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Did the financial crisis bring any changes in the monetary policy preferences of Romania?

Author

Listed:
  • Ágnes Nagy

    (Babeş-Bolyai University, Institute of Economics and Business Administration in Hungarian Language, Faculty of Economics and Business Administration, Cluj-Napoca, Romania)

  • Annamária Benyovszki

    (Babeş-Bolyai University, Institute of Economics and Business Administration in Hungarian Language, Faculty of Economics and Business Administration, Cluj-Napoca, Romania)

Abstract

The turbulence in global financial markets presents a serious challenge to the stability of the monetary policy trilemma configuration. The trilemma states that a country may simultaneously choose only two of the following three policy goals: monetary policy independence, exchange rate stability, and financial integration. In order to analyse if the financial crisis brought changes in Romania’s monetary policy preference, we have constructed indexes that measure the trilemma policy goals individually in the period between 2005 and 2012. Using these indices, we have shown that there are significant differences between the means of monetary independence and exchange rate stability indices in the pre- and post-crisis periods.

Suggested Citation

  • Ágnes Nagy & Annamária Benyovszki, 2014. "Did the financial crisis bring any changes in the monetary policy preferences of Romania?," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 64(supplemen), pages 111-131, November.
    • Handle: RePEc:aka:aoecon:v:64:y:2014:i:supplement1:p:111-131
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    Citations

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    Cited by:

    1. Lucian Croitoru, 2021. "Responding to Criticism of Monetary Policy in Romania in the Decade Surrounding the 2008 Financial Crisis (2004-2013)," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 39-58, December.

    More about this item

    Keywords

    impossible trinity; monetary policy independence; exchange rate stability; financial integration; dynamic conditional correlations (DCC); Romania;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy

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