{"id":76541,"date":"2013-01-09T16:20:51","date_gmt":"2013-01-09T16:20:51","guid":{"rendered":"https:\/\/bm.dev.synology.me\/?p=76541"},"modified":"2026-04-03T10:04:18","modified_gmt":"2026-04-03T10:04:18","slug":"opinie-daniel-daianu-politica-monetara-nu-poate-fi-un-factotum","status":"publish","type":"post","link":"https:\/\/bm.dev.synology.me\/?p=76541","title":{"rendered":"Opinie Daniel D\u0103ianu: Politica monetar\u0103 nu poate fi un factotum"},"content":{"rendered":"<div>a) stabilitatea pre\u0163urilor nu asigur\u0103 ipso facto stabilitatea financiar\u0103;<\/div>\n<p>b) stabilitatea financiar\u0103 cere o reglementare \u015fi supraveghere a sistemului financiar (partea bancar\u0103 \u015fi cea non-bancar\u0103) care s\u0103 atenueze, s\u0103 previn\u0103 riscuri sistemice. B\u0103ncile centrale au ac\u0163ionat ca \u00eemprumut\u0103tor de ultim\u0103 instan\u0163\u0103 (lender of last resort) \u00een dou\u0103 ipostaze: fa\u0163\u0103 de b\u0103nci comerciale \u015fi fa\u0163\u0103 de guverne. Avem aici \u015fi o schimbare de paradigm\u0103, o renun\u0163are la simplista &#8220;ipotez\u0103 a pie\u0163elor eficiente&#8221; (EMH) \u015fi o reexaminare a modelelor pe baza c\u0103rora s\u0103 fac proiec\u0163ii de politic\u0103 monetar\u0103.<\/p>\n<p><a href=\"http:\/\/www.zf.ro\/opinii\/opinie-daniel-daianu-politica-monetara-nu-poate-fi-un-factotum-10441561\" target=\"_blank\">Mai multe pe zf.ro<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u015ei \u00een 2013 h\u0103\u0163urile sunt \u0163inute \u00een m\u00e2n\u0103 de b\u0103nci centrale mari, adic\u0103 de Fed, BCE, Banca Angliei, Banca Japoniei, etc; ele \u0163in \u00een via\u0163\u0103 sistemele bancare, sistemul financiar interna\u0163ional, prin injec\u0163ii masive de lichiditate (expansiunea propriilor bilan\u0163uri). Criza financiar\u0103 a cerut interven\u0163ii extraordinare, adesea \u00een contrast cu un abc de conduit\u0103. B\u0103ncile centrale au redescoperit dou\u0103 adev\u0103ruri:<\/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":[632,188,11056,6721],"class_list":["post-76541","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-actualitate","tag-economie","tag-financiar","tag-zf"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/76541","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=76541"}],"version-history":[{"count":1,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/76541\/revisions"}],"predecessor-version":[{"id":89936,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/76541\/revisions\/89936"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=76541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=76541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=76541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}