Title
Uticaj centralne banke na funkcionisanje i razvoj tržišta novca
Creator
Ivković, Ana R.
Copyright date
2015
Object Links
Select license
Autorstvo-Nekomercijalno 3.0 Srbija (CC BY-NC 3.0)
License description
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Language
Serbian
Cobiss-ID
Theses Type
Doktorska disertacija
description
Datum odbrane: 01.04.2016.
Other responsibilities
mentor
Krstić, Borko
član komisije
Vuksanović, Emilija
član komisije
Marinković, Srđan
Academic Expertise
Društveno-humanističke nauke
University
Univerzitet u Nišu
Faculty
Ekonomski fakultet
Group
Katedra za nacionalnu ekonomiju i finansije
Alternative title
Central Bank influence to the money market functioning and development
Publisher
[А. R. Ivković]
Format
408 str.
description
Biografija autora: list 404-405
description
Social Sciences, Monetary policy
Abstract (en)
Central bank has a great interest in well-functioning of financial market, since the
efficient financial market supports both- the monetary and financial stability goals of the
central bank. The transmission of the policy rate into the financial markets and wider
economy normally operates via the short end of the yield curve, i.e. in the money markets.
The more developed, competitive and liquid the money market, the more effective the
transmission of monetary policy is likely to be. At the same time, liquidity and price stability
in short-term markets segment will impact the cost of primary issuance for the government
and for other fixed-interest issuers.
In this respect, it is hard for money markets to develop if design or implementation of
monetary policy and operations are suboptimal; while the central bank’s policy operations
will become ineffective or less effective if the money markets is underdeveloped. Therefore,
it is very important for the monetary policy operational framework to be optimal. This means
that monetary policy instruments and procedures should be designed in a manner which will
support monetary and financial stability, and boost the money market development.
When designing its monetary operations framework, the central bank will need to
choose between direct and indirect instruments, passive or active stance towards liquidity
management, more or less micro and macro-prudential measures. By doing so, it will mostly
define its role on the money market. Due to all these reasons, most central banks operate in
the money markets as a part of their monetary policy operations and hence have a vested
interest in ensuring that these markets operate effectively. The advancement of these markets
should also be accompanied by the development of the appropriate market infrastructure such
as robust payment and settlement systems, but, first of all, supportive legal framework.
Authors Key words
centralna banka, tržište novca, likvidnost tržišta, kamatna stopa, stabilna inflacija, razvoj tržišta
Authors Key words
central bank, money market, market liquidity, interest rate, stable inflation, market development
Classification
336.711
Type
Elektronska teza
Abstract (en)
Central bank has a great interest in well-functioning of financial market, since the
efficient financial market supports both- the monetary and financial stability goals of the
central bank. The transmission of the policy rate into the financial markets and wider
economy normally operates via the short end of the yield curve, i.e. in the money markets.
The more developed, competitive and liquid the money market, the more effective the
transmission of monetary policy is likely to be. At the same time, liquidity and price stability
in short-term markets segment will impact the cost of primary issuance for the government
and for other fixed-interest issuers.
In this respect, it is hard for money markets to develop if design or implementation of
monetary policy and operations are suboptimal; while the central bank’s policy operations
will become ineffective or less effective if the money markets is underdeveloped. Therefore,
it is very important for the monetary policy operational framework to be optimal. This means
that monetary policy instruments and procedures should be designed in a manner which will
support monetary and financial stability, and boost the money market development.
When designing its monetary operations framework, the central bank will need to
choose between direct and indirect instruments, passive or active stance towards liquidity
management, more or less micro and macro-prudential measures. By doing so, it will mostly
define its role on the money market. Due to all these reasons, most central banks operate in
the money markets as a part of their monetary policy operations and hence have a vested
interest in ensuring that these markets operate effectively. The advancement of these markets
should also be accompanied by the development of the appropriate market infrastructure such
as robust payment and settlement systems, but, first of all, supportive legal framework.
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