{"id":235464,"date":"2025-04-03T21:06:56","date_gmt":"2025-04-03T21:06:56","guid":{"rendered":"https:\/\/bm.dev.synology.me\/?p=235464"},"modified":"2025-04-03T21:06:56","modified_gmt":"2025-04-03T21:06:56","slug":"cat-de-mult-au-ajutat-economiile-si-stabilitatea-financiara-si-ce-riscuri-au-generat-politicile-monetare-neconventionale-aplicate-de-bancile-centrale-precum-relaxarea-cantitativa-sau-ratele-negative","status":"publish","type":"post","link":"https:\/\/bm.dev.synology.me\/?p=235464","title":{"rendered":"C\u00e2t de mult au ajutat economiile \u015fi stabilitatea financiar\u0103 \u015fi ce riscuri au generat politicile monetare neconven\u0163ionale aplicate de b\u0103ncile centrale, precum relaxarea cantitativ\u0103 sau ratele negative ale dob\u00e2nzilor \u015fi ce urmeaz\u0103? Ce cred Robert Holzmann, guvernator al B\u0103ncii Na\u0163ionale a Austriei, \u015fi Mugur Is\u0103rescu, guvernator al BNR?"},"content":{"rendered":"

\n\u2666<\/span> Robert Holzmann, guvernator al B\u0103ncii Na\u0163ionale a Austriei, \u00eentr-o prelegere la BNR: Dac\u0103 presupunem c\u0103 infla\u0163ia \u00een zona euro, SUA \u015fi alte \u0163\u0103ri ar reveni la normal \u00een c\u00e2teva luni sau ani, ne mai putem \u00eentoarce la o politic\u0103 monetar\u0103 conven\u0163ional\u0103 ca \u00eenainte de 2008, c\u00e2nd ratele dob\u00e2nzilor de politic\u0103 monetar\u0103 pe termen scurt \u015fi rezervele minime obligatorii dominau instrumentarul de politic\u0103 monetar\u0103 sau trebuie s\u0103 aplic\u0103m din nou o politica monetar\u0103 neconven\u0163ional\u0103, cu \u00eenv\u0103\u0163\u0103mintele din trecutul recent \u015fi poate cu noi instrumente neconven\u0163ionale pentru a aborda o eventual\u0103 infla\u0163ie prea sc\u0103zut\u0103? \u2666 <\/span>Mugur Is\u0103rescu, guvernatorul BNR: Vizita guvernatorului Holzmann vine \u00eentr-un moment \u00een care b\u0103ncile centrale din \u00eentreaga lume continu\u0103 s\u0103 navigheze \u00eentr-un peisaj monetar \u015fi financiar complex. De la criza financiar\u0103 global\u0103 p\u00e2n\u0103 la pandemia de COVID-19 \u015fi presiunile infla\u0163ioniste din ultimii ani, politica monetar\u0103 a trebuit s\u0103 evolueze dincolo de instrumentele tradi\u0163ionale. Utilizarea politicilor monetare neconven\u0163ionale – precum relaxarea cantitativ\u0103, ratele negative ale dob\u00e2nzilor \u015fi forward guidance – a modelat redresarea economic\u0103 \u015fi stabilitatea, dar a generat \u015fi noi riscuri \u015fi provoc\u0103ri.<\/strong><\/em><\/p>\n

\nUna dintre cele mai critice provoc\u0103ri cu care se confrunt\u0103 o banc\u0103 central\u0103 modern\u0103 este legat\u0103 de modalitatea de adaptare a politicilor la condi\u0163iile economice \u00een continu\u0103 schimbare, men\u0163in\u00e2nd \u00een acela\u015fi timp stabilitatea financiar\u0103, a declarat Mugur Is\u0103rescu, guvernatorul B\u0103ncii Na\u0163ionale a Rom\u00e2niei (BNR) la prezen\u00adtarea guvernatorului B\u0103ncii Na\u0163ionale a Austriei, Robert Holzmann cu tema \u201eUnconventional monetary policy under scrutiny: intentions, outcomes and alternatives\u201c, prezentare sus\u0163inut\u0103 la sediul BNR.<\/p>\n

\nUltimele dou\u0103 decenii au testat b\u0103ncile centrale \u00een moduri f\u0103r\u0103 precedent, a amintit Is\u0103rescu, ad\u0103u\u00adg\u00e2nd c\u0103 b\u0103ncile centrale din \u00eentreaga lume continu\u0103 s\u0103 navigheze \u00eentr-un peisaj monetar \u015fi financiar complex.<\/p>\n

\n\u201eVizita guvernatorului Holzmann vine \u00eentr-un moment \u00een care b\u0103ncile centrale din \u00eentreaga lume continu\u0103 s\u0103 navigheze \u00eentr-un peisaj monetar \u015fi financiar complex. De la criza financiar\u0103 global\u0103 p\u00e2n\u0103 la pandemia de COVID-19 \u015fi presiunile infla\u0163ioniste din ultimii ani, politica monetar\u0103 a trebuit s\u0103 evolueze dincolo de instrumentele tradi\u0163ionale. Utilizarea politicilor monetare neconven\u0163ionale – precum relaxarea cantitativ\u0103, ratele negative ale dob\u00e2nzilor \u015fi forward guidance – a modelat redresarea economic\u0103 \u015fi stabilitatea, dar a generat \u015fi noi riscuri \u015fi provoc\u0103ri\u201c.<\/p>\n

\n\"\"<\/a><\/p>\n

\nIs\u0103rescu a insistat pe necesitatea \u00een\u0163elegerii efectelor pe termen lung ale acestor m\u0103suri \u015fi explorarea alternativelor viabile de politic\u0103 monetar\u0103. \u201eAceste provoc\u0103ri sunt sarcini cruciale pentru factorii de decizie ast\u0103zi.\u201c<\/p>\n

\nPentru Rom\u00e2nia \u015fi BNR aceste discu\u0163ii sunt deosebit de relevante, a ad\u0103ugat guvernatorul b\u0103ncii centrale a Rom\u00e2niei.<\/p>\n

\n\u201ePe m\u0103sur\u0103 ce continu\u0103m s\u0103 ne consolid\u0103m sistemul financiar \u015fi s\u0103 ne aliniem la evolu\u0163iile monetare europene, este esen\u0163ial s\u0103 \u00eenv\u0103\u0163\u0103m din experien\u0163ele zonei euro. \u00centreb\u0103rile legate de rata natural\u0103 a dob\u00e2nzii, eficacitatea instrumentelor de politic\u0103 monetar\u0103 \u015fi implica\u0163iile pentru cre\u015fterea economic\u0103 \u015fi stabilitatea financiar\u0103 rezoneaz\u0103 profund cu propriile noastre obiective strategice\u201c, a concluzionat guvernatorul BNR, Mugur Is\u0103rescu.<\/p>\n

\n\"\"<\/a><\/p>\n

\nDac\u0103 presupunem c\u0103 infla\u0163ia \u00een zona euro, SUA \u015fi alte \u0163\u0103ri ar reveni la normal \u00een c\u00e2teva luni sau ani, \u00eentrebarea este dac\u0103 ne mai putem \u00eentoarce la o politic\u0103 monetar\u0103 conven\u0163ional\u0103 ca \u00eenainte de 2008, c\u00e2nd ratele rob\u00e2nzilor de politic\u0103 monetar\u0103 pe termen scurt \u015fi rezervele minime obligatorii dominau instrumentarul de politic\u0103 monetar\u0103 sau trebuie s\u0103 aplic\u0103m din nou o politica monetar\u0103 neconven\u0163ional\u0103, cu \u00eenv\u0103\u0163\u0103mintele din trecutul recent \u015fi poate cu noi instrumente neconven\u00ad\u0163ionale pentru a aborda o eventual\u0103 infla\u0163ie prea sc\u0103zut\u0103, a spus Robert Holzmann, guvernator al B\u0103ncii Na\u0163ionale a Austriei, \u00een prelegerea sus\u0163inut\u0103 la BNR.<\/p>\n

\n\u201eR\u0103spunsul va depinde de perspectivele ratei naturale a dob\u00e2nzii, care a sc\u0103zut \u00een ultimele decenii spre zero, estim\u0103rile recente semnal\u00e2nd o revenire la o cre\u015ftere modest\u0103. F\u0103r\u0103 o revenire pe cre\u015ftere a ratei naturale, se pare c\u0103 suntem limita\u0163i s\u0103 recurgem la UMP (unconventional monetary policy – politic\u0103 monetar\u0103 neconven\u0163ional\u0103 – n.red.) \u00een formatul actual sau revizuit \u015fi, sper\u0103m, mai pu\u0163in distorsionat, cu provoc\u0103ri principale pentru b\u0103ncile centrale\u201c.<\/p>\n

\n\"\"<\/a><\/p>\n

\nRobert Holzmann a explicat c\u0103 \u00een Europa b\u0103ncile centrale au trebuit s\u0103 se angajeze \u00eentr-o politic\u0103 monetar\u0103 neconven\u0163ional\u0103.<\/p>\n

\n“Politica monetar\u0103 normal\u0103 \u00eenainte era foarte simpl\u0103. Ai avut o singur\u0103 rat\u0103 a dob\u00e2nzii \u015fi dac\u0103 ai vrut s\u0103-\u0163i atingi obiectivul de stabilitate a pre\u0163urilor, ai majorat rata dob\u00e2nzii \u015fi infla\u0163ia a sc\u0103zut. Simplul a devenit imposibil dup\u0103 ce am avut o sc\u0103dere a dob\u00e2nzii naturale \u015fi am \u00eenceput s\u0103 ne \u00eendrept\u0103m spre zero sau sub zero \u00een unele situa\u0163ii. Asta \u00eensemna c\u0103 trebuia s\u0103 avem alte instrumente. Acum, \u00een ultimii c\u00e2\u0163iva ani, cu o infla\u0163ie mare, pe care \u00eencerc\u0103m s\u0103 o cobor\u00e2m la 2%, nu este clar \u00eenc\u0103 dac\u0103 aceast\u0103 dob\u00e2nd\u0103 natural\u0103 a crescut sau r\u0103m\u00e2ne sc\u0103zut\u0103\u201c, a explica Robert Holzmann.<\/p>\n

\n\"\"<\/p>\n

\nRobert Holzmann, guvernator al B\u0103ncii Na\u0163ionale a Austriei<\/strong><\/p>\n

\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Una dintre cele mai critice provoc\u0103ri cu care se confrunt\u0103 o banc\u0103 central\u0103 modern\u0103 este legat\u0103 de modalitatea de adaptare a politicilor la condi\u0163iile economice \u00een continu\u0103 schimbare, men\u0163in\u00e2nd \u00een acela\u015fi timp stabilitatea financiar\u0103, a declarat Mugur Is\u0103rescu, guvernatorul B\u0103ncii Na\u0163ionale a Rom\u00e2niei (BNR) la prezen\u00adtarea guvernatorului B\u0103ncii Na\u0163ionale a Austriei, Robert Holzmann cu tema \u201eUnconventional monetary policy under scrutiny: intentions, outcomes and alternatives\u201c, prezentare sus\u0163inut\u0103 la sediul BNR.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[7267,60088,185,187,12737,7464,8790,8443,60087],"class_list":["post-235464","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-banci","tag-bancii-nationale-a-austriei","tag-bnr","tag-dobanzi","tag-guvernator","tag-mugur-isarescu","tag-politica-monetara","tag-rate","tag-robert-holzmann"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/235464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=235464"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/235464\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=235464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=235464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=235464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}