Tesis sobre el tema "Nominal interest rates"
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Tsang, Kwok Ping. "The nominal and real term structures and the macroeconomy /". Thesis, Connect to this title online; UW restricted, 2008. http://hdl.handle.net/1773/7468.
Texto completoBrito, Ricardo D. "Essays on the monetary aspects of the term structure of nominal interest rates". reponame:Repositório Institucional do FGV, 2001. http://hdl.handle.net/10438/1027.
Texto completoInterest rates are key economic variables to much of finance and macroeconomics, and an enormous amount of work is found in both fields about the topic. Curiously, in spite of their common interest, finance and macro research on the topic have seldom interacted, using different approaches to address its main issues with almost no intersection. Concerned with interest rate contingent claims, finance term structure models relate interest rates to lagged interest rates; concerned with economic relations and macro dynamics, macro models regress a few interest rates on a wide variety of economic variables. If models are true though simplified descriptions of reality, the relevant factors should be captured by both the set of bond yields and that of economic variables. Each approach should be able to address the other field concerns with equal emciency, since the economic variables are revealed by the bond yields and these by the economic variables.
Kremmer, Michael Leslie y n/a. "An Empirical Study of the Dynamics of Nominal Interest Rates: Australian and Global Perspectives". Griffith University. School of Economics, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20051102.151052.
Texto completoKremmer, Michael. "An Empirical Study of the Dynamics of Nominal Interest Rates: Australian and Global Perspectives". Thesis, Griffith University, 2003. http://hdl.handle.net/10072/367662.
Texto completoThesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Economics
Full Text
Skallsjö, Sven. "Essays on term structure and monetary policy". Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-548.
Texto completoDiss. Stockholm : Handelshögskolan, 2004
Leal, Ricardo Batista Camara. "Efeitos da política fiscal sobre o nível da taxa de juros nominal de longo prazo de 25 países da OCDE". Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-14042011-143847/.
Texto completoThis dissertation is an empirical study that tries to capture the relationship between fiscal variables, such as the public debt and the primary deficit, and the long-term nominal interest rates, a relationship that in the empirical literature as a whole is very ambiguous. However, when, in this literature, we look only at papers that include expected deficits, we obtain positive and significant results. In the same set of studies, few use panel data due to low data availability. We use a panel with 25 countries and annual data between 1980 and 2009. We estimate static and dynamic models in which the long-term nominal interest rate is explained by the public debt and, especially, the primary deficit by controlling for the existence of fixed effects for countries and years. We then estimate non-linear models to capture the non-linear and interactive effects of fiscal variables on interest rates. We find a positive and statistically significant relationship between these variables, indicating that the primary deficit has a positive impact on the long-term nominal interest rate. The magnitude of the estimated effect is similar to other studies with panel data. They show that a one percentage point increase in the primary deficit leads to an increase from zero to 10 bps in the long-term nominal interest rate. As for the public debt, we find that, contrary to what we would expect from economic theory, its effect on the long-term nominal interest rate is negligible and smaller than that found in most of the literature, less than 2 bps, but similar to other panel studies. Unlike the rest of the literature that uses panel data, we included deficit expectations that would incorporate more information than just the current primary deficit and would, therefore, give us more statistically significant results. However, these variables are not available for large periods of time for a panel of countries and, therefore, for this part of our study, our sample is reduced to the period 1996-2009. This time, even though we estimate the same models, but now with the deficit expectations, we now obtain statistically insignificant, sometimes negative and lower coefficients for the primary deficit. Nevertheless, these results seem to be due to the small sample size we have for deficit expectations.
Unger, Julian. "A small open economy’s view on interest rate differential’s relation to the nominal exchange rate". Thesis, Linnéuniversitetet, Institutionen för nationalekonomi och statistik (NS), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-65487.
Texto completoHarfuch, Leila. "Determinantes da taxa de juros nominal e sua relação com a taxa de câmbio no Brasil no período de 1990 a 2006". Universidade de São Paulo, 2008. http://www.teses.usp.br/teses/disponiveis/11/11132/tde-20082008-112323/.
Texto completoDuring the last two decades, Brazil has been practicing high nominal interest rates, comparing to the observed inflation rate. This fact has a negative impact on credit, increases public debt and reduces the economic growth. In addition, the implementation of economic policies that aim to decrease the inflation rate, together with the economic globalization process, generate a set of variables that are related to the interest rate and, also, explicitly show how important is to analyze the main variables that have impacts on the interest rate determination and its relation with the exchange rate, which are the aim of this dissertation. Theoretical models for interest rate and exchange rate determination for a small and partially open economy were expanded to incorporate not only a suitable Fisher equation to the Brazilian economy, but also the default risk, and they were estimated in the following sequence: 1) Dickey-Pantula, Dickey-Fuller and seasonal unit root tests, and also unit root test with structural changes, were used to verify the integration degree for each variable and how each of them should be considered in the models; 2) interest rate and exchange rate regressions were first estimated by Ordinary Least Squares or, in case of heteroskedasticity and residuals autocorrelations problems, the regressions were reestimated using Weighted Least Squares, Weighted Least Squares with non-linear correction for residuals autocorrelation or Weighted Least Squares with Newey-West or White consistent covariance estimates. Initially, the models were estimated using monthly aggregated data, but they did not present robust results. In sequence, models were estimated using quarterly aggregated data, which had better estimations results and the best results are presented in this thesis. This dissertation presents two groups of results for each determination model of interest and exchange rates, considering the period from 1990 to 2006 without default risk and starting from a year that are default risk data available (the best results including default risk variable happened from 1995 to 2006). These regressions are the base for four VAR (Vector Autoregression) models. Both regression and VAR analysis strengthen the role of external variables in affecting the CDI interest rate for the period starting from 1995, while domestic variables reduced their effect on this process, specially the inflation rate. The results for the exchange rate determination model indicate a similar conclusion because, for the whole period analyzed, CDI interest rate was the most important variable; however, it reduced its influence on exchange rate when the default risk was inserted into the estimations. According to the results, there is evidence that the Brazilian economy is partially open and that the external factors have strong effect on CDI interest rate determination, especially after the implementation of Plano Real (Real Plan). More importantly, the international investors\' default risk perception has an important role showing the following dynamic: under default risk conditions, a larger interest rate (by a restricted monetary policy) can have a perverse effect, because, higher interest rate instead of attracting external capital inflows (which permits financial obligations to be honored) can lead on an external capital outflows, which depreciates the exchange rate and, as a result, increases the inflation rate. These results are extremely important to be considered for monetary policy implementation, as shown on the conclusions of this thesis.
Svanholm, Daniel y Jennifer Persson. "Debt availability : The impact of repo-rate policy on household borrowing in Sweden: A study of the relationship between the nominal interest rate and the availability of debt for Swedish households". Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-34358.
Texto completoOliveira, Mário André Santos de. "Should central banks increase the inflation target?" Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/13101.
Texto completoTipicamente os Bancos Centrais usam as taxas de juro para inverter os efeitos das crises económicas. No entanto, temos observado que se as taxas de juro nominais já estiverem muito próximo de zero, então a capacidade que estes têm de usar este mecanismo para estimular a actividade económica é reduzida. O principal objectivo desta dissertação é estudar se aumentando o nível médio de inflação, aumenta a capacidade do bancos centrais em inverter crises económicas. Especificamente, iremos estudar se a taxa de juro real diminui mais para valores médios mais elevados da taxa de inflação, quando um choque exógeno na taxa de juro nominal ocorre. Para tal, iremos utilizar um modelo de equilíbrio geral, onde os agentes são heterogéneos na quantidade de moeda que detêm. O nosso modelo sugere que aumentar o target da inflação não aumenta o estímulo provocado pela taxa de juro real, quando um choque de 1 ponto-percentual ocorre sobre a taxa de juro nominal. De facto, o que se verifica é que a taxa de juro real diminui mais quanto menor for o nível médio de inflação. Isto ocorre porque o grau de price stickiness é menor para níveis mais elevados do target da inflação.
Typically when central banks face economic slowdowns they use the interest rate channel to boost economies. However, we have seen that if the nominal interest rate is already at low levels, then their capacity to invert such economic slowdowns is little. The main objective of this dissertation is to study whether increasing the inflation target can increase the capacity of central banks to invert economic downturns. Specifically, we will study whether the real interest rate decreases more when the inflation target is higher, as a response to a negative shock in the nominal interest rate. To study this we use a general equilibrium model, where agents are heterogeneous in their amount of money holdings. Our model suggests that increasing the inflation target does not increase the real stimulus of central banks when they decrease the nominal interest rate by one percentage-point. In fact, the real interest rate declines more, the lower the target. This occurs because the degree of price stickiness is lower for higher levels of inflation.
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Salles, Marcelo Corrêa de. "O diferencial entre as curvas de juros doméstica e externa em reais é uma evidência para o argumento de 'incerteza jurisdicional'?" reponame:Repositório Institucional do FGV, 2008. http://hdl.handle.net/10438/16597.
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This work make an analysis of the Brazilian interest rates, and the main features of the sovereign nominal rates curve, with emphasis on fixed income securities issued by the government in local currency (Reais), in both the domestic and foreign markets, where we note the occurrence of a phenomenon quite peculiar, which is the diferential in the yield and the maturity existing between the two markets. Arida, Bacha and Lara-Resende (2004) conjecture about the existence of an inherent risk to the country, called 'jurisdictional uncertainty' related to Brazilian institutions, and that would be behind the high interest rates and the absence of a long-term domestic credit market. It is also done a more detailed diagnosis of the possible causes of the longer maturity phenomenon and lower yield on securities issued in foreign markets compared to securities issued in the local market, noting that both phenomena - the high Brazilian interest rates and the absence of a market long-term interest rates - are directly related. The conclusions on the possible causes of the yield differential between local and foreign securities issued in Reais envolve both quantitative factors, related to investment costs in Brazil and convertibility risk, which in part contributes to increase required yields for local securities, as well as qualitative factors, such as worse institutions in Brazil compared to the external institutions. The difference in the maturity of the two securities also comes from institutional issues, which, to some extent, reaffirms the theory of 'jurisdictional uncertainty' to explain this phenomenon.
O trabalho faz uma análise sobre as taxas de juros brasileiras, além das principais características da curva soberana de juros nominais, dando ênfase aos títulos pré-fixados emitidos pelo governo em moeda local, no mercado doméstico e externo, onde notamos a ocorrência de um fenômeno bastante peculiar, que é o diferencial de rendimento e de maturidade existentes entre os dois mercados. Arida, Bacha e Lara-Resende (2004) conjecturam sobre a existência de um risco inerente ao país, chamado por eles de 'incerteza jurisdicional', relacionado às instituições brasileiras, e que estaria por trás das altas taxas de juros e da inexistência de um mercado de crédito doméstico de longo prazo. É feito um diagnóstico mais detalhado sobre as possíveis causas do fenômeno de maior maturidade e menor rendimento dos títulos emitidos no mercado externo em relação aos títulos do mercado interno, notando-se que ambos os fenômenos – dos altos juros brasileiros e da inexistência de um mercado juros de longo prazo – estão diretamente relacionados. As conclusões sobre as possíveis causas para o diferencial de rendimento entre os títulos locais e externos emitidos em Reais dizem respeito tanto aos fatores quantitativos, relacionados aos custos de investimento no Brasil e ao risco de conversibilidade, que contribuem em parte para aumentar as taxas exigidas para os títulos locais, bem como aos fatores qualitativos, como piores instituições no Brasil em relação às instituições externas. A diferença de maturidade entre os títulos também advém de questões institucionais, o que reafirma de certo modo a teoria de 'incerteza jurisdicional' para explicar este fenômeno.
Ting, Taicheng y 丁泰誠. "Reexaming the Stationarity of Nominal Interest Rates : International Evidence". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/4sb2j9.
Texto completo國立暨南國際大學
經濟學系
100
This paper investigates the stationarity properties of nominal interest rates for 17 APEC countries by using the CF test advocated by Tsong (2012). The CF test exams the unit root null against the alternative of asymmetric STAR nonlinearity with correlated covariates for power boost. The selected covariates are based on economic theory, including – inflation rate, real interest rates, GDP deflator, and unemployment rate. When implementing CF test, we include a single covariate each time and reported the corresponding result. The empirical results reveal strong evidence that the nominal interest rates, are mean reverting, rejecting the unit root null for 14 out of the 17 countries when the covariate is the differenced nominal interest rate. Moreover, most of the nominal interest rates are tested to display asymmetries in the adjustment process towards their equilibrium values.
Chen, Pei-Ling y 陳佩伶. "Mean Reversion of Short-run Nominal Interest Rates in Emerging Countries". Thesis, 2009. http://ndltd.ncl.edu.tw/handle/35689993227198352772.
Texto completo世新大學
財務金融學研究所(含碩專班)
97
In this paper we examine the stochastic properties of short-run nominal interest rate in several emerging countries using numerous unit root tests. For that purpose, this paper employs conventional unit root tests as well as panel unit root tests that explicitly allow for cross-sectional independence and dependence. We use panel unit root tests, which increase power by exploiting the cross-sectional variability of the data. Since standard panel unit tests failing to control for cross-sectional correlation, we employ the recently developed panel unit root tests developed by Chang (2002) and Pesaran (2007) which explicitly allow for cross-sectional dependence. For the sake of robustness, we also apply our battery of tests for OECD. Empirical results indicate that we tend to fail to reject the unit root null at conventional levels. Nevertheless, the overwhelming evidence in favor of non-stationary may derive from the well-known low power of conventional unit root tests. However, the most panel unit root tests show the nominal interest rate mean reversion.
Calanchande, Dumica Dipak. "Negative nominal interest rates – is this unconventional policy being effective for Eurozone countries?" Master's thesis, 2017. http://hdl.handle.net/10362/26140.
Texto completoSoares, Tiago Filipe Henriques. "Removing the Zero Lower Bound on Nominal Interest Rates in the Case of the European Central Bank". Master's thesis, 2020. https://hdl.handle.net/10216/129567.
Texto completoSoares, Tiago Filipe Henriques. "Removing the Zero Lower Bound on Nominal Interest Rates in the Case of the European Central Bank". Dissertação, 2020. https://hdl.handle.net/10216/129567.
Texto completoBäumler, Daniel Maximilian Günter. "The Zero Lower Bound on nominal interest rates and its impact on monetary policy in the “New Normal”". Master's thesis, 2017. http://hdl.handle.net/10400.14/26312.
Texto completoEsta dissertação pretende ilustrar o impacto do limiar inferior das taxas de juros nominais (ZLB), com base numa simulação determinística do modelo DSGE para os EUA apresentado em Fernández-Villaverde e Rubio-Ramírez (2006). O modelo é calibrado para 2 estados estacionários, o primeiro com base em dados históricos (antigo estado estacionário) e o segundo com base em dados recentes, caracterizados por uma menor inflação e taxas de juros reais mais baixas (novo estado estacionário). Com base nesta calibrações, é simulado o impacto de um conjunto de choques representativos. O ZLB parece ser de menor relevância no antigo estado estacionário enquanto se verifica ser uma restrição significativa no novo estado estacionário. O impacto associado na atividade é relativamente pequeno, mas não negligenciável. Os resultados são robustos a regras de política monetária alternativas. Assim, concluo que os instrumentos convencionais de política monetária são insuficientes para evitar o maior risco de atingir o ZLB no novo estado estacionário. Mais investigação sobre o mecanismo de transmissão monetária próximo do ZLB é necessário, dadas as hipóteses simplificadoras subjacentes a esta dissertação.
Liang, Chia-Wei y 梁家瑋. "Nominal Interest Rate Targeting and Endogenous Growth". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/37123889640837642023.
Texto completo國立中山大學
經濟學研究所
94
Beginning with the paper of Zhang (2000), we develop a pecuniary transactions cost (TC) approach to build up a monetary endogenous growth model and examine the principal relationships and results concerning nominal interest rate targeting and growth. Meanwhile, according to Hahn (1991) and Eriksson (1995) pointed out there has been a trend decline in labor supply, we introduce the labor-leisure choice of Turnovsky (2000) to amend the utility function and the production function. In the comparison of two macro-models, we can conclude: 1. Under the inelastic labor supply endogenous growth model, if the central bank raises the nominal interest rate targeting will damage to the growth rate. 2. Under the elastic labor supply endogenous growth model, if the central bank raise the nominal interest rate targeting will induce ambiguous effect of the growth rate depending on the labor-leisure choice reaction of nominal interest rate, the bigger reaction may get the higher growth rate.
Hsu, Shuwei y 許書維. "Endogenous Growth and Nominal Interest Rate Targeting in a Small Open Economy". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/83316144558199131652.
Texto completo輔仁大學
經濟學研究所
99
In this paper, within the endogenous growth of small open economy model, we consider endogenous labour supply, capital externality and the transaction cost of production. The monetary policy expressed that an anticipated permanent increase in nominal interest rate how to affect the relevant economic variables and choice optimal nominal interest rate to achieve social welfare maximization. According to the conclusion we know: (1) Considering endogenous labor supply and production with transaction cost, long run balanced output growth rate equal to consumption growth rate, and the anticipated permanent increase in nominal interest rate not influencing long run balanced output growth rate. This is different from the result of Shaw, Lai and Chang (2005) indicated that long run balanced consumption growth rate converges to fixed value, and monetary policy expressed that an increase of anticipated money supply growth rate let long run balanced economic growth rate decline. (2) Although we consider capital externality, the non-arbitrage condition between physical capital and foreign bond known that capital externality doesnt bring distortion to an open economy. So the optimal nominal interest rate is maintained to zero and this is conformable to the Friedman rule. We also can seek out optimal money supply growth rate which is satisfied social welfare maximization and reduces inflation to let the utility of economic system upgrade.
Chang, Chih-hao y 張志豪. "The Stock Price, Interest Rate and Nominal Exchange Rate:Extension of the Branson's Portfolio Balance Model". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/09494768760869227248.
Texto completo世新大學
經濟學研究所(含碩專班)
93
This text puts three assets models of Branson (1976 ) into the stock and expands as four assets models, in order to discuss monetary policy , financial policy and foreign interest rate change impact on exchange rate , interest rate and stock price,In addition to compare with Branson with the static expected, and this text used static expected, too .This text used perfect expected examines the impact of money supplies and financial policy on exchange rate , interest rate and stock price. Found finally that compared with three assets models of Branson (1976 ), when the government carried out the monetary policy, the change is relatively large in range when the exchange rate is in Branson. But both influence to the interest rate are the same. When the government carries out the financial policy, the changes of exchange rate and interest rate, Branson and this research are as good as. At the change, exchange rate range relatively heavy change have among model of Branson as foreign countries interest rate, and the interest rate is influenced by the foreign interest rate elasticity of the national currency and bond demand. So, when assets that the people can choose increase, if happens, the people's rate of returns of assets will be more diversified . When the government implements the policy, no matter the people are static expected or perfect expected, the exchange rate must present the phenomenon of excessive adjustment , and stock price and interest rate may adjust insufficient or excessivly or because of the people's expectancy in a short time jump to balanced to no change. It look at copies of national debt certificate , currency and foreign interest rate elastic size , stock of demand and make to need at this moment. On the other hand, as the government implements the policy, at the time of static expectancy, stock price and interest rate will not be adjusted and checked to a new equilibrium because of the change of F for a long time, but at the time of complete expectancy, stock price and interest rate will follow F change to adjust and check to the new equilibrium .
顏妤芳. "Accurate Multi-nomial Interest Rate Tree Model for Hull-White Term structural Model". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/72354725936188659755.
Texto completo國立交通大學
財務金融研究所
96
This paper proposes an accurate Multi-nomial Interest Rate Tree Model for Hull-White Term structural Model that can effectively decrease the pricing error from distribution error and nonlinearity error introduced by the lattices method. The quadrature method is use to extend the H-W trinomial tree model to a multi-nomial one to reduce the distribution error. A novel tree adjustment method is introduced to reduce the nonlinearity error. Numerical experiments on the bond options and the Cap verify the superiority of the proposed model.
Ting, Yu-Chih y 丁于芝. "The Effects of Regime Switching the Monetary Policy Rule: Money Growth Rate Rule Transition to Nominal Interest Rate Rule". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/39503224660367540982.
Texto completo嶺東科技大學
財務金融研究所
99
This research explains that replacement the central bank president the effects of monetary policy changes. The analysis methods used Chang and Lai (2000) established by the monetary endogenous growth model. The chief announcement change for the fixed nominal interest rate in the future economic systems. The results showed that: regardless of which nominal indicators, monetary policy will not affect long-term output growth rate but the results will lead to changes in short-term output growth. The path changes have two different types: one is the nominal money growth rate is less than return of capital externality effect. The first output growth rate is to fall and then rise back to the original level. The other is greater than the nominal money growth rate of the capital externality effect. The output growth rate is increased and then return to previous levels until the fall.
Tsai, Ming-Hua y 蔡明樺. "A Study on the Adjustment Mechanism of Interest Rate in Taiwan Area -Takes the Nominal Economic Growth Rate as a Threshold Variable". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/7nau46.
Texto completo僑光科技大學
財務金融研究所
105
This study investigates all rates in short, medium and long terms by taking Taiwan area as an example. The samples of this paper taken from the Taiwan Economic Report database, by season frequency data for the analysis, were used by ADF unit root test, Johansen cointegration, Two stage cointegration test, Threshold cointegration test and Threshold Vector Error correction model, and so on for the purpose of this study. We use the regression analysis and find that retail interest rates respond from overnight interbank call-loan rate existence the presence of not complete pass-through of mark-up pricing mechanisms; and the longer the period of the deposit, the pass–through of degree greater. The basic lending rate, whether it is the use of TAR model or MTAR model, with overnight interbank call-loan rate are asymmetric threshold cointegration each other. And the nominal economic growth rate for the threshold variable is detected by the threshold. When adding the nominal economic growth rate as a threshold variable to consider the phenomenon of asymmetric interest rate in adjustment, we find that demand deposit rate will showed up, while basic lending rate, demand deposit interest rate, one month time deposit, three months time deposit, six months time deposit, nine months time deposit, one year time deposit, two years time deposit, one year time save deposit and two years time save deposit will present downward.
Kopyt, Mateusz. "Dywergencje nominalne w unii monetarnej. Analiza doświadczenia strefy euro". Doctoral thesis, 2012. http://depotuw.ceon.pl/handle/item/105.
Texto completoThe functioning of the European Monetary Union (EMU) is one of the most important issues for the countries that participate in it and for those who are going to adopt single currency in the future. The experience of the Eurozone are also important for the other groups of countries that want to create similar currency areas. Presented thesis attempts to examine one of the potential threats to the stability of such groups: divergences of some economic indicators. The main hypothesis is as follows: the introduction of the monetary union results in sustainable convergence in inflation rates and long-term interest rates. From what is observed, this statement appears to be false and as a result of presented research should be negated. The first part of the dissertation focuses on the theoretical aspect of the functioning of the monetary union. This part is not only a simple review of the basic literature but, due to the absence of the mainstream in the theory of the monetary union, or even the absence of such theory at all, it tries to choose from different publications those elements that might describe the functioning of such economic integration form. Of course there were presented only those theories which describe the possible causes and effects of nominal divergences (according to the subject of the thesis). In particular the theory of the optimal currency areas, the models based on the neoclassical assumptions and also the new intertemporal optimization models were included. This chapter also describes some empirical works which were the inspiration and starting point for the author's own research. Those papers also contain some interesting theoretical conclusions. In the second part of the dissertation were analysed two chosen nominal economic indicators important for the functioning of the European Monetary Union: the rate of inflation and the long term interest rates (10 years government bond yield). The choice of these indicators was based not only on theoretical guidelines, but also on the practice of functioning of the EMU, that is on the Maastricht convergence criteria. Unlike a lot of similar research, in presented thesis, analysis were based on the interdisciplinary methods taken from the Geographical Information Systems (GIS). Therefore, one of the key information in the economic data was the localization, or better the neighbourhood, of the examined unit. This approach caused that many results could be shown in the form of maps, which allows for easier perception but also demonstrate a large amount of information. Spatial analyses were also supplemented with other tools, for example transition matrices, that include to the analysis the temporal dimension (dynamic dimension). Due to the fact that in the previous part of the thesis were found strong evidences of persistent inflation differentials within the Eurozone – contrary to the interest rates – the last chapter focuses only on that indicator and it deeply analyses the dynamic processes of the rate of price changes within the sample countries. The study was performed using sophisticated statistical and econometric tools such as cointegration analysis. In order to ensure consistency with the methods used previously, it was decided to include spatial factor in the examined time series, which is a novelty in this type of investigation. Cointegration was examined between the inflation time series for each country and the corresponding spatial lag time series and in the second part of research between pairs of the inflation time series for each of two countries. As a result of research, based on the experience of the Euro Area in the years 1997-2007 for the 13 countries that introduced common currency by the end of 2007, it can be concluded that forming of monetary union can contribute to the convergence of long-term interest rates, while national inflation rates tend to maintain persistent differentials, if not divergences. Hypothesis set out in the beginning, therefore, can be only partially confirmed. Due to the fact that currently there is only one example of the modern monetary union, it is too early to draw broad conclusions about the functioning of such forms of economic integration. However, there is no doubt that presented doctoral dissertation, through the use of uncommon research tools, sheds new light on the described issues and may be a starting point for further studies.