| | SLO | ENG | Cookies and privacy

Bigger font | Smaller font

Show document Help

Title:ZNAČILNOSTI IN UČINKOVITOST DENARNE POLITIKE NA ŠVEDSKEM
Authors:ID Gjura, Jerneja (Author)
ID Dajčman, Silvo (Mentor) More about this mentor... New window
Files:.pdf MAG_Gjura_Jerneja_2016.pdf (1,19 MB)
MD5: A05974545E27D1DEE8E745D05B0C2C8D
 
Language:Slovenian
Work type:Master's thesis/paper
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Osrednja tema tega magistrskega dela je proučevanje značilnosti in učinkovitosti denarne politike na Švedskem. Nedavna finančna kriza, ki se je začela v ZDA, se je hitro razširila v druge države po svetu in postala globalna finančna kriza. Prizanesla ni niti državam z razvitim in stabilnim gospodarstvom, kot je Švedska. V prvem delu magistrskega dela na kratko opisujemo teoretična izhodišča delovanja transmisijskega mehanizma. Nato se osredotočimo na Švedsko in predstavimo njene najpomembnejše ekonomske kazalnike. Sledi poglavje, ki se nanaša na značilnosti denarne politike na Švedskem. Ugotavljamo, katerih instrumentov in strategij se švedska centralna banka poslužuje za dosego zastavljenega cilja, tj. stabilnosti cen. V času finančne krize se je švedska centralna banka lotila nekoliko strožje denarne politike, saj se je inflacija cen življenjskih potrebščin preveč oddaljila od ciljne inflacijske stopnje. S strožjo denarno politiko je želela ponovno zagotoviti nizko in stabilno inflacijo v gospodarstvu. Pri tem je bila razmeroma uspešna. V osrednjem delu magistrskega dela analiziramo denarno politiko Švedske v času trajanja globalne finančne krize in izven nje. Analiziramo nekonvencionalne oziroma nestandardne ukrepe denarne politike, potrebne za obvladovanje likvidnostnega položaja poslovnih bank, v katerem so se znašle v času finančne krize. Ugotavljamo, da so bili sprejeti ukrepi učinkoviti, saj se je likvidnostni položaj bank po izvedbi ukrepov začel izboljševati. Premija na obrestno mero denarnega trga, ki je eden izmed indikatorjev likvidnosti poslovnih bank, se je namreč po sprejetju nekonvencionalnih ukrepov švedske centralne banke zmanjšala. V celotnem poglavju smo analizirali dogajanje glede obrestnih mer. Po letu 2008 so se obrestne mere začele zniževati in na izjemno nizki ravni ostajajo vse do danes. Gospodarstvo je zašlo v likvidnostno past, za katero so značilne izjemno nizke obrestne mere. V zadnjem poglavju smo ugotovili, da je na kratki rok prisoten vpliv denarne politike na ekonomske kazalnike (obrestne mere, devizni tečaj, gospodarske cikle in stopnjo inflacije), medtem ko je na dolgi rok vpliv denarne politike zanemarljiv.
Keywords:denarna politika, švedska centralna banka, inflacija, obrestne mere, likvidnost bank
Place of publishing:Maribor
Publisher:[J. Gjura]
Year of publishing:2016
PID:20.500.12556/DKUM-57088 New window
UDC:336.74
COBISS.SI-ID:12222236 New window
NUK URN:URN:SI:UM:DK:RUCZPBGC
Publication date in DKUM:08.03.2016
Views:2122
Downloads:194
Metadata:XML DC-XML DC-RDF
Categories:EPF
:
Copy citation
  
Average score:(0 votes)
Your score:Voting is allowed only for logged in users.
Share:Bookmark and Share



Hover the mouse pointer over a document title to show the abstract or click on the title to get all document metadata.

Secondary language

Language:English
Title:The Characteristics and the Effectiveness of Monetary Policy in Sweden
Abstract:The main focus of this thesis is the study of the characteristics and the effectiveness of monetary policy in Sweden. The recent financial crisis that started in the USA has quickly spread out to other countries over the world and has become a global financial crisis. Even countries with a developed and stable economy such as Sweden have not been spared by it. The first part of the thesis presents the theoretical starting points of how the transmission mechanism works. The focus then shifts to Sweden and its most important economic indicators. The following chapter presents the characteristics of monetary policy in Sweden. The instruments and strategies which the Sweden's central bank uses to achieve its objective, i.e. price stability, are also presented. During the financial crisis, the Sweden's central bank has implemented a somewhat stricter monetary policy because consumer price inflation had deviated too much from the inflation rate target. By implementing this stricter monetary policy, it wanted to reassure a low and stable inflation in the economy, and has been relatively successful in doing so. In the central part of the thesis, the Sweden's monetary policy during the global financial crisis is analysed. Unconventional or non-standard measures of the monetary policy that are necessary for managing the liquidity position in which commercial banks have found themselves during the financial crisis are also analysed. It is noted that the taken measures have been effective because the liquidity position of banks has started improving after the implementation of those measures. Money market risk premium, which is one of the indicators of the liquidity of commercial banks, has decreased after the Sweden's central bank adopted non-conventional measures. A whole chapter is dedicated to the analysis of interest rates. After 2008, interest rates have started to decrease and are still at a low level. The economy has found itself in a liquidity trap which is characterised by low interest rates. The last chapter shows that the monetary policy indeed does have an effect on the economic indicators (interest rates, the exchange rate, economic cycles and inflation rate) in the short term; however, the effect of monetary policy in the long run is negligible.
Keywords:monetary policy, Sweden's central bank, inflation, interest rates, bank liquidity


Comments

Leave comment

You must log in to leave a comment.

Comments (0)
0 - 0 / 0
 
There are no comments!

Back
Logos of partners University of Maribor University of Ljubljana University of Primorska University of Nova Gorica