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Rethinking A Global Sustainable Monetary Policy In A Post-Crisis Era

Author

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  • CRISTE, Adina

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

Abstract

The central banks are some of the key institutions which act and intervene through specific operations to influence the overall economic activity. The global financial crisis and its driven effects maintained over time the focus on the way in which the central banks reacted to regulate the engine of the economy. During the post-crisis period, difficult for the global economy, the monetary authority tried to address the challenges through measures aiming to support the financial stability, which is essential for the sustainable economic growth. Within this framework, the central banks which dominate the global economy have implemented several non-conventional measures in order to accomplish their objectives, which cause adverse effects for other economies, particularly the emerging ones. Starting from the characteristics of the post-crisis environment, observed at the global level, the paper identifies some challenges to the central banks, which require rethinking a global sustainable monetary policy.

Suggested Citation

  • CRISTE, Adina, 2017. "Rethinking A Global Sustainable Monetary Policy In A Post-Crisis Era," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 21(2), pages 56-69.
  • Handle: RePEc:vls:finstu:v:21:y:2017:i:2:p:56-69
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    References listed on IDEAS

    as
    1. Joshua Aizenman & Mahir Binici & Michael M. Hutchison, 2016. "The Transmission of Federal Reserve Tapering News to Emerging Financial Markets," International Journal of Central Banking, International Journal of Central Banking, vol. 12(2), pages 317-356, June.
    2. Bruno, Valentina & Shin, Hyun Song, 2015. "Capital flows and the risk-taking channel of monetary policy," Journal of Monetary Economics, Elsevier, vol. 71(C), pages 119-132.
    3. Michael Ehrmann, 2015. "Targeting Inflation from Below: How Do Inflation Expectations Behave?," International Journal of Central Banking, International Journal of Central Banking, vol. 11(4), pages 213-249, September.
    4. Eichengreen, Barry & Gupta, Poonam, 2015. "Tapering talk: The impact of expectations of reduced Federal Reserve security purchases on emerging markets," Emerging Markets Review, Elsevier, vol. 25(C), pages 1-15.
    5. Carolina Osorio & Esteban Vesperoni, 2015. "Spillover Implications of Differences in Monetary Conditions in the United States and the Euro Area," IMF Policy Discussion Papers 15/01, International Monetary Fund.
    6. Robert Neil McCauley & Patrick McGuire & Vladyslav Sushko, 2015. "Dollar credit to emerging market economies," BIS Quarterly Review, Bank for International Settlements, December.
    7. Valentina Bruno & Hyun Song Shin, 2015. "Cross-Border Banking and Global Liquidity," Review of Economic Studies, Oxford University Press, vol. 82(2), pages 535-564.
    8. Nicola Cetorelli & Linda S. Goldberg, 2012. "Banking Globalization and Monetary Transmission," Journal of Finance, American Finance Association, vol. 67(5), pages 1811-1843, October.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    central bank; secular stagnation; disinflation; globalization;

    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
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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