ARTÍCULO
TITULO

Central Banks? Response to the Current Financial Crisis ? Between Costs and Benefits

Teodora Cristina Barbu    
Iustina Boitan    

Resumen

Our study is inserted in the thematic area dedicated, during recent years, to the research on central banks? response to financial crisis. The global financial crisis has outlined a series of weaknesses located at regulatory and supervisory activities? level, causing major central banks to face a new operating environment, in which traditional monetary policy tools are ineffective (key interest rate close to zero) in restoring the financial markets? proper functioning. The unconventional monetary policy measures, the dramatic fall of the key interest rate, the balance sheet structure modification and extension of collateral accepted by central banks are the main issues on which we focused our attention, to highlight the costs and benefits recorded by these institutions. All major central banks have implemented highly innovative, flexible facilities and the main beneficiaries have been the banking systems in their entirety.Keywords: Financial crisis; Central banks; Unconventional monetary policyJEL Classifications: E58; G01

 Artículos similares

       
 
Bùi Th? Tám DOI: 10.26459/jed.v113i14.3660     Pág. 147 - 155
During the last decade, destination competitiveness has drawn keen interest from researchers and practitioners as response to the increasing need for enhancing competitiveness of destinations in global tourism market. Using the destination competitivenes... ver más

 
Marcelo Ganem,Tara Keshar Nanda Baidya     Pág. 277 - 301
The risk premium in the Brazilian term structure of interest rates is partially driven by some specific defensive behavior following past monetary decisions. Until 2008, the Brazilian Central Bank has primarily dealt with domestic and external crises by ... ver más

 
Matías Tapia, Andrea Tokman     Pág. pp. 21 - 53
Using daily data on intervention activities by the Central Bank of Chile between 1998 and 2003, this paper studies the impact of these actions on the peso/dollar exchange rate. Time series estimates using OLS (after testing for weak exogeneity) and two-s... ver más