voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2020-1-93-110voprecotest-2601Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSПоследствия реформы эталонных процентных ставокConsequences of interest rates benchmarks reformhttps://orcid.org/0000-0002-9044-5403МоисеевС. Р.MoiseevS. R.

Моисеев Сергей Рустамович, д. э. н., советник первого заместителя Председателя

Sergey R. Moiseev

msr@mail.cbr.ruБанк РоссииРоссияThe Bank of RussiaRussian Federation2020080120200193110Copyright © Voprosy Ekonomiki, NP, 20202020Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2601

С 2014 по 2021 г. в развитых странах проводится масштабная реформа эталонных индикаторов. Ее причиной стал скандал с процентной ставкой LIBOR. Вместо нее появятся национальные, так называемые «безрисковые», процентные ставки. Хотя проблема манипулирования LIBOR будет решена, новые эталоны несут с собой новые проблемы. Из-за методических различий они имеют статистические смещения и не будут сопоставимы ни с LIBOR, ни между собой. Новые эталонные ставки — это ставки «овернайт», и их расчет не предполагает формирование срочных ставок. Вместо гомогенного семейства LIBOR финансовые рынки получили гетерогенную группу новых ставок. В некоторых развивающихся странах денежные рынки отсутствуют, и их центральные банки сталкиваются с проблемой определения местной эталонной ставки по новым правилам. В качестве альтернативы они изыскивают возможность использовать процентные ставки на смежных рынках.

The reform of benchmarks is carried out in developed economies from 2014 to 2021. The starting point of a large-scale reform was the scandal with the interest rate LIBOR. Instead of it, national so-called “risk-free” interest rates will appear. Although a problem of manipulating LIBOR will be resolved, new benchmarks bring new problems. They have statistical biases and will not be comparable either to LIBOR or to each other due to methodological differences. The new benchmark rates are overnight rates, and their calculation does not imply the formation of term rates. Instead of the homogeneous LIBOR family, financial markets have received a heterogeneous group of new rates. In some developing economies money markets are absent, and their central banks are faced with a problem of how to calculate the local benchmark rate under the new rules. As an alternative they are searching to use interest rates in neighboring markets.

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The authors declare that there are no conflicts of interest present.