Description

• Title:
  THE IMPACT OF THE FINANCIAL CRISIS ON MONETARY AND FISCAL POLICY IN THE EURO AREA
• Creator:
  Stawska, Joanna
• Contributor:
  Centre of Central Banking and Financial Intermediation, Institute of Finance, Faculty of Economics and Sociology, University of Lodz;
  joanna.stawska@uni.lodz.pl
• Description:
  Coordnation of both policies allows to avoid crisis situations having destibilizing effect on economy. Cooperation between central bank and government is quite difficult due to preclusive aims of fiscal and monetary policies. Financial crisis in 2008 had a profound impact on many changes in governance of monetary and fiscal policies in the euro area. It revealed significant economic decline and problems related to public finances (increase in debt obligations) in the euro area. In reaction to the crisis in the euro area, the monetary authorities introduced many changes. An increase in expansionary monetary policy speaks volumes about an attempt to utilize the transmission channel of the monetary policy to improve economy. This paper focuses on highliting the changes ocurred in monetary policy and fiscal policies that were the consequence of the financial crisis in the euro area. The article verifies the hypothesis that the increased level of the coordination of monetary policy and fiscal polices caused by the financial crisis contributed to deepening the crisis in its early stage in the euro area (in the period of 2008-2009). To verify the hypothesis the following research methods were used: review of scientific literature, statistical research methods and graphic presentation of economic events.;
  The financial crisis started in 2008 has contributed to many changes in the conduct of monetary and fiscal policy in the euro area. In the euro area significant decline in economic growth and problems of public finance (debt growth countries) is noticeable as a result of the crisis The aim of this article is to highlight the changes in monetary and fiscal policy in the euro area, which emerged in the aftermath of the crisis. The article verifies the hypothesis that during the financial crisis the coordination of monetary policy and fiscal policy weakened the deepening of the crisis in its early stages in both the euro area.
• Object availability:
  free access
• Rights:
  Uznanie autorstwa 3.0 Polska;
  http://creativecommons.org/licenses/by/3.0/pl
• Date:
  2015.02.13;
  2014.12
• Type:
  Book chapter
• Language:
  English
• Format:
  application/pdf
• Publisher:
  Hradec Kralove: MAGNANIMITAS
• Relation:
  International Masaryk Conference for Ph.D. Students and Young Researchers 2014;Vol. V. 2014
• Subject:
  policy mix;
  monetary policy;
  fiscal policy;
  financial crisis;
  polityka pieniężna;
  polityka fiskalna;
  kryzys finansowy
• Identifier:
  978-80-87952-07-8;
  http://hdl.handle.net/11089/6681
• Data provider:
  Repozytorium Uniwersytetu Łódzkiego
• Can I use it?:
  check license
• Type:
  text