Comparison of the Approach of the Czech National Bank and the European Central Bank to the Effects of the Global Financial Crisis

IF 3 Q1 ECONOMICS
Andrea Čečrdlová
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引用次数: 6

Abstract

The latest global crisis, which fully erupted in 2008, can have a significant impact on central banks credibility in the long run. During the last crisis, monetary authorities encountered zero interest rate levels and, as a result, started to use non-standard monetary policy instruments. The Czech National Bank decided to use a less standard instrument in November 2013, when it started to intervene on the foreign exchange market in order to keep the Czech currency at level 27 CZK / EUR. However, the European Central Bank also adopted a non-standard instrument, when chose a path of quantitative easing in 2015 in order to support the euro area economy by purchasing financial assets. The question remains whether the approach of Czech National Bank or the approach of European Central Bank in the crisis and post-crisis period was a more appropriate alternative. With the passage of time from the global financial crisis, it is already possible to compare the approaches of these two central banks and at least partially assess what approach was more appropriate under the given conditions. When comparing the central banks approaches to the crisis, the Czech National Bank was better, both in terms of the rate of interest rate cuts and the resulting inflation with regard to the choice of a non-standard monetary policy instrument. The recent financial crisis has revealed the application of moral hazard in practice, both on behalf of the European Central Bank and the Czech National Bank, which may have a significant impact on their credibility and independence in the coming years.
捷克国家银行和欧洲央行应对全球金融危机影响的方法比较
从长远来看,2008年全面爆发的最新全球危机可能会对央行的信誉产生重大影响。在上一次危机期间,货币当局遇到了零利率水平,因此开始使用非标准货币政策工具。2013年11月,捷克国家银行决定使用标准较低的工具,当时它开始干预外汇市场,以将捷克货币保持在27捷克克朗/欧元的水平。然而,欧洲央行也采用了非标准工具,为了通过购买金融资产来支持欧元区经济,他在2015年选择了量化宽松的道路。问题仍然是,捷克国家银行的做法还是欧洲央行在危机和危机后时期的做法是更合适的选择。随着全球金融危机的时间推移,已经有可能比较这两家央行的做法,并至少部分评估在特定条件下哪种做法更合适。在比较各国央行应对危机的方法时,捷克国家银行在选择非标准货币政策工具方面的降息率和由此产生的通货膨胀率都要好。最近的金融危机表明,欧洲中央银行和捷克国家银行在实践中都存在道德风险,这可能会在未来几年对它们的信誉和独立性产生重大影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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