Two Major Economic Crises in the Early Twenty-First Century and their Impact on Central Bank Independence
Two major economic crises in the early twenty-first century have had a serious impact on monetary policy and CB independence. Disruption in financial intermediation and associated deflationary pressures caused by the global financial crisis of 2007–2009 and European financial crisis of 2010–2015 pus...
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| Veröffentlicht in: | Accounting, economics, and law economics, and law, 2023-05, Vol.13 (2), p.169-215 |
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| creator | Dabrowski, Marek |
| description | Two major economic crises in the early twenty-first century have had a serious impact on monetary policy and CB independence. Disruption in financial intermediation and associated deflationary pressures caused by the global financial crisis of 2007–2009 and European financial crisis of 2010–2015 pushed central banks (CBs) in major currency areas towards adoption of unconventional monetary policy measures, including large-scale purchase of government bonds (quantitative easing). The same approach has been taken by CBs in response to the COVID-19 crisis in 2020 even if the characteristics of this crisis differ from the previous one. As a result of both crises, CBs have become major holders of government bonds and
– main creditors of governments. Against rapidly deteriorating fiscal balances, CBs have become hostages of fiscal policies, which compromises their independence. Risks to the CB independence also come from their additional mandates (beyond price stability) and populist political pressures. |
| doi_str_mv | 10.1515/ael-2020-0139 |
| format | Article |
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– main creditors of governments. Against rapidly deteriorating fiscal balances, CBs have become hostages of fiscal policies, which compromises their independence. 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| fulltext | fulltext |
| identifier | ISSN: 2152-2820 |
| ispartof | Accounting, economics, and law, 2023-05, Vol.13 (2), p.169-215 |
| issn | 2152-2820 2194-6051 2152-2820 |
| language | eng |
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| source | De Gruyter journals |
| subjects | 21st century asset purchasing program Banking industry central bank independence Central banks Consumer Price Index COVID-19 Currency Debt financing deflationary pressure demand for money E31 E41 E51 E52 E58 Economic crisis Economic growth Fiscal policy Global economy H63 Inflation International finance Monetary policy money multiplier Pandemics Populism quantitative easing Regulation of financial institutions unconventional monetary policy |
| title | Two Major Economic Crises in the Early Twenty-First Century and their Impact on Central Bank Independence |
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