International Conference on Eurasian Economies
1-3 July 2014 – Skopje, MACEDONIA
Paper detail
Paper ID : 899
Status : Paper published
Language : Turkish
Topic : Finance and Financial Crises
Presenter: Asst. Prof. Dr. Zekayi Kaya
Session : 2C Finansal Kriz I
Developments in Monetary Policies before and after the Recent Financial Crisis and the Change in the Role of Central Banks
Son Finansal Kriz Öncesi ve Sonrası Para Politikalarında Gelişmeler ve Merkez Bankalarının Değişen Rolü
- Asst. Prof. Dr. Zekayi Kaya (Çankırı Karatekin University, Türkiye)
- Prof. Dr. Erkan Tokucu (Kafkas University, Türkiye)
Abstract
During the historical process, application of the monetary policies and the roles of the central banks have changed within the framework of the developments in the world economy, problems encountered and the economic policies as a solution to these problems. The financial crises after 1990 and the recent financial crisis as the biggest experienced one after 1930s, caused an increase in the importance of the task of providing financial stability besides price stability and in this context in the function of “lender of last resort” of the central bank. The crisis required using new policy instruments in addition to interest rate instrument which was not sufficient enough in providing financial stability and the roles of the central banks in providing financial stability changed. In this study, applications of monetary policies and the changing role of the central banks will be examined. Within this framework, traditional and non-traditional instruments will be explained and the problems that can be confronted by a central bank when providing price stability besides financial stability will be remarked.
JEL codes: E50, E52, E58
Kaya, Zekayi, Tokucu, Erkan (2014). "Developments in Monetary Policies before and after the Recent Financial Crisis and the Change in the Role of Central Banks" in Proceedings of International Conference of Eurasian Economies 2014, pp.482-492, Skopje, MACEDONIA.
DOI: https://doi.org/10.36880/C05.00899
