GOVERNMENT AND CENTRAL BANK MEASURES IN TIME OF FINANCIAL CRISIS

  • Neda Popovska Kanmar University "Cyril and Methody" Economic faculty-Skopje
Keywords: financial crisis, measures, governments, central banks

Abstract

This paper presents the measures which the governments and the central banks are implementing in order to protect their countries from the latest global financial crisis. The first part of this paper is describing the causes of the financial crisis and the global reactions to the economic turbulences. The second part presents the meas- ures of the main institutions in United States, Europe, England and also Sweden, Germany and Portugal, in order to improve the liquidity on their financial markets. In the third part are presented the measures by the governments and central banks of the emerging and Balkan countries.

Author Biography

Neda Popovska Kanmar, University "Cyril and Methody" Economic faculty-Skopje
PhD candidate

References

Agustin Villar: Is financial stability policy now better placed to prevent systemic banking crises?, working paper no 28, Bank for International settlements, 2008

Basel Committee on Banking Supervision: Bank Failures in Mature Economies, working paper No.13, BIS, April 2004

Claudio Borio: Assessing the Risk of banking crises, BIS Quarterly Review, December 2002

Commission of the European communities: From financial crisis to recovery: A European frame- work for action, Communication from the commission, October 2008

Committee on the Global Financial System: Central bank operations in response to the financial turmoil, CGFS papers, No 31, Bank for International settlements, July 2008

Daniel C. Hardy and Alexander F. Tieman: Innovation in Banking and Excessive Loan Growth, working paper no 08/188, IMF, July 2008

Dennis J.Snower: How to Solve the financial crisis, the basic principles for a rescue plan, University of Keln, October 2008

Elia Karakitsos: The lessons from the current crisis for Macro-theory and policy, University of Cambridge, 2008

European central bank: Annual report 2007

European central bank: Financial Stability Review, June, October 2008

European central bank: Research bulletin No7, June 2008

European commission: Proposal for revision of bank capital requirements rules, October 2008

European commission: press info for state aid of the certain countries.

European commission: Proposal to increase minimum protection for bank deposits, October 2008

Franklin Allen and Elena Carletti: Financial system: shock absorber or amplifier?, working paper no 257, BIS, July 2008

Horst Siebert: An international rule system to avoid financial instability, Kiel Institute for the World economy, working paper 1461, November 2008

Hui Tong and Shang-Jin Wei: Real Effects of the Sub prime Mortgage Crisis: Is it a Demand or a Finance Shock?, working paper 08/186, IMF, July 2008

IMF: Regional Economic outlook: Europe, World economic and financial survey, October 2008

International Monetary Fund: Food and fuel prices-recent developments, macroeconomic impact and policy responses, September 2008

Laurent Clerc: A primer on the sub prime crisis, occasional papers no.4, Banque de France, February 2008

Luc Laeven and Fabian Valencia: Systemic Banking Crises: A New Database, working paper 08/124, IMF, September 2008

Olivier J. Blanchard: The tasks Ahead, working paper 08/162, IMF, November 2008

Saurina Jesus, Persaud D. Avinash: Will Basel II help prevent crises or worsen them?, Finance and Developments, quarterly magazine of the IMF, June 2008, volume 45

web pages of the central banks

World bank: EU 10 regular economic report, October 2008

World bank: The unfolding crisis, Implications for Financial Systems and their oversight, World bank Financial system and Development economics departments, October, 2008

www.ec.europa eu/economy-finance/focuson

www.ecb.int

www.europa.eu.int

www.eurunion.org

www.forbes.com

www.ft.com/indepth/globarl-finance.crisis

www.ifw-kiel.de (Kiel Institute for World economy)

www.mostlyeconomics.worldpress.com

www.seebiz.eu

www.webnet.oecd.org

Published
2016-12-25