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The role of monetary policy in matters relating to financial stability: Monetary policy responses adopted during the most recent Financial Crisis

机译：货币政策在与金融稳定有关的问题中的作用：最近金融危机期间采取的货币政策回应

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As well as providing an analysis of how financial stability could be sustained through the appropriate targeting of policy instruments at debt gearing, this paper aims to provide an overview of the respective roles which governments and shareholders could assume in deterring financial institutions from overly relying on certain policy measures (role of governments) and in reducing tax burdens on tax payers (role of shareholders). The duration of the recent Crisis has also witnessed the introduction of mechanisms aimed at bailing- in financial institutions – rather than merely bailing them out.Even though monetary policy measures should ultimately be targeted at macro level, the respective roles assumed by governments and shareholders at micro level in facilitating the phasing out of certain monetary policy measures and assuming responsibility as the first resort during the impending collapse of a financial institution, are also of vital importance. This paper also aims to consider additional measures which could be implemented as a means of mitigating the number of financial instititions which could become overly dependent on monetary policy and liquidity sustenance measures provided during deteriorating financial conditions. Greater focus on strategies aimed at mitigating the number of financial institutions which could become overly dependent (bail-in strategies which could address bail outs) – rather than simply focussing on measures and exit strategies aimed at weaning such institutions after assistance has been granted to these financial institutions, could prove to be more effective.A brief comparative analysis of the monetary policy response implemented in the Euro area during the recent Financial Crisis (against that which was implemented in the United States), will also be provided in this paper.
机译：除了提供对如何通过适当地针对债务负债的政策工具来保持金融稳定的分析之外，本文旨在概述政府和股东在阻止金融机构过分依赖某些债务方面可以承担的各自作用。政策措施（政府的角色）和减轻纳税人的税负（股东的角色）。最近的危机持续期间，还见证了旨在救助金融机构的机制的引入，而不仅仅是救助它们。即使货币政策措施最终应针对宏观层面，政府和股东在金融机构承担的各自作用在促进逐步淘汰某些货币政策措施以及在即将发生的金融机构倒闭中承担第一责任的微观层面，也至关重要。本文还旨在考虑采取其他措施，以减轻金融机构的数量，这些机构可能过度依赖在恶化的金融条件下提供的货币政策和流动性维持措施。更加关注旨在减轻可能过度依赖的金融机构数量的策略（可以解决纾困问题的救助策略），而不是仅仅关注旨在为此类机构断奶的措施和退出策略本文还将提供对近期金融危机期间（相对于美国实施的）欧元区实施的货币政策应对措施的简要比较分析。

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    Ojo Marianne;

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  • 年度 2010
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