Monetary Policy Before And After The Financial Crisis: Risks, Economic And Legislative Impacts
Konferenční objektOtevřený přístuppeer-reviewedpostprintSoubory
Datum publikování
2019
Vedoucí práce
Oponent
Název časopisu
Název svazku
Vydavatel
Diamond Scientific Publication
Abstrakt
The article analyses monetary policy response to the world financial crisis and focuses more closely on the monetary policy of the Czech National Bank (CNB) at this time. Until 2007, the implementation of monetary policy in OECD countries was perceived very positively. Howeve r, the financial crisis has clearly shown that the world's financial markets are highly interconnected, and this can have a major impact on individual national economies. Therefore, the monetary policy strategy has changed from a policy based on the so cal led flexible inflation targeting. Ensuring price stability is emphasised as part of the monetary policy role of the CNB in the provisions of Article 98 of the Constitution, in the Czech Republic. CNB is perceived as one of the most independent central bank s, the contituional dimension of its independence being confirmed by case law of the Czech Constitutional Court. In response to the financial crisis, CNB was forced to pursue unconventional monetary policy in the form of foreign exchange interventions betw een 2013 and 2017. However, during the time period of these interventions, CNB policy did not lead to achievement of the inflation target. Following the completion of foreign exchange interventions, CNB returned to conventional monetary policy through inte rest rates.
Rozsah stran
p. 1-17
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Zdrojový dokument
Proceedings of the 2nd International Conference on Business, Management and Finance
Vydavatelská verze
https://www.dpublication.com/proceeding/2nd-icbmf/#Table-of-Contents
Přístup k e-verzi
open access
Název akce
2nd International Conference on Business, Management and Finance (ICBMF) (22.11.2019 - 24.11.2019, Paříž)
ISBN
978-609-485-035-6
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Klíčová slova
Czech national bank, financial crisis, financial stability, price stability, unconventional monetary policy, Česká národní banka, finanční krize, finanční stabilita, cenová stabilita, nekonvenční měnová politika