Globalization and Monetary Policy Tools at the Zero Lower Bound

D 2016

Globalization and Monetary Policy Tools at the Zero Lower Bound

SPONER, Miroslav a Martina SPONEROVÁ

Základní údaje

Originální název

Globalization and Monetary Policy Tools at the Zero Lower Bound

Autoři

SPONER, Miroslav a Martina SPONEROVÁ

Vydání

Žilina, Proceedings of the 16th International Scientific Conference Globalization and Its Socio-Economic Consequences, od s. 2085-2092, 8 s. 2016

Nakladatel

University of Žilina

Další údaje

Jazyk

angličtina

Typ výsledku

Stať ve sborníku

Obor

50206 Finance

Stát vydavatele

Slovensko

Utajení

není předmětem státního či obchodního tajemství

Forma vydání

tištěná verze "print"

Odkazy

Žilinská Univerzita v Žilině

Označené pro přenos do RIV

Ano

Kód RIV

RIV/00216224:14560/16:00091168

Organizační jednotka

Ekonomicko-správní fakulta

ISBN

978-80-8154-191-9

UT WoS

000393253800259

Klíčová slova anglicky

deflation; exchange rate; foreign exchange interventions; monetary policy; zero lower bound

Změněno: 23. 4. 2019 10:30, Mgr. Daniela Marcollová

Anotace

V originále

The dramatic events of the global financial crisis acted as a coordination device for expansionary policy interventions in all advanced economies. A significant number of central banks have lowered their rates in response to the global financial crisis in order to mitigate its consequences and meet their monetary policy goals and have announced that they expect rates to be at low levels for a significant period of time. Depending on the particular situation of their economy and financial sector, central banks around the world have turned their attention to various unconventional monetary policy measures, such as negative interest rates on deposits, various forms of quantitative or qualitative easing, and foreign exchange interventions. The article explains the reasons for further easing monetary policy and for choosing suitable monetary policy tools. It analyses the causes leading up to the foreign exchange intervention by the Czech National Bank in November 2013 and its consequences. The article examines the use of exchange rate by the Czech National Bank as a monetary policy instrument at the zero lower bound on interest rates and discusses its expected benefits in the case of the Czech Republic.

Návaznosti

MUNI/A/1025/2015, interní kód MU

Název: Hrozby a výzvy prostředí přetrvávajících nízkých úrokových sazeb pro vývoj a stabilitu finančního systému (Akronym: FinStabilita)

Investor: Masarykova univerzita, Hrozby a výzvy prostředí přetrvávajících nízkých úrokových sazeb pro vývoj a stabilitu finančního systému, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Citovat

SPONER, Miroslav a Martina SPONEROVÁ. Globalization and Monetary Policy Tools at the Zero Lower Bound. In Kliestik, T. Proceedings of the 16th International Scientific Conference Globalization and Its Socio-Economic Consequences. Žilina: University of Žilina, 2016, s. 2085-2092. ISBN 978-80-8154-191-9.

@inproceedings{1356557,
   author = {Sponer, Miroslav and Sponerová, Martina},
   address = {Žilina},
   booktitle = {Proceedings of the 16th International Scientific Conference Globalization and Its Socio-Economic Consequences},
   editor = {Kliestik, T},
   keywords = {deflation; exchange rate; foreign exchange interventions; monetary policy; zero lower bound},
   howpublished = {tištěná verze "print"},
   language = {eng},
   location = {Žilina},
   isbn = {978-80-8154-191-9},
   pages = {2085-2092},
   publisher = {University of Žilina},
   title = {Globalization and Monetary Policy Tools at the Zero Lower Bound},
   url = {http://ke.uniza.sk/en/conference},
   year = {2016}
}

TY  - CONF
ID  - 1356557
AU  - Sponer, Miroslav - Sponerová, Martina
PY  - 2016
TI  - Globalization and Monetary Policy Tools at the Zero Lower Bound
PB  - University of Žilina
CY  - Žilina
SN  - 9788081541919
KW  - deflation
KW  - exchange rate
KW  - foreign exchange interventions
KW  - monetary policy
KW  - zero lower bound
UR  - http://ke.uniza.sk/en/conference
L2  - http://ke.uniza.sk/en/conference
N2  - The dramatic events of the global financial crisis acted as a coordination device for expansionary policy interventions in all advanced economies. A significant number of central banks have lowered their rates in response to the global financial crisis in order to mitigate its consequences and meet their monetary policy goals and have announced that they expect rates to be at low levels for a significant period of time. Depending on the particular situation of their economy and financial sector, central banks around the world have turned their attention to various unconventional monetary policy measures, such as negative interest rates on deposits, various forms of quantitative or qualitative easing, and foreign exchange interventions. The article explains the reasons for further easing monetary policy and for choosing suitable monetary policy tools. It analyses the causes leading up to the foreign exchange intervention by the Czech National Bank in November 2013 and its consequences. The article examines the use of exchange rate by the Czech National Bank as a monetary policy instrument at the zero lower bound on interest rates and discusses its expected benefits in the case of the Czech Republic.
ER  -

SPONER, Miroslav a Martina SPONEROVÁ. Globalization and Monetary Policy Tools at the Zero Lower Bound. In Kliestik, T. \textit{Proceedings of the 16th International Scientific Conference Globalization and Its Socio-Economic Consequences}. Žilina: University of Žilina, 2016, s.~2085-2092. ISBN~978-80-8154-191-9.

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