CONSIDERATIONS REGARDING UNCONVENTIONAL MONETARY POLICIES OF CENTRAL BANKS DURING THE PRESENT FINANCIAL CRISIS
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Authors:
• Gabriela PREDA, email: gabi.preda@bnro.ro, Afiliation: PHD student, Romanian Academy, National Institute of Economic Research ‘Costin C. Kiritescu’, Department of Economic, Social and Legal Studies
• Petronel CHIRIAC, email: petronelchiriac@gmail.comPages:
• 71|81 -
Keywords: unconventional monetary policies, central bank
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Abstract:
The paper deals with the unconventional monetary policy of the Central Banks with regard to their fundamental role in ensuring the stability of the financial systems affected by systemic financial crises. Are unconventional monetary measures determined by either an increasing critical role of the Central Banks in the world economies or by a short-term lack of effectiveness of the classic monetary measures – this is the question we try to answer. The present financial crisis has a special feature if compared to the previous ones, it differs not only in size but also (mostly) in its effects on the world economies. Assuming that the Central Banks intervention during a financial crisis when markets are distorted is of major importance, we intend to briefly analyze the measures taken by the Central Banks such as Federal Reserve or European Central Bank for a proper operation of the markets during the financial crisis as well as their purpose and the context.
