Побічні ефекти нетрадиційної грошово-кредитної політики в розвинених країнах
Journal Title: Вісник Дніпропетровського університету.Світове господарство і міжнародні економічні відносини - Year 2018, Vol 26, Issue 10
Abstract
The content of monetary policy novations which were introduced by monetary authorities of the USA, Eurozone and Japan during the great recession is revealed in this article. Their central banks had formed a new regulation model of the monetary sphere that was established in economic literature as "non-traditional monetary policy " (non-standard, unconventional monetary policy). The Bank of Japan was the first that had taken unconventional monetary measures in anti-crisis regulation practice. In the fight against prolonged deflation in the 1990s the Bank, first of all, sharply reduced the discount rate, and then began to apply quantitative easing, gradually executing several programs for government bond repayment. During the recession, the Fed management in USA suggested some non-standard monetary steps by reducing the rate of federal funds and the discount rate to almost zero, while refinancing of functionally important pension and investment funds was provided. The non-traditional policy of the ECB was implemented in terms of serious lack of liquidity, and debt crisis in some countries – members of the Eurosystem too. The non-traditional nature of post-crisis monetary policy model was formed with the following features. Firstly, the key goal modification of central banks` activities was made, where as monetary authorities of many countries began to ensure both financial and price stabilities. Secondly, approaches to the use of monetary instruments were non-standard– balancing of market interest rates about zero, as much as possible facing the liquidity demand, preferential credit programs for priority industries and the combination of monetary and macro-prudential policies. The result of non-traditional policy was complicated functioning of the interest rate channel of monetary transmission and more active usage of credit and foreign exchange channels. The transfiguration of installed monetary regimes was undergone, when the direct inflation targeting was changed to combined, so now the targeted inflation rate is achieved on account of the exchange rate adjustment. In monetary environment with low interest rates and excess liquidity, economic entities formed a certain type of business expectations, when the possible abolition of non-standard measures would require interbank or cross-border capital transferring. In conclusion, the smallest information signals or political events cause high markets volatility, which can undermine an extra effort of central banks to stabilize the economy. Therefore, the next serious problem of future monetary sphere development will be monetary policy normalization, reformation of monetary environment of national and international business in according to new management conditions.
Authors and Affiliations
M. I. Makarenko
Keywords
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