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The monetary policy and the financial stability in the context of globalization

  • Angela Roman

    ()

  • Irina Bilan

    ()

    (Finance, Money and Banking Department, Faculty of Economics and Business Administration, Alexandru Ioan Cuza University)

It is unanimously acknowledged at an international level that, for the long term, the stability of prices is the fundamental objective of the monetary policy of central banks. The international financial crises that have occurred in the context of financial globalization have determined central banks from various countries to give special attention to the promotion of financial stability. This attitude is due to the fact that a stable and solid financial system provides the prerequisites for the implementation of an efficient monetary policy, which contributes to the achievement of the fundamental objective, that of ensuring the stability of the prices. This paper aims at emphasizing the relationship between the stability of the prices and financial stability in the context of financial globalization, and the extent to which central banks can, via the monetary policy they promote, can contribute to the achievement of these objectives.

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Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi.

Volume (Year): 56 (2009)
Issue (Month): (November)
Pages: 143-156

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Handle: RePEc:aic:journl:y:2009:v:56:p:143-156
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  1. 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.
  2. Claudio E. V. Borio & Wiliam English & Andrew Filardo, 2003. "A tale of two perspectives: old or new challenges for monetary policy?," BIS Working Papers 127, Bank for International Settlements.
  3. Bordo, Michael D. & Dueker, Michael J. & Wheelock, David C., 2003. "Aggregate price shocks and financial stability: the United Kingdom 1796-1999," Explorations in Economic History, Elsevier, vol. 40(2), pages 143-169, April.
  4. 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.
  5. Philip Lowe & Claudio Borio, 2002. "Asset prices, financial and monetary stability: exploring the nexus," BIS Working Papers 114, Bank for International Settlements.
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