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Efikasnost monetarne politike u uvjetima financijske globaliziranosti

Author

Listed:
  • Josip Tica

    (Faculty of Economics and Business, University of Zagreb)

  • Tomislav Globan

    (Faculty of Economics and Business, University of Zagreb)

  • Vladimir Arčabić

    (Faculty of Economics and Business, University of Zagreb)

Abstract

U radu se analizira standardna udžbenička Mundell-Fleming trilema u vođenju monetarne politike u kontekstu novih hipoteza „dileme“ (Rey 2015) i „kvadrileme“. Hipoteza dileme dovodi u pitanje relevantnost izbora tečajnog režima za efikasnost monetarne politike zbog postojanja globalnog financijskog ciklusa, dok hipoteza "kvadrileme" implicira kako visoka razina deviznih rezervi omogućava veći stupanj monetarne samostalnosti neovisno o tečajnom režimu. U radu se također nastoji ponuditi alternativno objašnjenje postojanja globalnog financijskog ciklusa koje počiva na Eichengreenovoj et al. (2007) hipotezi „izvornog grijeha“. Prema alternativnom objašnjenju, usklađenost financijskih ciklusa posljedica je svjesnog odabira fiksnog tečaja u uvjetima tečajne neusklađenosti financijske imovine i obveza unutar zemlje. Visok stupanj tečajne izloženosti (više obveza od imovine u inozemnom novcu) smanjuje efikasnost monetarne politike (mijenja nagib (dinamičke i klasične) IS krivulje) i motivira nosioce ekonomske politike na odabir prociklične monetarne politike, a što se posljedično očituje usklađenošću globalnog financijskog ciklusa.

Suggested Citation

  • Josip Tica & Tomislav Globan & Vladimir Arčabić, 2017. "Efikasnost monetarne politike u uvjetima financijske globaliziranosti," EFZG Working Papers Series 1703, Faculty of Economics and Business, University of Zagreb.
    • Handle: RePEc:zag:wpaper:1703
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    More about this item

    Keywords

    globalni financijski ciklus; tečajna izloženost; izvorni grijeh; monetarna trilema;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F15 - International Economics - - Trade - - - Economic Integration
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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