Departmental Papers

Negative Interest Rates: Taking Stock of the Experience So Far

ByMarco Casiraghi, Roland Meeks, Güneş Kamber, Luis Brandão-Marques, Gaston Gelos

March 3, 2021

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Format: Chicago

Marco Casiraghi, Roland Meeks, Güneş Kamber, Luis Brandão-Marques, and Gaston Gelos. "Negative Interest Rates: Taking Stock of the Experience So Far", Departmental Papers 2021, 003 (2021), accessed 12/5/2025, https://doi.org/10.5089/9781513570082.087

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Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.

Subject: Bank deposits, Central bank policy rate, Currencies, Deposit rates, Financial services, Monetary policy, Money, Negative interest rates

Keywords: accommodative monetary policy reaction, Asia and Pacific, Bank deposits, bank lending and profitability, bank profit, Central bank policy rate, Currencies, Deposit rates, Europe, Global, interest rate cut, monetary policy, money market rate, Negative interest rates, nonbank financial institutions, vault cash

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