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Non-Standard Measures of the Monetary Policy – Mechanism for Overcoming Problems in the Implementation of the Neoliberal Concept of Monetary Policy During a Financial Crisis

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  • Milošević Andriana

    (University of Niš, Faculty of Economics, Republic of Serbia)

  • Jemović Mirjana

    (University of Niš, Faculty of Economics, Republic of Serbia)

Abstract

After multiple decreases in the reference interest rate and its reaching zero bounds in certain countries during the recent global financial crisis, central banks in developed countries have started applying non-standard measures of monetary policy. This does not refer to introducing new monetary policy instruments, but rather to a certain relativisation within the framework of standard instruments, in terms of maturity of liquidity provision, collateral policy and counterparties. Therefore, the aim of this paper is to examine the role of non-standard measures of monetary policy as a mechanism for overcoming problems in the implementation of the neoliberal concept of monetary policy in the conditions of the financial crisis. The answer to this question is rather sensitive, considering the fact that the neoliberal concept was supported by the most developed countries, that is, in fact, their central banks were using non-standard instruments of monetary policy for the greatest part.

Suggested Citation

  • Milošević Andriana & Jemović Mirjana, 2017. "Non-Standard Measures of the Monetary Policy – Mechanism for Overcoming Problems in the Implementation of the Neoliberal Concept of Monetary Policy During a Financial Crisis," Economic Themes, Sciendo, vol. 55(4), pages 465-480, December.
    • Handle: RePEc:vrs:ecothe:v:55:y:2017:i:4:p:465-480:n:2
    DOI: 10.1515/ethemes-2017-0026
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    References listed on IDEAS

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    More about this item

    Keywords

    neoliberal paradigm; global financial crisis; non-standard measures; central bank;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

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