Suchergebnisse

S.1-45: Metzler: Exchange rates and the International Monetary Fund

After 2008, a new term appeared on monetary policies after the direct monetary policies failed to reach a solution to the economic deficit that occurred in the economies of many countries, especially after the mortgage crisis that plagued the financial markets in most countries of the world, as these countries tried to reduce the interest rate to Zero or close to it in order to move the economy, but it did not respond despite the fact that the interest rate is the main tool and is considered the control stick in direct monetary policies. Thus, it became imperative for those countries to use new tools in order to get out of that crisis. Japan is considered the first to use these new policies and solutions before that period, and he is the first to call them indirect monetary policies. These tools were called by many names, including quantitative easing, credit facilitation and others. Many names, but it was the best solution by monetary policy makers for many countries, including the United States of America, the United Kingdom of Britain and the European Union, which represent the most powerful economies in the world, ; After 2008, a new term appeared on monetary policies after the direct monetary policies failed to reach a solution to the economic deficit that occurred in the economies of many countries, especially after the mortgage crisis that plagued the financial markets in most countries of the world, as these countries tried to reduce the interest rate to Zero or close to it in order to move the economy, but it did not respond despite the fact that the interest rate is the main tool and is considered the control stick in direct monetary policies. Thus, it became imperative for those countries to use new tools in order to get out of that crisis. Japan is considered the first to use these new policies and solutions before that period, and he is the first to call them indirect monetary policies. These tools were called by many names, including quantitative easing, credit facilitation and others. Many names, but it was the best solution by monetary policy makers for many countries, including the United States of America, the United Kingdom of Britain and the European Union, which represent the most powerful economies in the world

This paper sets out a framework for classifying and thinking about unconventional monetary policies, highlighting how they can be viewed within the overall context of monetary policy implementation. The framework clarifies the differences among the various forms of unconventional monetary policy, provides a systematic characterization of the wide range of central bank responses to the recent crisis, helps to underscore the channels of transmission and identifies some of the main policy challenges. In the process, the paper also addresses a number of contentious analytical issues, notably the role of bank reserves and their inflationary consequences.

This article discusses the frustrations both sides of the Atlantic regarding security, commercial and monetary policies. It suggests, however, that with the European Community, Japan and the USA all in difficulties together they might now possess the political will to arrest through negotiations a threatening return to discriminatory policies.

This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1947.