Gleichgewichtszins

Gleichgewichtszins refers to the interest rate at which the supply of loanable funds equals the demand for loanable funds in a financial market. It is the theoretical interest rate that would prevail in a perfectly competitive market if all factors were in equilibrium. This rate is determined by the interaction of savers who wish to lend money and borrowers who wish to obtain funds.

At the Gleichgewichtszins, there is no surplus or shortage of loanable funds. Savers are willing to supply exactly the amount of money that borrowers are willing to demand. If the interest rate were above the Gleichgewichtszins, the supply of loanable funds would exceed the demand, leading to a surplus of funds and downward pressure on interest rates. Conversely, if the interest rate were below the Gleichgewichtszins, the demand for loanable funds would exceed the supply, creating a shortage and upward pressure on interest rates.

In reality, markets are not perfectly competitive, and various factors can influence interest rates, preventing them from perfectly aligning with a theoretical Gleichgewichtszins. These factors include government intervention, information asymmetry, and transaction costs. However, the concept of Gleichgewichtszins remains a fundamental theoretical tool for understanding how interest rates are determined in a market economy. It helps economists analyze the effects of changes in saving, investment, and government policy on the overall level of interest rates.