Knoema.com - Interest Rates http://jp.knoema.com 2023-02-03T16:53:21Z /favicon.png Knoemaは、あなたのパーソナルナレッジハイウェイです Overleveraged Economies At Risk Because of Rising Debt Costs //jp.knoema.com/xldfaze/overleveraged-economies-at-risk-because-of-rising-debt-costs 2023-02-03T16:53:21Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Overleveraged Economies At Risk Because of Rising Debt Costs

(December 2022) The global* debt owed by households, non-financial businesses and governments stood at $230 trillion in Q1 2022, up by more than one-third from a decade ago, according to data from the Bank of International Settlements (BIS). Although the world’s debt burden has declined from a pandemic-driven record early this year, the risks it poses to economies and financial markets are intensifying. That’s because many borrowers face a relentless increase in their interest payments, as the Federal Reserve and other central banks raise rates at the fastest pace in decades to subdue inflation. The danger is more acute for developing economies, especially those that borrowed in dollars.In the UK debt payments are on track to exceed 10% of all household income (not just for mortgage borrowers). In the Netherlands, Sweden, Norway, Australia, Canada and Korea they’re already well above that threshold—and heading toward 15%.The extent of the damage to the economy from high debt burden and rising debt costs is likely to depend on how high and fast central banks push interest rates to fight inflation. *40 largest economies tracked by BIS.

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US Treasury Yields //jp.knoema.com/ywsaegf/us-treasury-yields 2023-01-08T16:39:22Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
US Treasury Yields

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How to Predict Recession //jp.knoema.com/zghrxqe/how-to-predict-recession 2023-01-08T16:39:09Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
How to Predict Recession

The analysis of yield curve may well help to predict upcoming economic recession. Yield curve shows how interest rates of debt (usually government bonds) change with the increase of its term to maturity. Usually it is considered by investors that lending money for the long term is more risky than lending for the short term, as it is harder to make any predictions for the longer time horizon, i.e. how the world will change say in 10 years. That is why long-term interest rates are usually higher than the short-term ones. Note, "usually" means “in good times” or when people have somewhat robust expectations about near future. However, when looking to the history we can reveal that before all economic recessions short-term (ST) interest rates became higher than the long-term (LT) ones (the difference between LT and ST is negative). It means that people feel unconfident about economic situation in the near future expecting economic downturn while the in the long term they expect recovery (as it usually occurs in business cycles) and require less rate of return for the long-term investments. So, when you see that ST interest rates become higher than the LT ones you may be almost sure that the economic ression is anywhere near. On the line chart below the difference between monthly interest rates of 10-years US Treasury Bills (long-term) and 1-year US Treasury Bills (short-term) is shown over the time horizon from April 1953 to August 2013.

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Global Monetary Policy Barometer //jp.knoema.com/xsmbpnb/global-monetary-policy-barometer 2022-10-26T14:15:24Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Global Monetary Policy Barometer

During the pandemic, central banks in both advanced and emerging market economies took unprecedented steps to ease financial conditions and support economic recovery, including cutting interest rates and buying assets. With inflation in many countries at its highest level in decades and pressures going beyond food and energy prices, politicians have begun to tighten their policies. Central banks in many emerging markets began raising rates aggressively early last year, and their counterparts in advanced economies in the last months of 2021. The monetary policy cycle is now increasingly synchronized around the world. Importantly, the pace of tightening is accelerating in several countries, particularly in advanced economies, in terms of both frequency and magnitude of rate hikes. Some central banks have begun to reduce the size of their balance sheets, moving further toward normalization of policy.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Investors Expect Subsiding Inflation //jp.knoema.com/mjujlqb/investors-expect-subsiding-inflation 2022-10-10T20:39:10Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Investors Expect Subsiding Inflation

(10 October 2022) Even after their recent rise, current ten-year government bond yields lag inflation over the past 12 months by five percentage points in America and a whopping ten points in the Netherlands. This gap reflects investors’ expectation that inflation is likely to subside fairly soon. Persistence of high inflation for a longer period may provoke the further fall in financial asset prices.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
United States: Home Sales Skyrocketed as COVID Swept the Nation //jp.knoema.com/efzbvzc/united-states-home-sales-skyrocketed-as-covid-swept-the-nation 2022-05-09T20:29:33Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
United States: Home Sales Skyrocketed as COVID Swept the Nation

(11 November 2020) Not all sectors of the US economy have been hit hard by the COVID induced economic crisis. The US residential real estate market is one of the rays of hope amidst the gloom. Low interest rates and trillions of dollars of US government stimulus have decreased Americans' debt burden and made homes more affordable, sending sales of single-family homes up by 28 percent in August compared to January.In mid March 2020, the US Federal Reserve lowered the federal funds rate to nearly zero to support the economy as COVID-19 took hold nationwide. Immediately following, the 30-year mortgage rate—which had already been in general decline since late 2018—turned downward and as of earlier this month reached a record low 2.78 percent.Lower interest rates have also helped to reduce the debt burden for US households. In Q2 2020, the ratio of mortgage debt service payments to disposable personal income dropped to a record low 3.7 percent. Looking ahead, rumors of housing price bubbles and shocks reminiscent of the global financial crisis weigh heavy on an already pandemic stricken economy even though housing prices have not yet migrated northward. As buyers have enjoyed lower and lower mortgage rates since 2018, home prices have remained relatively unchanged. One signal to watch, however, is market supply. In August 2020, the ratio of 'houses for sale' to 'houses sold' decreased to a record low level since 1963 with only a 3.4 month supply. This indicates that demand for new homes is outpacing market supply.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
US Interest Rates //jp.knoema.com/wpkbldb/us-interest-rates 2022-02-10T19:04:09Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
US Interest Rates

(16 March 2020)  On Sunday, in anticipation of the dire potential effects of the coronavirus on the US economy, the US Federal Reserve slashed the federal funds rates to nearly zero. In addition to a one-percentage-point rate cut decrease—the second emergency rate cut so far this month—the Federal Reserve:Cut reserve requirements for thousands of banks to zero;Announced a $700 billion quantitative easing program ($500 billion of Treasurys, $200 billion of agency-backed mortgage securities) that will be launched Monday with an initial a $40 billion in asset purchases;Decreased the emergency lending rate at the discount window by 125 basis points to 0.25% in addition to lengthening and loan terms to 90 days; andCoordinated with several central banks globally, including the Banks of Canada, England, Japan, and Switzerland as well as the European Central Bank, to execute existing dollar swap arrangements to enhance the liquidity of the US dollar globally. All eyes now turn to the market response, consumer confidence, and other leading indicators to assess the extent of the economic weakness in the United States as COVID-19 continues to spread.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Most Central Banks are Ignoring Rising Inflation Pressure //jp.knoema.com/gmdpxic/most-central-banks-are-ignoring-rising-inflation-pressure 2021-10-21T09:51:32Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Most Central Banks are Ignoring Rising Inflation Pressure

(21 June 2021) Fast post-COVID recovery of consumer demand amid supply chain disruptions has resulted in rising inflation in most countries around the world. In many economies, consumer price inflation (CPI) has already exceeded monetary policy targets, but so far central banks are mostly ignoring the rising inflation on the grounds that the acceleration is caused by temporary factors. The reluctance of monetary authorities to combat rising inflation pressure raises a question of whether the world economy may end up with uncontrollably high inflation by the end of the year.By the middle of June 2021, 36 countries (out of 38 countries whose monetary policy rates are tracked by Bank for International Settlements) have seen accelerated consumer price inflation compared to the end of 2020. And in 15 economies (including the United States), consumer price inflation has already increased above the monetary policy inflation targets.Only three central banks (Turkey, Russia and Brazil) increased their policy rates between the end of 2020 and mid-June 2021 in an effort to cool down inflation. The Bank of Denmark also increased its policy rate by 0.1 percentage points, to -0.5%, but since this rate remains in the negative zone, the increase can hardly be considered a tightening of monetary policy. Note: Monetary policy rate is the rate that is used by central bank to implement or signal its monetary policy stance. It is most commonly set by the central banks policymaking committees (IMF). Monetary policy targets of CPI inflation shown below include upper limit of deviation from target where applicable.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Eurozone: Governments Are Paying Less for Higher Debts //jp.knoema.com/lqbsckg/eurozone-governments-are-paying-less-for-higher-debts 2021-08-17T13:33:14Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Eurozone: Governments Are Paying Less for Higher Debts

(05 August 2021) To support the economy and health systems during the coronavirus crisis, governments had to increase spending, financing the increase mostly with growing debt. However, buildup in government debt doesn't necessary lead to the deterioration of fiscal stability, at least not in the short term. Eurozone countries, which on average increased government debt by 14% of GDP during 2020, now pay even less to serve higher debts than they did before the pandemic began.In 2020, government debt in eurozone countries increased by an average of 14.1 percentage points, to 98.4% of GDP. In 14 of the 19 eurozone countries, government debt increased by more than 10 percentage points. Government debt interest expenditures in the eurozone declined from 2.4% in 2019 to 1.5% of GDP in 2020, despite the increase in overall debt. For individual eurozone countries the decrease in interest expenditures ranged from 0.4 to 1.8 percentage points.Paying less total interest despite larger amounts of debt has become possible due to extremely low government bond yields. To keep government bond yields low, the European Central Bank has been purchasing public sector securities since the start of pandemic under the pandemic emergency purchase program and public sector purchase program. Since March 2020, the ECB has already purchased 1.6 trillion euro of government debt.

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Brazil Short Term Economic Profile: Financial Sector //jp.knoema.com/lcfhix/brazil-short-term-economic-profile-financial-sector 2020-12-17T22:32:16Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Brazil Short Term Economic Profile: Financial Sector

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United Kingdom Short Term Economic Profile: Financial Sector //jp.knoema.com/gpuvjo/united-kingdom-short-term-economic-profile-financial-sector 2020-12-17T22:27:40Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
United Kingdom Short Term Economic Profile: Financial Sector

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Indonesia Short Term Economic Profile: Financial Sector //jp.knoema.com/gyhagkg/indonesia-short-term-economic-profile-financial-sector 2020-12-17T22:12:47Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Indonesia Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

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Canada Short Term Economic Profile: Financial Sector //jp.knoema.com/bddjgjc/canada-short-term-economic-profile-financial-sector 2020-12-17T22:08:24Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Canada Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
China Short Term Economic Profile: Financial Sector //jp.knoema.com/tebpmod/china-short-term-economic-profile-financial-sector 2020-12-17T22:03:33Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
China Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

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Euro Area (19 countries) Short Term Economic Profile: Financial Sector //jp.knoema.com/dvnwzbe/euro-area-19-countries-short-term-economic-profile-financial-sector 2020-12-17T21:59:53Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Euro Area (19 countries) Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Germany Short Term Economic Profile: Financial Sector //jp.knoema.com/femzsy/germany-short-term-economic-profile-financial-sector 2020-12-17T21:54:30Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Germany Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Turkey Short Term Economic Profile: Financial Sector //jp.knoema.com/isquwod/turkey-short-term-economic-profile-financial-sector 2020-12-17T21:52:50Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Turkey Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
India Short Term Economic Profile: Financial Sector //jp.knoema.com/ffwctxg/india-short-term-economic-profile-financial-sector 2020-12-17T21:50:08Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
India Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Japan Short Term Economic Profile: Financial Sector //jp.knoema.com/wzrclkb/japan-short-term-economic-profile-financial-sector 2020-12-17T21:49:58Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Japan Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
South Africa Short Term Economic Profile: Financial Sector //jp.knoema.com/bvbojib/south-africa-short-term-economic-profile-financial-sector 2020-12-17T21:49:17Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
South Africa Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Mexico Short Term Economic Profile: Financial Sector //jp.knoema.com/cgrcgkc/mexico-short-term-economic-profile-financial-sector 2020-12-17T21:49:01Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Mexico Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Korea Short Term Economic Profile: Financial Sector //jp.knoema.com/wzrpfdg/korea-short-term-economic-profile-financial-sector 2020-12-17T21:48:50Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Korea Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
United States Short Term Economic Profile: Financial Sector //jp.knoema.com/lydwtj/united-states-short-term-economic-profile-financial-sector 2020-12-17T21:48:34Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
United States Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Italy Short Term Economic Profile: Financial Sector //jp.knoema.com/hwrcrfb/italy-short-term-economic-profile-financial-sector 2020-12-17T21:48:01Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Italy Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Russia Short Term Economic Profile: Financial Sector //jp.knoema.com/aoeuzfd/russia-short-term-economic-profile-financial-sector 2020-12-17T21:47:57Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Russia Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
France Short Term Economic Profile: Financial Sector //jp.knoema.com/zovbxd/france-short-term-economic-profile-financial-sector 2020-12-17T21:47:47Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
France Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Australia Short Term Economic Profile: Financial Sector //jp.knoema.com/ngnrvf/australia-short-term-economic-profile-financial-sector 2020-12-17T21:47:43Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Australia Short Term Economic Profile: Financial Sector

United States | Japan | European Union | Euro Area | Germany | Italy | France | United Kingdom | Australia | Argentina | Canada | Indonesia | Mexico | Saudi Arabia | Korea | Turkey | Brazil | Russia | South Africa | China | India  Real Sector | Financial Sector | Foreign Sector | Prices and Unemployment Broad Money, Interest Rates, Share Prices Index

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
Economy //jp.knoema.com/kdrtnbc/economy 2020-01-16T18:55:42Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Economy

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Central Bank Policy Rates around the World //jp.knoema.com/sinzegb/central-bank-policy-rates-around-the-world 2019-05-27T07:47:59Z Nematullah Khan jp.knoema.com://jp.knoema.com/user/1975840
Central Bank Policy Rates around the World

Nematullah Khan jp.knoema.com://jp.knoema.com/user/1975840
International Financial Statistics (IFS) by Indicator //jp.knoema.com/yrtcvke/international-financial-statistics-ifs-by-indicator 2017-12-27T10:33:55Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
International Financial Statistics (IFS) by Indicator

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
International Financial Statistics (IFS) - Interest Rates //jp.knoema.com/noaxwwg/international-financial-statistics-ifs-interest-rates 2017-12-22T15:42:16Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
International Financial Statistics (IFS) - Interest Rates

Source: International Financial Statistics (IFS)

Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
US Treasury Interest Rate //jp.knoema.com/dufmxl/us-treasury-interest-rate 2016-01-07T12:19:46Z Balaji S jp.knoema.com://jp.knoema.com/user/1000220
US Treasury Interest Rate

An Interactive view of US Treasury Rate. Select desired Rate Indicator from the list above. Source: US Treasury Rate Statistics

Balaji S jp.knoema.com://jp.knoema.com/user/1000220
European long-term interest rates & inflation //jp.knoema.com/cqscgpe/european-long-term-interest-rates-inflation 2015-04-27T18:19:42Z Alex Kulikov jp.knoema.com://jp.knoema.com/user/1847910
European long-term interest rates & inflation

   According to wide-spread market and analyst expectations,todaythe European Central Bank in order torespond to the growingdeflationarytrendswill launcha new Large-Scale Asset Purchase program (LSAP, or, so called, "Quantitatve Easing").However, the massivepurchases of assets(usuallygovernment bonds) by central banksnot only increaseinflation,but also createpressure ongovernment bond yields,which in Europe are on lowest levels for last ten years (see the graph) and in core EMU countries are closeto zero.   Interestingly,that in recent yearsthere wasa clear relationshipbetween the level ofinflationandbond yields on country level:higher inflation rateleads, counterintuitively, to lowerinterest rates on government bonds (see the bubble chart below). A possible explanation forthisis that thelower inflationin some european countriesinduced bylow economic growth.    On the other hand,the higher is the levelof public debt, thehigher are interest rates on government bonds.Thus,the ECB asset purchase program, on the onehand,will stimulateeconomic growthandinflation, and on the otherhand, reduce thecost of debt service which may help to reduce total government debt levels in future.So ECB may create double impact onthe real(inflation-adjusted) interest rate of government bonds,which may become negativeagain, asin 2011-2013(see the ranking gadget on the left). Sources: Long-term interest rate statistics for EU Member States, Monthly, Jan 1993 to December 2014,    World Bank Global Economic Monitor, January 2015, OECD Economic Outlook No 95 - December 2014

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Inflation and Monetary Policy //jp.knoema.com/bhlrqee/inflation-and-monetary-policy 2015-04-27T12:33:17Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Inflation and Monetary Policy

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Zimbabwe Inflation and Monetary Policy //jp.knoema.com/fhkknje/zimbabwe-inflation-and-monetary-policy 2014-07-28T10:04:33Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Zimbabwe Inflation and Monetary Policy

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000560
Credit & Market Indicators //jp.knoema.com/stjzktd/credit-market-indicators 2012-04-11T17:20:05Z Misha Gusev jp.knoema.com://jp.knoema.com/user/1000140
Credit & Market Indicators

Misha Gusev jp.knoema.com://jp.knoema.com/user/1000140