LA POLITICA MONETARIA DEL BCE DURANTE LA CRISIS. LA ADOPCIÓN DE MEDIDAS NO CONVENCIONALES
Fecha
2016-06
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Jaén: Universidad de Jaén
Resumen
[ES] La crisis económica y financiera que comenzó en 2007, originada en
los Estados Unidos, se propagó hasta Europa, afectando a la mayoría
de los países pertenecientes al Eurosistema y evidenciando los
problemas existentes en sus economías. Dicha coyuntura económica
y sus perspectivas futuras obligaron al Banco Central Europeo a
tomar una serie de medidas de política monetaria complementarias a
las ya existentes, conocidas como "no convencionales". El objetivo
de estas medidas era inyectar la liquidez necesaria a la economía,
salvaguardar la eficacia del mecanismo de transmisión de la política
monetaria y alcanzar su objetivo principal, la estabilidad de precios.
El objeto de este trabajo es analizar la aplicación de medidas no
convencionales a través de la política monetaria del Banco Central
Europeo. Además, realizaremos un estudio detallado de cada una con
el fin de poder conocer los efectos de su implantación, cómo han
evolucionado adaptándose a las necesidades del sistema, la retirada
de dichas medidas no convencionales y un análisis de la efectividad
que estas medidas han tenido para la zona euro.
[EN] The economic and financia! crisis that began in 2007, originated in the United States, spread to Europe, affecting most countries within the Eurosystem and highlighting the existing problem in their economies. Such economic situation and future prospects forced the European Central Bank to make a number of complementary monetary policy measures to existing ones, known as "unconventional". The aim of these measures was to inject the necessary liquidity to the economy, safeguard the effectiveness of the transmission mechanism of monetary policy and achieve its primary objective, price stability. The purpose of this work is to analyze the implementation of unconventional measures tlu·ough monetary policy of the European Central Bank. In addition, we will conduct a detailed analysis of each one in order to know the effects of its implementation, how they have evolved to adapt to the needs of the system, the withdrawal of the unconventional measures and an analysis of the effectiveness these measures have had to the euro zone.
[EN] The economic and financia! crisis that began in 2007, originated in the United States, spread to Europe, affecting most countries within the Eurosystem and highlighting the existing problem in their economies. Such economic situation and future prospects forced the European Central Bank to make a number of complementary monetary policy measures to existing ones, known as "unconventional". The aim of these measures was to inject the necessary liquidity to the economy, safeguard the effectiveness of the transmission mechanism of monetary policy and achieve its primary objective, price stability. The purpose of this work is to analyze the implementation of unconventional measures tlu·ough monetary policy of the European Central Bank. In addition, we will conduct a detailed analysis of each one in order to know the effects of its implementation, how they have evolved to adapt to the needs of the system, the withdrawal of the unconventional measures and an analysis of the effectiveness these measures have had to the euro zone.