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A Prolonged Period of Low Interest Rates: Unintended Consequences Simona Malovaná, Josef Bajzík, Dominika Ehrenbergerová, Jan Janků We examine the potential adverse effects of a prolonged period of low interest rates on financial stability from multiple perspectives. First, we provide a unique comparison of natural rates of interest estimated using two approaches – with and without financial factors – for six large European countries inside and outside the euro area. The results indicate that the need for monetary policy easing or tightening may differ across economies and over time....

On the Determinants of Life and Non-Life Insurance Premiums Martin Hodula, Jan Janků, Martin Časta, Adam Kučera This paper tests potential determinants of the development of the insurance sector. Using a rich dataset for 24 European countries spanning two decades, we identify a set of macro-financial factors that are the most robust predictors of growth of gross premiums in the life and non-life insurance sectors. We show that both life and non-life premiums co-move with the business cycle and are positively related to higher savings and a more developed financial system. In addition, we p...