Monetary Policy Before And After The Financial Crisis: Risks, Economic And Legislative Impacts

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216275%3A25410%2F19%3A39915001" target="_blank" >RIV/00216275:25410/19:39915001 - isvavai.cz</a>

Result on the web

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DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Monetary Policy Before And After The Financial Crisis: Risks, Economic And Legislative Impacts

Original language description

The article analyses monetary policy response to the world financial crisis and focuses more closely on the monetary policy of the Czech National Bank (CNB) at this time. Until 2007, the implementation of monetary policy in OECD countries was perceived very positively. Howeve r, the financial crisis has clearly shown that the world&apos;s financial markets are highly interconnected, and this can have a major impact on individual national economies. Therefore, the monetary policy strategy has changed from a policy based on the so cal led flexible inflation targeting. Ensuring price stability is emphasised as part of the monetary policy role of the CNB in the provisions of Article 98 of the Constitution, in the Czech Republic. CNB is perceived as one of the most independent central bank s, the contituional dimension of its independence being confirmed by case law of the Czech Constitutional Court. In response to the financial crisis, CNB was forced to pursue unconventional monetary policy in the form of foreign exchange interventions betw een 2013 and 2017. However, during the time period of these interventions, CNB policy did not lead to achievement of the inflation target. Following the completion of foreign exchange interventions, CNB returned to conventional monetary policy through inte rest rates.

Czech name

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Czech description

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Type

D - Article in proceedings

CEP classification

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OECD FORD branch

50206 - Finance

Project

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Continuities

S - Specificky vyzkum na vysokych skolach<br>I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2019

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection

Proceedings of the 2nd International Conference on Business, Management and Finance

ISBN

978-609-485-035-6

ISSN

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e-ISSN

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Number of pages

17

Pages from-to

1-17

Publisher name

Diamond Scientific Publication

Place of publication

Vilnius

Event location

Paříž

Event date

Nov 22, 2019

Type of event by nationality

WRD - Celosvětová akce

UT code for WoS article

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