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Managing Financial Stability By The European Central Bank In The Period 2008–2012

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  • Radosław Ciukaj

    (Cracow University of Economics)

Abstract

In reaction to the global financial crisis and ineffectiveness of traditional monetary policy, European Central Bank undertook a number of unconventional measures to preserve financial stability in the EU. The paper presents a non-standard tools used by the ECB in the 2008–2012 period, as a response to shocks in the financial system and evaluates their effectiveness.

Suggested Citation

  • Radosław Ciukaj, 2016. "Managing Financial Stability By The European Central Bank In The Period 2008–2012," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 5(2), pages 57-72.
    • Handle: RePEc:cpn:umkcjf:v:5:y:2016:i:2:p:57-72
    as

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    File URL: https://apcz.umk.pl/CJFA/article/view/CJFA.2016.015/11419
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    References listed on IDEAS

    as
    1. Ben S. Bernanke & Vincent R. Reinhart & Brian P. Sack, 2004. "Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(2), pages 1-100.
    2. Michele Lenza & Huw Pill & Lucrezia Reichlin, 2010. "Monetary policy in exceptional times [Preventing deflation: Lessons from Japan’s experience in the 1990s]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 25(62), pages 295-339.
    3. Issing, Otmar, 2014. "Forward guidance: A new challenge for central banks," SAFE White Paper Series 16, Leibniz Institute for Financial Research SAFE.
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