Język Polski
English
Published
:
2014-10-30
Monetary Policy of the Czech National Bank in Terms of Disorder in the Global Financial Markets
Ilona Skibińska-Fabrowska
Abstract
The article focuses on the rules of operation of the Czech National Bank (CNB). It is an example of a central bank of a small opened economy that is closely linked to countries of the euro zone. In this article, the history of the bank is outlined and its conventional tools presented. Disorder in global markets afflicted the real sphere of the economy of the Czech Republic. The financial market was also affected by the inflow and the outflow of foreign capital. It had an effect on the exchange rate. During the first phase of the crisis, the CNB applied standard tools of monetary policy, however, this was not sufficient - the CNB reached the boundary of nominal interest change, and the inflation rate was still below its target. As a result, the Czech central bank started to intervene in the foreign exchange market and started to use unconventional monetary policy tools. The experience of the CNB may be valuable for countries with a similar structure of their economy.(original abstract)Keywords:
Monetary policy, State monetary policy, Currency interventionsDetails
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Citation rules
Skibińska-Fabrowska, I. (2014). Monetary Policy of the Czech National Bank in Terms of Disorder in the Global Financial Markets. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 56(5). Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1102