Politica monetară non-standard în perspectiva crizelor financiare potențiale

Abstract

The monetary policy has become, in the context of the financial crisis erupted last decades, the target of several transformations. It put the spotlight on central banks using their balance sheets as backstops to the financial system. Their non-standard or unconventional responses have differed significantly across central banks. The standard monetary policy methods compress two elements. The first is the set of mechanisms for signalling the direction of monetary policy. The second element is based on a series of "liquidity management" operations, i.e. the central bank uses the balance sheet to achieve their objectives. One of the basic features of non-standard monetary policy is its ability to be implemented in parallel with standard monetary policy measures. Another aspect is that non-standard monetary policy measures are based on a set of principles developed by the Bank of Canada. In this context, unconventional monetary policy measures should be implemented gradually or according to existing problems in the financial system. Non-standard monetary policy interventions should use the right tools at the right time. This paper aims to investigate the concept of non-standard monetary policy in order to identify the prospects for its appropriate takeover in the monetary and financial conditions of the Republic of Moldova. JEL: E42, E43, E5