magistrsko delo
Marcel Gajzer (Author), Sebastjan Strašek (Mentor)

Abstract

Pretresi na finančnih trgih so bili posledica zloma trga drugorazrednih hipotekarnih posojil leta 2007. Finančne inovacije so učinke finančne krize potencirali preko izvedenih instrumentov. Nezaupanje tržnih udeležencev se je dodatno zaostrilo po zlomu investicijske banke Lehman Brothers. Centralne banke so na pomanjkanje likvidnosti odgovorile s takojšnjimi ukrepi denarne politike. ECB je v letu 2009 znižala obrestno mero na 1 %, FED na 0,25 %. Politika nizkih obrestnih mer in uporaba standardnih instrumentov nista dajali želenih rezultatov. Nekonvencionalne ukrepe monetarne politike ECB lahko razdelimo na okrepljeno kreditno podporo in obsežne intervencije na primarnem in sekundarnem finančnem trgu (CBPP2, CBPP3, SMP, OMT, ABSPP in QE). Evropske države so se na reševanje dolžniške krize odzvale z restriktivno fiskalno politiko, kar se je odrazilo v negativnih stopnjah gospodarske rasti in nizkih stopnjah rasti inflacije v letu 2012 in 2013. Evroobmočje je med decembrom 2014 in marcem 2015 celo zapadlo v deflacijo. Ogrožen je bil primarni cilj ECB, zato je Svet ECB januarja 2015 napovedal program kvantitativnega sproščanja v obsegu 1,14 bilijona EUR, ki bo trajalo do septembra 2016. Tudi FED je aktiviral štiri programe kvantitativnega sproščanja med 2008–2015 v višini 3,5 bilijona USD. Drugi pomembni programi denarne politike FED v času krize so bili TAF, PDCF, TSLF, CPFF, AMLF, TALF in valutni posli. Ameriška vlada je v času Busheve in Obamove administracije sprejela številne zakone (TARP, ARRA, EESA), ki so z ekspanzivno fiskalno politiko pripomogli k doseganju boljših rezultatov makrooekonomskih indikatorjev kot v evropskem primeru.

Keywords

monetarna politika;fiskalna politika;finančna kriza;denarna politika;centralne banke;EU;ZDA;

Data

Language: Slovenian
Year of publishing:
Typology: 2.09 - Master's Thesis
Organization: UM EPF - Faculty of Economics and Business
Publisher: [M. Gajzer]
UDC: 338.246.2:336.74(4:73)
COBISS: 12156188 Link will open in a new window
Views: 2029
Downloads: 485
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Other data

Secondary language: English
Secondary title: Comparison of monetary and fiscal policy measures between EU and USA during crisis
Secondary abstract: The turmoil on the financial markets was a result of the subprime mortgage market collapse in 2007. Financial innovations compounded the effects of the financial crisis through derivatives. Distrust of market participants was further exacerbated after the collapse of Lehman Brothers investment bank. Central Banks responded to the lack of liquidity with immediate monetary policies. ECB reduced the interest rate in 2009 to 1 % and FED to 0.25 %. The low interest rate policy and the use of standard monetary instruments did not produce the desired results. The unconventional ECB monetary policy measures can be divided into enhanced credit support and large scale interventions on the primary and secondary financial market (CBPP2, CBPP3, SMP, OMT, ABSPP in QE). European countries responded to the sovereign debt crisis with restrictive fiscal policy, which resulted in the negative economic growth rate and low-inflationary growth in 2012 and 2013. The eurozone even slipped into deflation between December 2014 and March 2015. The primary objective of ECB was jeopardized, therefore the ECB Council announced the quantitative easing programme of 1.14 trillion EUR, which will run until September 2016. FED also activated four quantitative easing programmes of 3.5 trillion USD between 2008 and 2015. Other major programmes of FED monetary policy during the crisis were TAF, PDCF, TSLF, CPFF, AMLF, TALF and liquidity swaps. During the Bush and the Obama administration, the US Government adopted numerous laws (TARP, ARRA, EESA) which, by means of expansionary fiscal policy, contributed to the achievement of better macroeconomic indicators than in the European case.
Secondary keywords: financial crisis;monetary policy;fiscal policy;instruments of monetary policy;FED;ECB.;
URN: URN:SI:UM:
Type (COBISS): Master's thesis/paper
Thesis comment: Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages: V, 72 str.
ID: 8889437