Učinci monetarne politike na financijska tržišta i gospodarstvo

master's thesis

• Title (english): The Effects of Monetary Policy on Financial Markets and the Economy
• Author: Zvonimir Budimir
• Mentor: Marijana Ivanov (mentor)
• Committee member: Marijana Ivanov (predsjednik povjerenstva)
• Committee member: Martina Nakić (član povjerenstva)
• Committee member: Gordana Kordić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2020-09-21, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Monetarna politika najvažniji je instrument središnjih banaka. Njome se diktira stabilnost
cijena, ali i ostali faktori koji utječu na neko gospodarstvo, poput iznosa raspoloživih kredita,
kretanje nominalnih kamatnih stopa, količine ponude novca i drugo. Odabir ispravnog smjera
monetarne politike (restriktivna ili ekspanzivna) pravovremeno od ključne je važnosti za
napredak i/ili oporavak pojedinog gospodarstva. Također, odabir indirektnog cilja koji je
najprikladniji monetarnoj politici određene zemlje je ključan u postizanju željenih efekata.
Suprotstavljeni teorijski modeli i razni učinci koji proizlaze iz njih, važni su za širenje znanja,
spoznaja i daljnjeg razvoja ekonomske i monetarne teorije. Nositelji monetarne politike često
rješenja pronalaze u kombinaciji dvaju ili više teorija, primjerice keynezijanske i monetarističke
(friedmanovske), stoga ne treba odbacivati teorije unatoč njihovim nesavršenostima i
nedostacima. Izazovna vremena koja su pred ekonomskom i monetarnom unijom, samom
Europom i Hrvatskom, sigurno će biti olakšana raznim modelima koji uključuju razne
pretpostavke i predviđanja. Financijska integracija EU bit će brža i jednostavnija, a očekivanja
ekonomskih subjekata prema financijskim tržištima, ali i očekivanju ponašanja središnjih
banaka, bit će korigirana za veći koeficijent povjerenja koje centralne banke mogu pridobiti
pravovremenim i ispravnim reakcijama. Uloga tradicionalnih poluga za upravljanje
monetarnom politikom, poput nominalnih i referentnih kamatnjaka, ponude novca i slično,
razvijat će se i dalje s obzirom na svoju veliku važnost na svjetskoj monetarnoj razini.

Abstract (english)

Monetary policy is the most important instrument of a central bank. It is used to dictate the
price stability and other factors which have an impact on economy, such as available credit
sources, nominal interest rates, the quantity of money supply and other. Choosing the right
monetary policy direction (restrictive or expansionary) in a timely manner is crucial for the
progress and / or recovery of an individual economy. Also, choosing the indirect target that is
most appropriate to a country’s monetary policy is crucial in achieving the desired effects.
Opposing theoretical models and the various effects that result from them are important for the
dissemination of knowledge, insights and further development of economic and monetary
theory. Monetary policy makers often find solutions in a combination of two or more theories,
such as Keynesian and monetarist (Friedman's), so theories should not be rejected despite their
imperfections and shortcomings. The challenging times facing economic and monetary union,
Europe itself and Croatia itself, will certainly be eased by various models that include various
assumptions and predictions. EU financial integration will be faster and simpler, and the
expectations of economic entities towards financial markets, but also the expectations of central
banks, will be adjusted for a higher coefficient of confidence that central banks can gain with
timely and correct reactions. The role of traditional levers for managing monetary policy, such
as nominal and reference interest rates, money supply and the like, will continue to develop
given its great importance at the global monetary level.

• Keywords: monetarna politika; financijska tržišta; indirektni ciljevi
• Keywords (english): monetary policy; financial markets; indirect targets
• Language: croatian
• URN:NBN: urn:nbn:hr:148:390980
• 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: 2020-09-21 18:37:01