scholarly journals International experience of using central bank instruments of monetary control in the financial crisis 2008-2014 years

2014 ◽  
Vol 6 (6) ◽  
Author(s):  
Tatiana Yugai ◽  
Phung The Dong
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
International Experience ◽  
Monetary Control

Global Financial Crisis and Its Impact on Russia

2009 ◽  
pp. 9-27 ◽  
Author(s):  
A. Kudrin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Real Economy ◽  
Energy Prices ◽  
Russian Government ◽  
The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

Twin Peaks Regulation After the Global Financial Crisis: A Reform Model for China?

2017 ◽  
Vol 8 (3) ◽  
Author(s):  
Miao Han
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Financial Services ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Relevant Literature ◽  
Twin Peaks ◽  
The Global Financial Crisis ◽  
Peak Model ◽  
Twin Peak

AbstractThe global financial crisis (GFC) has been defined as the worst financial crisis after the Great Depression of the 1930s. Reforms underway, as well as debates in discussion, revolve around both regulatory philosophy and approaches towards better supervisory outcomes. One of the most radical institutional reforms took place in the United Kingdom (UK), where the Twin-Peak model replaced the previous fully integrated regulator – the Financial Services Authority (FSA) under the Financial Services Act 2012. This paper argues that China should also introduce twin peaks regulation, but it is rather based on the resources of risk in its financial sector than the direct GFC challenge. In theory, the core arguments focus on the structure of agencies responsible for prudential regulation and the role played by the central bank as well. The Twin-Peak model has been further examined in terms of regulatory objectives and instruments. By method, this paper is a country-specific comparative study; Australia, the Netherlands and the UK are selected to represent different Twin-Peak models. This paper contributes to the relevant literature in two main aspects. First, it has displayed the principal pattern of the Twin-Peak model after detailing the case studies, including the relationship involving in two regulators, central bank and finance minister in particular. Based on this, second, it becomes possible to design a very specific model to reform China’s current sector-based financial monitoring regime. As far as the author knows, until end-2015, this is the first paper which has proposed such a particular model to China. It is argued that the appropriate institutional structure of market regulation should fit well in with a country’s financial market. Accordingly, the Twin-Peak model will be able to balance the regulatory tasks for the over-concentrated risk in China’s large banking sector but the underdeveloped securities market. Even though, regulatory independence will continue to be challenged.

scholarly journals Comparison of the Approach of the Czech National Bank and the European Central Bank to the Effects of the Global Financial Crisis

2021 ◽  
Vol 10 (2) ◽  
pp. 18-46
Author(s):  
Andrea Cecrdlova
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Financial Crisis ◽  
Central Bank ◽  
European Central Bank ◽  
Global Financial Crisis ◽  
Central Banks ◽  
European Central ◽  
National Bank ◽  
The Global Financial Crisis

The latest global crisis, which fully erupted in 2008, can have a significant impact on central banks credibility in the long run. During the last crisis, monetary authorities encountered zero interest rate levels and, as a result, started to use non-standard monetary policy instruments. The Czech National Bank decided to use a less standard instrument in November 2013, when it started to intervene on the foreign exchange market in order to keep the Czech currency at level 27 CZK / EUR. However, the European Central Bank also adopted a non-standard instrument, when chose a path of quantitative easing in 2015 in order to support the euro area economy by purchasing financial assets. The question remains whether the approach of Czech National Bank or the approach of European Central Bank in the crisis and post-crisis period was a more appropriate alternative. With the passage of time from the global financial crisis, it is already possible to compare the approaches of these two central banks and at least partially assess what approach was more appropriate under the given conditions. When comparing the central banks approaches to the crisis, the Czech National Bank was better, both in terms of the rate of interest rate cuts and the resulting inflation with regard to the choice of a non-standard monetary policy instrument. The recent financial crisis has revealed the application of moral hazard in practice, both on behalf of the European Central Bank and the Czech National Bank, which may have a significant impact on their credibility and independence in the coming years.

AZƏRBAYCAN RESPUBLİKASININ MONETAR SİYASƏTİ

2020 ◽  
Vol 54 (05) ◽  
pp. 103-106
Author(s):  
Kamil Sayavush Demirli ◽  
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Financial Crisis ◽  
Central Bank ◽  
Key Words

Key words: finance, monetary policy Central Bank exchange rate economy financial crisis

Monetary Theory: Overview and Liquidity Extensions

2016 ◽  
Author(s):  
Guillermo Calvo
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Price Level ◽  
Central Banks ◽  
Linear Constraints ◽  
Relative Price ◽  
Monetary Theory ◽  
Quantitative Easing ◽  
Liquidity Shock ◽  
New Crop

The chapter points out some deficiencies of the mainstream model utilized by many central banks. It also reviews the Fiscal Theory of the Price level. Extending the barebones version of the central banks' model presented here to the case in which "land" is endowed with liquidity, the chapter shows, among other things, that if land is subject to Liquidity Crunch, increasing the supply of liquidity by pump-priming high-powered money fails to send land's relative price back to pre-liquidity-shock level. This helps to give a rationale for Quantitative Easing in which the central bank purchases "toxic assets" with high-powered money. The chapter includes extensions to account for banks and liquidity as a factor of production, and it ends with a critique of the new crop of financial crisis models, especially those stressing non-linear constraints.

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