Sajnoski, Krste and Madzova, Violeta (2014) Unconventional monetary policy measures in a world without global currency. Journal of Sustainable Development, 5. ISSN 1857-8519
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Abstract
After the Great Depression of the 1930s, a key role in outweighing the biggest financial and economic crisis has played the implementation of unconventional monetary policy measures, being practised as a policy of ultra-cheap money. The need of their implementation in the developed countries is a proof that the standard measures could not provide a way out of the recession into which they have fallen, and there has been brought into question the functioning of the existing system and relations, especially the functioning of national currencies in the role of world money. It is a fact that the standard measures, through the policy of cheap money, have temporarily showed themselves as a proper vehicle for leading a relaxed monetary and fiscal policy in the developed economies, but in the end they have resulted in financial and debt crisis. However, it is a problem that the way out of recession was looked for within the implementation of unconventional monetary policy measures, by which, in fact, there has been increased the level of its relaxation, and thus the danger of future crises too. It is known that the thing which led to crisis cannot help outweigh it. By implementing unconventional measures within the existing International Monetary System, the crisis can only be carried in other countries and it is not solved permanently. For that reason, it is necessary to be created a global currency as a result of which, the national systems will turn themselves back to the implementation of conventional measures, with no possibilities for carrying the national economic problems into other countries.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | unconventional measures, monetary policy, forward guidance, tax relief, quantitative easing, global currency |
| Subjects: | Social Sciences > Economics and business |
| Divisions: | Faculty of Economics |
| Depositing User: | Krste Sajnoski |
| Date Deposited: | 25 Mar 2014 08:47 |
| Last Modified: | 25 Mar 2014 08:47 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/9620 |
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