The Role of The ECB'S QE In Alleviating The Eurozone Debt Crisis

• Autorzy: Andrzej Sławiński

Warianty tytułu

Rola QE EBC w łagodzeniu kryzysu zadłużeniowego w strefie euro

• Języki publikacji: EN

Abstrakty

EN

In the wake of the Great Recession that begun in 2007, several central banks became trapped in the zero lower bound. The Federal Reserve Bank, the Bank of England, and the European Central Bank were unable to reinvigorate bank lending despite slashing their interest rates to a zero level. The Federal Reserve Bank and the Bank of England adopted their QE programs just after the collapse of Lehman Brothers to alleviate balance sheet recessions by facilitating economic recovery which in turn gradually unlocked credit and money creation. The decision to launch the ECB's QE was significantly delayed which pushed the Eurozone into a double-dip recession. Despite being long overdue the ECB's QE led to a number of favourable outcomes. One of these was a reduction in public debt service as QE programs are tools which facilitate government debt restructuring through de facto conversion of the treasuries purchased by the central bank into zero-coupon perpetuities(original abstract)

W czasie Wielkiej Recesji, która zaczęła się w 2007 r., Bank Rezerwy Federalnej, Bank Anglii i Europejski Bank Centralny napotkały barierę niemożności ożywienia koniunktury pomimo obniżenia stóp procentowych do zera. Rezerwa Federalna i Bank Anglii zdecydowały się rozpocząć programy ilościowego łagodzenia polityki pieniężnej od razu po upadku banku Lehman Brothers, by wywołać dzięki temu ożywienie gospodarcze, które odblokowuje popyt na kredyt i umożliwia wzrost podaży pieniądza. Decyzja o rozpoczęciu programu QE przez EBC została podjęta z dużym opóźnieniem, co spowodowało w strefie euro powrót recesji. Mimo to rozpoczęcie przez ECB programu QE przyniosło szereg korzyści. Najważniejszą była możliwość efektywnej redukcji długu publicznego, ponieważ QE prowadzi de facto do zamiany kupionych przez bank centralny obligacji skarbowych na zerokuponowe konsole(abstrakt oryginalny)

Słowa kluczowe

EN

Eurozone; Financial crisis; Monetary policy; Public debt

PL

Strefa euro; Kryzys finansowy; Polityka pieniężna; Dług publiczny

• Czasopismo: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
• Rocznik: 2016
• Numer: nr 428 Wrocław Conference in Finance: Contemporary Trends and Challenges
• Strony: 236--250

Twórcy

autor

Andrzej Sławiński

• Warsaw School of Economics, Poland; Narodowy Bank Polski

Bibliografia

• Aizenman J., 2014, The Eurocrisis: Muddling through, or a on the way to a more perfect euro zone?, NBER Working Paper, no. 20242, June.
• Altavilla C., Glannone D., Lenza M., 2014, The Financial and Macroeconomic Effects of the OMT Announcements, CSEF Working Paper no. 353, January.
• Andrle M., Bluedorn J., Eyraund L., Kinda T., Brooks P.K., Schwartz G., Weber A., 2015, Reforming Fiscal Governance in the European Union, Staff Discussion Note, no. 15/09, International Monetary Fund, Washington D.C.
• Buiter W., 2015, The Euro Area: Monetary Union or System of Currency Boards?, Citi Global Research, 19 March.
• Bundesbank, 2012, Letter to German Constitutional Court, 21 December, www.antehoc.com. (21-12-2012).
• Buttiglione I., Lane P., Reichlin L., Reinchart V., 2014, Deleveraging, What Deleveraging?, Geneva Reports on the World Economy, no. 16, CEPR Press.
• Corsetti G., Feld L.P., Lane P., Reichlin L., Rey H., Vayanos D., Weder di Mauro B., 2015, A New Start for the Eurozone: Dealing with Debt, CEPR Press, London.
• Corsetti G., Kuester K., Meier A, Müller G., 2013, Sovereign Risk and Belief-Driven Fluctuations in the Euro Area, IMF Working Paper, no. 227.
• Court of Justice of the European Union, 2015, Press Release, no. 2/15, 14 January.
• Cuerpo C., Drumond I., Lendvai J., Pontuch P., Raciborski R., 2013, Indebtedness, delevareraging dynamics and macroeconomic adjustment, Economic Papers, no. 477, European Commission.
• Danielsson J., 2013, Global Financial Systems, Pearson, London.
• Danielsson J., Shin H. S., 2002, Endogenous risk, www.riskresearch.org. (23-05-2015).
• De Grauwe P., 2013, The creditor nations rule in the Eurozone, [in:] De Grauwe P., Mayer T., Schmielding H. (eds.), The Future of Europe's economy. Disaster or deliverance? Centre for European Reform, London.
• De Grauwe P., 2014, Macroeconomic Policies in the Eurozone since the Sovereign Debt Crisis, KU Leuven Euroforum, Leuven.
• De Grauwe P., 2015, The sad consequences of the fear of QE, The Economist, 21 January.
• De Grauwe P., Ji Y., 2013, Panic-driven austerity in the Eurozone and its implications, February, www.voxeu.org (26-02-2013).
• De Grauwe P., Ji Y., 2014, Self-fulfilling crises in the Eurozone: An empirical test, Journal of International Money and Finance, no. 34.
• Dullien S, Guérot U., 2012, The Long Shadow of Ordoliberalism: Germany's Approach to the Euro Crisis, European Council on Foreign Relations, Policy Brief no. 49, February.
• Eichengreen, Panizza, 2014, A Surplus of Ambition: Can Europe Rely on Large Primary Surpluses to Solve the Debt Problem, NBER Working Paper, no. 20316.
• European Central Bank, 2012, A Fiscal Compact for a Stronger Economic and Monetary Union, Monthly Bulletin, May.
• Favero C., Missale A., 2011, Sovereign Spreads in the Euro Area. Which Prospects for a Eurobond? IGIER Working Paper, no. 424.
• Fisher I., 1933, The debt-deflation theory of great depression, Econometrica, vol. 1, pp. 337-357
• Fratzscher, M., Rieth M., 2015, Monetary policy, bank bailouts and the sovereign-bank risk nexus in the euro area, CEPR, Discussion Paper, no. 10370.
• Gordon R.J., 2014, The Demise of U.S. Economic Growth: Restatement, Rebuttal, and Reflections, NBER Working Paper, no. 19895.
• Keen S., 2015, Post Keynesian Theories of Crisis, American Journal of Economics and Sociology, vol. 2, no. 3.
• Koo R., 2013, Balance sheet recession as the 'other half' of macroeconomics, European Journal of Economics and Economic Policies, vol. 10, no. 2, pp. 136-157.
• Lo A. W., 2009, Regulatory reform in the wake of the financial crisis of 2007-2008, Journal of Financial Economic Policy, vol. 1.
• Mazzolini G., Mody A., 2014, Austerity Tales: The Netherlands and Italy, http://www.bruegel.org(23-05-2015).
• McKinsey Global Institute, 2015, Debt and (not much) deleveraging, February.
• McLeay M., Radia A., Ryland T., 2014, Money Creation in the Modern Economy, Bank of England Quarterly Bulletin, 1th Quarter.
• Panizza U., 2014, Public Debt, Risks in Italy. Myths, Facts and Politics, Graduate Institute and Development Studies Working Paper, no. 13.
• Paris P., Wyplosz Ch., 2014, The PADRE plan: Politically Acceptable Debt Restructuring in the Eurozone, Geneva Reports on the World Economy, Special Report 3, CEPR Press.
• Rannenberg A., Schoder Ch.. Strasky J., 2015, The macroeconomic effects of the Euro Area's fiscal consolidation 2011-2013: A simulation-based approach, Macroeconomic Policy Institute Working Paper, no. 156.
• Saka O., Fuertes A., Kalotychou E., 2014, ECB Policy and Eurozone Fragility: Was De Grauwe Right?, CEPS Working Document, no. 397, January.
• Schoenmaker D., 2015, Stabilizing and Healing the Irish Banking System: Policy Lessons, paper for the CBI-CEPR-IMF conference Ireland-Lessons From Its Recovery from the Bank-Sovereign Loop, 19 January, Dublin.
• Shiller R., 1981, Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?, American Economic Review, June, pp. 421-436.
• Shiller R., 2015, Irrational Exuberance, 3rd. edition, Princeton University Press, Princeton.
• Shin H.S., 2013, Procyclicality and the Search for Early Warning Indicators. IMF Working Paper, no. 258.
• Sinn H.W., 2014, Responsibility of States and Central Banks in the Euro Crisis, CESifo Forum, March.
• Sławiński A., 2015, Shielding money creation from severe banking crisis: How useful are proposals offered by the alternative reform plans?, Bank & Credit, no. 46.
• Summers L.H., 2014, U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound, Business Economics, vol. 49, no. 2.
• Summers L.H., 2015, Demand Side Secular Stagnation, American Economic Review: Papers & Proceedings, 105 (5).
• Teulings C., Baldwin R., 2014, Secular stagnation: Facts, causes, and cures - a new Vox eBook, Voxeu, 15 August.
• Turner A., 2013, Debt, Money and Mephistopheles: How Do We Get Out of this Mess?, Group of Thirty Occasional Paper no. 87, May, Washington D.C. February.
• Viral V., Acharya V., Steffen S., 2013, The "Greatest" Carry Trade Ever? Understanding the Eurozone Bank Risks, NBER Working Paper, no. 19039.
• Wren-Lewis S., 2013, Macroeconomic Stabilization in the Eurozone: Lessons from Failure, Global Policy Volume, no. 4.

Identyfikatory

DOI

10.15611/pn.2016.428.20