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Monetary Policy Effectiveness In Stimulating The Cees Credit Recovery

Listed author(s):
  • OLTEANU, Dan

    (”Costin C. Kiritescu” National Institute for Economic Research, Romanian Academy)

This paper aims to appraise the effectiveness of central bank interest rate and quantitative easing measures in boosting private credit recovery from several CEE countries, after the crisis. We found that the monetary policy endeavors significantly succeeded in reducing the money market tensions following the external financial shock. The short-term interbank interest rate strongly responded to the changes in central bank refinancing rate and commercial bank reserves, in all of the analysed countries. Nevertheless, the subsequent links of the transmission chain did not perform as well. Uncertainty in the money market perpetuated a high term spread, while credit risk kept the lending rate at relative high values. The inability of central banks to further stimulate the credit supply put a question mark over the truly factual control of the decision makers on money creation by commercial banks and, consequently, on national economic activity on the whole.

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File URL: ftp://www.ipe.ro/RePEc/vls/vls_pdf/vol19i3p8-24.pdf
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Article provided by Centre of Financial and Monetary Research "Victor Slavescu" in its journal Studii Financiare (Financial Studies).

Volume (Year): 19 (2015)
Issue (Month): 3 ()
Pages: 8-24

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Handle: RePEc:vls:finstu:v:19:y:2015:i:3:p:8-24
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  1. John C. Williams & John B. Taylor, 2009. "A Black Swan in the Money Market," American Economic Journal: Macroeconomics, American Economic Association, vol. 1(1), pages 58-83, January.
  2. Boivin, Jean & Kiley, Michael T. & Mishkin, Frederic S., 2010. "How Has the Monetary Transmission Mechanism Evolved Over Time?," Handbook of Monetary Economics,in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 8, pages 369-422 Elsevier.
  3. Jannsen, Nils & Potjagailo, Galina & Wolters, Maik H., 2015. "Monetary policy during financial crises: Is the transmission mechanism impaired?," Kiel Working Papers 2005, Kiel Institute for the World Economy (IfW).
  4. Leonardo Gambacorta & David Marques‐Ibanez, 2011. "The bank lending channel: lessons from the crisis," Economic Policy, CEPR;CES;MSH, vol. 26(66), pages 135-182, April.
  5. Tatjana Dahlhaus, 2014. "Monetary Policy Transmission during Financial Crises: An Empirical Analysis," Staff Working Papers 14-21, Bank of Canada.
  6. Tapking, Jens & Eisenschmidt, Jens, 2009. "Liquidity risk premia in unsecured interbank money markets," Working Paper Series 1025, European Central Bank.
  7. John Taylor & John Williams, 2008. "Further Results on a Black Swan in the Money Market," Discussion Papers 07-046, Stanford Institute for Economic Policy Research.
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