Příčiny poklesu úrokových sazeb: případ Japonska

This thesis examines the Causes of the decline in interest rates, which I analyze using the case of Japan. This study aims to give the main causes of the decline in interest rates, especially in developed countries. The thesis is divided into several parts which include theoretical and practical analysis. In the theoretical one, I will give several views on the factors pushing down the interest rate. One of these factors is the central bank's fight against inflation, the global savings glut, or secular stagnation. I will then put these factors into an equation in the analytical part to see which of the factors has had the most significant effect on the fall in rates over the last 30 years. For this purpose, a thorough literature search was conducted focusing on the investment-savings relationship, unconventional monetary policy, and economists' conjectures on the issue of stagflation in advanced economies. The results of this study show that the negative trend of investment coupled with the tendency of high savings has the greatest impact on the declining interest rates in Japan, which is one of the countries that faced economic stagnation and declining interest rates. Based on these results, it can be concluded that although the central bank's expansionary policy is significant, interest rates are still falling and it is very difficult to break out of stagnation.