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Is Quantitative Easing An Appropriate Way For The Success Of Monetary Policy In A Post-Crisis Period?

Author

Listed:
  • PETRE PRISECARU

    (PhD. Senior Researcher, Institute of World Economy, Romanian Academy, ROMANIA)

Abstract

Quantitative easing is an unorthodox monetary policy focused on buying large quantities of bonds, mainly government bonds, by central bank in order to increase the reserves of commercial banks and thus to support private bank lending. It first started in Japan 14 year ago and this country experienced 3 rounds of QE with limited success. ,After that it spread in USA and UK with a certain degree of success and finally it was adopted by ECB in March 2015. Although huge amounts of money were injected in the banks it is difficult to assess to what extent liquidity trap was overcome and economic recovery after the recent crisis was helped. The opinions of different financial analysts and technocrats are divided and their arguments are not based on serious analyses using reliable statistical data and clear scientific evidence.

Suggested Citation

  • Petre Prisecaru, 2015. "Is Quantitative Easing An Appropriate Way For The Success Of Monetary Policy In A Post-Crisis Period?," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 3(2), pages 27-35, November.
    • Handle: RePEc:ntu:ntugeo:vol3-iss2-15-027
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    References listed on IDEAS

    as
    1. ., 2015. "A simulation model of the European defence industry," Chapters, in: Innovation and Liberalization in the European Defence Sector, chapter 5, pages 89-117, Edward Elgar Publishing.
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    More about this item

    Keywords

    monetary policy; financial crisis; interest rate; bond; financial asset; money supply; credit.;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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