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Central Banks’ Unconventional Policies within the Context of the Most Critical Global Financial Crisis of the 21st Century

Author

Listed:
  • Apostoaie Marius Constantin

    (“Alexandru Ioan Cuza” University of Iaºi, Faculty of Economics and Business Administration)

  • Ciortescu Elena

    (“Alexandru Ioan Cuza” University of Iaºi, Faculty of Economics and Business Administration)

Abstract

The accelerated deterioration of the worldwide economic climate which occurred as a consequence of the deepening financial crisis following the Lehman Brothers bankruptcy in the autumn of 2008 created a new context in which most central banks were forced to come up with unprecedented solutions. They drastically reduced the monetary policy interest rates up to a historical minimum level and adopted a number of monetary policy measures widely acknowledged as unconventional. Under these circumstances, our study aims to carry out a qualitative analysis of the most important „unorthodox” monetary policy measures (adopted by eight representative central banks) as well as to emphasize the differences among the various concepts used to illustrate these measures in the economic literature as well as in practice.

Suggested Citation

  • Apostoaie Marius Constantin & Ciortescu Elena, 2011. "Central Banks’ Unconventional Policies within the Context of the Most Critical Global Financial Crisis of the 21st Century," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 34-40, May.
    • Handle: RePEc:ovi:oviste:v:xi:y:2011:i:9:p:34-40
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    More about this item

    Keywords

    central banks; unconventional policy; interest rate policy; balance sheet policy; financial crisis.;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • 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
    • 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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