Нетрадиційні методи монетарної політики: теоретичні аспекти та практика застосування в ЄС та США
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2017
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Одеський національний університет імені І. І. Мечникова
Анотація
У статті розглядаються теоретичні аспекти застосування нетрадиційних методів монетарної політики. Проводиться аналіз практичного застосування даних методів Федеральною резервною системою США і Європейським центральним банком ЄС. Також дається оцінка ефективності та наслідків застосування нетрадиційної монетарної політики для національних
В статье рассматриваются теоретические аспекты применения нетрадиционных методов монетарной политики. Проводится анализ практического применения данных методов Федеральной резервной системой США и Европейским центральным банком ЕС. Также дается оценка эффективности и последствий применения нетрадиционной монетарной политики для национальных экономик.
The purpose of the article is to analyze the peculiarities of the use of non-traditional monetary policy methods in the USA and the EU and determine their implications for national economies. The latest global fnancial crisis have had a signifcant impact on the ability of central banks to regulate the volume of liquidity of the interbank market, and when the banks of the leading countries of the world, using their traditional methods, have appeared in the «trap of liquidity», the need for the application of new methods has become necessary. That is why the US Federal Reserve, then the European Central Bank of the European Union, began to apply completely different regulatory methods, which later became known as “non-traditional monetary policy” in the economic literature. An example of using non-traditional methods is the Federal Reserve’s policy. One of the methods that have been used is signaling methods, in particular Forward Guidance, which consists of the promises of the central bank for its future actions. This method is necessary because the public should trust management structures. The Federal Reserve also applied such a method as credit incentives. Under this method, it is understood that the Fed is directly stimulating the problem segments of the fnancial market through the purchase of debt securities of corporations in the United States. At that, many programs were conducted. Unlike the Fed, the European Central Bank has used the indirect stimulus of the banking system. Different programs have also been used to inflate fnancial resources into the banking system by reducing the security requirements for obtaining fnancing. Another feature of the ECB is negative interest rates. Today, these methods are actively used by many countries of the world.
В статье рассматриваются теоретические аспекты применения нетрадиционных методов монетарной политики. Проводится анализ практического применения данных методов Федеральной резервной системой США и Европейским центральным банком ЕС. Также дается оценка эффективности и последствий применения нетрадиционной монетарной политики для национальных экономик.
The purpose of the article is to analyze the peculiarities of the use of non-traditional monetary policy methods in the USA and the EU and determine their implications for national economies. The latest global fnancial crisis have had a signifcant impact on the ability of central banks to regulate the volume of liquidity of the interbank market, and when the banks of the leading countries of the world, using their traditional methods, have appeared in the «trap of liquidity», the need for the application of new methods has become necessary. That is why the US Federal Reserve, then the European Central Bank of the European Union, began to apply completely different regulatory methods, which later became known as “non-traditional monetary policy” in the economic literature. An example of using non-traditional methods is the Federal Reserve’s policy. One of the methods that have been used is signaling methods, in particular Forward Guidance, which consists of the promises of the central bank for its future actions. This method is necessary because the public should trust management structures. The Federal Reserve also applied such a method as credit incentives. Under this method, it is understood that the Fed is directly stimulating the problem segments of the fnancial market through the purchase of debt securities of corporations in the United States. At that, many programs were conducted. Unlike the Fed, the European Central Bank has used the indirect stimulus of the banking system. Different programs have also been used to inflate fnancial resources into the banking system by reducing the security requirements for obtaining fnancing. Another feature of the ECB is negative interest rates. Today, these methods are actively used by many countries of the world.
Опис
Ключові слова
нетрадиційна монетарна політика, сигнальні методи, кредитне стимулювання, негативні процентні ставки, нетрадиционная монетарная политика, сигнальные методы, кредитное стимулирование, негативные процентные ставки, non-traditional monetary policy, signal method, credit stimulation, negative interest rates
Бібліографічний опис
Ринкова економіка: сучасна теорія і практика управління = Market economy: modern management theory and practice