Monetary policy under the influence of financial globalization
Valentin Mihai Leoveanu ()
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Valentin Mihai Leoveanu: Faculty of Administration and Business, University of Bucharest, Romania
Manager Journal, 2016, vol. 23, issue 1, pages 21-29
The political, economical and social transformations that human society has known throughout its existence had as a basis the settlement of a wide range of relationships and interconnections among the different communities, populations, cultures and state formations, synthesizing gradually but surely the currently phenomenon that they called globalization. As part of globalization, financial globalization is highlighted by two main elements: the free movement of capital flows and the foreign participation in the share capital within the financial system at national level. Throughout its entire evolutionary process, financial globalization has brought some significant challenges for monetary policy that requires an investigation of the multiple macroeconomic issues involved and that are crucial in ensuring and maintaining price stability. Global financial and economic crisis in the years 2007-2010 was impact of a “tsunami” - as expressed Frederic Mishkin, a phenomenon that has not only damaged and endangered the economic environment globally, but also brought a series of challenges science rethink its monetary policy purposes.
Keywords: monetary policy; financial globalization; agents of financial globalization; financial crises; floating exchange rate regimes; foreign capital flows (search for similar items in EconPapers)
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Persistent link: http://EconPapers.repec.org/RePEc:but:manage:v:23:y:2016:i:1:p:21-29
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