Aspekti asimetričnosti u provođenju monetarne politike Europske centralne banke

master's thesis

• Title (english): Aspects of asymmetries in conduct of monetary policy of European central bank
• Author: Margareta Frčko
• Mentor: Marijana Ivanov (mentor); MBZ: 210365
• Committee member: Gordana Kordić (predsjednik povjerenstva)
• Committee member: Martina Nakić (član povjerenstva)
• Committee member: Marijana Ivanov (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2021-09-13, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Macroeconomics

Abstract

Europodručje se danas sastoji od 19 relativno vrlo različitih zemalja članica, a te razlike posebice dolaze do izražaja kada se zemlje klasificiraju u 2 klastera: jezgru i periferiju. U valutnim unijama poput europodručja asimetrija se javlja s više aspekata pa se pri provođenju makroekonomskih politika u obzir moraju uzeti heterogena struktura država članica i njihova razina konvergencije (divergencije), ali i asimetričnost ekonomskih šokova te odgovora država na te šokove. Bez obzira na vrstu, šokovi nisu simetrično distribuirani unutar europodručja. U nedostatku drugih zajedničkih mjera i politika, monetarna se politika nametnula kao instrument rješavanja neravnoteža. Međutim, njezina je sposobnost stabiliziranja ekonomija uslijed asimetrične prirode šokova i drugih heterogenosti ograničena te je upitna njena djelotvornost u asimetričnom i heterogenom okruženju kakvo je europodručje. Ciljane ekonomske varijable u različitim će zemljama različito reagirati na mjere i instrumente monetarne politike, što rezultira pozitivnim učinkom na dio zemalja i istovremenim negativnim učinkom na ostale države članice europodručja. Stoga ECB mora paralelno voditi računa o postojećim asimetričnostima unutar i između država članica te o potencijalnim asimetričnim učincima transmisije vlastite monetarne politike. Mjerama monetarne politike može se ispraviti dio neravnoteža, ali se ne smije očekivati od monetarne politike da se bavi onim problemima i neravnotežama na koje ne može utjecati niti ih ispraviti. S obzirom na ulazak u tečajni mehanizam ERM II i skoro uvođenje eura kao nacionalne valute, ova je tema važna i s aspekta Republike Hrvatske. Zasigurno karakter i mjere monetarne politike ECB-a neće u svakom trenutku odgovarati trenutnoj ekonomskoj situaciji u Hrvatskoj iz razloga što je ECB-ova monetarna politika značajnije pod utjecajem ekonomskih trendova u zemljama jezgre. Globalna financijska kriza i dužnička kriza europeriferije preokrenule su monetarne trendove u europodručju, dovele do uvođenja nekonvencionalnih mjera monetarne politike i naglasile važnost makroprudencijalne politike.

Abstract (english)

The euro area today consists of 19 relatively very different member states, and these differences especially come to the fore when countries are classified into 2 clusters: core and periphery. In currency unions such as euro area asymmetry occurs in several respects, so the heterogeneous structure of member states and their level of convergence (divergence) must be taken into account in conduct of macroeconomic policies, but also the asymmetry of economic shocks and countries' responses to those shocks. Regardless of the type, shocks are not symmetrically distributed within the euro area. In the absence of other common measures and policies, monetary policy has emerged as an instrument to address imbalances. However, its ability to stabilize economies is limited due to the asymmetric nature of shocks and other heterogeneities, and its effectiveness is questionable in an asymmetric and heterogeneous environment such as the euro area. Target economic variables in different countries react differently to monetary policy measures and instruments, resulting in a positive effect on some countries and a simultaneous negative effect on other euro area member states. Therefore, the ECB must simultaneously take into account the existing asymmetries within and between member states and the potential asymmetric effects of the transmission of its own monetary policy. Monetary policy measures can correct some of the imbalances, but monetary policy should not be expected to address those problems and imbalances that it cannot influence or correct. Given the entry into the ERM II exchange rate mechanism and the imminent introduction of the euro as the national currency, this topic is also important from the aspect of the Republic of Croatia. Certainly, the character and measures of the ECB's monetary policy will not always correspond to the current economic situation in Croatia due to the fact that the ECB's monetary policy is more significantly influenced by economic trends in the core countries. The global financial crisis and the debt crisis of the europeriphery have reversed monetary trends in the euro area, led to the introduction of unconventional monetary policy measures and stressed the importance of macroprudential policy.

• Keywords: europodručje; monetarna politika; asimetričnosti; monetarna transmisija; globalna financijska kriza
• Keywords (english): euro area; monetary policy; asymmetries; monetary transmission; global financial crisis
• Language: croatian
• URN:NBN: urn:nbn:hr:148:019709
• 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: Access restricted to students and staff of home institution
• Created on: 2021-09-16 07:54:10