Araştırma Makalesi
BibTex RIS Kaynak Göster
Yıl 2017, , 35 - 45, 15.07.2017
https://doi.org/10.25095/mufad.402229

Öz

Kaynakça

  • Cecchetti, S. G. (2011, October). Monetary policy lessons learned from the crisis and the post-crisis landscape. In SEACEN-CEMLA Conference.
  • Coeuré, B. (2013, May). Where to exit to? Monetary policy implementation after the crisis. In speech at the 15th Geneva Conference on the World Economy:“Exit strategies: time to think about them”, Geneva (Vol. 3).
  • De La Dehesa, G. (2013). Tapering and exiting from present monetary policies. ECB, Monetary Dialogue, Directorate General For Internal Policies, Policy Department A: Economic And Scientific Policy, Available at: http://bookshop.europa.eu/en/exit-strategies-and-the-impact-on-the-euro-areapbQA0214086/, Accessed on: 26 December, 2016
  • Draghi, M. (2016, May). Addressing the causes of low interest rates. Introductory speech at a panel on “The future of financial markets: A changing view of Asia” at the Annual Meeting of the Asian Development Bank. Available at: https://www.ecb.europa.eu/press/key/date/2016/html/sp160502.en.html, Accessed on 23 December, 2016
  • ECB (2014a, June). ECB announces monetary policy measures to enhance the functioning of the monetary policy transmission mechanism. Available at: https://www.ecb.europa.eu/press/pr/date/2014/html/pr140605_2.en.html, Accessed on: 26 December, 2016
  • ECB (2014b). Economic and monetary developments. Economic Bulletin, Issue 4 Geho, P. R. and J. Frakes (2013). Financing for small business in a sluggish economy versus conflicting impulses of the entrepreneur. Entrepreneurial Executive 18: 89-101.
  • Hayes, A. (2016a, March). Quantitative Easing is Now a Fixture, Not a Temporary Patch. Available at: http://www.investopedia.com/articles/investing/030716/quantitative-easingnow- fixture-not-temporary-patch.asp, Accessed on: 26 December, 2016.
  • Hayes, A. (2016b, February). Negative Interest Rates: 4 Unintended Consequences Available at: http://www.investopedia.com/articles/investing/022616/negativeinterest- rates-4-unintended-consequences.asp, Accessed on: 26 December, 2016
  • Johnston, M. (2015). Open Market Operations vs. Quantitative Easing. Investopedia, Available at: http://www.investopedia.com/articles/investing/093015/openmarket- operations-vs-quantitative-easing.asp, Accessed on: 26 December, 2016.
  • Kelley, D. J., Singer, S., & Herrington, M. (2011). The global entrepreneurship monitor. 2011 Global Report, GEM 2011, 7.
  • Koranyi, B. Strupczewski, J. (2016). ECB could hit inflation target by late 2018, early 2019: Draghi. Available at: http://www.channelnewsasia.com/news/business/ecb-could-hit-inflation-targetby- late-2018-early-2019-draghi/3191104.html, Accessed on: 26 December, 2016.
  • Lautenschläger, S. (2015, March). How can prudential regulation foster growth? In speech at the Frankfurt Finance Summit, European Central Bank.
  • Mian, A., & Sufi, A. (2008). The consequences of mortgage credit expansion: Evidence from the 2007 mortgage default crisis (No. w13936). National Bureau of Economic Research.
  • Poposka, K. Mihajloska, E. (2015). SME Start-ups prior and after the Financial Crisis: Evidence for EU Countries. LAMBERT Publishing.
  • Rajan, R. (2013, December). A step in the dark: unconventional monetary policy after the crisis. Andrew Crockett Memorial Lecture, BIS, Basel, 23.
  • Sibert A. (2013). Central Bank Exit Strategies. ECB, Monetary Dialogue, Directorate General For Internal Policies, Policy Department A: Economic And Scientific Policy, Available at: http://bookshop.europa.eu/en/exit-strategies-and-theimpact- on-the-euro-area-pbQA0214086/, Accessed on: 26 December, 2016
  • Weber, A. (2010, October). Monetary policy after the crisis: A European perspective. In Speech given at the Shadow Open Market Committee (SOMC) symposium, New York City (Vol. 12).
  • Wyplosz, C. (2013). Exit Strategies. ECB, Monetary Dialogue, Directorate General For Internal Policies, Policy Department A: Economic And Scientific Policy, Available at: http://bookshop.europa.eu/en/exit-strategies-and-the-impact-onthe- euro-area-pbQA0214086/, Accessed on: 26 December, 2016

European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy

Yıl 2017, , 35 - 45, 15.07.2017
https://doi.org/10.25095/mufad.402229

Öz

The mechanisms the monetary policies have failed to foresee, not to mention to prevent the 2008 Financial Crisis (FC). Moreover the burst of the crisis has challenged the market mechanism for maintaining market liquidity, financial stability and risk management. The European Central Bank (ECB) has played crucial role in the aftermath of the 2008 FC for maintaining the market liquidity. The measures taken in the post crisis period were conflicting with the basic foundations of the monetary policy of EMU, but prevented the collapse of the financial market. While the ECB has successfully controlled inflation levels and maintained market liquidity failed to spur growth as expected. The paper discusses the challenges that emerge from these policy measures and provides a recommendation for future actions. Moving away from these measures has been emphasized as one of the main challenges with exiting too early and too late being equally dangerous. The discussion continues with the analysis of the effects and implication in practice of ECB Instruments and their future utilization. The question rises whether the monetary policy should go back to the conventional instruments or maintain excess liquidity and operate the system through parallel adjustments to the deposit facility rate and the rate on the main refinancing operations.

Kaynakça

  • Cecchetti, S. G. (2011, October). Monetary policy lessons learned from the crisis and the post-crisis landscape. In SEACEN-CEMLA Conference.
  • Coeuré, B. (2013, May). Where to exit to? Monetary policy implementation after the crisis. In speech at the 15th Geneva Conference on the World Economy:“Exit strategies: time to think about them”, Geneva (Vol. 3).
  • De La Dehesa, G. (2013). Tapering and exiting from present monetary policies. ECB, Monetary Dialogue, Directorate General For Internal Policies, Policy Department A: Economic And Scientific Policy, Available at: http://bookshop.europa.eu/en/exit-strategies-and-the-impact-on-the-euro-areapbQA0214086/, Accessed on: 26 December, 2016
  • Draghi, M. (2016, May). Addressing the causes of low interest rates. Introductory speech at a panel on “The future of financial markets: A changing view of Asia” at the Annual Meeting of the Asian Development Bank. Available at: https://www.ecb.europa.eu/press/key/date/2016/html/sp160502.en.html, Accessed on 23 December, 2016
  • ECB (2014a, June). ECB announces monetary policy measures to enhance the functioning of the monetary policy transmission mechanism. Available at: https://www.ecb.europa.eu/press/pr/date/2014/html/pr140605_2.en.html, Accessed on: 26 December, 2016
  • ECB (2014b). Economic and monetary developments. Economic Bulletin, Issue 4 Geho, P. R. and J. Frakes (2013). Financing for small business in a sluggish economy versus conflicting impulses of the entrepreneur. Entrepreneurial Executive 18: 89-101.
  • Hayes, A. (2016a, March). Quantitative Easing is Now a Fixture, Not a Temporary Patch. Available at: http://www.investopedia.com/articles/investing/030716/quantitative-easingnow- fixture-not-temporary-patch.asp, Accessed on: 26 December, 2016.
  • Hayes, A. (2016b, February). Negative Interest Rates: 4 Unintended Consequences Available at: http://www.investopedia.com/articles/investing/022616/negativeinterest- rates-4-unintended-consequences.asp, Accessed on: 26 December, 2016
  • Johnston, M. (2015). Open Market Operations vs. Quantitative Easing. Investopedia, Available at: http://www.investopedia.com/articles/investing/093015/openmarket- operations-vs-quantitative-easing.asp, Accessed on: 26 December, 2016.
  • Kelley, D. J., Singer, S., & Herrington, M. (2011). The global entrepreneurship monitor. 2011 Global Report, GEM 2011, 7.
  • Koranyi, B. Strupczewski, J. (2016). ECB could hit inflation target by late 2018, early 2019: Draghi. Available at: http://www.channelnewsasia.com/news/business/ecb-could-hit-inflation-targetby- late-2018-early-2019-draghi/3191104.html, Accessed on: 26 December, 2016.
  • Lautenschläger, S. (2015, March). How can prudential regulation foster growth? In speech at the Frankfurt Finance Summit, European Central Bank.
  • Mian, A., & Sufi, A. (2008). The consequences of mortgage credit expansion: Evidence from the 2007 mortgage default crisis (No. w13936). National Bureau of Economic Research.
  • Poposka, K. Mihajloska, E. (2015). SME Start-ups prior and after the Financial Crisis: Evidence for EU Countries. LAMBERT Publishing.
  • Rajan, R. (2013, December). A step in the dark: unconventional monetary policy after the crisis. Andrew Crockett Memorial Lecture, BIS, Basel, 23.
  • Sibert A. (2013). Central Bank Exit Strategies. ECB, Monetary Dialogue, Directorate General For Internal Policies, Policy Department A: Economic And Scientific Policy, Available at: http://bookshop.europa.eu/en/exit-strategies-and-theimpact- on-the-euro-area-pbQA0214086/, Accessed on: 26 December, 2016
  • Weber, A. (2010, October). Monetary policy after the crisis: A European perspective. In Speech given at the Shadow Open Market Committee (SOMC) symposium, New York City (Vol. 12).
  • Wyplosz, C. (2013). Exit Strategies. ECB, Monetary Dialogue, Directorate General For Internal Policies, Policy Department A: Economic And Scientific Policy, Available at: http://bookshop.europa.eu/en/exit-strategies-and-the-impact-onthe- euro-area-pbQA0214086/, Accessed on: 26 December, 2016
Toplam 18 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Araştırma Makalesi
Yazarlar

Klimentina Poposka Bu kişi benim

Elena Mıhajloska Bu kişi benim

İskra Stancheva-gigov Bu kişi benim

Yayımlanma Tarihi 15 Temmuz 2017
Gönderilme Tarihi 1 Mart 2017
Yayımlandığı Sayı Yıl 2017

Kaynak Göster

APA Poposka, K., Mıhajloska, E., & Stancheva-gigov, İ. (2017). European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy. Muhasebe Ve Finansman Dergisi(Temmuz 2017 (Özel Sayı), 35-45. https://doi.org/10.25095/mufad.402229
AMA Poposka K, Mıhajloska E, Stancheva-gigov İ. European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy. Muhasebe ve Finansman Dergisi. Temmuz 2017;(Temmuz 2017 (Özel Sayı):35-45. doi:10.25095/mufad.402229
Chicago Poposka, Klimentina, Elena Mıhajloska, ve İskra Stancheva-gigov. “European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy”. Muhasebe Ve Finansman Dergisi, sy. Temmuz 2017 (Özel Sayı) (Temmuz 2017): 35-45. https://doi.org/10.25095/mufad.402229.
EndNote Poposka K, Mıhajloska E, Stancheva-gigov İ (01 Temmuz 2017) European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy. Muhasebe ve Finansman Dergisi Temmuz 2017 (Özel Sayı) 35–45.
IEEE K. Poposka, E. Mıhajloska, ve İ. Stancheva-gigov, “European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy”, Muhasebe ve Finansman Dergisi, sy. Temmuz 2017 (Özel Sayı), ss. 35–45, Temmuz 2017, doi: 10.25095/mufad.402229.
ISNAD Poposka, Klimentina vd. “European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy”. Muhasebe ve Finansman Dergisi Temmuz 2017 (Özel Sayı) (Temmuz 2017), 35-45. https://doi.org/10.25095/mufad.402229.
JAMA Poposka K, Mıhajloska E, Stancheva-gigov İ. European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy. Muhasebe ve Finansman Dergisi. 2017;:35–45.
MLA Poposka, Klimentina vd. “European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy”. Muhasebe Ve Finansman Dergisi, sy. Temmuz 2017 (Özel Sayı), 2017, ss. 35-45, doi:10.25095/mufad.402229.
Vancouver Poposka K, Mıhajloska E, Stancheva-gigov İ. European Central Bank -Conventional And/Or Unconventional Instruments For Monetary Policy. Muhasebe ve Finansman Dergisi. 2017(Temmuz 2017 (Özel Sayı):35-4.