The global economic crisis and its implications for the monetary policy
Journal Title: Journal of Management and Business Administration. Central Europe - Year 2011, Vol 19, Issue 2
Abstract
The paper highlights the main characteristics of the current financial crisis. Some of them are the same as in the previous financial crises, but some are new. The former are asset and housing price bubbles as well as the credit boom, for example. The new factors are: the important role of the household sector in the current crisis, the rapid development of new financial instruments, such as derivatives, and the build-up of an unusually high degree of financial leverage as well as the financial innovations diluting credit risk (securitization together with development of its subprime segment). It is very likely that as a result of the current crisis the regulation of the financial market will be increased. The paper discusses the problems related to the possibility of increasing the scope of the monetary policy as a tool to stabilize the entire financial market. In such case it will be necessary to introduce new instruments of this policy, such as regulatory perimeters. Finally, the impediments to broadening the scope of financial regulation are discussed.
Authors and Affiliations
Włodzimierz Siwiński
Keywords
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