1. Đorđe Đukić, University of Belgrade, Faculty of Economics
REPERUSSIONS OF NEGATIVE INTEREST RATE POLICY ON FINANCIAL INTERMEDIARIES IN INDUSTRIALISED COUNTRIES
Đorđe Đukić, University of Belgrade, Faculty of Economics

2. PROSPECTS FOR MONETARY POLICY NORMALIZATION IN THE EUROZONE

3. POSSIBLE REPERCUSSIONS OF NEGATIVE INTEREST RATE POLICY ON FINANCIAL INTERMEDIARIS IN EU AND NON EU COUNTRIES
Figure 1: Ten-year government-bond spreads over German bonds (percentage points)
Source: Thomson Reuters published in: The Economist (2017). The unusual gap between American and European bond yields, March 25, p. 63.

5. Why could GDP-linked bonds become an attractive instrument for investors?
The interest of central banks and IFIs such as IMF to provide an incentive for issuing and trading with sovereign GDP-linked bonds is related to their intentions to reduce the risk of emergence of banking crises in the future. Purchase of GDP-linked bonds would be an investment alternative for financial intermediaries which under the current conditions seek for alternative and better solutions and desired yields.