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Monetary policy at crisis times

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Author Info

  • Kemal Kozarić

    ()
    (Governor of the Central Bank of Bosnia and Herzegovina and a professor at the Faculty of Economics in Sarajevo)

  • Nikola Fabris

    ()
    (Chief Economist of the Central Bank of Montenegro and a professor at the Faculty of Economics in Belgrade)

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    Abstract

    Working in a financial crisis environment is one of the most stressing tasks for a central banker. In order to diffuse a financial crisis, preventive policies, are of vital importance yet they cannot remove all disruptions that could lead to a crisis. Therefore, when a crisis emerges, risk management is of crucial importance. Risk management requires the utilisation of all available monetary policy instruments, as well as many unconventional instruments that would otherwise be considered as unacceptable in normal times. The paper discusses which actions a central bank should take at a down of a crisis, including the instruments from the “psychological arsenal” such as crisis PR and deposit insurance.

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    File URL: http://www.cbcg.me/repec/cbk/journl/vol1no1-1.pdf
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    Bibliographic Info

    Article provided by Central bank of Montenegro in its journal Journal of Central banking Theory and Practice.

    Volume (Year): 1 (2012)
    Issue (Month): 1 ()
    Pages: 5-24

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    Handle: RePEc:cbk:journl:v:1:y:2012:i:1:p:5-24

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    Related research

    Keywords: central bank; monetary policy; crisis; monetary policy instruments; crisis PR;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Jonathan David Ostry & Atish R. Ghosh & Karl Friedrich Habermeier & Marcos Chamon & Mahvash Saeed Qureshi & Dennis B. S. Reinhardt, 2010. "Capital Inflows," IMF Staff Position Notes 2010/04, International Monetary Fund.
    2. Bofinger, Peter, 2001. "Monetary Policy: Goals, Institutions, Strategies, and Instruments," OUP Catalogue, Oxford University Press, number 9780199248568.
    3. Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543.
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    Cited by:
    1. repec:cbk:journl:v:2:y:2013:i:2:p:111-138 is not listed on IDEAS
    2. Milutin Ješić, 2013. "Implications of Fiscal Irresponsibility on Financial Stability," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 2(3), pages 111-138.

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