КРЕДИТНЕ ТА КІЛЬКІСНЕ ПОМ’ЯКШЕННЯ В СИСТЕМІ МОНЕТАРНОГО РЕГУЛЮВАННЯ В УМОВАХ ГЛОБАЛЬНОЇ НЕСТАБІЛЬНОСТІ: ДОСВІД РОЗВИНЕНИХ КРАЇН

Abstract

The global financial crisis had a negative impact on the economic development of most countries in the world, and central banks had to overcome its consequences. In particular, negative indicators of GDP growth, low inflation were combined with high unemployment in most developed countries. The monetary authorities' response included a change in the monetary policy paradigm and the introduction of new instruments. The central banks of developed countries used unprecedented measures, which in the economic literature are called "unconventional monetary policy". In particular, credit and quantitative easing policies have become the most common. Credit easing policy allows a larger number of financial market participants to use credit funds on acceptable terms to stimulate the development of the real sector of the economy. During the period of credit easing policy, central banks of developed countries created additional financial funds. These measures led to an increase in lending to households and firms, which became one of the factors in overcoming the crisis and stimulating economic growth. Credit easing policies were especially popular in the early years following the 2008 global financial crisis. The quantitative easing policy is large-scale asset purchases in both the public and private sectors, which is the hallmark of unconventional monetary policy. These measures led to changes in the value of assets and lowered long-term interest rates. Both unconventional monetary policy instruments have been used by the Central Bank of England, the Bank of Japan, the European Central Bank, and the Federal Reserve. Overall, these unconventional measures helped to cope with the financial crisis and created conditions for the resumption of economic growth. These measures should become permanent instruments of monetary regulation of the country's economic development in conditions of uncertainty and instability. But unconventional instruments have a number of consequences that the monetary authorities need to control. Therefore, the next step in the development of monetary regulation should be the creation of conditions for the "normalization" of monetary policy. For example, It could be raising interest rates or applying macroprudential regulation. Only in this way, Central Bank will have the necessary tools for successful regulation of the economy and financial markets.