Sixth Session: Negative Euro Area Interest Rates and Monetary Policy in the Western Balkans
Author:
Erald Themeli 0000000404811396 https://isni.org/isni/0000000404811396 International Monetary Fund

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Language:
English
Keywords:
SEM; interest rate; euro; central bank; rate; bank; interest rate differential; interest rate environment; ECB monetary policy; FX reserve; risk-taking channel; Currencies; Negative interest rates; Financial sector stability; Exchange rates; Central bank policy rate; Global; Europe; Western Europe; Eastern Europe; Baltics; ECB monetary policy implementation framework
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Abstract

“International spillovers from the monetary policy of one country to other economies are a corollary of globalisation. This entails that we, as policymakers, have to rise to the challenge of conducting monetary policy in the presence of these unintended side-effects. […] We should not underestimate the challenges of living in the ever more closely interconnected global economy.”

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Cover Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
Author:
International Monetary Fund
ISBN:
9789928445391
Publication Date:
04 May 2017
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9789928445391.072
Pages:
344
Figure 1.

Key policy rate (in percent) and inverted Eurosystem balance sheet assets

(in EUR trillion)
Figure 2.

Output responses to ECB non-standard monetary policy shock
Figure 3.

Price level responses to ECB non-standard monetary policy shock
Figure 4.

Export responses to ECB non-standard monetary policy shock
Figure 5.

Interbank interest rate responses to ECB non-standard monetary policy shock
Figure 1.

Policy rate, inflation rate, inflation expectations, and interest rate differentials
Figure 2.

Technical and effective lower policy rate bounds
Figure 3.

The transmission mechanism in euroized economies
Figure 4.

Exchange rate and NPLs in Albania
Figure 5.

Interest rate differential and currency composition of new deposit flows
Figure 6.

Interest rate and maturity structure of assets and liabilities
Figure 7.

The Bank of Albania’s monetary policy barometer
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