Whether banks would do this or not is , of course , a commercial decision for each bank to take 当然，银行会否将成本转嫁，向存户徵收负利率，是个别银行的商业决定。
2.
With negative real interest rates , speculative investment and trading in the property market became rampant 在负利率年代，物业市场内的投机活动和整体交易数额不断上升。
3.
Then , the only mechanisms for dealing with the substantial inflow of funds into the hong kong dollar were exchange market intervention and the threat of negative interest rates 当时若有大量资金流入港元，应付方法就只有干预汇市及实施负利率。
4.
A much more effective safeguard is to use the mechanism of negative interest rate and to build up a asian monetary network with other economies in the asian pacific region 维护港元，三数千亿储备便显得微不足道，倒不如以负利率来作武器，以及与其他亚太区货币联网，来得实惠。
5.
Mr yam said that whether banks would pass on such charges , which amounted to the imposition of negative interest rates , to the small depositors or not was a commercial decision for each bank to take 任志刚说银行会否将成本转嫁，向小额存户徵收负利率，是个别银行的商业决定。不过，他认为银行没有理由这样做。
6.
But some have expressed reservations in this , which amounts to the imposition of negative interest rates , in view of their unfair impact on the smaller depositors if the banks were to pass them on 但有些人对此持保留态度，因为这会引致出现徵收负利率的现象，而银行若将成本转嫁予存户，小额存户便会受到不公平对待。
7.
The thesis has four chapters as follows : the summary and reviews of theories and empirical literature on the asymmetric effect of interest rate policy , the empirical analysis on the asymmetric effect of interest rate changes , the deeper analysis for the effect of interest policy during inflation period and recession period , conclusions and suggestions . the first chapter mainly reviews the theories and empirical literature on the asymmetric effect of interest rate policy . in the first part of this chapter , i summarize the overseas research and find that the research on this topic can be traced back to 1993 , and most of empirical researches support the viewpoint that the increase in interest rate will impose more impact on economy than decrease in interest rate 在具体的结构安排上,全文共分为四章,现将各章节的主要内容和观点分述如下:论文第一章:本章第一节首先综合归纳了国外关于利率作用于产出和物价的主要传导渠道;接着就国外对“利率冲击”效应的现有研究成果进行了一个简要回顾: 1993年d . p . morgan率先将利率变量引入货币政策效应的非对称性研究中,随后一些学者就利率变量对产出、就业、物价的冲击效应分别予以了实证研究,研究结果表明:正、负利率冲击效果具有非对称性? ?利率正向冲击对因变量的作用强于利率负向冲击对因变量的作用。
