Avrupa Merkez Bankası’nın Finansal Krizdeki Rolü

2007 yılı sonlarında başlayan global finansal krizle birlikte, para politikası birçok zorlukla karşılaşmıştır. Finansal kriz, özellikle parasal aktarım mekanizmasında istikrarsızlık yaratarak para politikasının yürütülmesini zorlaştırmıştır. Ayrıca, parasal birlik içerisinde, üye ülkeler arasındaki farklılıklar, belirsizlik ve karışıklığın artmasına neden olmuştur. Avrupa Merkez Bankası’nı da içeren birçok merkez bankası finansal piyasaların sağlıklı bir şekilde işlemesini desteklemek üzere geleneksel ve geleneksel olmayan önlemler uygulamaya koymuşlardır. AMB tarafından yürütülen geleneksel olmayan önlemler, bankalara limitsiz fon desteğinin sağlanması, kabul edilebilir teminat listesinin genişletilmesi, teminatlı bonoların kesin alımlarının yapılması ve menkul kıymet piyasaları programı aracılığıyla, Euro bölgesinde yapılan müdahalelerden oluşmaktadır. Bu çalışmanın amacı, Amerika’da konut balonunun patlamasını takip eden sub-prime krizi ve hala etkisini sürdüren ülke borç krizini içeren küresel finansal krizi ve özellikle AMB’nin krizdeki rolünü incelemektir.

The Role of European Central Bank in Financial Crises

From the start of the crisis in summer 2007, monetary policy has faced a number of challenges. The financial crisis has complicated the implementation of monetary policy, in particular by creating instability in the transmission mechanism. And, within a monetary union, differences between member countries have added to the uncertainty and complexity. Many central banks, including the ECB, have put into effect not only conventional measures, in particular the key interest rate at which liquidity is injected into the system, but also unconventional measures to support the functioning of financial markets. The unconventional measures, which have been maintained by the ECB and called non-standard, comprised; the provision of unlimited funding support to banks, extension of the list of eligible collateral, outright purchases of covered bonds and interventions in the euro area debt securities markets through the “Securities Markets Programme”. The goal is to remedy the malfunctioning of the money market connected to the increase in the counterparty risk premium that has led to a substantial decrease in volume and liquidity. The purpose of this paper is to mention the global financial crisis which consists of two episodes; sub-prime crisis that followed the collapse of the housing bubble in the USA and the sovereign debt crisis which still keeps the effectiveness and predominantly to discuss the role of European Central Bank in the crisis.

Kaynakça

Bekaert, G., Hoerova, M. and Lo Duca, M. (2010), “Risk, Uncertainty and Monetary Policy,” CEPR Discussion Paper, No. 8154

Blinder, Alan S. (2010), “How Central Should the Central Bank Be?”, CEPS Working Paper, No. 198

Blundell-Wignall, A. and Slovik, P. (2011), “A market Perspective on the European Sovereign Debt and Banking Crisis”, OECD Journal, Financial Market Trends

Borio, C. (2011), “Central banking post-crisis: What compass for unchartered waters?”, BIS Working Paper, No. 353, September

Cooper, G. (2008), “The Origin of Financial Crises: Central Banks, Credit Bubbles and the Efficient Market Fallacy”

Cşrdia, V. and Woodford, M. (2009), “Conventional and unconventional monetary policy”, CEPR Working Paper, No. 7514

De Grauwe, P. and Gros, D. (2009), “A new two-pillar strategy for the ECB”, CESifo Working Paper, No. 2818

Fahr, S., Motto, R., Rostagno, M., Smets, F. and Tristani O. (2011), “Lessons for monetary policy strategies from the recent past”, European Central Bank Event

Fischer, B., Lenza, M., Pill, H. And Reichlin, L. (2009), “Monetary analysis and monetary policy in the euro area 1999-2006,” Journal of International Money and Finance, Elsevier, Vol. 28(7), pages 1138- 1164, November, 2009

Giannone, D., Lenza, M., Pill, H. and Reichlin, L. (2012), “The ECB and the Interbank Market” Working Papers ECARES 2012-005

Giannone, D., Lenza, M., Pill, H. and Reichlin, L. (2011), “Non-standard monetary policy measures and monetary developments”, CEPR Discussion Paper, No. 8125

Lenza, M., Pill, H. and Reichlin, L. (2010), “Monetary policy in exceptional times,” CEPR Discussion Paper, No. 7669

Mishkin, F.S. (2010), “Monetary policy strategy: Lessons from the crisis”, Paper presented at the ECB Central Banking Conference, “Monetary policy revisited: Lessons from the crisis”, Frankfurt, November 18-19.

Jackson, James K. (2009), “The Financial Crisis: Impact on and Response by The European Union”, CRS Report

Wyplosz, C. (2010), “The European debt crisis: Worrisome delusions”, December 2010

Whelan, K. (2009), “The ECB Role in Financial Supervision”, European Pariıament Paper

(2007), “Output Growth Differentials in the Euro Area: Sources and Implications”, ECB Monthly Bulletin Article, April 2007

(2009), “Crisis and Recovery”, IMF World Economic Outlook, April 2009

(2011), “Euro Bölgesi Çevre Ülke Ekonomilerinin Kırılganlıkları ve Bankacılık Sektörünün Karşılıklı Duyarlılıkları”, TCMB Ekonomi Notları, No:11/09

Kaynak Göster

APA Kılcı, E. (2014). Avrupa Merkez Bankası’nın Finansal Krizdeki Rolü . 21. Yüzyılda Eğitim Ve Toplum Eğitim Bilimleri Ve Sosyal Araştırmalar Dergisi , 1 (1) , 163-174 .