Polecam przeglądnąć kompleksowy raport od McKinsey (pdf w pełnej
wersji do ściągnięcia w linku).
"A new report from the McKinsey Global Institute examines the
distributional effects of these ultra-low rates. It finds that there have been
significant effects on different sectors in the economy in terms of income
interest and expense. From 2007 to 2012, governments in the eurozone, the United
Kingdom, and the United States collectively benefited by $1.6 trillion both
through reduced debt-service costs and increased profits remitted from central
banks (exhibit). Nonfinancial corporations—large borrowers such as
governments—benefited by $710 billion as the interest rates on debt fell.
Although ultra-low interest rates boosted corporate profits in the United
Kingdom and the United States by 5 percent in 2012, this has not translated
into higher investment, possibly as a result of uncertainty about the strength
of the economic recovery, as well as tighter lending standards. Meanwhile,
households in these countries together lost $630 billion in net interest
income, although the impact varies across groups. Younger households that are
net borrowers have benefited, while older households with significant
interest-bearing assets have lost income."
