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Autor
Kowalak Magdalena
Tytuł
Ewolucja instrumentów polityki pieniężnej na tle przemian w bankowości centralnej
Evolution of Monetary Policy Instruments in Context of Central Banking
Źródło
Zeszyty Naukowe / Akademia Ekonomiczna w Poznaniu, 2005, nr 56, s. 56-80, bibliogr. 50 poz.
Słowa kluczowe
Banki centralne, Polityka pieniężna, Instrumenty finansowe
Central banks, Monetary policy, Financial instruments
Uwagi
summ.
Abstrakt
Artykuł prezentuje rozważania, poświęcone procesowi zastępowania bezpośrednich instrumentów polityki pieniężnej instrumentami pośrednimi, przy jednoczesnym znaczącym rozwoju tych ostatnich. Potwierdza to tendencję do zwiększenia znaczenia sił rynkowych tak w teorii, jak i w realizacji polityki banku centralnego.

Understanding of the monetary policy has changed significantly in the last three decades of the 20th century. Process of replacing direct instruments of monetary policy with indirect instruments (and development of the last) started in the late 1970. The process is often combined with growing importance of market forces and should be associated with progressive globalisation. However, one should also combine the process with evolution of understanding of central bank policy both in economic theory and in practice of conducting monetary policy. In the aftermath of the evolution the qualitative aspects of monetary policy are of grater importance. The goal of this article is to analyse the process of replacing instruments of central banks, its reasons and directions - in the context of central banking evolution. In the first part the most important circumstances of central banking evolution are characterised. The second part concerns reasons and conditions of growing popularity of indirect instruments. The third part outlines directions of monetary policy instruments, and the fourth -the instruments used by central banks nowadays. Open market operations or standing facilities are more and more often used because of both their greater effectiveness and usefulness in signalling market participants the directions of central bank policy. It fully relates to contemporary understanding of central banking. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
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Cytowane przez
Pokaż
ISSN
1641-2168
Język
pol
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