In December 1990, the Soviet Union withdrew from its bilateral trade agreement with Finland. This was followed by a dramatic collapse in Finnish-Soviet trade and a deep economic crisis in Finland. This column re-assesses the role of the trade collapse in causing the Finnish Great Depression in the early 1990s. The trade shock had a strong negative effect on the Finnish economy
Challenges central banking current institutional environment and forces affecting monetary policy | Finance cambridge.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cambridge.org Daily Mail and Mail on Sunday newspapers.
At the end of 2019 the European Systemic Risk Board General Board mandated a Task Force on Low Interest Rates to revisit the ESRB’s 2016 report on “Macroprudential policy issues arising from low interest rates and structural changes in the EU financial system”, assess subsequent developments, compare these to the risks identified in the report, and assess whether new sources
Asli Demirgüç-Kunt, Bálint Horváth, Harry Huizinga
International trade and financial globalisation have made economies more interdependent and more exposed to each other’s domestic shocks. Economic theory suggests that globalisation affects the transmission mechanism of monetary policy and that its spillovers could strengthen the international dimension of monetary policy (e.g. Dedola et al. 2017, Gerko and Rey 2017, Iacoviello and Navarro 2019). When monetary policy actions spill over abroad, this might at times complement policy choices in other countries and thus be a welcome externality. But at other times this might confront these countries with unfavourable policy choices. For example, they may find it harder to reconcile macroeconomic and financial stability without resorting to an enlarged set of policy tools. Only by exploring data can we shine a light on the extent to which monetary policy has acquired a global dimension.
<p><span>Good morning, and thank you, Raphael. I am delighted to participate in the 25th Financial Markets Conference, sponsored by the Federal Reserve Bank of Atlanta, which this year focuses on the role of central banks in fostering a resilient economy and financial system.</span></p>