Bańki spekulacyjne a reakcja banków centralnych: zmiany percepcji roli polityki pieniężnej w następstwie kryzysu 2007-2009

• Autorzy: Michał Pronobis

Warianty tytułu

Asset Price Bubbles and Monetary Policy Response - Changes in Thinking about the Role of Central Banks after the Financial Crisis 2007-2009

• Języki publikacji: PL

Abstrakty

Dyskusja sprowokowana przez ostatni kryzys finansowy na temat pożądanej reakcji polityki monetarnej na bańki na rynku finansowym jednoznacznie prowadzi do sugestii zwiększenia aktywności banków centralnych. Dostrzeżono bowiem nowe kanały oddziaływania stóp procentowych w warunkach boomów finansowych, a także wskazano nowe możliwości identyfikacji baniek. Pojawiły się zarazem nowe silne przesłanki za podejmowaniem prób przeciwdziałania bańkom. Jedną z kluczowych konkluzji w dyskusji jest wzmocnienie znaczenia monitoringu rynku kredytowego jako istotnego indykatora przyszłych zmian cen aktywów oraz konieczność jeszcze silniejszej koordynacji polityk monetarnej i regulacyjnej. (abstrakt oryginalny)

EN

Recent financial crisis 2007-2009 created an opportunity to revive a discussion about the desired response of monetary policy to the asset price bubbles. There are reasons for conducting monetary policy with focus on preventing from the bubbles, rather than responding to asset price declines only after the bubble bursts. The article describes the discussion on the desired approach of monetary policy towards assets price movements in the light of the recent financial crisis. One of the main conclusions is also an increasing role of money and credit market developments analysis which could serve as an early warning indicator of the future financial markets exuberance periods. There is also a strong need to coordinate monetary and macroprudential policies in order to improve the efficiency of the bubble prevention campaign. (original abstract)

Słowa kluczowe

PL

Spekulacje giełdowe; Polityka pieniężna; Stabilność finansowa; Banki centralne; Kryzys finansowy; Bańka spekulacyjna

EN

Stock market speculations; Monetary policy; Financial sustainability; Central banks; Financial crisis; Economic bubble

• Czasopismo: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
• Rocznik: 2011
• Numer: nr 233 Funkcjonowanie unii gospodarczej i walutowej w teorii i w praktyce
• Strony: 103--117

Twórcy

autor

Michał Pronobis

• Wyższa Szkoła Bankowa w Gdańsku

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