Usklađivanje pravnog sistema Srbije sa standardima Evropske unije (2023) (str. 765-777)
AUTOR(I) / AUTHOR(S): Jasmina Labudović Stanković
E-ADRESA / E-MAIL:
DOI: 10.46793/UPSSXI.765LS
SAŽETAK / ABSTRACT:
Rad je posvećen nekonvencionalnim instrumentima monetarne politike koje su centralne banke koristile tokom finansijske krize 2007/2008. Predstavljeno je i iskustvo centralne banke Japana koja je prva počela sa ovim merama krajem 90-ih godina HH veka, a zatim i iskustva FED-a i ECB tokom globalne finansijske krize 2007/2008. Osnovni razlog za primenu nekonvencionalnih instrumenata je činjenica da su kratkoročne kamatne stope veoma blizu nule, pri čemu ni tako niske kamatne stope ne mogu da budu podsticajne za veću potrošnju i investicije. Zbog nastale tzv. zamke likvidnosti i neefikasne konvencionalne monetarne politike, centralne banke pribegavaju nekonvencionalnim instrumentima.
KLJUČNE REČI / KEYWORDS:
monetarna politika, nekonvencionalni instrumenti, kvantitativne olakšice, centralne banke, finansijska kriza
LITERATURA / REFERENCES:
- Bhattarai, S., Chatterjee, A., Park, W.Y., Effects of US quantitative easing on emerging market economies, Journal of Economic Dynamics and Control, Vol. 122, 2021.
- Blinder, A., Quantitative Easing: Entrance and Exit Strategies, Federal Reserve Bank of St. Louis Review, 92 (6), Novembar/Decembar 2010.
- Girardin, E., Moussa Z., Quantitative easing work: Lessons from the unique experience in Japan 2001-2006, GREQAM, No 2, 2010.
- ECB, Monthly Bulletin, August 2010.
- Kapoor, S., Peia, O., The impact of quantitative easing on liquidity creation, Journal of Banking and Finance, Issue 122, 2021.
- Krugman, P. R., It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap, Brookings Papers on Economic Activity, 2, 1998.
- Kuttner, K., Comments on „Price Stability and Japanese Monetary Policy” (2), Monetary and Economic Studies, 22 (3), October 2004.
- Labudović Stanković, J., Globalno tržište korporativnih obveznica, Zbornik radova: XXI vek – vek usluga i Uslužnog prava, knj. 12, Kragujevac, 2021.
- Labudović Stanković, J., Instrumenti Evropske centralne banke i kriza u evrozoni, Glasnik prava, br. 1/2016.
- Matousek, R., Papadamou, S., Šević, A., Tzeremes, N., The effectiveness of quantitative easing: evidence of Japan, Journal of International Money and Finance, 99, 2019.
- Mishkin, F., Central Banking after the Crisis, 2012. https://www0.gsb.columbia.edu/faculty/fmishkin/papers/12chile.pdf, 9.7.2023.
- Miškin, F., Monetarna ekonomija, bankarstvo i finansijska tržišta, Beograd, 2006.
- Papadia, F., Välimäki, T., Central Banking in Turbulent Times, Oxford University Press, 2018.
- Rose, P., Marquis, M., Finansijske institucije i tržišta, 2011.
Fujiki, H., Okina, K., Shiratsuka, S., Comments on „Price Stability and Japanese Monetary Policy” (1), Monetary and Economic Studies, 22 (3), October 2004. - Hetzel, R. L., Price Stability and Japanese Monetary Policy, Federal Reserve Bank of Richmond, Working Paper No. 04-01, February 2004.
- Claeys, G., Leandro, Á., Mandra, A., European Central Bank Quantitative Easing: The Detailed Manual, YPFS Documents, Issue 2/2015.