Teorie struktury stóp procentowych

Abstract

The article presents and systematizes major economic theories of time structure of interest rates, depending on the maturity dates of credit instruments. The main considerations focus primarily on market factors, i.e. on demand and supply of monetary assets. Most of the attention has been paid to the publications which, through an explanation of changes within the interest rates structure, specify the mechanism of bond markets. In particular, the following theories are taken into consideration: the expectations theory, the liquidity preference theory, the market segmentation theory. The theories presented in the article provide basis for interpretation of empirical researchregarding the fluctuation of interest rates. Nevertheless, these interest rate changes on various markets can be explained by other theories that are based on more recent economic models.