Dabrowski, Marek, (2016), “Core and periphery: different approaches to unconventional monetary policy “, Bruegel, 24 Μαϊου
Ιn the aftermath of the global financial crisis of 2007-2009, central banks in a number of advanced economies rapidly expanded their reserve (base) money and resorted to various unconventional monetary policy measures. Quantitative easing (QE), a massive purchase of securities including Treasury bonds, has played a prominent role in this new toolkit. These new practices have been closely watched by policymakers in emerging-market economies, where there is a temptation to follow the example of ‘core’ central banks such as the US Federal Reserve Board (Fed). This should not be surprising because easing measures always look more attractive for an average politician than austerity. However, it has become clear that the room for policy manoeuvre in the ‘periphery’ is much more limited than in the ‘core’ of the world economy. In this commentary, I will try to explain why
Σχετικές αναρτήσεις
- Notermans,Ton, (2014), “Imperial legacy? The EU´s Developmental Model and the Crisis of the European Periphery”, CES Papers Open Forum #19
- Fazi, Thomas, (2016), “Why The European Periphery Needs A Post-Euro Strategy”, Social Europe, 25 Φεβρουαρίου