Kreacja pieniądza kredytowego w warunkach polityki luzowania ilościowego banków centralnych
Creation of Credit Money Under Conditions of Central Banks' Quantitative Easing Policy
Author(s): Irena PykaSubject(s): Politics / Political Sciences, Financial Markets
Published by: Szkoła Główna Handlowa w Warszawie
Keywords: quantitative easing; asset purchase programs; Q1; Q2; Q3; CBPP; SMP; OMT; monetary base; reserve money; credit money; quantity of money in circulation
Summary/Abstract: The study aims at identification of causes why QE had low impact on the growth of credit money supply in the United States and euro area. The identification of causes is supported by analysis of the asset purchase programs implemented by Fed and ECB. The difierences in the policies are considered the main cause of lower growth of lending in the euro area compared to the US.
Journal: Kwartalnik Kolegium Ekonomiczno-Społecznego „Studia i Prace”
- Issue Year: 23/2015
- Issue No: 3.1
- Page Range: 75-88
- Page Count: 14
- Language: Polish