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World finance – time of unprecedent changes
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World finance – time of unprecedent changes
Annotation
PII
S207054760013611-9-
DOI
10.18254/S207054760013611-9
Publication type
Article
Status
Published
Authors
Mikhail Portnoy 
ORCID: 0000-0002-8204-7771
Occupation: Head of Center for International Economic Studies
Affiliation: Institute for the U.S. and Canadian Studies of the Russian Academy of Sciences
Address: Russian Federation, Moscow
Edition
Issue 1
Abstract

Beginning U.S. financial-economic crisis in 2008-2009 years, and till Cyprus financial crisis in February 2013 the world financial system survived a long line of big shocks, making a new reality. World witnesses in the financial sphere an effect of “black swan” – unexpected extraordinary events, breaking traditional rules and anticipations, and changing the usual of economic life. New approaches to anticrisis monetary policy and state regulation of the financial market are being discussed. Author shows, how usual measures of monetary policy are being implemented in extraordinary big size. Keeping marginally low interest rates together with pumping money through buying government debt and “toxic” obligations became the main way of central banks monetary policy. This means transformation of quantitative measures of monetary policy into its new quality. Common features of modern monetary policy in U.S., EU, Japan and the special case of Cyprus confirm this conclusion.

Keywords
Financial and economic crisis 2008-2009, anticrisis policy, “black swan” effect, buying debt policy, central banks rates, banks, FRS, Eurozone, Bank of Japan, Cyprus, Greece, Russia
Received
29.10.2012
Date of publication
31.01.2013
Number of purchasers
1
Views
734
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0.0 (0 votes)
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