After the global crisis, one of the most important lessons learned by central banks appears to be the vital importance of financial stability along with price stability. Hence, finding solutions to how to incorporate the financial stability objective in the pursuit of monetary policy without...

After the global crisis, one of the most important lessons learned by central banks appears to be the vital importance of financial stability along with price stability. Hence, finding solutions to how to incorporate the financial stability objective in the pursuit of monetary policy without...

Working in a financial crisis environment is one of the most stressing tasks for a central banker. In order to diffuse a financial crisis, preventive policies, are of vital importance yet they cannot remove all disruptions that could lead to a crisis. Therefore, when a crisis emerges, risk...

Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying...

Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying...

The 2008 and 2011 crises have durably affected the conditions of monetary policy transmission, particularly in the euro area. However, it is generally considered that the European Central Bank’s (ECB) monetary policy truly became unconventional only at a late stage. Our contribution is...

The U.S. Subprime Crisis and the subsequent Great Recession have highlighted a renewed interest in the proper design and implementation of Early Warning Systems (E.W.S.), in order to help deter the onset of subsequent extreme financial events, through the implementation of adequate crisis...

Generally, one of the important issues related to currency crises is the output losses caused by these phenomena. In this study, determinants of output losses and particularly the role of the central bank will be evaluated during currency crises. Moreover, the paper tries to investigate the...

There is probably no single economic concept that has attracted more attention and intrigued scientific and professional circles than financial stability. For over a decade now that have been efforts to establish the starting point in explaining this condition or characteristic of the financial...

The global financial crisis has challenged the traditional monetary policy framework of one instrument (short-term interest rates) – one objective (price stability). More and more central banks nowadays consider financial stability as a monetary policy objective, whereas the Central Bank of...