Uticaj centralne banke na funkcionisanje i razvoj tržišta novca
Докторанд
Ivković, Ana R.Ментор
Krstić, BorkoЧланови комисије
Vuksanović, EmilijaMarinković, Srđan
Метаподаци
Приказ свих података о дисертацијиСажетак
Central bank has a great interest in well-functioning of financial market, since the
efficient financial market supports both- the monetary and financial stability goals of the
central bank. The transmission of the policy rate into the financial markets and wider
economy normally operates via the short end of the yield curve, i.e. in the money markets.
The more developed, competitive and liquid the money market, the more effective the
transmission of monetary policy is likely to be. At the same time, liquidity and price stability
in short-term markets segment will impact the cost of primary issuance for the government
and for other fixed-interest issuers.
In this respect, it is hard for money markets to develop if design or implementation of
monetary policy and operations are suboptimal; while the central bank’s policy operations
will become ineffective or less effective if the money markets is underdeveloped. Therefore,
it is very important for the monetary policy operational framewor...k to be optimal. This means
that monetary policy instruments and procedures should be designed in a manner which will
support monetary and financial stability, and boost the money market development.
When designing its monetary operations framework, the central bank will need to
choose between direct and indirect instruments, passive or active stance towards liquidity
management, more or less micro and macro-prudential measures. By doing so, it will mostly
define its role on the money market. Due to all these reasons, most central banks operate in
the money markets as a part of their monetary policy operations and hence have a vested
interest in ensuring that these markets operate effectively. The advancement of these markets
should also be accompanied by the development of the appropriate market infrastructure such
as robust payment and settlement systems, but, first of all, supportive legal framework.