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Implicații ale politicii monetare unice în susținerea integrării financiare europene
[The implications of single monetary policy in sustaining European financial integration]

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  • Avadanei, Andreea

Abstract

The aim of this paper is to illustrate the general implications of single monetary policy in sustaining European financial integration. Our study is structured on two main sections; the first one presents the importance of money market integration for the common policy and the seconds analyses the transmission mechanism functioning under financial distress. An efficient and integrated money market is essential for a sound monetary policy, given that it provides an even distribution of central bank liquidity and a homogeneous level of short-term interest rates in the entire space of the common currency. If monetary policy transmission mechanism has been irreversibly affected by the international crisis, it is still premature to determine.

Suggested Citation

  • Avadanei, Andreea, 2011. "Implicații ale politicii monetare unice în susținerea integrării financiare europene [The implications of single monetary policy in sustaining European financial integration]," MPRA Paper 29147, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:29147
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    References listed on IDEAS

    as
    1. Escriva, J.L. & Fagan, F.P., 1996. "Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries," Papers 2, European Monetary Institute.
    2. Darracq Pariès, Matthieu & Moyen, Stéphane, 2012. "Monetary policy and inflationary shocks under imperfect credibility," Economics Letters, Elsevier, vol. 116(3), pages 571-574.
    3. Cornelia Holthausen & Huw Pill, 2010. "The forgotten markets: How understanding money markets helps us to understand the financial crisis," Research Bulletin, European Central Bank, vol. 9, pages 2-5.
    4. Arturo Estrella, 2002. "Securitization and the efficacy of monetary policy," Economic Policy Review, Federal Reserve Bank of New York, vol. 8(May), pages 243-255.
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    More about this item

    Keywords

    single policy; transmission mechanism; financial distress; pass-through process;
    All these keywords.

    JEL classification:

    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G01 - Financial Economics - - General - - - Financial Crises

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