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Cross-Border Connections In Central Banking

Author

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  • CRISTE, Adina

    (”Victor Slăvescu” Centre for Financial and Monetary Research, Romanian Academy, Bucharest, Romania)

Abstract

After the global financial crisis outbreak, there are intensified debates on the cross-border spillovers effects induced by unconventional monetary policy of major central banks in developed countries. Based on this observation, the present paper makes a short analysis on the relationship between central banks in post-crisis time, focused on the connection between major central banks (Fed, ECB) and other central banks of local (i.e. national) interest. For an open economy, the central bank's responsibility in promoting the financial stability extends beyond the national borders, becoming a regional or even a global responsibility. At the global level, a great challenge remains the way in which the cooperation between monetary authorities can be strengthened, even in normal times. The major locally-driven effects generated by the global central banks decisions requires further exploration of new areas of cooperation that can limit the accumulation of financial imbalances and vulnerabilities in the economy.

Suggested Citation

  • CRISTE, Adina, 2017. "Cross-Border Connections In Central Banking," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 4(1), pages 191-195.
  • Handle: RePEc:vls:rojfme:v:4:y:2017:i:1:p:191-195
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    References listed on IDEAS

    as
    1. Arvind Krishnamurthy & Annette Vissing-Jorgensen, 2011. "The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 42(2 (Fall)), pages 215-287.
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    6. McQuade, Peter & Falagiarda, Matteo & Tirpák, Marcel, 2015. "Spillovers from the ECB's non-standard monetary policies on non-euro area EU countries: evidence from an event-study analysis," Working Paper Series 1869, European Central Bank.
    7. Arvind Krishnamurthy & Annette Vissing-Jorgensen, 2011. "The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(2 (Fall)), pages 215-287.
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    More about this item

    Keywords

    unconventional monetary policy; spillover effects; central bank cooperation;
    All these keywords.

    JEL classification:

    • 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
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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