Taxa de juros negativa e seus impactos no mercado financeiro da Dinamarca e Japão

Abstract

Unconventional monetary policies are measures adopted by Central Banks to achieve specific economic objectives. This work proposed to carry out a study on the application of the negative interest rate policy (NIRP) in Denmark and Japan. And in this context, show the impacts on the financial market of the respective countries, subdivided into monetary, capital, foreign exchange and credit markets. In the monetary market there is a reduction in the transacted amount on account of the NIRP. Thus, the search for positive profitability induces economic agents to engage in capital market activities. In the foreign exchange market, there is a devaluation of the national currency, since international interest rates are more attractive. In the credit market, the impact of NIRP is the reduce financing costs. Thus, loans are promoted by borrowers of funds, and financial and non-financial assets are acquired (mainly real estate). The banking situation is directly affected, as the NIRP represents lower profitability and, in order to maintain the profit margin, banks can adopt different strategies to overcome difficulties, from the riskiest to the most conversational. By adopting unconventional policies, economies are susceptible to uncertain consequences and artificially altered financial assets. To contribute to this work, a review of the Minskyan theory was elaborated, whose defense is that the endogenous variables, mainly the interest rate, are responsible for the alternation of the economic cycles. Therefore, depending on the degree of compliance in the negative scenario, the increase in interest rates could result in a financial crisis.