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Abstract

Interest rates are the key to the resource allocations of financial markets. The frequent appearance of negative nominal interest rates (NNIR) may lead to a failure of the transmission mechanism and arouse system risks in the financial markets. Meanwhile, negative nominal interest rates is a new policy with no consensus reached by academia or policymakers. It is necessary to review the research results and promote consensus to reveal the nature and impact mechanisms of NNIR. Therefore, we retrieved original articles from the Web of Science (WoS) and China National Knowledge Infrastructure (CNKI) published from 1999 to 2020 on NNIR to determine the characteristics of current research results from various perspectives and compare literature in English and Chinese of highly productive institutions and researchers, hot topics, evolution contexts, research frontiers, and ecological characteristics. There are three major findings. In terms of research ecology, the ecological structure of the top research institutions, both domestic and abroad, remains steady, but the structure of the researchers is not stable. In terms of a research domain, NNIR is studied from many dimensions, and the early established research domains still have long-lasting impacts in English literature. In contrast, Chinese literature mainly focuses on discussing applicable policies with no highly focused domain and research topic with great influence yet. Finally, the focus in both English and Chinese literature has changed. Since the original research framework is insufficient in explanatory power, literature in English is beginning to pay attention to the empirical analyses of practical policies, and Chinese scholars are turning to theoretical study to enhance the in-depth understanding of this phenomenon. Researchers in China should focus on collecting highquality research materials and pay more attention to the progress of empirical research in English literature to improve Chinese research efficiency and quality and then promote research progress in China.

DOI

http://dx.doi.org/10.19873/j.cnki.2096-0212.2023.03.003

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