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Kvantitativno labavljenje, princip razdvajanja i monetarna transmisija u sustavu obilnih rezervi

Author

Listed:
  • Karlo Vujeva

    (Faculty of Economics and Business, University of Zagreb)

Abstract

U radu se analizira transformacija transmisijskog mehanizma monetarne politike u novom monetarnom sustavu obilnih rezervi, s naglaskom na ulogu kvantitativnog labavljenja (QE) i princip razdvajanja između količine centralnobankarskih rezervi i kamatnih stopa. Polazeći od institucionalnih i teorijskih promjena nakon Velike financijske krize i COVID-19 krize, rad razlaže kako prelazak iz sustava oskudnih u sustav obilnih rezervi utječe na operativni okvir monetarne politike, transmisijske kanale i mehaniku nastanka primarnog novca. Posebna pažnja posvećena je vezi između politike kamatnjaka i politike bilance središnje banke, pri čemu se QE promatra kao instrument koji redefinira odnose unutar platnog sustava te ima specifične učinke na bilance monetarnih institucija. Bilančnom analizom monetarne transmisije te uz pomoć identitetskih prikaza procesa kreacije likvidnosti, rad implicira ograničene dosege QE-a u poticanju realne ekonomske aktivnosti, ističući endogenost novca, mehanizam refluksa i hijerarhijsku odvojenost javne i privatne likvidnosti u suvremenom monetarnom sustavu. Time rad doprinosi boljem razumijevanju transmisijskog mehanizma nekonvencionalne monetarne politike i pruža osnovu za buduće analize učinkovitosti monetarne politike, bilo ekspanzivne ili restriktivne, u postojećem sustavu obilnih rezervi.

Suggested Citation

  • Karlo Vujeva, 2025. "Kvantitativno labavljenje, princip razdvajanja i monetarna transmisija u sustavu obilnih rezervi," EFZG Working Papers Series 2506, Faculty of Economics and Business, University of Zagreb.
    • Handle: RePEc:zag:wpaper:2506
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    Keywords

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    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G01 - Financial Economics - - General - - - Financial Crises

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