Monetary policy after the 2007- 2009 global financial crisis in the context of systemic risk
| Author(s): | prof. PhDr. Petr Teplý Ph.D., doc. Ing. Liběna Černohorská, Ph.D. |
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| Type: | Chapter in book |
| Year: | 2019 |
| Number: | 0 |
| ISSN / ISBN: | ISBN 978-80-7408-200-9 |
| Published in: | University of Finance and Administration, Czech Republic |
| Publishing place: | Prague, Czech Republic |
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| Suggested Citation: | Teplý, P. Černohorská, L. (2019). Monetary policy after the 2007- 2009 global financial crisis in the context of systemic risk. In: Frait, J. (ed.). Systemic Risk in Post-Crisis Financial Markets. Prague: VŠFS |
| Grants: | VŠE IP100040 |
| Abstract: | This chapter deals with the changes in implementing monetary policy that central banks were forced to employ in response to the effects of the 2007-2009 global financial crisis (GFC). These changes were in most cases needed because conventional monetary policy instruments were no longer effective at achieving their set goals. At the same time, it was also necessary for central banks to monitor not only price stability but also financial stability, which required deployment of macroprudential policy tools. The question remains as to whether the central banks increased or decreased systemic risk of financial markets with their measures. |
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