Niekonwencjonalna polityka monetarna: istota i mechanizm oddziaływania na gospodarkę

• Autorzy: Marek Lubiński

Warianty tytułu

Unconventional monetary policy: nature and channels of transmission

• Języki publikacji: PL

Abstrakty

W wyniku zainicjowanych w 2007 roku napięć na rynku finansowym i następującej eskalacji kryzysu główne banki centralne weszły na ziemię dziewiczą, stosując niekonwencjonalną politykę monetarną (UMP - unconventional monetary policy). Celem opracowania jest właśnie eksploracja obszarów związanych ze stosowaniem niekonwencjonalnej polityki monetarnej. Ponieważ szczegóły programów UMP różniły się pomiędzy poszczególnymi bankami centralnymi i zależały od specyfiki gospodarek przedstawiono specyfikę UMP w konfrontacji z działaniami tradycyjnymi. Omówione zostały kanały, za pośrednictwem których UMP oddziałuje na gospodarkę. Pierwszym jest kanał restrukturyzacji portfela. Drugi kanał dotyczy korzystnych efektów zakupu aktywów zapewniających płynność rynku w okresach jej niedostatków. I w końcu informacja o zakupie aktywów pełni rolę sygnalizowania opinii banku centralnego na temat stanu gospodarki i prawdopodobnej reakcji na przyszłą ewolucję. Natomiast kwestią otwartą pozostaje skuteczność nowych instrumentów polityki, jak również ich przyszłych konsekwencji. Zaprezentowano również szersze kwestie związane z niepożądanymi skutkami UMP.(abstrakt oryginalny)

EN

Since the initial market strains began in 2007 and in response to the escalation of the crisis, major central banks entered into unchartered territory by adopting unconventional monetary policy (UMP) actions in line with their operational frameworks and mandates. The article explore a number of issues connected to the use of such unconventional monetary policy measures. Because the details of the UMP programs varied across central banks and depended on the particular structures of their respective economies the specific features of UMP in comparison with traditional measures were presented. I summarize the different channels through which UMP may affect national economy. One channel works through the portfolio balance effects. A second channel involves the beneficial market effects that asset purchases can have in times of stress by providing market liquidity. Lastly, asset purchase announcements may have signaling effects about the central bank's perception of economic conditions and about how it might be likely to react to future developments. The effectiveness of these new policy tools is an open question and many challenges and open issues remain regarding the future. The broader questions concerning undesirable implications of unconventional policy measures are also presented.(original abstract)

Słowa kluczowe

PL

Aktywa; Kryzys finansowy; Gospodarka; Płynność rynku

EN

Assets; Financial crisis; Economy; Market liquidity

• Czasopismo: Prace i Materiały Instytutu Rozwoju Gospodarczego / Szkoła Główna Handlowa
• Rocznik: 2016
• Numer: nr 98 Polityka gospodarcza w warunkach przemian rozwojowych
• Strony: 207--235

Twórcy

autor

Marek Lubiński

• Szkoła Główna Handlowa w Warszawie

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