期刊名称：AESTIMATIO : the IEB International Journal of Finance
印刷版ISSN：2173-0164
出版年度：2013
期号：7
页码：94-119
出版社：Instituto de Estudios Bursátiles
摘要：On 10 January 2013 the ECB Governing Council decided "to keep the key ECB interest rates unchanged" based on an assessment of a 'contained' inflationary pressure and a weak economic activity, a contraction of real GDP in second and third quarter of 2012. Similar decisions have been taken by other leading central banks around the globe. This paper assesses and comments on several aspects of the implied low interest rate envi- ronment. It contains some general considerations with respect to the current low in- terest rate environment in advanced economies. It then deals with potential conflicts between monetary policy and financial stability in a low interest rate environment. Moreover, more practical implications for the necessity of supervision of pension funds and the insurance sector are derived. The paper also assesses the investment opportu- nities for retail investors in such an environment. Finally, we single out examples of main beneficiaries and losers from a low interest rate environment.
关键词：Global liquidity; Central banks and their policies; Financial repression; Low interest ; rates; Insurance companies; Pension funds
