Good debt scrabble economy

Деньги даром

БРЮССЕЛЬ – Развитые страны мира, похоже, привыкают к долгосрочным нулевым процентным ставкам. Хотя в США, Великобритании, Японии и еврозоне центральные банки уже несколько лет ведут политику близких к нулю учетных ставок, она воспринималась как временное явление, поэтому среднесрочные и долгосрочные ставки оставались существенными. Однако теперь это положение меняется, особенно в еврозоне.

Строго говоря, нулевые ставки наблюдаются только по номинальному, среднесрочному долгу, который считается безрисковым. Тем не менее, ставки близки к нулю во всей еврозоне, причем для значительной части гособлигаций они даже отрицательны, и ожидается, что они сохранятся на низком уровне еще долгое время.

Например, в Германии процентные ставки по гособлигациям сроком до пяти лет отрицательны, и они становятся лишь слегка положительными после этого срока, что в среднем дает нулевую ставку. Очевидно, что японская ситуация с почти нулевыми процентными ставками больше не является уникальной.

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