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Effectiveness And Limitations Of Monetary Policy Instruments In Romania And The European Union

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  • Zina CIORAN

    () (Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iasi, Romania)

Abstract

The complexity of the monetary phenomenon as well as the effects that it induces in the social and economic life of the countries around the world have represented and still represent the subject of much controversy and dispute. The current forms of the monetary circulation organization in different countries, internationally as well, represent the result of a continuous process of changes and innovations in the monetary area. The purpose of this article is to present aspects of the monetary policy and its instruments which have evolved according to the historical conditions of each period. The paper is also a presentation of effectiveness and limits of the monetary policy instruments and their role in solving the current economic problems for which the governments seek solutions. As a consequence to the analysis, it can be seen that in most cases it uses a mixture of monetary policy instruments because, when acting in a complementary way, they have a higher efficiency.

Suggested Citation

  • Zina CIORAN, 2014. "Effectiveness And Limitations Of Monetary Policy Instruments In Romania And The European Union," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 6(4), pages 43-56, December.
  • Handle: RePEc:jes:wpaper:y:2014:v:6:i:4:p:43-56
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    File URL: http://ceswp.uaic.ro/articles/CESWP2014_VI4_CIO.pdf
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    References listed on IDEAS

    as
    1. Claudio Borio & Ilhyock Shim, 2007. "What can (macro-)prudential policy do to support monetary policy?," BIS Working Papers 242, Bank for International Settlements.
    2. Castelnuovo, Efrem & Nicoletti-Altimari, Sergio & Rodriguez-Palenzuela, Diego, 2003. "Definition of price stability, range and point inflation targets: the anchoring of long-term inflation expectations," Working Paper Series 273, European Central Bank.
    3. Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543.
    4. Silviu CERNA, 2012. "The Monetary Policy in Post Crisis Period," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 5(17), pages 58-78.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    monetary policy; inflation; Central Banks; monetary policy instruments; money supply;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • 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

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