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Los desafíos para la política monetaria en las economías avanzadas tras la Gran Recesión (The Challenges for Monetary Policy in Advanced Economies after the Great Recession) 大衰退后发达经济体货币政策的挑战(大衰退后发达经济体货币政策的挑战)

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2014-09-01 DOI: 10.2139/SSRN.2497884

Juan Carlos Berganza, I. Hernando, J. Valles

{"title":"Los desafíos para la política monetaria en las economías avanzadas tras la Gran Recesión (The Challenges for Monetary Policy in Advanced Economies after the Great Recession)","authors":"Juan Carlos Berganza, I. Hernando, J. Valles","doi":"10.2139/SSRN.2497884","DOIUrl":"https://doi.org/10.2139/SSRN.2497884","url":null,"abstract":"Spanish Abstract: Tras casi seis anos con los tipos de intervencion situados en niveles cercanos a cero y con numerosos estimulos no convencionales todavia en vigor, en 2014 ya se percibe la proximidad de la normalizacion monetaria en las economias en las que, como en Estados Unidos y el Reino Unido, el proceso de recuperacion parece mas afianzado. Sin embargo, el Banco de Japon continua con su ambicioso programa de expansion monetaria y en el area del euro se han adoptado medidas adicionales de caracter expansivo. Este documento, en primer lugar, hace una valoracion de los distintos programas extraordinarios de politica monetaria realizados por los principales bancos centrales de las economias avanzadas en respuesta a la crisis financiera global; en segundo lugar, expone los riesgos asociados a la prolongacion de las actuales medidas y los interrogantes sobre la gradualidad en la retirada de dichos estimulos; y, por ultimo, avanza algunas lecciones sobre la conduccion de la politica monetaria en el futuro. English Abstract: After almost six years with official interest rates at close to zero and with numerous unconventional measures still in place, 2014 is witnessing the beginning of the process of monetary normalisation in those economies, such as the United States and the United Kingdom, in which the recovery seems to have taken hold. However, the Bank of Japan is still implementing an ambitious programme of monetary expansion and the ECB has recently adopted new expansionary measures. This paper first assesses the various extraordinary monetary policy programmes conducted by the major central banks in advanced economies in response to the global financial crisis. Second, it sets out the risks associated with keeping the existing measures in place and raises questions in relation to the gradual withdrawal of these stimuli. Finally, it offers some lessons for the conduct of monetary policy in the future.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125643675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 41

Lessons Learned for Monetary Policy from the Recent Crisis 从近期危机中吸取的货币政策教训

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2014-08-04 DOI: 10.2139/ssrn.2475783

Michael D. Bordo

{"title":"Lessons Learned for Monetary Policy from the Recent Crisis","authors":"Michael D. Bordo","doi":"10.2139/ssrn.2475783","DOIUrl":"https://doi.org/10.2139/ssrn.2475783","url":null,"abstract":"“Most people would say that Europe is still sort of coming out of the financial crisis that we had 5 years ago, which was probably the worst since the Great Depression of 1930s. Now just to keep things in context, at the time people were saying that it was going to be worse than the Great Depression, but it was not. It was big, but it was actually not that big compared to some of the crises, especially compared to what happened in the 1930s.” writes prof. Michael Bordo in the newly published mBank – CASE Seminar Proceedings No. 130. He discusses the lessons learned from the history of previous financial crises for the monetary policy, focusing mainly on the recent experience of the United States (and namely its Federal Reserve), where the current crisis began. He argues that the crisis of 2007-2008 was not as devastating as is commonly believed, and - more importantly – claims that the Fed’s policy during the crisis, based on lessons learn from the Great Depression, not only “did not exactly fit the facts of the recent crisis”, but may in fact have “exacerbated the crisis and may have led to serious problems which could contribute to the next (one)”.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121806197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Emerging from the Euro Crisis: The Institutional Dilemmas of a Political Union 从欧元危机中崛起:政治联盟的制度困境

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2014-05-20 DOI: 10.2139/ssrn.2441192

Sergio Fabbrini

{"title":"Emerging from the Euro Crisis: The Institutional Dilemmas of a Political Union","authors":"Sergio Fabbrini","doi":"10.2139/ssrn.2441192","DOIUrl":"https://doi.org/10.2139/ssrn.2441192","url":null,"abstract":"The euro crisis has radically transformed the institutional and legal configuration of the European Union (EU) as formalized by the 2009 Lisbon Treaty. The crisis has altered the structure of multiple compromises that made the Lisbon Treaty possible. In particular it has altered the institutional compromise between the old supranational and the new intergovernmental approaches. The EU emerging from the crisis has the features of an intergovernmental union, it is based on the euro-area member states and is affected by technocratic, rather than political, criteria. The EU has entered in a constitutional conundrum: how to escape from it? It is necessary to recognize that the euro-area (plus) and no euro-area member states are already separate institutionally and legally. This separation should be formalized and at the same time it is crucial to connect the two areas within the framework of the single market. Regarding the euro-area, the paper argues its necessity to acquire the features of a political union in order to govern the single currency. However, this political union cannot have the features of the traditional perspective of the parliamentary union. The latter cannot offer an exit strategy from the governance’s crisis of the euro, because of institutional dilemmas that it cannot solve. The paper thus identify the institutional features of a political union for the euro-area plus member states able to compound its intergovernmental and supranational sides.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114951467","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Jenseits Der Euro-Rettung – Für Einen Perspektivwechsel in Der Europadiskussion (Beyond the Euro-Crisis – The Need for a New Perspective when Discussing Europe) 超越可以拯救欧元的欧洲——需要从欧洲人的辩论中转换观点。(

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2014-04-17 DOI: 10.2139/ssrn.2426222

Anke Hassel

{"title":"Jenseits Der Euro-Rettung – Für Einen Perspektivwechsel in Der Europadiskussion (Beyond the Euro-Crisis – The Need for a New Perspective when Discussing Europe)","authors":"Anke Hassel","doi":"10.2139/ssrn.2426222","DOIUrl":"https://doi.org/10.2139/ssrn.2426222","url":null,"abstract":"German Abstract: Die meisten Beobachter der Eurokrise ausern sich sehr skeptisch uber die derzeitige Lage. Weder gibt es eine okonomisch nachhaltige Strategie den Euroraum zu sanieren, noch eine politische Perspektive demokratischer Europaisierung. Wendet man den Blick weg von der Eurozone hin zu den politischen Defiziten der Finanzmarktregulierung und der Demokratie der Krisenlander, andert sich das Bild. Ungezugelte Finanzmarkte finanzierten Entwicklungen in defizitaren Demokratien, an denen sich mehr oder weniger korrupte Eliten bereicherten und sich in ihrer Machtposition bestatigt sahen. Ein Teufelskreis, der erst durch das Platzen der Finanzblase vorlaufig beendet wurde. Die Rettung der Eurozone muss an der Erneuerung nationaler Demokratien ansetzen, die die zentrale Voraussetzung fur eine weitere Europaisierung ist. English Abstract: Most observers of the Euro crisis are highly skeptical about the current situation. They can neither see an economically sustainable strategy to rescue the Eurozone, nor envisage a political path towards Europeanization. An analysis going beyond the problems of the Eurozone and towards the deficits of global financial regulation and the lack of democratic quality in the crisis countries, however, provides a new perspective. Unbridled financial markets funded developments in the current debtor countries, enabling the political elite to enrich themselves and to justify their powerful position. This created a vicious circle that was stopped by the financial bubble bursting. Consequentially, a sustainable path to rescue the Eurozone must begin with the renewal of national democracies; this is the prerequisite for further Europeanization.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115115908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Concept of Sovereign Insolvency with Special Focus on India 主权破产的概念——以印度为例

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2014-03-07 DOI: 10.2139/SSRN.2482921

Shivam Goel

引用次数: 0

The Two Worlds of Municipal Bonds: Are Lower‐Rated Bonds Punished More by Financial Crisis? 市政债券的两个世界:低评级债券受金融危机的影响更大吗?

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2014-02-01 DOI: 10.1111/pbaf.12028

Jun Peng, Kenneth A. Kriz, Qiushi Wang

引用次数: 4

Some Thoughts on the Spanish Economy after Five Years of Crisis 五年后对西班牙经济的思考

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2014-01-03 DOI: 10.2139/ssrn.2374293

E. Ortega, Juan Peñalosa

{"title":"Some Thoughts on the Spanish Economy after Five Years of Crisis","authors":"E. Ortega, Juan Peñalosa","doi":"10.2139/ssrn.2374293","DOIUrl":"https://doi.org/10.2139/ssrn.2374293","url":null,"abstract":"This paper briefl y describes some features of the situation of the Spanish economy after five years of crisis, a task which is easier now that this period can be analysed from a certain perspective. The crisis prompted a substantial readjustment of the main Spanish macroeconomic aggregates, affecting the level and composition of GDP, employment and the balance sheet position of the institutional sectors. During this period some of the imbalances that built up during the upturn have been corrected and several key variables are currently at around the average European levels. All told, the legacy of the crisis, in terms of the magnitude of unemployment and of the still high levels of indebtedness, makes for a complex outlook and suggests that the recovery will be gradual and not free of uncertainty. This uncertainty mainly affects the functioning of the economy’s adjustment mechanisms, particularly those working through the channels of competitiveness and of private sector balance sheets. Despite the depth of the crisis in Spain, the progress made in the reforms on various fronts is, on balance, significant. From the perspective provided by the analysis of the crisis in this paper, supply-side policies will have to play a major role in the current phase of the cycle to enable the recovery to proceed firmly.","PeriodicalId":241446,"journal":{"name":"PSN: Response to Financial Crisis (Comparative - Monetary) (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127365248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 11

Governance, Institutional Quality and the Euro Area Crisis: What Lessons to East Asian Integration? 治理、制度质量与欧元区危机:对东亚一体化有何启示?

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2013-12-31 DOI: 10.11644/KIEP.JEAI.2013.17.4.270

Seung-Gwan Baek, Yonghyup Oh

引用次数: 2

Bank Bailouts and Redistributive Monetary Policy: Voting on Central Bank Independence 银行救助与再分配货币政策:对中央银行独立性的投票

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2013-12-01 DOI: 10.2139/ssrn.2370253

D. Masciandaro, Francesco Passarelli

引用次数: 5

Report on the Pilot Assessment of the Performance of Insolvency Office Holders 破产办事处持有人业绩试验评估报告

PSN: Response to Financial Crisis (Comparative - Monetary) (Topic) Pub Date : 2013-09-02 DOI: 10.2139/SSRN.2351726

Cees van der Eijk, S. Frisby

引用次数: 0