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Non‑standard monetary policy tools and their consequences. The review

100%
Szunke A.
Journal of Management and Financial Sciences
|
2014
|
vol. 16(2)
23-34
EN
The study is a review of the literature concerning the consequences of a non‑standard monetary policy, which are used by central banks during unconventional periods, threatening instability in the banking sector. In particular, attention was paid to the effects of non‑standard monetary policy tools for financial markets. However, the empirical evidence about their effects and real consequences for the financial markets are still not final. The main aim of the study is to survey the consequences of standard and non‑standard monetary policy instruments, implemented during the global financial crisis in the United States, United Kingdom and Euroland, with particular attention to the results for the stabilization of global financial markets. The study analyses the consequences for short and long‑term market interest rates, interbank interest rates and LIBOR‑OIS spread. The study consists mainly of the empirical review, indicating the impact of the implementation of these tools for the financial markets. The following research methods were used in the study: literature studies, including domestic and foreign literature, cause and effect analysis and statistical analysis.
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Luzowanie ilościowe a działalność pomocowa banków centralnych

63%
Nocoń A.
Studia Ekonomiczne
|
2015
|
vol. 246
35-51
PL
Czy działalność pomocową banków centralnych wobec sektora bankowego w ramach polityki luzowania ilościowego w okresie globalnego kryzysu finansowego można nazwać działalnością inwestycyjną władz monetarnych? Z jednej strony głównym celem banków centralnych było zasilenie sektora bankowego w płynność w nadzwyczajnej skali i częstotliwości. Tym samym nie była to stricte inwestycyjna działalność ukierunkowana na wzrost wartości portfela aktywów. Z drugiej jednak strony władze monetarne nabywały aktywa od bankowych oraz niebankowych instytucji, co zwiększało wartość ich majątku w bilansie. Ekonomiści są jednak zgodni co do faktu, iż gdyby nie konieczność niestandardowego wsparcia banków komercyjnych i pogarszające się warunki funkcjonowania sektora bankowego, banki centralne nie angażowałyby się w tak znaczącej skali programu zakupu aktywów. Celem opracowania jest zaprezentowanie polityki luzowania ilościowego banków centralnych w okresie globalnego kryzysu finansowego, ze zwróceniem uwagi na zmiany, jakie dokonały się w aktywach banków centralnych na przykładzie Systemu Rezerwy Federalnej.
EN
Whether the aid activities of central banks for the banking sector under the Quantitative Easing policy during the global financial crisis can be called an investment activity of monetary authorities. On the one hand, the main objective of the central banks was to support banking sector of liquidity in the unconventional scale and frequency. Thus, it was not directly an investment activity, aimed at increasing the value of assets’ portfolio. On the other hand, the monetary authorities have purchased the assets from banking and non-banking institutions, which increased the value of their assets in the balance sheet. Nevertheless, economists agree about the fact that if there would be no need for non-standard support of commercial banks and deteriorating conditions of the banking sector, central banks did not involve in such a significant scale of asset purchase program. The aim of the study is to present a Quantitative Easing policy of central banks during the global financial crisis, with paying particular attention on changes that have occurred in the central banks’ assets, based on the example of the Federal Reserve System.
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