Monetarna politika Švicarske narodne banke u razdoblju geopolitičkih napetosti i visoke inflacije

master's thesis

• Title (english): Monetary policy of the Swiss National Bank during geopolitical tensions and high inflation
• Author: Magdalena Petrović
• Mentor: Marijana Ivanov (mentor)
• Committee member: Marijana Ivanov (član povjerenstva)
• Committee member: Gordana Kordić (član povjerenstva)
• Committee member: Martina Solenički (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2023-09-26, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Diplomski rad se temelji na analizi monetarne politike Švicarske narodne banke i utjecaja
monetarne politike na gospodarski rast i razvoj koji je ostvaren u toj zemlji. Analiza učinkovitosti
monetarne politike Švicarske narodne banke može doprinijeti u odabiru bitnih koraka koje
donositelji politika trebaju poduzeti pri ostvarenju cilja stabilizacije gospodarstva i budućeg
razvoja. Pružen je povijesni pregled središnje banke te strategija i instrumenti kojima se ona koristi
kako bi ostvarila svoj primarni cilj, a to je stabilnost cijena u rasponu od 0% do 2%. Analiziran je
utjecaj tržišnih neuspjeha nastalih povećanjem potražnje nakon Covid-19 pandemije. Povećanje
potražnje, rat u Ukrajini, problemi u lancima opskrbe i rast cijena dobara imali su značajan utjecaj
na zaokret u monetarnoj politici središnje banke kako bi sačuvala stabilnost cijena. Razdoblje
nakon pandemije obilježeno je pritiscima na valutu zemlje, povećanjem kamatnih stopa i najvećom
razinom stope inflacije u posljednjih nekoliko desetljeća. Zaoštravanje monetarne politike,
stabilnost valute iza koje stoje velike zalihe zlata, državnih obveznica i ostalih vrijednosnih papira
i energetska neovisnost omogućile su niže stope inflacije u Švicarskoj nego u usporedivim
zemljama poput SAD-a, Velike Britanije, ali i Eurozone.

Abstract (english)

This master's thesis is based on the analysis of the monetary policy of the Swiss National Bank and its impact on the economic growth and development achieved in the country. The analysis of the effectiveness of the Swiss National Bank's monetary policy can contribute to the selection of essential steps that policymakers need to take in achieving the goals of economic stabilization and future development. The paper provides a historical overview of the central bank's role and examines the strategies and tools it employs to achieve its primary goal, which is price stability within a range of 0% to 2%. Special emphasis is placed on analyzing the impact of market disruptions caused by increased demand following the Covid-19 pandemic. Increased demand, the conflict in Ukraine, supply chain issues, and the rise in commodity prices have had a significant impact on the shift in the central bank's monetary policy to preserve price stability. The postpandemic period has been characterized by pressures on the country's currency, rising interest rates, and the highest level of inflation in decades. Tightening monetary policy, the stability of the currency backed by significant reserves of gold, government bonds, and other securities, as well as energy independence, have enabled lower inflation rates in Switzerland compared to comparable countries such as the US, the UK, and the Eurozone.

• Keywords: monetarna politika; tržišni šokovi; inflacija; švicarski franak
• Keywords (english): monetary policy; market shocks; inflation; Swiss franc
• Language: croatian
• URN:NBN: urn:nbn:hr:148:117422
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2023-09-26 19:23:25