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St James's Palace
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Not to be confused with St James's Place.
St James's Palace
Main entrance of St James's Palace in Pall Mall
Location
London, SW1
United Kingdom
Coordinates
51°30′17″N 00°08′15″W / 51.50472°N 0.13750°W / 51.50472; -0.13750Coordinates: 51°30′17″N 00°08′15″W / 51.50472°N 0.13750°W / 51.50472; -0.13750
Built
1531-1536
Architectural style(s)
Tudor
Location of St James's Palace in central London
St James's Palace is the most senior royal palace in the United Kingdom. Located in the City of Westminster, although no longer the principal residence of the monarch, it is the ceremonial meeting place of the Accession Council and the London residence of several members of the royal family.
Built by King Henry VIII on the site of a leper hospital dedicated to Saint James the Less, the palace was secondary in importance to the Palace of Whitehall for most Tudor and Stuart monarchs. The palace increased in importance during the reigns of the early Georgian monarchy, but was displaced by Buckingham Palace in the late-18th and early-19th centuries. After decades of being used increasingly for only formal occasions, the move was formalised by Queen Victoria in 1837. Today the palace houses a number of official offices, societies and collections and all ambassadors and high commissioners to the United Kingdom are still accredited to the Court of St James's.
Mainly built between 1531 and 1536 in red-brick, the palace's architecture is primarily Tudor in style. A fire in 1809 destroyed parts of the structure, including the monarch's private apartments, which were never replaced. Some 17th-century interiors survive, but most were remodelled in the 19th century.
Contents
[hide]
1 History
1.1 Tudors
1.2 Stuarts
1.3 House of Hanover
1.4 20th century
2 Today
3 See also
4 Notes
5 References
6 External links
History[edit]
Tudors[edit]
The palace was commissioned by Henry VIII, on the site of a former leper hospital dedicated to Saint James the Less.[n 1] The new palace, secondary in the king's interest to Henry's Whitehall Palace, was constructed between 1531 and 1536 as a smaller residence to escape formal court life.[2] Much smaller than the nearby Whitehall, St James's was arranged around a number of courtyards, including the Colour Court, the Ambassador's Court and the Friary Court. The most recognisable feature is the north gatehouse; constructed with four storeys, the gatehouse has two crenellated flanking octagonal towers at its corners and a central clock dominating the uppermost floor and gable; the clock is a later addition, and dates from 1731.[3] It is decorated with the initials H.A. for Henry and his second wife, Anne Boleyn. Henry constructed the palace in red brick, with detail picked out in darker brick.[2]
The palace was remodelled in 1544, with ceilings painted by Hans Holbein, and was described as a "pleasant royal house".[4] Two of Henry VIII's children died at Saint James's, Henry FitzRoy, 1st Duke of Richmond and Somerset[5] and Mary I.[6] Elizabeth I often resided at the palace, and is said to have spent the night there while waiting for the Spanish Armada to sail up the Channel.[4]
Stuarts[edit]
St James's Palace, left, and The Mall, 1715.
In 1638, Charles I gave the palace to Marie de Medici, the mother of his wife Henrietta Maria. Marie remained in the palace for three years, but the residence of a Catholic former queen of France proved unpopular with parliament and she was soon asked to leave for Cologne. Charles I spent his final night at St James's before his execution.[1] Oliver Cromwell then took it over, and turned it into barracks during the English Commonwealth period. Charles II, James II, Mary II and Anne were all born at the palace.[1]
The palace was restored by Charles II following the demise of the Commonwealth, laying out St James's Park at the same time. It became the principal residence of the monarch in London in 1698, during the reign of William III and Mary II after Whitehall Palace was destroyed by fire, and became the administrative centre of the monarchy, a role it retains.
House of Hanover[edit]
The Chapel Royal, St James's Palace
marriage of the future King George V (1893).
The first two monarchs of the House of Hanover used St James's Palace as their principal London residence. George I and George II both housed their mistresses, the Duchess of Kendal and the Countess of Suffolk respectively, at the palace.[1] In 1757, George II donated the Palace library to the British Museum;[7] this gift was the first part of what later became the Royal Collection.[8] In 1809, a fire destroyed part of the palace, including the monarch's private apartments at the south east corner. These apartments were not replaced, leaving the Queen's Chapel in isolation, and Marlborough Road now runs between the two buildings.[citation needed]
George III found St James's increasingly unsuitable. The Tudor palace was regarded as uncomfortable and too cramped for his ever-growing family. In 1762 George purchased Buckingham House – the predecessor to Buckingham Palace – for his queen, Charlotte of Mecklenburg-Strelitz [9] The royal family began to spend the majority of their time at Buckingham House, with St James's being used for only the most formal of occasions; thrice-weekly levées and public audiences were still held there. In the late 18th century, George III refurbished the state apartments but neglected the living quarters.[10] Queen Victoria formalised the move in 1837, ending St James's status as the primary residence of the monarch. It was nevertheless where Victoria married her husband, Prince Albert, in 1840, and where, eighteen years later, Victoria and Albert's eldest child, Princess Victoria, married her husband, Prince Frederick of Prussia.[1]
For most of the time of the personal union between Great Britain (later the United Kingdom of Great Britain and Ireland) and the Electorate of Hanover from 1714 until 1837 the ministers of the German Chancery were working in two small rooms within St James's Palace.[citation needed]
St James's Palace in 1819
North Front
King's Presence Chamber
Queen's Levée Room
Guard Chamber
From a series of paintings by Charles Wild, as published in W.H. Pyne (1819), The History of the Royal Residences
20th century[edit]
Second Round Table Conference (September – December 1931) pertaining to Indian independence was held here. On 12 June 1941, Representatives of the United Kingdom, Canada, Australia, New Zealand, the Union of South Africa, and of the exiled governments of Belgium, Czechoslovakia, Greece, Luxembourg, Netherlands, Norway, Poland, and Yugoslavia, as well as General de Gaulle of France, met and signed the Declaration of St James's Palace which was the first of six treaties signed that established the United Nations and composed the Charter of the United Nations.[11]
Today[edit]
Friary Court at St James's Palace, 2017
St James's Palace is still a working palace, and the Royal Court is still formally based there, despite the monarch residing elsewhere. It is also the London residence of the Princess Royal; Princess Beatrice of York; Princess Eugenie of York; and Princess Alexandra, The Honourable Lady Ogilvy. The palace is used to host official receptions, such as those of visiting heads of state, and charities of which members of the royal family are patrons. The Palace forms part of a sprawling complex of buildings housing Court offices and officials' apartments. The immediate palace complex includes York House, the former home of the Prince of Wales and his sons, Princes William and Harry. Lancaster House located next-door, is used by HM Government for official receptions, and the nearby Clarence House, the former home of the Queen Mother is now the residence of the Prince of Wales.[12]
The nearby Queen's Chapel, built by Inigo Jones, adjoins St James's Palace. While the Queen's Chapel is open to the public at selected times, the Chapel Royal in the palace is not accessible to the public. They both remain active places of worship.[12]
The offices of the Royal Collection Department, the Marshal of the Diplomatic Corps, the Central Chancery of the Orders of Knighthood, the Chapel Royal, the Gentlemen at Arms, the Yeomen of the Guard and the Queen's Watermen are all housed at St James's Palace. Since the beginning of the 2000s, the Royal Philatelic Collection has been housed at St James's Palace, after spending the entire 20th century at Buckingham Palace.[12]
On 1 June 2007 the palace, Clarence House and other buildings within its curtilage (other than public pavement on Marlborough Road) were designated as a protected site for the purposes of Section 128 of the Serious Organised Crime and Police Act 2005. The effect of the act was to make it a specific criminal offence for a person to trespass into the site.[13]
See also[edit]
List of British Royal residences
Court of St James's
Notes[edit]
Jump up ^ The uncertainty as to which Saint James was intended is expressed in the 1874 work Old and New London, where the author refers to the dedication as to "St. James the Less, Bishop of Jerusalem". James the Just, brother of Jesus, was referred to as Bishop of Jerusalem, not James the Less.[1]
References[edit]
^ Jump up to: a b c d e Edward Walford (1878). "St James's Palace". Old and New London: Volume 4. Institute of Historical Research. Retrieved 10 October 2014.
^ Jump up to: a b Wagner, John; Walters Schmid, Susan (2011). Encyclopedia of Tudor England. CA, USA: ABC Clio. pp. 1054–1055. ISBN 1598842994.
Jump up ^ British History online Chapter IX: St Ja,es's Palace Access date 15 October 2014
^ Jump up to: a b Perry, Maria (1999). The Word of a Prince: A Life of Elizabeth I from Contemporary Documents. Suffolk, UK: Boydell Press. p. 15. ISBN 0851156339.
Jump up ^ "St James's Palace: History". The British Monarchy. n.d. Retrieved 10 October 2014.
Jump up ^ Wheatley, H.; Cunningham, P (2011) [1891]. London Past and Present: Its History, Associations, and Traditions. Cambridge, UK: Cambridge University Press. pp. 285–287. ISBN 1108028071.
Jump up ^ Warner, George (1912). Queen Mary's Psalter Miniatures and Drawings by an English Artist of the 14th Century Reproduced from Royal Ms. 2 B. Vii in the British Museum (PDF). London: Britism Museum. p. n.
Jump up ^ "Books and Manuscripts". Royal Collection. Retrieved 24 May 2011.
Jump up ^ Nash, Roy (1980). Buckingham Palace: The Place and the People. London: Macdonald Futura. ISBN 0354045296.
Jump up ^ Black, J. (2004). George III: America's Last King. CT, USA: Yale University Press. p. 174. ISBN 0300117329.
Jump up ^ "1941: The Declaration of St. James' Palace". United Nations. Retrieved 28 March 2016.
^ Jump up to: a b c "Saint James's Palace: Today". The British Monarchy. n.d. Retrieved 10 October 2014.
Jump up ^ "Home Office Circular 018 / 2007 (Trespass on protected sites - sections 128-131 of the Serious Organised Crime and Police Act 2005)". GOV.UK. Home Office. 22 May 2007. Retrieved 18 July 2017.
External links[edit]
Wikimedia Commons has media related to St. James's Palace.
Historic photos of St James' Palace
Nikolaus Pevsner, The Buildings of England: London 6: Westminster (2003), pp 594–601
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Interest rate
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An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited or borrowed.
It is defined as the proportion of an amount loaned which a lender charges as interest to the borrower, normally expressed as an annual percentage.[1] It is the rate a bank or other lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account.[2]
Annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualised.
Contents
[hide]
1 Influencing factors
2 Example
3 Related terms
4 Monetary policy
5 History
6 Reasons for changes
7 Non-market-based theories
8 Real vs nominal
9 Market rates
9.1 Inflationary expectations
9.2 Risk
9.3 Liquidity preference
9.4 A market model
9.5 Spread
10 In macroeconomics
10.1 Elasticity of substitution
10.2 Output and unemployment
10.3 Open market operations in the United States
10.4 Money and inflation
11 Impact on savings and pensions
12 Mathematical note
13 Zero rate policy
14 Negative nominal rates
14.1 On central bank reserves
14.1.1 Theory
14.1.2 Practice
14.2 On bond yields
15 See also
16 Notes
17 References
Influencing factors[edit]
Interest rates vary according to:
the government's directives to the central bank to accomplish the government's goals
the currency of the principal sum lent or borrowed
the term to maturity of the investment
the perceived default probability of the borrower
supply and demand in the market
as well as other factors.
Example[edit]
A company borrows capital from a bank to buy assets for its business. In return, the bank charges the company interest. (The lender might also require rights over the new assets as collateral.)
Related terms[edit]
Base rate usually refers to the annualized rate offered on overnight deposits by the central bank or other monetary authority.[citation needed]
Annual percentage rate (APR) and effective annual rate or annual equivalent rate (AER) are used to help consumers compare products with different payment structures on a common basis.
A discount rate is applied to calculate present value.
For an interest-bearing security, coupon rate is the ratio of the annual coupon amount (the coupon paid per year) per unit of par value, whereas current yield is the ratio of the annual coupon divided by its current market price. Yield to maturity is a bond's expected internal rate of return, assuming it will be held to maturity, that is, the discount rate which equates all remaining cash flows to the investor (all remaining coupons and repayment of the par value at maturity) with the current market price.
Monetary policy[edit]
Interest rate targets are a vital tool of monetary policy and are taken into account when dealing with variables like investment, inflation, and unemployment. The central banks of countries generally tend to reduce interest rates when they wish to increase investment and consumption in the country's economy. However, a low interest rate as a macro-economic policy can be risky and may lead to the creation of an economic bubble, in which large amounts of investments are poured into the real-estate market and stock market. In developed economies, interest-rate adjustments are thus made to keep inflation within a target range for the health of economic activities or cap the interest rate concurrently with economic growth to safeguard economic momentum.[3][4][5][6][7]
History[edit]
Germany experienced deposit interest rates from 14% in 1969 down to almost 2% in 2003
In the past two centuries, interest rates have been variously set either by national governments or central banks. For example, the Federal Reserve federal funds rate in the United States has varied between about 0.25% to 19% from 1954 to 2008, while the Bank of England base rate varied between 0.5% and 15% from 1989 to 2009,[8][9] and Germany experienced rates close to 90% in the 1920s down to about 2% in the 2000s.[10][11] During an attempt to tackle spiraling hyperinflation in 2007, the Central Bank of Zimbabwe increased interest rates for borrowing to 800%.[12]
The interest rates on prime credits in the late 1970s and early 1980s were far higher than had been recorded – higher than previous US peaks since 1800, than British peaks since 1700, or than Dutch peaks since 1600; "since modern capital markets came into existence, there have never been such high long-term rates" as in this period.[13]
Possibly before modern capital markets, there have been some accounts that savings deposits could achieve an annual return of at least 25% and up to as high as 50%. (William Ellis and Richard Dawes, "Lessons on the Phenomenon of Industrial Life... ", 1857, p III–IV)
Reasons for changes[edit]
Political short-term gain: Lowering interest rates can give the economy a short-run boost. Under normal conditions, most economists think a cut in interest rates will only give a short term gain in economic activity that will soon be offset by inflation. The quick boost can influence elections. Most economists advocate independent central banks to limit the influence of politics on interest rates.
Deferred consumption: When money is loaned the lender delays spending the money on consumption goods. Since according to time preference theory people prefer goods now to goods later, in a free market there will be a positive interest rate.
Inflationary expectations: Most economies generally exhibit inflation, meaning a given amount of money buys fewer goods in the future than it will now. The borrower needs to compensate the lender for this.
Alternative investments: The lender has a choice between using his money in different investments. If he chooses one, he forgoes the returns from all the others. Different investments effectively compete for funds.
Risks of investment: There is always a risk that the borrower will go bankrupt, abscond, die, or otherwise default on the loan. This means that a lender generally charges a risk premium to ensure that, across his investments, he is compensated for those that fail.
Liquidity preference: People prefer to have their resources available in a form that can immediately be exchanged, rather than a form that takes time to realize.
Taxes: Because some of the gains from interest may be subject to taxes, the lender may insist on a higher rate to make up for this loss.
Banks: Banks can tend to change the interest rate to either slow down or speed up economy growth. This involves either raising interest rates to slow the economy down, or lowering interest rates to promote economic growth.[14]
Economy: Interest rates can fluctuate according to the status of the economy. It will generally be found that if the economy is strong then the interest rates will be high, if the economy is weak the interest rates will be low.
Non-market-based theories[edit]
Some economists like Karl Marx argue that interest rates are not actually set purely by market competition. Rather they argue that interest rates are ultimately set in line with social customs and legal institutions. Karl Marx writes:
"Customs, juristic tradition, etc., have as much to do with determining the average rate of interest as competition itself, in so far as it exists not merely as an average, but rather as actual magnitude. In many law disputes, where interest has to be calculated, an average rate of interest has to be assumed as the legal rate. If we inquire further as to why the limits of a mean rate of interest cannot be deduced from general laws, we find the answer lies simply in the nature of interest."[15]
Real vs nominal[edit]
Main article: real versus nominal value (economics)
Further information: Fisher equation
The nominal interest rate is the rate of interest with no adjustment for inflation.
For example, suppose someone deposits $100 with a bank for 1 year, and they receive interest of $10 (before tax), so at the end of the year, their balance is $110 (before tax). In this case, regardless of the rate of inflation, the nominal interest rate is 10% per annum (before tax).
The real interest rate measures the growth in real value of the loan plus interest, taking inflation into account. The repayment of principal plus interest is measured in real terms compared against the buying power of the amount at the time it was borrowed, lent, deposited or invested.
If inflation is 10%, then the $110 in the account at the end of the year has the same purchasing power (that is, buys the same amount) as the $100 had a year ago. The real interest rate is zero in this case.
The real interest rate is given by the Fisher equation:
r = 1 + i 1 + p − 1 {\displaystyle r={\frac {1+i}{1+p}}-1\,\!}
where p is the inflation rate. For low rates and short periods, the linear approximation applies:
r ≈ i − p {\displaystyle r\approx i-p\,\!}
The Fisher equation applies both ex ante and ex post. Ex ante, the rates are projected rates, whereas ex post, the rates are historical.
Market rates[edit]
There is a market for investments, including the money market, bond market, stock market, and currency market as well as retail banking.
Interest rates reflect:
The risk-free cost of capital
Expected inflation
Risk premium
Transaction costs
Inflationary expectations[edit]
According to the theory of rational expectations, borrowers and lenders form an expectation of inflation in the future. The acceptable nominal interest rate at which they are willing and able to borrow or lend includes the real interest rate they require to receive, or are willing and able to pay, plus the rate of inflation they expect.
Risk[edit]
The level of risk in investments is taken into consideration. Riskier investments such as shares and junk bonds are normally expected to deliver higher returns than safer ones like government bonds.
The additional return above the risk-free nominal interest rate which is expected from a risky investment is the risk premium. The risk premium an investor requires on an investment depends on the risk preferences of the investor. Evidence suggests that most lenders are risk-averse.[16]
A maturity risk premium applied to a longer-term investment reflects a higher perceived risk of default.
Liquidity preference[edit]
Most investors prefer their money to be in cash than in less fungible investments. Cash is on hand to be spent immediately if the need arises, but some investments require time or effort to transfer into spendable form. This is known as liquidity preference. A 1-year loan, for instance, is very liquid compared to a 10-year loan. A 10-year US Treasury bond, however, is liquid because it can easily be sold on the market.
A market model[edit]
A basic interest rate pricing model for an asset
i n = i r + p e + r p + l p {\displaystyle i_{n}=i_{r}+p_{e}+rp+lp\,\!}
Assuming perfect information, pe is the same for all participants in the market, and this is identical to:
i n = i n ∗ + r p + l p {\displaystyle i_{n}=i_{n}^{*}+rp+lp\,\!}
where
in is the nominal interest rate on a given investment
ir is the risk-free return to capital
i*n = the nominal interest rate on a short-term risk-free liquid bond (such as U.S. Treasury Bills).
rp = a risk premium reflecting the length of the investment and the likelihood the borrower will default
lp = liquidity premium (reflecting the perceived difficulty of converting the asset into money and thus into goods).
Spread[edit]
The spread of interest rates is the lending rate minus the deposit rate.[17] This spread covers operating costs for banks providing loans and deposits. A negative spread is where a deposit rate is higher than the lending rate.[18]
In macroeconomics[edit]
Elasticity of substitution[edit]
The elasticity of substitution (full name is the marginal rate of substitution of the relative allocation) affects the real interest rate. The larger the magnitude of the elasticity of substitution, the more the exchange, and the lower the real interest rate.
Output and unemployment[edit]
Higher interest rates increase the cost of borrowing which can reduce investment and output and increase unemployment. Expanding businesses, especially entrepreneurs tend to be net debtors. However, the Austrian School of Economics sees higher rates as leading to greater investment in order to earn the interest to pay its creditors. Higher rates encourage more saving and reduce inflation.
Open market operations in the United States[edit]
The effective federal funds rate in the US charted over more than half a century
The Federal Reserve (often referred to as 'The Fed') implements monetary policy largely by targeting the federal funds rate. This is the rate that banks charge each other for overnight loans of federal funds, which are the reserves held by banks at the Fed. Open market operations are one tool within monetary policy implemented by the Federal Reserve to steer short-term interest rates using the power to buy and sell treasury securities.
Money and inflation[edit]
Loans, bonds, and shares have some of the characteristics of money and are included in the broad money supply.
By setting i*n, the government institution can affect the markets to alter the total of loans, bonds and shares issued. Generally speaking, a higher real interest rate reduces the broad money supply.
Through the quantity theory of money, increases in the money supply lead to inflation.
Impact on savings and pensions[edit]
Financial economists such as World Pensions Council (WPC) researchers have argued that durably low interest rates in most G20 countries will have an adverse impact on the funding positions of pension funds as “without returns that outstrip inflation, pension investors face the real value of their savings declining rather than ratcheting up over the next few years” [19]
From 1982 until 2012, most Western economies experienced a period of low inflation combined with relatively high returns on investments across all asset classes including government bonds. This brought a certain sense of complacency amongst some pension actuarial consultants and regulators, making it seem reasonable to use optimistic economic assumptions to calculate the present value of future pension liabilities.
This potentially long-lasting collapse in returns on government bonds is taking place against the backdrop of a protracted fall in returns for other core-assets such as blue chip stocks, and, more importantly, a silent demographic shock. Factoring in the corresponding "longevity risk", pension premiums could be raised significantly while disposable incomes stagnate and employees work longer years before retiring.[19]
Mathematical note[edit]
Because interest and inflation are generally given as percentage increases, the formulae above are (linear) approximations.
For instance,
i n = i r + p e {\displaystyle i_{n}=i_{r}+p_{e}\,\!}
is only approximate. In reality, the relationship is
( 1 + i n ) = ( 1 + i r ) ( 1 + p e ) {\displaystyle (1+i_{n})=(1+i_{r})(1+p_{e})\,\!}
so
i r = 1 + i n 1 + p e − 1 {\displaystyle i_{r}={\frac {1+i_{n}}{1+p_{e}}}-1\,\!}
The two approximations, eliminating higher order terms, are:
( 1 + x ) ( 1 + y ) = 1 + x + y + x y ≈ 1 + x + y 1 1 + x = 1 − x + x 2 − x 3 + ⋯ ≈ 1 − x {\displaystyle {\begin{aligned}(1+x)(1+y)&=1+x+y+xy&&\approx 1+x+y\\{\frac {1}{1+x}}&=1-x+x^{2}-x^{3}+\cdots &&\approx 1-x\end{aligned}}}
The formulae in this article are exact if logarithmic units are used for relative changes, or equivalently if logarithms of indices are used in place of rates, and hold even for large relative changes. Most elegantly, if the natural logarithm is used, yielding the neper as logarithmic units, scaling by 100 to obtain the centineper yields units that are infinitesimally equal to percentage change (hence approximately equal for small values), and for which the linear equations hold for all values.
Zero rate policy[edit]
Main article: Zero interest-rate policy
A so-called "zero interest-rate policy" (ZIRP) is a very low—near-zero—central bank target interest rate. At this zero lower bound the central bank faces difficulties with conventional monetary policy, because it is generally believed that market interest rates cannot realistically be pushed down into negative territory.
Negative nominal rates[edit]
Nominal interest rates are normally positive, but not always. In contrast, real interest rates can be negative, when nominal interest rates are below inflation. When this is done via government policy (for example, via reserve requirements), this is deemed financial repression, and was practiced by countries such as the United States and United Kingdom following World War II (from 1945) until the late 1970s or early 1980s (during and following the Post–World War II economic expansion).[20][21] In the late 1970s, United States Treasury securities with negative real interest rates were deemed certificates of confiscation.[22]
On central bank reserves[edit]
Main article: Negative interest on excess reserves
A so-called "negative interest rate policy" (NIRP) is a negative (below zero) central bank target interest rate.
Theory[edit]
Given the alternative of holding cash, and thus earning 0%, rather than lending it out, profit-seeking lenders will not lend below 0%, as that will guarantee a loss, and a bank offering a negative deposit rate will find few takers, as savers will instead hold cash.[23]
Negative interest rates have been proposed in the past, notably in the late 19th century by Silvio Gesell.[24] A negative interest rate can be described (as by Gesell) as a "tax on holding money"; he proposed it as the Freigeld (free money) component of his Freiwirtschaft (free economy) system. To prevent people from holding cash (and thus earning 0%), Gesell suggested issuing money for a limited duration, after which it must be exchanged for new bills; attempts to hold money thus result in it expiring and becoming worthless. Along similar lines, John Maynard Keynes approvingly cited the idea of a carrying tax on money,[24] (1936, The General Theory of Employment, Interest and Money) but dismissed it due to administrative difficulties.[25] More recently, a carry tax on currency was proposed by a Federal Reserve employee (Marvin Goodfriend) in 1999, to be implemented via magnetic strips on bills, deducting the carry tax upon deposit, the tax being based on how long the bill had been held.[25]
It has been proposed that a negative interest rate can in principle be levied on existing paper currency via a serial number lottery, such as randomly choosing a number 0 through 9 and declaring that notes whose serial number end in that digit are worthless, yielding an average 10% loss of paper cash holdings to hoarders; a drawn two-digit number could match the last two digits on the note for a 1% loss. This was proposed by an anonymous student of Greg Mankiw,[24] though more as a thought experiment than a genuine proposal.[26]
A much simpler method to achieve negative real interest rates and provide a disincentive to holding cash, is for governments to encourage mildly inflationary monetary policy; indeed, this is what Keynes recommended back in 1936.
Practice[edit]
Both the European Central Bank starting in 2014 and the Bank of Japan starting in early 2016 pursued the policy on top of their earlier and continuing quantitative easing policies. The latter's policy was said at its inception to be trying to 'change Japan’s “deflationary mindset.”' In 2016 Sweden, Denmark and Switzerland—not directly participants in the Euro currency zone—also had NIRPs in place.[27]
Countries such as Sweden and Denmark have set negative interest on reserves—that is to say, they have charged interest on reserves.[28][29][30][31]
In July 2009, Sweden's central bank, the Riksbank, set its policy repo rate, the interest rate on its one-week deposit facility, at 0.25%, at the same time as setting its overnight deposit rate at −0.25%.[32] The existence of the negative overnight deposit rate was a technical consequence of the fact that overnight deposit rates are generally set at 0.5% below or 0.75% below the policy rate.[32][33] This is not technically an example of "negative interest on excess reserves," because Sweden does not have a reserve requirement,[34] but imposing a reserve interest rate without reserve requirements imposes an implied reserve requirement of zero. The Riksbank studied the impact of these changes and stated in a commentary report[35] that they led to no disruptions in Swedish financial markets.
On bond yields[edit]
During the European debt crisis, government bonds of some countries (Switzerland, Denmark, Germany, Finland, the Netherlands and Austria) have been sold at negative yields. Suggested explanations include desire for safety and protection against the eurozone breaking up (in which case some eurozone countries might redenominate their debt into a stronger currency).[36]
See also[edit]
List of countries by central bank interest rates
Macroeconomics
Rate of return
Short-rate model
Notes[edit]
Jump up ^ "interest rate - Definition of interest rate in English by Oxford Dictionaries". Oxford Dictionaries - English. Retrieved 8 January 2018.
Jump up ^ "interest rate Meaning in the Cambridge English Dictionary". Dictionary.cambridge.org. Retrieved 8 January 2018.
Jump up ^ "INSIGHT-Mild inflation, low interest rates could help economy". Reuters. 2 August 2011.
Jump up ^ Sepehri, Ardeshir; Moshiri, Saeed (2004). "Inflation‐Growth Profiles Across Countries: Evidence from Developing and Developed Countries". International Review of Applied Economics. 18 (2): 191–207. doi:10.1080/0269217042000186679.
Jump up ^ "Inflation : Finding the right balance" (PDF). Imf.org. Retrieved 8 January 2018.
Jump up ^ "Finance & Development, June 2003 - Contents". Finance and Development – F&D.
Jump up ^ "Finance & Development, March 2010 – Back to Basics". Finance and Development – F&D.
Jump up ^ moneyextra.com Interest Rate History Archived 2008-10-16 at the Wayback Machine.. Retrieved 2008-10-27
Jump up ^ "UK interest rates lowered to 0.5%". BBC News. 5 March 2009.
Jump up ^ (Homer, Sylla & Sylla 1996, p. 509)
Jump up ^ Bundesbank. BBK – Statistics – Time series database Archived 2009-02-12 at the Wayback Machine.. Retrieved 2008-10-27
Jump up ^ worldeconomies.co.uk Zimbabwe currency revised to help inflation Archived 2009-02-11 at the Wayback Machine.
Jump up ^ (Homer, Sylla & Sylla 1996, p. 1)
Jump up ^ Commonwealth Bank Why do Interest Rates Change? Archived 2014-02-26 at the Wayback Machine.
Jump up ^ Marx, Karl. https://www.marxists.org/archive/marx/works/1894-c3/ch22.htm. Missing or empty |title= (help)
Jump up ^ Benchimol, J., 2014. Risk aversion in the Eurozone, Research in Economics, vol. 68, issue 1, pp. 39–56.
Jump up ^ Interest rate spread (lending rate minus deposit rate, %) from World Bank. 2012
Jump up ^ Negative Spread Law & Legal Definition, retrieved January 2013
^ Jump up to: a b M. Nicolas J. Firzli quoted in Sinead Cruise (4 August 2012). "'Zero Return World Squeezes Retirement Plans'". Reuters with CNBC. . Retrieved 5 Aug 2012.
Jump up ^ William H. Gross. "The Caine Mutiny Part 2 – PIMCO". Pacific Investment Management Company LLC.
Jump up ^ "Financial Repression Redux (Reinhart, Kirkegaard, Sbrancia June 2011)" (PDF). Imf.org. Retrieved 8 January 2018.
Jump up ^ Norris, Floyd (28 October 2010). "U.S. Bonds That Could Return Less Than Their Price". The New York Times.
Jump up ^ Buiter, Willem (7 May 2009). "Negative interest rates: when are they coming to a central bank near you?". Financial Times blog.
^ Jump up to: a b c Mankiw, N. Gregory (18 April 2009). "It May Be Time for the Fed to Go Negative". The New York Times.
^ Jump up to: a b McCullagh, Declan (27 October 1999). "Cash and the 'Carry Tax'". WIRED. Retrieved 2011-12-21.
Jump up ^ See follow-up blog posts for discussion: "Observations on Negative Interest Rates", 19 April 2009; "More on Negative Interest Rates", 22 April 2009; "More on Negative Interest Rates", 7 May 2009, all in Greg Mankiw's Blog: Random Observations for Students of Economics
Jump up ^ Nakamichi, Takashi, Megumi Fujikawa and Eleanor Warnock, "Bank of Japan Introduces Negative Interest Rates" (possibly subscription-only), Wall Street Journal, January 29, 2016. Retrieved 2016-01-29.
Jump up ^ Goodhart, C.A.E. (January 2013). "The Potential Instruments of Monetary Policy" (PDF). Financial Markets Group Paper (Special Paper 219). London School of Economics. 9–10. ISSN 1359-9151. Retrieved 13 April 2013.
Jump up ^ Blinder, Alan S. (February 2012). "Revisiting Monetary Policy in a Low-Inflation and Low-Utilization Environment". Journal of Money, Credit and Banking. 44 (Supplement s1): 141–146. doi:10.1111/j.1538-4616.2011.00481.x. Retrieved 13 April 2013.
Jump up ^ Thoma, Mark (August 27, 2012). "Would Lowering the Interest Rate on Excess Reserves Stimulate the Economy?". Economist's View. Retrieved 13 April 2013.
Jump up ^ Parameswaran, Ashwin. "On The Folly of Inflation Targeting In A World Of Interest Bearing Money". Macroeconomic Resilience. Retrieved 13 April 2013.
^ Jump up to: a b "Repo rate table". Sveriges Riksbank. Retrieved 21 August 2013.
Jump up ^ Ward, Andrew; Oakley, David (27 August 2009). "Bankers watch as Sweden goes negative". Financial Times. London.
Jump up ^ Gray, Simon (February 2011). "Central Bank Balances and Reserve Requirements" (PDF). International Monetary Fund. Retrieved 5 October 2013.
Jump up ^ Beechey, Meredith; Elmér, Heidi (30 September 2009). "The lower limit of the Riksbank's repo rate" (PDF). Sveriges Riksbank. Retrieved 21 August 2013.
Jump up ^ Wigglesworth, Robin (18 July 2012). "Schatz yields turn negative for first time". Financial Times. London.
References[edit]
Homer, Sidney; Sylla, Richard Eugene; Sylla, Richard (1996). A History of Interest Rates. Rutgers University Press. ISBN 978-0-8135-2288-3. Retrieved 2008-10-27.
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Journey to the Center of the Earth (2008 theatrical film)
From Wikipedia, the free encyclopedia
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For other uses, see Journey to the Center of the Earth (disambiguation).
Journey to the Center of the Earth
Theatrical release poster
Directed by
Eric Brevig
Produced by
Beau Flynn
Charlotte Huggins
Screenplay by
Michael D. Weiss
Mark Levin
Jennifer Flackett
Based on
Journey to the Center of the Earth
by Jules Verne
Starring
Brendan Fraser
Josh Hutcherson
Anita Briem
Music by
Andrew Lockington
Cinematography
Chuck Shuman
Edited by
Paul Martin Smith
Dirk Westervelt
Steven Rosenblum
Production
company
Walden Media
Distributed by
New Line Cinema
Release date
July 11, 2008 (2008-07-11)
Running time
93 minutes
Country
United States
Language
English
Budget
$60 million[1]
Box office
$242 million[1]
Journey to the Center of the Earth (also promoted as Journey to the Center of the Earth 3-D or Journey 3-D) is a 2008 American 3D science fantasy adventure film directed by Eric Brevig and starring Brendan Fraser, Anita Briem, and Josh Hutcherson. It is the remake of the 1959 film of the same name and was released in 3D and 2D theaters by New Line Cinema on July 11, 2008. This film was also the introduction for the special "4D" motion effects cinema in Seoul, South Korea, which feature tilting seats to convey motion, wind, sprays of water and sharp air, probe lights to mimic lightning, fog, scents, and other theatrical special effects. This format is known as 4DX.[2] The film received mixed to positive reviews from critics and it earned $242 million[1] on a $60 million[1] budget.
Contents
1 Plot
2 Cast
3 Production
3.1 Development and filming
4 Release
4.1 Marketing
4.2 Theme parks
4.3 Home media
5 Reception
5.1 Critical response
5.2 Box office
5.3 Accolades
6 International releases
7 Sequel
8 Journey to the Center of the Earth: 4-D Adventure
9 References
10 External links
Plot[edit]
Max Anderson (Jean-Michel Paré) is being pursued by a Tyrannosaurus until a fissure vent opens in the ground. When he tries to jump across, he calls out his brother's name before falling into the vent. Ten years later, Max's 13-year-old son, Sean Anderson (Josh Hutcherson), visit Max's brother, volcanologist Trevor Anderson (Brendan Fraser). In a box of items that belonged to Max is a book, Journey to the Center of the Earth by Jules Verne. Notes written by Max are found inside the book.
In Trevor's volcanology laboratory, a device shows activity on Snæfell, a dormant volcano in Iceland. Trevor and Sean travel to Iceland to investigate. They try to contact Icelandic volcanologist Sigurbjörn Ásgeirsson, but instead encounter his daughter Hannah Ásgeirsson (Anita Briem) since her father had died some years earlier.[3] It turns out that Sigurbjörn and Max were both Vernians, a group of people who believe the works of Jules Verne to be fact and not fiction.
Hannah offers to help them climb the volcano. While the group is hiking up the volcano, a lightning storm forces them to take shelter in a cave. The cave entrance collapses, trapping them in what appears to be an abandoned mine. The trio rappel down a giant hole and ride on out-of-control mine carts, in which the tracks start to branch off in three ways. Hannah and Trevor save each other from dead-ends and Sean reunites with them. They reach the bottom of a volcanic vent filled with different varieties of crystals, including Diamonds, but learn the floor is actually Muscovite. Sean accidentally drops a diamond, which breaks the Muscovite, and they begin to fall towards the center of the Earth. The vent eventually becomes a water slide which drops them safely into a lake in the center of the Earth, which turns out to be a completely separate world contained within the Earth.
The group starts seeking a way back to the surface. Along the way, they find evidence that someone had been there a hundred years ago. Trevor remarks that some instruments found are Lidenbrock's (the name of a character in the book), suggesting that another group had previously made the journey, somehow returned to the surface and recounted the tale of their adventure to Verne. They find a large tree with some of Max's things inside of it. While Trevor and Sean are examining what they've found, Hannah finds Max's body. They bury Max on the beach of the underground ocean and Trevor reads a letter to Sean found in Max's journal. Trevor discovers that his brother died due to dehydration because of hot magma surrounding the center of the Earth.
Using information from Max's journal, Trevor determines that they must find a geyser that can send them to the surface before the temperature rises to 200 °F (about 93 °C). Further, they must reach the geyser within 48 hours or the water for the geyser will have evaporated. They build a raft and begin crossing the underground ocean, but soon encounter a pack of Xiphactinus. They use large branches has bats to hit them away, until a pod of Elasmosaurus attacks the Xiphactinus, allowing the trio to escape. The raft's sail becomes loose. Sean tries to hold on, but is blown away and separated from the two adults.
A little Bio-luminescent bird guides Sean towards the river. Meanwhile, Trevor and Hannah decide to take a rest, but are attacked by Carnivorous Plants. Hannah is captured and starts being strangled by the plants. Trevor tears the plant that is holding Hannah by the neck out of the ground, and they continue towards the geyser.
When they arrive at the river, Trevor calls out to Sean but gets no response. Trevor says he is going to look for Sean, but tells Hannah she should continue on to the geyser and save herself. Before he goes, Hannah kisses Trevor in case he does not return. Meanwhile, Sean has entered an arid, bone-filled area. He hears roars, hides behind a rock and looks at both sides of him but doesn't see anything until a puddle of saliva falls in front of him, he looks up and sees an enormous Albino Tyrannosaurus Rex, which upon seeing him, begins to chase after him. Trevor finds him, after he is cornered by the dinosaur, and Trevor runs toward a field of Muscovite, the carnivore follows him and the ground collapses under it's massive weight, causing it to fall into the sinkhole, seemingly killing it. When they get to a river, they find Hannah sailing a boat fashioned from the bottom jaw of a carnivorous dinosaur. They sail to a volcano with magma rising in its crater, but realized they missed the geyser that will get them back to the surface.
Sean notices that the crater walls are wet. Trevor hears water flowing on the other side of the walls and sees that the crater walls contain magnesium. After he uses a flare to ignite the magnesium, the resulting water-magma collision triggers the geyser, shooting them up and out of the center of the Earth through Mount Vesuvius. When they fall, they accidentally destroy some of the vines in a vineyard. To make amends with the vineyard's farmer, Sean gives the owner a diamond that he found while in the center of the Earth. Trevor sees that Sean has many more diamonds in his backpack.
After the adventure, Sean visits Trevor and Hannah in their new home, purchased using some of the diamonds Sean took from the cave; Trevor is also using them to fund his late brother's laboratory. Trevor hands Sean a book about another strange land, Atlantis: The Antediluvian World by Ignatius L. Donnelly, and suggests they get together during Sean's Christmas break. Sean reveals that he has brought the little bird back from the center of the Earth to keep as a pet. However, the bird happily flies away, possibly reproducing his extinct species.
Cast[edit]
Brendan Fraser as Professor Trevor "Trev" Anderson, a volcanologist, Sean's uncle and Max’s brother
Josh Hutcherson as Sean Anderson, Trevor's nephew and Liz and Max’s son
Anita Briem as Hannah Ásgeirsson
Seth Meyers as Professor Alan Kitzens
Jean-Michel Paré as Maxwell "Max" Anderson, Sean’s father, Trevor's brother and Liz’s husband
Jane Wheeler as Elizabeth "Liz" Anderson, Sean's mother and Max's wife
Giancarlo Caltabiano as Leonard
Garth Gilker as Sigurbjörn Ásgeirsson
Production[edit]
Development and filming[edit]
On September 22, 2001, Walden Media announced that Eric Brevig was hired and set to direct Journey to the Center of the Earth based on the book of the same name by Jules Verne. Michael D. Weiss, Mark Levin and Jennifer Flackett wrote the script for the film. Beau Flynn and Charlotte Huggins produced the film with the budget of $60 million for release in 2008. On April 16, 2003, it was announced that Brendan Fraser, Anita Briem, Josh Hutcherson, Seth Meyers, Jean-Michel Paré, Jane Wheeler, Giancarlo Caltabiano and Garth Gilker joined the film. On 9 December 2005, it was announced that Andrew Lockington would compose the music for the film. On March 2006, development and filming of the film was completed in Canada and Iceland. On April 20, 2006, principal photography and production began. On January 2, 2007, New Line Cinema acquired distribution rights to the film. Journey to the Center of the Earth was filmed in 2006. The film transposes the novel into the present day and is mostly live action, with only the landscape and creatures supplied by computer-generated graphics.[4] The film is projected using Real D Cinema and Dolby 3D.[5]
Josh Hutcherson's character, Sean, is named after the professor and conservation biologist Dr. Sean Anderson.[6]
Release[edit]
Marketing[edit]
The first trailer was shown before screenings of Meet the Robinsons, the re-release of The Nightmare Before Christmas and the release of Beowulf, with the Hannah Montana & Miley Cyrus: Best of Both Worlds Concert, and during the 2008 Kids' Choice Awards. Warner Bros. marketed the film like a theme park attraction.[7] However, the studio had to slightly tweak the campaign (including dropping "3D" from the title) when it became clear that the film would be shown in 3-D in far fewer theaters than anticipated.[8]
Theme parks[edit]
In May 2009, the film premiered as "Journey to the Center of the Earth 4-D" at Stone Mountain Park in Georgia.[9] It also opened in the motion simulator at Dollywood under the same name on June 12, 2009.[10] It also featured in the new 4D Cinema at the Weston Super-Mare Grand Pier in the U.K. It was also shown in Movieworld on the Gold Coast.
Home media[edit]
Journey to the Center of the Earth was released on DVD and Blu-ray on October 28, 2008, in standard 2-D format as well as a magenta / green anaglyph. It opened at #2 at the DVD sales chart, selling 843,224 units in the 1st week which translates to $13,238,617 in revenue.[11] As per the latest figures, 1,642,994 DVD units have been sold, bringing in $25,346,260 in revenue. This doesn't include Blu-ray Disc sales / DVD rentals.[11] The 2008 2-disc BD edition of the movie doesn't conform to the – only later established – Blu-ray 3D specifications, which means that this version doesn't take advantage of any dedicated 3D HDTVs, although it can be watched on 3D HDTVs, as well as on any other TV in anaglyph 3D, by using red-cyan paper glasses (four pairs are included). A 3D Blu-ray version was released on January 17, 2012.[citation needed]
Reception[edit]
Critical response[edit]
The film received mixed to positive reviews. It received a 61% approval rating by Rotten Tomatoes, based on 158 reviews with an average rating of 6/10. The website's critical consensus reads, "Modern visuals and an old fashioned storyline make this family adventure/comedy a fast-paced, kitschy ride."[12] Metacritic gave the film a 57 out of 100, based on 35 reviews, indicating "mixed or average reviews."[13]Roger Ebert gave the film 2 stars out of 4. Peter Travers gave it 2.5 stars and Owen Glieberman gave it a B-.
Box office[edit]
Journey to the Center of the Earth grossed $101.7 million in the US and $139.2 million foreign sales, with a total of $242 million worldwide.[1]
The film opened at #3 in North America, behind Hellboy II: The Golden Army and Hancock. The film grossed $21,018,141 in 2,811 theaters in its first week of release with an average of $7,477. 57 percent of the opening gross was taken from theaters which showed the film in 3-D. In second weekend it dropped to $12,340,435 and in third to $9,717,217.[7]
Accolades[edit]
Award
Year
Category
Result
Cast/Crew
Teen Choice Awards 2008 Choice Summer Movie: Action Adventure Nominated
Young Artist Award 2009 Best Performance in a Feature Film – Leading Young Actor Nominated Josh Hutcherson
BMI Film & TV Awards 2009 Won Andrew Lockington
World Soundtrack Awards 2009 Discovery of the Year Nominated Andrew Lockington
International releases[edit]
Brazil - July 11, 2008
Canada - July 11, 2008
Ireland - July 11, 2008
United Kingdom - July 11, 2008
United States - July 11, 2008
Chile - August 7, 2008
Singapore - August 7, 2008
Sequel[edit]
Main article: Journey 2: The Mysterious Island
In March 2009, Walden Media announced a sequel to Journey to the Center of the Earth, Journey 2: The Mysterious Island, with Josh Hutcherson, Dwayne Johnson, Michael Caine, Luis Guzman, and Vanessa Hudgens. Jane Wheeler was replaced by Kristin Davis. Journey 2 was filmed between November 2010 and February 2011 and was released in February 2012. Like the first film, the sequel was shot in 3D, and the script is loosely based on a Verne novel – this time The Mysterious Island.
Journey to the Center of the Earth: 4-D Adventure[edit]
Journey to the Center of the Earth 4-D Adventure is a 15-minute 4D film shown at various 4D theatres all over the world. It retells the condensed story of the film with the help of 3D projection and sensory effects, including moving seats, wind, mist and scents. Produced by SimEx-Iwerks,[14] the 4D experience premiered in 2009. Locations included Warner Bros. Movie World (2010–2012),[15] Dollywood (2009–2012),[16] Enchanted Kingdom (2009–),[17] Stone Mountain, and Rainbows End.
References[edit]
^ Jump up to: a b c d e "Journey to the Center of the Earth (2008)". Box Office Mojo. Retrieved 2009-08-08.
Jump up ^ Sunhee, Han (5 February 2010). "'Avatar' goes 4D in Korea | Variety". Variety. Retrieved 6 August 2013.
Jump up ^ In Iceland Sigurbjörn Ásgeirsson's daughter would have the last name Sigurbjörnsdóttir, but in the film it is Ásgeirsson.
Jump up ^ Journey 3-D Profile at Comingsoon.net. Retrieved March 14, 2007.
Jump up ^ "Dolby Laboratories, Inc. - First Digital 3D Movie Released in China with Dolby 3D Digital Cinema System". Investor.dolby.com. Retrieved June 28, 2013.
Jump up ^ "CI Professor inspires 'Journey 2: The Mysterious Island". Ventura County Star. 10 February 2012. Retrieved 13 October 2013.
^ Jump up to: a b Box Office Mojo: 'Hellboy II' Sizzles. Retrieved July 14, 2008.
Jump up ^ Hollywood's 3-D kick hits a bump. Retrieved July 14, 2008.
Jump up ^ "Best Atlanta Attractions - Atlanta Activities - Stone Mountain Park". www.stonemountainpark.com.
Jump up ^ "Page Not Found". www.dollywood.com.
^ Jump up to: a b Journey to the Center of the Earth – DVD Sales. The Numbers. Retrieved 2010-11-01.
Jump up ^ "Journey to the Center of the Earth (2008)". Rotten Tomatoes. Fandango Media. Retrieved May 14, 2018.
Jump up ^ "Journey to the Center of the Earth Reviews". Metacritic. CBS Interactive. Retrieved May 14, 2018.
Jump up ^ "Journey to the Center of the Earth 4-D". Iwerks Entertainment. Retrieved 6 December 2010.
Jump up ^ "Journey To The Center Of The Earth 4-D Adventure (Warner Bros. Movie World)". Parkz. Retrieved 14 July 2013.
Jump up ^ Business Wire (12 June 2009). "Take a Journey to the Center of the Earth 4D At Dollywood's KidsFestSM". BNET. Retrieved 5 December 2010. [permanent dead link]
Jump up ^ "Enchanted Kingdom's newest 4D adventure now showing". The Philippine Star. 26 April 2009. Retrieved 5 December 2010.
External links[edit]
Wikiquote has quotations related to: Journey to the Center of the Earth (2008 film)
Official website
Journey to the Center of the Earth on IMDb
Journey to the Center of the Earth at AllMovie
Journey to the Center of the Earth at Box Office Mojo
Journey to the Center of the Earth at Rotten Tomatoes
Journey to the Center of the Earth at Metacritic
Journey to the Center of the Earth 3-D Production Notes
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Written and directed
Little Manhattan (2005)
Nim's Island (2008)
Screenplays
Madeline (1998)
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Journey to the Center of the Earth (2008)
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