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Monetary Policy Efficiency and Challenges Lying Ahead in the Aftermath of the Financial Crisis

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  • Halep Maria

    (Doctoral School ASE Bucarest – International Business)

Abstract

Since the 2008 financial crisis burst, central banks have had an increasing role in ensuring liquidity on financial markets, acting as lender of last resort and maintaining a general, though still fragile equilibrium. Once the interest rate cuts were no more enough to ease monetary policy, unconventional measured replaced them, generally known under the name of “quantitative easing”. Monetary policy increased in importance as governments’ latitude to conduct public and fiscal policies to sustain general demand are very limited in a context of generally high deficits and public indebtedness. This study assesses the limits and eventual risks of prolonged accommodative monetary policies deployed in developed and emerging economies throughout the world. Among the main risks, we analyse: the implications for effective balance sheet repair in advanced economies; the consequences of global monetary policy spillovers to emerging market economies; and the resulting longerterm risks for central banks, namely inflation risks.

Suggested Citation

  • Halep Maria, 2013. "Monetary Policy Efficiency and Challenges Lying Ahead in the Aftermath of the Financial Crisis," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 43-48, May.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:1:p:43-48
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    References listed on IDEAS

    as
    1. Reinhart, C. M., 2012. "The return of financial repression," Financial Stability Review, Banque de France, issue 16, pages 37-48, April.
    2. Anonymous, 1949. "Council of Europe," International Organization, Cambridge University Press, vol. 3(4), pages 729-732, November.
    3. Anonymous, 1949. "Council of Europe," International Organization, Cambridge University Press, vol. 3(3), pages 551-552, August.
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    More about this item

    Keywords

    monetary policies; central banks; quantitative easing; inflation; balance sheets;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • 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

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