1999: Protecting Against the Next Financial Crisis: the Need to Reform Global Financial Oversight, the IMF, and Monetary Policy Goals

The turbulence in global financial markets presents a serious challenge to the stability of the monetary policy trilemma configuration. The trilemma states that a country may simultaneously choose only two of the following three policy goals: monetary policy independence, exchange rate stability, and financial integration. In order to analyse if the financial crisis brought changes in Romania’s monetary policy preference, we have constructed indexes that measure the trilemma policy goals individually in the period between 2005 and 2012. Using these indices, we have shown that there are significant differences between the means of monetary independence and exchange rate stability indices in the pre- and post-crisis periods.

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Strategy and Tactics of Monetary Policy during the World Economic Crisis

Voprosy Ekonomiki ◽

10.32609/0042-8736-2010-1-4-20 ◽

2010 ◽

pp. 4-20 ◽

Cited By ~ 1

Author(s):

A. Nekipelov ◽

M. Golovnin

Keyword(s):

Monetary Policy ◽

Economic Crisis ◽

Exchange Rate Policy ◽

Industrial Countries ◽

Policy Goals ◽

The World ◽

Rate Policy ◽

World Economic ◽

World Economic Crisis ◽

Qualitative Changes

The paper analyzes the qualitative changes in monetary policy goals and instruments during the world economic crisis of 2007-2009 in industrial countries and Russia; it represents the authors view on Russian monetary policy goals and results on different stages of crisis development. On the basis of the analysis the authors conclude on the necessity of active exchange rate policy in Russia, while developing interest rate instruments, and implementation of some exchange restrictions to prevent crisis contagion in the future.

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Global Financial Crisis and Its Impact on Russia

Voprosy Ekonomiki ◽

10.32609/0042-8736-2009-1-9-27 ◽

2009 ◽

pp. 9-27 ◽

Cited By ~ 9

Author(s):

A. Kudrin

Keyword(s):

Monetary Policy ◽

Fiscal Policy ◽

Financial Crisis ◽

Central Bank ◽

Global Financial Crisis ◽

Developed Countries ◽

Real Economy ◽

Energy Prices ◽

Russian Government ◽

The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

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(Monetary Policy Operating Frameworks of Major Central Banks after the Global Financial Crisis)

SSRN Electronic Journal ◽

10.2139/ssrn.2580628 ◽

2015 ◽

Author(s):

Byoung-Ki Kim ◽

Insu Kim

Keyword(s):

Monetary Policy ◽

Financial Crisis ◽

Global Financial Crisis ◽

Central Banks ◽

The Global Financial Crisis

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Normative dimensions of central banking: How the guardians of financial markets affect justice

10.1093/oso/9780198755661.003.0010 ◽

2017 ◽

Cited By ~ 1

Author(s):

Peter Dietsch

Keyword(s):

Monetary Policy ◽

Financial Crisis ◽

Financial Markets ◽

Central Banking ◽

Democratic Legitimacy ◽

Policy Agenda ◽

Theory Of Justice ◽

Introductory Section ◽

The Impact

Monetary policy, and the response it elicits from financial markets, raises normative questions. This chapter, building on an introductory section on the objectives and instruments of monetary policy, analyzes two such questions. First, it assesses the impact of monetary policy on inequality and argues that the unconventional policies adopted in the wake of the financial crisis exacerbate inequalities in income and wealth. Depending on the theory of justice one holds, this impact is problematic. Should monetary policy be sensitive to inequalities and, if so, how? Second, the chapter argues that the leverage that financial markets have today over the monetary policy agenda undermines democratic legitimacy.

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Conclusions

10.1093/oso/9780198797173.003.0008 ◽

2017 ◽

Author(s):

Yilmaz Akyüz

Keyword(s):

Monetary Policy ◽

Financial Crisis ◽

Interest Rates ◽

Global Financial Crisis ◽

Developing Economies ◽

Quantitative Easing ◽

Unconventional Monetary Policy ◽

Advanced Economies ◽

The Global Financial Crisis ◽

Zero Bound

The preceding chapters have examined the deepened integration of emerging and developing economies (EDEs) into the international financial system in the new millennium and their changing vulnerabilities to external financial shocks. They have discussed the role that policies in advanced economies played in this process, including those that culminated in the global financial crisis and the unconventional monetary policy of zero-bound interest rates and quantitative easing adopted in response to the crisis, as well as policies in EDEs themselves....

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