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MartaKaraś
UniwersytetEkonomicznyweWrocławiu
MONETARYPOLICYFACINGGLOBAL
FINANCIALCRISIS:UNCONVENTIONAL
MEASURES
Introduction
Years2007through2010havebroughtunprecedentedliquidityproblems.
Centralbankstookunprecedentedactioninordertohelpthisproblematicsta-
teofaffairs.Intheyear2010aresearchof46centralbanksactionsintheface
oftheglobalfinancialcrisiswascarried.Amongotherthings,variousnew
nationalandglobalsolutionsinmonetarypolicywerenoticed.Thisarticle
presentsandprovidesataxonomyforthosesolutions.Additionallyauthoras-
sessesthenecessityofintroductionofsuchmeasurements.
Thestudiedintervalwasatimeofincredibledynamicsinthefieldofmone-
tarypolicy.Studiedmonetaryauthoritiestookaltogether1786actions1inorder
tostabilizefinancialmarketsintheircountries.Itwassoonclearthatthein-
strumentsattheirdisposalwerenotgivingintendedresults.Bytheyear2009
morethanahalfofbanksinthesampledecidedtointroducenewinstruments.
Someofthoseinstrumentsincreasedfinancialstabilitythroughexistingmo-
netarychannels,othersweretoutilizenewones.
1.Liquidityprovisioninmonetarypolicy
Innormalmarketconditionsmonetaryauthorityhastocontroltheamount
ofmoneyintheeconomyconsistentwithmonetarypolicyobjectives,whileli-
quidityinsuranceoperationsprovidetemporary,short-termassistancetocom-
mercialbanks.Traditionallysuchframeworkcannotprovidemedium-term
fundingtothebankingsectortosupportlendingactivities,astoeffectively
targetinflation,centralbankmustbeabletoeasilywithdrawliquidityfrom
thesystemwhenevernecessary2.
1
M.Karaś:MonetaryPolicyintheFaceofGlobalFinancialCrisis2007-2009.Masterthesis.Super-
visor:KrzysztofJajuga.FacultyofManagement,ComputerScienceandFinance,WroclawUniversityof
Economics,Wrocław2010.
2P.Fisher:TheBankofEngland’sBalanceSheet:MonetaryPolicyandLiquitityProvisionduringthe
FinancialCrisis.SpeechattheProfessionalPensionsShowExcelCentre,London,November19th,2009,
http://www.bankofengland.co.uk/publications/speeches/2009/speech413.pdf.
