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Central Bank Policy During Times Of Financial Instability - Experiences Of Some Eurosystem’S Candidates

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  • CRISTE, Adina

    (“Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy)

Abstract

The global financial crisis, the most severe form of financial instability, split up the global economy in two different periods before and after the global financial crisis. In the same way, at the European level, this crisis made another “cleavage”: before and after the Lehman Brothers (LB) shock. One of the important pillars for managing the financial instability is the Central Bank, and the financial crisis occurrence has generated a variety of challenges, including those linked to the way in which these institutions have reacted. Based on the previous research made by the author related to the European economic integration and to the role of central banks regarding the managing of the financial instability, the present paper aimed at describing the Central Bank conduit of some of Euro Area candidate countries during times of financial instability marked after 2000’s. The research results will show if the measures implemented by central banks from the selected countries could or could not be designed under a similar framework of managing the financial instability in the emerging Europe.

Suggested Citation

  • CRISTE, Adina, 2015. "Central Bank Policy During Times Of Financial Instability - Experiences Of Some Eurosystem’S Candidates," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 19(2), pages 17-29.
  • Handle: RePEc:vls:finstu:v:19:y:2015:i:2:p:17-29
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    References listed on IDEAS

    as
    1. Claudio Borio, 2011. "Central banking post-crisis: What compass for uncharted waters?," BIS Working Papers 353, Bank for International Settlements.
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    More about this item

    Keywords

    macro-prudential tools; unconventional monetary policy tools; financial liberalization;
    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
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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