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Consideration on the price stability – financial stability relationship in the context of financial globalization

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  • Marius Constantin Apostoaie

Abstract

This study is focused upon the involvement of the central banks regarding the fulfillment of the two main objectives: price stability and financial stability. These two key concepts are part of an old and ongoing debate that the current turmoil has revived, and that is whether monetary policy should aim, or not, at ensuring financial stability in parallel to its main objective of price stability. On both sides there are solid and well known arguments. In the beginning of the study I have considered a literature review with regard to price and financial stability issues. After that I have tried to shed some light (from a theoretical point of view) on the nature and dynamics of the fundamental interlinkages between the two aspects and there implications on the central banks and the economy. Finally I outline some general conclusions that have emerged in the present study.

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Bibliographic Info

Article provided by "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences in its journal Studies and Scientific Researches. Economics Edition.

Volume (Year): (2010)
Issue (Month): 15 ()
Pages:

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Handle: RePEc:bac:fsecub:10-15-01

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Related research

Keywords: Price stability; financial stability; central banks; monetary policy; primary objective; financial turmoil; financial system; financial globalisation;

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  1. Michael D. Bordo & Michael J. Dueker & David C. Wheelock, 2000. "Aggregate Price Shocks and Financial Instability: An Historical Analysis," NBER Historical Working Papers 0125, National Bureau of Economic Research, Inc.
  2. Poloz, Stephen S., 2006. "Financial stability: A worthy goal, but how feasible?," Journal of Banking & Finance, Elsevier, vol. 30(12), pages 3423-3427, December.
  3. Michael D. Bordo & Michael J. Dueker & David C. Wheelock, 2001. "Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999," NBER Working Papers 8583, National Bureau of Economic Research, Inc.
  4. Frederic S. Mishkin, 2009. "Is Monetary Policy Effective During Financial Crises?," NBER Working Papers 14678, National Bureau of Economic Research, Inc.
  5. Dupor, Bill, 2002. "Comment on: Monetary policy and asset prices," Journal of Monetary Economics, Elsevier, vol. 49(1), pages 99-106, January.
  6. Allen, William A. & Wood, Geoffrey, 2006. "Defining and achieving financial stability," Journal of Financial Stability, Elsevier, vol. 2(2), pages 152-172, June.
  7. Michael D. Bordo & David C. Wheelock, 1998. "Price stability and financial stability: the historical record," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 41-62.
  8. Q. Farooq Akram & Øyvind Eitrheim, 2006. "Flexible inflation targeting and financial stability: Is it enough to stabilise inflation and output?," Working Paper 2006/07, Norges Bank.
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