Vol.6, No 3, 2009 pp. 221 - 236
UDC
336.711:338.124.4
THE IMPACT OF GLOBAL FINANCIAL CRISIS ON CHANGING THE CENTRAL BANK ROLE IN THE MARKET POSITIONING OF FINANCIAL INSTITUTIONS
Borko Krstić, Mirjana Jemović
Faculty of Economics, University of Niš, Serbia
borko.krstic@hotmail.com, mirjanajemovic@yahoo.com
A clear position of the central bank as a supreme monetary institution, taken on pursuing monetary policies, is of crucial significance for its credibility. For this reason, the central bank informs the public of its intentions through announcing official interest rates, that is, by publishing the data on discount rates and changes. Current insecurity and panic, existing in the financial markets due to a systemic liquidity crisis, have intensified the central bank responsibility for "fine market adjustment" by means of appropriate discount policy. The aim of this paper is to present the instruments applied by the central bank in the procedure of securing the liquidity of banks and providing general financial stability and to explain, from the aspect of newly formed market conditions of business activities, why Bagehot's doctrine of a "lender of last resort" has become inconsistent in time, giving way to the role of central bank as a "market-maker of last resort".
Key Words:
Discount rate, effect of notice, lender of last resort, market maker of last resort, standing facilities
UTICAJ GLOBALNE FINANSIJSKE KRIZE NA PROMENU ULOGE CENTRALNE BANKE U TRŽIŠNOM POZICIONIRANJU FINANSIJSKIH INSTITUCIJA
Zauzimanje jasnog stava centralne banke kao vrhovne monetarne institucije, oko vođenja monetarne politike od krucijalnog je značaja za njen kredibilitet. Iz tih razloga, centralna banka, preko objavljivanja zvaničnih kamatnih stopa tj. objavljivanjem podataka o visini eskontne stope i njenim promenama, upoznaje javnost sa svojim namerama. Nesigurnost i panika koja trenutno vlada na finansijskim tržištima, usled sistemske krize likvidnosti, još više su pojačali odgovornost centralne banke da, odgovarajućom politikom eskontne stope izvrši "fino podešavanje tržišta". Cilj rada je da pokaže kojim instrumentima se centralna banka koristila u postupku osiguranja likvidnosti banaka i obezbeđenja opšte finansijske stabilnosti i zašto je, s aspekta novonastalih tržišnih uslova poslovanja, Bejghotova doktrina "zajmodavca u krajnjoj instanci" (lender of last resort) postala vremenski nekonzistentna ustupivši mesto ulozi centralne banke kao "podržavaoca tržišta zadnjih kreditnih linija" (market maker of last resort).
Ključne reči: eskontna stopa, efekat najave, zajmodavac u krajnjoj instanci, podrživač tržišta zadnjih kreditnih linija, kreditne olakšice
