Relevanţa ciclicităţii pentru direcţiile de acţiune ale băncilor centrale
Date
2016
Authors
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Abstract
Amploarea si severitatea crizei economice si financiare mondiale, declanșata de criza
creditelor subprime in SUA, a readus in discutii problema ciclului economic si a rolului stabilizator al
politicilor statului in contextul ciclicitatii. Diminuarea ritmului de crestere a PIB-ului la nivel
mondial, inregistrata in anul 2009, a fost semnificativa, recesiunea economica fiind generata si
amplificata de factori financiari. Scopul articolului este de a argumenta relevanta ciclicitatii pentru
directiile de actiune ale bancilor centrale. Articolul sintetizeaza determinanții evolutiei ciclice a
economiei, expune particularitatile ciclului financiar si cauzele efectului amplificator al fluctuatiilor
factorilor financiari asupra ciclului economic și prezinta totodata viziunile curente privind interventiile
bancilor centrale in vederea prevenirii dezechilibrelor financiare, cu accent pe situatia din perioada de postcriza
The extent and severity of the global financial and economic crisis, which started with the subprime credit crisis in the US, has revived discussions on the issue of economic cycles and the stabilizing role of state policies in the context of cyclicity. The decline in global GDP growth rate in 2009 was significant, with the economic downturn being triggered and amplified by financial factors. The purpose of this article is to argue for the relevance of cyclicity for central banks’ directions of action. The article reviews briefly the determinants of business cycles, and presents the peculiarities of the financial cycle, as well as the causes of the boosting effect of financial fluctuations for the economic cycle. It also highlights the current views on central bank's interventions to prevent financial imbalances, with a focus on the post-crisis situation.
The extent and severity of the global financial and economic crisis, which started with the subprime credit crisis in the US, has revived discussions on the issue of economic cycles and the stabilizing role of state policies in the context of cyclicity. The decline in global GDP growth rate in 2009 was significant, with the economic downturn being triggered and amplified by financial factors. The purpose of this article is to argue for the relevance of cyclicity for central banks’ directions of action. The article reviews briefly the determinants of business cycles, and presents the peculiarities of the financial cycle, as well as the causes of the boosting effect of financial fluctuations for the economic cycle. It also highlights the current views on central bank's interventions to prevent financial imbalances, with a focus on the post-crisis situation.
Description
Abstract în lb. rom., engl. Bibliogr.: pp. 122-123 (30 titl.). JEL Classification: E32, E44, E52, G21, E10.
Keywords
ciclu economic, ciclu financiar, banci centrale, teorie economica, politica monetara, business cycle, financial cycle, central bank, monetary policy, economic theory
Citation
CLICHICI, Dorina. Relevanţa ciclicităţii pentru direcţiile de acţiune ale băncilor centrale = The relevance of cyclicity for central banks’ directions of action. In: Impactul transformărilor socio-economice și tehnologice la nivel național, european și mondial. Bucureşti. 2016, vol. 13, nr. 3, pp. 113-123.