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Economic Dynamics and Sustainable Development – Resources, Factors, Structures and Policies

Proceedings ESPERA 2015 – Part 1 and Part 2

Edited By Luminita Chivu, Constantin Ciutacu, Valeriu Ioan-Franc and Jean-Vasile Andrei

The book is dedicated to the 150th anniversary of the Romanian Academy. It contains the most valuable 100 papers presented at the International Conference «Economic Scientific Research – Theoretical, Empirical and Practical Approaches» (ESPERA 2015). The event is initiated annually by the National Institute for Economic Research «Costin C. Kirițescu» of the Romanian Academy. ESPERA aim to present and evaluate the economic scientific research portfolio as well as to argue and substantiate development strategies, including European and global best practices. ESPERA intend to become a scientific support for the conceptualization and the establishment of policies and strategies and to provide a systematic, permanent, wide and challenging dialogue within the European area of economic and social research.

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Insights on the Central Banks Global Financial Crisis Management (Adina Criste / Iulia Lupu)


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Adina Criste1 & Iulia Lupu2

Insights on the Central Banks Global Financial Crisis Management

Abstract: The global financial crisis considered as a manifestation of the financial instability changed the operating framework for monetary authorities, both in terms of their role in the financial system, and in terms of the instruments used. This article presents the ways in which central banks responded to the challenges posed by the financial crisis. Starting from the studies in the field, we intend to present a synthesis and an update of the challenges facing central banks. The range of instruments used by central banks in both developed and emerging economies has expanded due to the limits of the traditional interest rate instrument. The results show that the incurred challenges born “automatic” new measures that are useful in the short term. The main challenge is the long term effects of the implementation of these instruments and the way out of the “unconventional circle”.

Key words: monetary policy, non-standard tools, global crisis

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