Turbulencije na tržištu novca - blagovremenost i kredibilitet od presudne važnosti

Abstract

Now that the global financial markets are highly volatile and vulnerable, and the world faces the Fourth Industrial Revolution that ushers in new technologies and potentially, with the growth of productivity, extends the period of low inflation and ultra-low interest rates, stability of the financial system is more important than ever. Technological innovation brings new uncertainty and the markets are extremely sensitive to sudden changes in the business environment, yet more so as they grew accustomed to ample liquidity in the prior period. Two episodes of similar characteristics in the money markets in two different countries, Serbia and the USA, have proven numerous patterns and demonstrated many commonalities. And yet, a somewhat different ambience, monetary measures applied to stabilise interest rates, the increase of which was driven by intensive withdrawals of liquidity from the banking system, as well as the initial signal sent to market participants, whose perception is what matters the most - proved that credibility, timeliness of response and proper choice of instruments are of crucial importance for success.