovers and international monetary policy caused harm to the global economy, how to construct the macro Prudential framework for global financial stability, to avoid future due to the rapid rise in global real interest rates caused by the risk of fluctuations in capital flows and asset prices, is now challenging issues. Negative interest rate is a significant feature of the current global financial structure. The marginal effect of monetary easing is more and more small, to stimulate the economy, curb deflation, promote the devaluation of the currency since 2014, Europe and Japan, the central bank has opened several rounds of negative interest rate policy, further depress global interest rates. However, the "negative interest rate" policy does not bring substantial economic growth, and the negative interest rate policy behind the highlights of the global market expansion of liquidity and the return of the low capital between the contradictions can not be bridged. "Collateral assets" Time passed by and life changed., along with the growing scarcity of dollar assets, reduce the total supply, long-term debt liquidity declined sharply, or the future global real interest rates will rise quickly. Negative interest rate is almost in the unconventional monetary easing after the failure of the helpless". The United States began to implement QE from the subprime crisis, the British central bank, the Bank of Japan and the European Central Bank has also taken the QE policy and expand the scale of QE. The Bank of England and the resumption of the QE in the referendum back in Europe, the Bank of Japan, the European Central Bank and the Bank of England is still in the monthly purchase of liquidity of bond assets released, then the global scale QE level at the highest level in history. From the earliest implementation of negative interest rates in Denmark since the central bank has taken negative interest rates accounted for 23.1% of the total global GDP GDP, the European Central Bank and the Bank of Japan’s coverage area accounted for 21% of GDP. Global negative yield bonds reached $13 trillion, more than doubled last year, more than doubled in, and almost no negative yield bonds in 2014. Developed economies and emerging economies are growing in size and growth. In the stock of global sovereign bonds, the nominal interest rate is negative ratio of 30%, the nominal interest rate is lower than the proportion of 0%-1% interest rate range of 35%. The global negative interest rate monetary experiment seems unconventional easing, but in fact the bank credit crunch risk has not been fundamentally lifted, the global financial market long-term structural effects are not be overlooked: first, from the perspective of Freedman’s law, the negative interest rate policy is not optimal. Nominal interest rate is negative, compared to the form of wealth, such as time deposits, holding money will bring additional benefits, the individual will be too much money. Although the negative interest rate policy in theory can promote bank lending, reduce financing costs, promote consumption and investment, but in fact, the expansion of bank credit depends on the willingness of banks to lend, market demand,相关的主题文章: