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Financial Innovations and Their Implications for Monetary Policy

Author

Listed:
  • ?argu Alina Camelia

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

  • Roman Angela

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

Abstract

Over the past few decades, many financial innovations have ensured a more efficient allocation of resources, being thus considered an engine of economic growth, but at the same time, their rapid development complicated the environment in which central bank implements its policies. In this context, the aim of our research is to analyse the impact of financial innovation on the monetary transmission mechanism, highlighting how financial innovation affects these mechanisms both by altering the channels through which monetary policy operates and by changing the overall impact of monetary policy decisions. The results of our paper underline the fact that an appropriate knowledge of the mechanisms through which monetary policy affects the economy, especially in times of stress, is of crucial importance in order for the central bank to stabilise the economy and promote long-term economic growth. Hospitality industry development quidelines that concern the implementation of clean technologies, diversification of services and customer loyalty are influenced by the same global economic condition. Therefore, development and expansion plans of large global hotel groups are taken, mostly on short and medium time horizon.

Suggested Citation

  • ?argu Alina Camelia & Roman Angela, 2011. "Financial Innovations and Their Implications for Monetary Policy," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 1220-1225, May.
  • Handle: RePEc:ovi:oviste:v:xi:y:2011:i:9:p:1220-1225
    as

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    File URL: http://stec.univ-ovidius.ro/html/anale/RO/cuprins%20rezumate/volum2011p2.pdf
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    References listed on IDEAS

    as
    1. Grigorescu, Adriana, 2009. "Renewal marketing management in public and business organizations," MPRA Paper 25128, University Library of Munich, Germany.
    2. Nicolae Al. Pop & Anca-Daniela Vl?doi, 2009. "The marketer-a complex specialist, a man of concept, decision and action," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 11(25), pages 9-20, February.
    3. Kaplan, Andreas M. & Haenlein, Michael, 2009. "The increasing importance of public marketing: Explanations, applications and limits of marketing within public administration," European Management Journal, Elsevier, vol. 27(3), pages 197-212, June.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    financial innovation; monetary policy; central-bank policies; financial markets;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • 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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