In almost every area of human activity there are concerns regarding malfunctions that may occur within it. Therefore, there are studies about the causes, the mode of occurrence, manifestations and consequences of these deviations which act as the economic crises. The current crisis differs from...

Recent international financial crisis has highlighted the crucial importance of financial stability and showed clearly that ensuring price stability as an objective of monetary policy is a necessary but not a sufficient condition to ensure financial stability. In this context, there have been...

Central Bank is one of the most important actors of economic life. The policy that this institution leads is important both in relation to achieving different economic policy objectives (economic growth, unemployment rate, price stability, balance of payment equilibrium) and in relation to the...

On the background of the current international financial crisis, the central banks of major developed countries took unprecedented action aimed at restoring the confidence in financial systems and at ensuring the normal functioning of the monetary policy transmission mechanism on the real...

The aim of the present paper is to underline the international financial crisis implications on the monetary policy transmission mechanism at the European level. Our study illustrates the main features of the pass-through process in the light of recent financial tensions and the general impact...

In the last few decades everyone agreed that capital inflows benefit the recipient countries, contributing effectively to economic growth and sustaining the investments in the real economy with long term positive effects but in the same time it was observed that the import of capital represents...

The global financial and economic crisis has revealed that the missing pillar of financial stability architecture was the macroprudential approach of the financial supervision and designing of the prudential policy is considered one of the key elements of the post-crisis reforms. The micro-and...

In developing countries, governments are tempted to, and they often do finance their budget deficits by issuing currency. This leads to inflation, and ultimately, the source of the incomes to the budget are the inflation tax and the seigniorage. The mechanism that is used is the direct loan,...

This paper offers a broad introduction to the workings of the global financial system, the dynamics of the main financial markets, the nature and goals of the key financial institutions and the crucial role played by central banks and regulatory agencies. An important part of the paper focuses...

Derivatives are an important part of the process of financial innovation that swept global markets. The growth of derivatives has so many implications on the economy in general and for the environment in which the monetary policy operates. This paper examines the impact that presence of...