Nu begynder oprøret mod centralbankernes negative renter, endog fra egne rækker, nemlig fra chefen for Australiens centralbank, Philip Lowe.
Uddrag fra ING – læs hele analysen her
ING har lavet et kommenteret uddrag af en tale, som Lowe netop har holdt, og her er kernepunktet:
Negative interest rates – they do more harm than good. Regular readers will be aware that this is a personal bugbear. It now turns out that there is even a new term in economics/finance, to describe the point at which rate declines stop being helpful, and start doing damage. This apparently is the “reversal interest rate”. (Note to self, go and write that critical book before it becomes mainstream!).
As Lowe also succinctly puts it “there is evidence that…(low interest-rates)…can encourage households to save more and spend less, especially when people are concerned about the possibility of lower income in retirement”. Importantly (and this is my main point), this can happen at low positive nominal rates. They don’t need to turn negative. The AUD took slight comfort momentarily during his speech when he pointed out that negative rates were very unlikely for Australia.
