Taxas de juros negativas e inversão da curva a termo: Uma interpretação à luz da Teoria da Preferência pela Liquidez

Authors

  • Guilherme Ricardo dos Santos Souza e Silva UFPR

Abstract

Unusual interest rates behaviors have been frequently found at developed economies. Even though intuitively unlikely, bond yields in negative territory are found in most European countries, and inverted yield curves for treasury bonds occured in the United States. This paper presents the influence of the Asset Purchase Programme (APP), conducted by the European Central Bank and the Federal Reserve System, over the previously mentioned phenomena, and an interpretation based on the Liquidity Preference Theory proposed by Keynes. This interpretation explains, based on agents’ behavior, why these central bank interventions could persist and influence financial markets. Finally, the paper discusses some possible impacts of unusual behavior of interest rates, considering post keynesian contributions with emphasis on Minsky’s work and his financial instability hypothesis.

Author Biography

  • Guilherme Ricardo dos Santos Souza e Silva, UFPR

    Doutor em Economia (Desenvolvimento Econômico) pela Universidade Federal do Paraná (UFPR). Mestre em Economia (Desenvolvimento Econômico) pela Universidade Federal do Paraná (UFPR). Graduado em Engenharia Industrial Elétrica pela UTFPR. Professor da Universidade Federal do Paraná (UFPR) . Tem experiência na área de Macroeconomia, Finanças e Finanças Públicas. Atuou como consultor de empresas durante 7 anos pelos Instituto de Desenvolvimento Gerencial (INDG).

Published

2022-04-01

Issue

Vol. 30 No. 3 (2021): Economia e Sociedade

Section

Articles

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