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The Monetary Policy of the ECB in the Time of Crisis: The Current Empirical Analysis

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  • Zdeněk Pavlík

Abstract

This paper investigates the monetary policy of the European Central Bank in the time of the financial, economic and European debt and banking crisis. This paper focuses on the actual issues connected with the debt and banking crisis in Europe. The attention is devoted to the risk development in the European banking sector and the development of the monetary policy of the ECB. The empirical analysis of the ECB's monetary policy points out the systematic change in its behavior, which means that the ECB has been more focused on the financial stability of the European banking sector instead of the standard aim regarding the price stability. The results of the paper show how the monetary policy of the ECB is more and more unconventional with a decreasing rate of independence. This fact would have a significant impact on a future development of the European banking sector and the European economic activity.

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  • Zdeněk Pavlík, 2012. "The Monetary Policy of the ECB in the Time of Crisis: The Current Empirical Analysis," Současná Evropa, Prague University of Economics and Business, vol. 2012(1), pages 3-28.
    • Handle: RePEc:prg:jnlsev:v:2012:y:2012:i:1:id:10:p:3-28
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    References listed on IDEAS

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    1. Checherita-Westphal, Cristina & Rother, Philipp, 2010. "The impact of high and growing government debt on economic growth: an empirical investigation for the euro area," Working Paper Series 1237, European Central Bank.
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    4. Baxa, Jaromír & Horváth, Roman & Vašíček, Bořek, 2013. "Time-varying monetary-policy rules and financial stress: Does financial instability matter for monetary policy?," Journal of Financial Stability, Elsevier, vol. 9(1), pages 117-138.
    5. Philip Arestis & Rogério Sobreira & José Luis Oreiro (ed.), 2011. "The Financial Crisis," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-30394-2, March.
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