magistrsko delo
Karin Šteiner (Author), Mejra Festić (Mentor)

Abstract

Razglasitev COVID-19 pandemije je presenetila tako svetovna gospodarstva kot finančne trge ter povzročila eno izmed največjih zdravstvenih, socialnih ter gospodarskih kriz v zadnjem stoletju. Zgornjo trditev potrjuje tudi v delu predstavljeni novi sestavljen kazalnik sistemskega stresa (New CISS), ki se je v času COVID-19 krize že približal nivoju iz času globalne finančne krize iz leta 2008. Kot odziv na izredne razmere v gospodarstvu je Evropska centralna banka nadgradila ter dodatno razširila svoje že obstoječe instrumente denarne politike ter uvedla nov 1850 milijard EUR vreden izredni program nakupa vrednostnih papirjev za čas pandemije (PEPP), katerega namen je predvsem izravnati negativni vpliv pandemičnega šoka za transmisijski mehanizem denarne politike ter preprečiti resna finančna tveganja za evroobmočje. Pričujoče delo posledično analizira nestandardne ukrepe denarne politike, ki jih je ECB sprejela od začetka COVID-19 krize ter preučuje vpliv sprejetja novega izrednega programa nakupov vrednostnih papirjev za čas pandemije (PEPP) na razmike državnih obveznic ter finančne razmere v evroobmočju. V zadnjem poglavju se delo osredotoča še na tri možne scenarije razvoja v prihodnosti, ki jih bo morebiti deležna ECB ter hkrati predstavi potencialne izzive za centralno bančništvo. Rezultati kažejo, da se je Evropska centralna banka na zdravstveni, socialni in gospodarski šok COVID-19 krize odzvala z odločnimi ukrepi in s svojimi obsežnimi nakupi sredstev še vedno zagotavlja likvidnost bančnemu sistemu ter ugodno financiranje realnemu gospodarstvu. Vendar pa je en od najbolj zaskrbljujočih rezultatov tega dela dejstvo, da so se kot rezultat spodbujevalnih politik nekatere države že tako zadolžile, da so presegle 100% prag zadolženosti BDP-ja, kar jih uvršča med visoko zadolžene države. Številni avtorji so zato mnenja, da so programi nakupov vrednostnih papirjev morda zelo učinkovit instrument denarne politike ECB v časih izjemne finančne nestabilnosti na trgih, ko pa se stanje na trgih začne izboljševati pa to morda ni več najboljši način za izhod iz le-te, saj povečuje dolžniška bremena, ki pa lahko ogrozijo vzdržno stanje gospodarstev.

Keywords

monetarna politika;denarna politika;finančni instrumenti;obrestna mera;pandemija;Evropska centralna banka;ECB;

Data

Language: Slovenian
Year of publishing:
Typology: 2.09 - Master's Thesis
Organization: UM EPF - Faculty of Economics and Business
Publisher: K. Šteiner
UDC: 336.74
COBISS: 81768707 Link will open in a new window
Views: 408
Downloads: 171
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Other data

Secondary language: English
Secondary title: ǂThe ǂrole of European Central Bank's monetary policy during the COVID-19 crisis
Secondary abstract: The announcement of the COVID-19 pandemic took global economies and financial markets by surprise, causing one of the most significant health, social and economic crises of the last century, as proven by the New Composite Indicator of Systemic Stress (New CISS) presented in this paper, which has already reached levels close to those of the 2008 global financial crisis In response to this unprecedented economic circumstances, the European Central Bank (ECB) has upgraded and further expanded its existing monetary policy instruments and introduced a new EUR 1850 billion Pandemic Emergency Purchase Programme (PEPP), which is mainly aimed at offsetting the negative impact of a pandemic shock on the monetary policy transmission mechanism and at preventing severe financial risks for the euro area. Consequently, the present work analyses the non-standard monetary policy measures adopted by the ECB since the onset of the COVID-19 crisis and examines the impact of adopting the PEPP on sovereign spreads and the financial situation in the euro area. The final chapter focuses on three possible future scenarios that the ECB may face while outlining potential challenges for central banking. The results show that the ECB has responded to the health, social and economic shock of the COVID-19 crisis with decisive action and continues to provide liquidity to the banking system and favourable financing to the real economy through its large-scale asset purchases. However, one of the most concerning results of this work is the fact that, as a result of stimulus policies, some countries have already become so indebted that they have exceeded the 100% GDP debt threshold, ranking among the highly indebted countries. Many authors, therefore, believe that the ECB's purchase programmes may be a very effective monetary policy instrument in times of extreme market financial instability, however, once the markets start to recover, they may no longer be the best solution as they increase debt burdens that may, in turn, threaten the sustainability of the economies.
Secondary keywords: Monetary Policy;European Central Bank;Key Interest Rates;Monetary Instruments;Inflation Targeting;Policy Making.;
Type (COBISS): Master's thesis/paper
Thesis comment: Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages: VI, 94 str.
ID: 13038667