In most countries around the world, there's a central bank that has a number of tools.
在世界上大多數國家，都有一家中央銀行，它掌握著多種工具。
00:05
At their disposal to influence the country's economy.
這些工具可用於影響該國的經濟。
00:08
One thing that the central bank has control over is the federal funds rate, which is essentially the interest rates that banks charge other banks to lend money.
中央銀行控制的其中一項指標是聯邦基金利率，本質上是銀行之間互相借貸時收取的利率。
00:18
This federal funds rate, in turn, affects the interest rates that consumers may get on their loans.
這個聯邦基金利率，進而影響消費者在貸款時可能獲得的利率。
00:25
If a federal funds rate is low, then a bank can borrow money at a pretty low rate, meaning that it can also lend money at lower rates and still turn a profit.
如果聯邦基金利率很低，銀行就能以相當低的利率借到錢，這意味著它也能以較低的利率放貸，同時仍能獲利。
00:35
If the federal funds rate is high, then it costs banks a lot of money to borrow money, meaning that in turn they have to charge higher interest rates on loans to turn a profit.
如果聯邦基金利率很高，銀行借錢的成本就會增加，這意味著它們必須收取更高的貸款利率才能獲利。
00:47
That's some simple background on the federal funds rate, but let's take a look at what the Federal Reserve or Central Bank can actually do if they adjust it.
Interest rates are one of the biggest levers that the central bank can use to adjust the monetary policy in a country.
利率是中央銀行用來調整國家貨幣政策的最大槓桿之一。
01:10
Adjusting it sets a guide for how banks and lenders will lend to the rest of the population.
調整利率為銀行和貸款機構如何向大眾放貸設定了指引。
01:16
However, this has far-reaching effects far beyond what you pay in interest on a car loan.
然而，其影響深遠，遠超乎你在汽車貸款上支付的利息。
01:22
The central bank can raise rates if it wants to help stop inflation in the economy.
如果中央銀行想阻止經濟通貨膨脹，可以提高利率。
01:28
Higher interest rates makes borrowing money more expensive, thus making products more expensive since it costs individuals more to borrow money to make or buy them.
提高利率會使借錢成本變高，從而使產品價格上漲，因為個人借錢來製造或購買產品的成本增加了。
01:39
It also makes saving your money a lot more attractive, as you'll likely earn a higher return if you just hold on to it.
這也讓儲蓄變得更具吸引力，因為如果你只是持有現金，很可能會獲得更高的回報。
01:48
If the central bank lowers interest rates, it encourages spending.
如果中央銀行降低利率，則會鼓勵消費。
01:53
It makes getting more money cheap, meaning businesses and individuals can easily spend more.
這使得獲取更多資金的成本變低，意味著企業和個人可以更容易地增加支出。
02:00
Lower interest rates also discourage saving, as keeping your money sitting in a bank account will yield less in theory than going out and spending it on investments, businesses, or goods.
低利率也會抑制儲蓄，因為理論上，把錢存在銀行帳戶的收益，會低於將其投資、投入企業或購買商品。
02:12
In recessions, the central bank will lower interest rates to encourage people to go out and spend to stimulate the economy.
在經濟衰退期間，中央銀行會降低利率，以鼓勵人們外出消費，從而刺激經濟。
02:20
So we've laid out the basics of how the central bank can manipulate the economy with the federal funds rate, but what if the rate goes negative?
我們已經介紹了中央銀行如何利用聯邦基金利率來操縱經濟的基本原理，但如果利率變為負值呢？
02:31
Don't negative rates mean that you get paid to borrow money?
負利率是否意味著借錢反而能賺錢？
02:35
Yes, yes they do.
是的，確實如此。
02:37
Negative rates are like a hyper boost to the economy, but they can and may be dangerous.
負利率就像給經濟的一劑強心針，但它們可能帶來危險。
02:48
When the economy of a country is looking rather bleak, much like many of the world's economies right now at the time of recording, central banks may consider setting interest rates to negative values.
When economies downturn, people naturally save up their money to protect themselves in case they lose their job.
當經濟衰退時，人們自然會存錢，以防失業時能保護自己。
03:07
However, if they know they could just get money easily through a loan at a hard time, they might be more willing to spend.
然而，如果他們知道在困難時期可以輕易透過貸款取得資金，他們可能更願意消費。
03:14
If people do end up stockpiling their money, then economies can experience deflation.
如果人們最終囤積錢財，經濟就可能經歷通貨緊縮。
03:20
Conversely to inflation, which makes goods more valuable numerically, deflation happens when people stop spending, demand for goods drops, and thus the prices of the goods must also drop so people still buy them, supply and demand.
When a deflation cycle happens, it can be hard to stop until there's a lot of pain for businesses and the larger economy.
當通貨緊縮週期發生時，可能很難停止，直到企業和整體經濟遭受巨大痛苦。
03:43
Negative interest rates are the biggest weapon that can be used to fight back against deflation or, in other terms, the biggest weapon to make people spend their money and stimulate the economy.
負利率是用來對抗通貨緊縮的最大武器，或者說，是促使人們花錢和刺激經濟的最大武器。
03:55
When interest rates are negative, it ultimately makes holding on to money expensive.
當利率為負時，最終會使持有現金變得昂貴。
04:00
You'd have to pay a bank to put your money in it.
你必須付錢給銀行才能把錢存進去。
04:03
Likewise, banks would have to pay each other to take their money.
同樣地，銀行也必須付錢給彼此才能接收對方的資金。
04:07
Negative interest rates makes having money expensive, meaning you should go out and spend it or invest it in business.
負利率使持有現金變得昂貴，這意味著你應該出去消費或投資於企業。
04:15
While the United States has never set negative interest rates into action, many established economies around the world have.
雖然美國從未實施負利率，但全球許多成熟經濟體已經這樣做了。
04:23
Countries in Europe and Japan.
例如歐洲和日本的國家。
04:30
Back in 2014, the central bank of Europe, or the European Central Bank, set in place an interest rate of negative 0.1%.
早在 2014 年，歐洲央行（ECB）就將利率設定為負 0.1%。
04:40
Today the rate is now negative 0.5%.
目前的利率為負 0.5%。
04:43
The Bank of Japan also historically set extremely low rates, but it wasn't until 2016 that they set their first negative interest rate.
日本銀行（BoJ）歷史上也曾設定極低的利率，但直到 2016 年才首次設定負利率。
04:53
Today they have a negative interest rate of minus 0.1% with no signs of shifting that back to positive.
目前他們的負利率為負 0.1%，且沒有跡象顯示會轉回正值。
05:00
Once a central bank goes negative, it's rather hard for them to shift the rates back to positive because it signals a complete shift in how the economy functions.
一旦央行採取負利率，要將其轉回正值相當困難，因為這象徵著經濟運作方式的徹底轉變。
05:10
One based around spending and lending when there are negative rates and one based around saving when there are positive rates.
一種是基於負利率下的消費與借貸，另一種則是基於正利率下的儲蓄。
05:17
All of this is a lot of economic theory though.
這一切聽起來有很多經濟理論。
05:21
In actuality, negative rates may and can actually be damaging.
實際上，負利率可能會，而且確實可能造成損害。
05:26
Some research has found little evidence that negative rates in Europe actually encouraged families to go out and spend.
一些研究發現，歐洲的負利率並沒有什麼證據顯示能鼓勵家庭外出消費。
05:32
Conversely, there's also been research that does say they did work.
相反地，也有研究指出負利率確實有效。
05:37
All this said, negative interest rates probably do something, but danger can set in if central banks are never able to set them back to positive.
綜上所述，負利率或許確實有作用，但如果央行永遠無法將其調回正值，危險就會隨之而來。
05:45
Negative rates for too long can cripple financial institutions' capabilities to make money.
長期維持負利率會削弱金融機構的獲利能力。
05:52
They can cripple individuals' abilities to save money as well, and over time can lead to greater government debt as more is needed to keep the economy moving.
它們同樣會削弱個人的儲蓄能力，隨著時間推移，為了維持經濟運轉需要更多資金，從而導致政府債務增加。
06:02
Because negative interest rates are a fairly new monetary tool in regards to all of financial history, the evidence of their effects is fairly mixed.
由於負利率相對於整個金融歷史來說是一個相當新的貨幣工具，關於其影響的證據目前尚無定論。
06:12
Japan's negative interest rates seem to work at first, but now their effect seems to have faded.
日本的負利率一開始似乎有效，但現在其效果似乎已經消退。
06:18
Prices of goods are falling, and the bank has little more power to stop it because the rates were already negative.
商品價格正在下跌，而銀行幾乎沒有更多能力來阻止這一點，因為利率已經是負的了。
06:25
Conversely, in Europe and Japan, negative rates did seem to work initially, which suggests that maybe negative rates coupled with other financial policies might actually work to stimulate a dying economy.
In summary, negative rates are one of the most powerful tools that central banks have to fight back against a dying economy.
總結來說，負利率是央行對抗經濟衰退最強大的工具之一。
06:51
While they're still mixed results in regards to their long-term effects, they do seem to work initially as a stimulus measure.
雖然關於其長期影響的結果仍然好壞參半，但作為一種刺激措施，它們在初期似乎確實有效。
06:58
While you, as the consumer, will likely initially benefit from negative interest rates, they can have some damaging long-term effects too.
雖然身為消費者的你，初期可能會從負利率中受益，但它們也可能帶來一些長期的負面影響。
07:06
When it's cheap for you to borrow money, that also signals to manufacturers and sellers that they can raise prices.
當你借錢變得很便宜時，這也向製造商和賣家發出訊號，表示他們可以提高價格。
07:15
When it's cheap to get a mortgage, home prices can be driven up, ultimately balancing out the equation for you.
當取得抵押貸款的成本變低時，房價可能會被推高，最終對你來說會讓收支達到平衡。
07:21
When it's cheap to get a car loan, cars end up costing more.
當取得汽車貸款變得很便宜時，汽車最終的花費反而會更多。
07:25
Negative interest rates are a last-ditch effort of central banks to stimulate economies, and now hopefully you understand a little bit more about what they do and what they mean for you.
負利率是央行刺激經濟的最後手段，希望現在你對它們的作用以及對你的意義有了更深入的了解。
What are Negative Interest Rates? (And How do They Work?)
At [8], thevideostates: 'Onethingthatthecentralbankhascontroloveristhefederalfundsrate, whichisessentiallytheinterestratesthatbankschargeotherbankstolendmoney.'
At [223], thevideostates: 'Negativeinterestratesarethebiggestweaponthatcanbeusedtofightbackagainstdeflation... tomakepeoplespendtheirmoneyandstimulatetheeconomy.'
At [235] and [240], thevideoexplains: 'Wheninterestratesarenegative, itultimatelymakesholdingontomoneyexpensive. You'dhavetopayabanktoputyourmoneyinit.'
At [300], thevideoexplains: 'Onceacentralbankgoesnegative, it'sratherhardforthemtoshifttheratesbacktopositivebecauseitsignalsacompleteshiftinhowtheeconomyfunctions.'
