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

Author

Listed:
  • 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. Eric Santor & Lena Suchanek, 2013. "Unconventional Monetary Policies: Evolving Practices, Their Effects and Potential Costs," Bank of Canada Review, Bank of Canada, vol. 2013(Spring), pages 1-15.
    2. Adina Criste, 2014. "Monetary Policy Adjustment at the Global Financial Crisis Constraints," Hyperion Economic Journal, Faculty of Economic Sciences, Hyperion University of Bucharest, Romania, vol. 2(4), pages 3-11, December.
    3. LUPU, Iulia, 2014. "Economic And Financial Risk Taking In Central And Eastern European Countries," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 18(2), pages 80-93.
    4. CRISTE, Adina, 2014. "Reference Points For Financial Instability In The Euro Zone Candidates Countries," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 18(3), pages 58-75.
    5. 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

    macro-prudential tools; unconventional monetary policy tools; financial liberalization;

    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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