CEE EU Central Banks’ Policy during the First Wave of COVID-19

Author:

Kozińska Magdalena1

Affiliation:

1. Banking Institute , Warsaw School of Economics , Warsaw , Poland

Abstract

Abstract Faced with COVID-19 crisis, central banks have once again become one of the key players in the economies. The aim of this article is to analyse the actions of Central and Eastern European central banks within all their roles (monetary policy, micro-and macroprudential policy, deposit guaranteeing and resolution) during the first coronavirus wave. The analysis shows that they were active in various fields, not only those that were traditionally always assigned to central banks (i.e. monetary policy, although this was the major field of activity). Scope of the intervention naturally depended on the shape of the national financial safety net. At the same time, the use of monetary policy tools depended on the adopted monetary policy strategy. Practice of central banks’ actions shows that central banks with a wide range of monetary tools reacted later. It seems that the scope and intensity of the use of monetary policy tools was not influenced by the general role of the central bank in the financial safety net. The monetary toolkit used by banks was based on a standard set of instruments with modified conditions of application (scale, transaction parameters and their type, collaterals and counterparties). Although transactions with specific parameters were sometimes implemented for the first time, they can still be included in the framework of classic monetary policy tools. In areas other than monetary policy, central banks were much less active. The most disturbing seems to be the passivity in the field of macroprudential policy.

Publisher

Walter de Gruyter GmbH

Subject

Strategy and Management,Economics and Econometrics,Finance,General Economics, Econometrics and Finance

Reference77 articles.

1. 1. Ampudia, M., Beck, T., Beyer, A., Colliard, J.-E., Leonello, A., Maddaloni, A., & Marques-Ibanez, D. (2019). The Architecture of Supervision. ECB Working Paper, 2287.

2. 2. Bank Deposit Guarantee Fund. (2021). About FGDB. http://www.fgdb.ro/en/pages/despre-fgdb

3. 3. Bankowy Fundusz Gwarancyjny. (2021). About us. https://www.bfg.pl/en/about-us/

4. 4. Bordo, M. D. (2021). Monetary Policy Cooperation/Coordination and Global Financial Crises in Historical Perspective. Open Economies Review. https://doi.org/10.1007/s11079-020-09611-5

5. 5. Bulgarian Deposit Insurance Fund. (2020). General Information. https://www.dif.bg/en/about-bdif/about-us

Cited by 4 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3