The Effect of the European Сentral Bank’s Unсоnvеntiоnal Mоnetary Pоliсiеs to the Financial Stability of the Eurozone Cover Image

The Effect of the European Сentral Bank’s Unсоnvеntiоnal Mоnetary Pоliсiеs to the Financial Stability of the Eurozone
The Effect of the European Сentral Bank’s Unсоnvеntiоnal Mоnetary Pоliсiеs to the Financial Stability of the Eurozone

Author(s): Serik B. MAKYSH, Zhanat M. Bulakbay, Dinara Zh. KENESBAYEVA, Baurzhan M. ISKAKOV, Aida Oryntaevna Zhagyparova, Gulim Sh. MUKHATAY
Subject(s): Economic policy, Financial Markets
Published by: Reprograph
Keywords: monetary policy; financial stability; European Central Bank; econometric model; econometric diagnostic tests;

Summary/Abstract: Mоnеtаrу роliсу рlауs а mаjоr rоlе in аn есоnоmiс dеvеlорmеnt оf а соuntrу. Financial system is stable when it is able to allocate economic resources efficiently in order to manage financial risk through proper measurements and self-correction, when he was under the influence of external shocks. That is why we take into account that the financial system, regardless of its size or complexity, is stable when it is able to contribute to the economy of speech and correct imbalances arising from significant shocks. The European Central Bank (ECB) adopted a non-standard measures of monetary policy to respond to external shocks during the global financial crisis and in order to improve the financial stability of the Eurozone and its support for the economic recovery. The main purpose of research is to analyse the impact of non-standard monetary policy measures for the financial stability of the Eurozone. Statistical data have been collected from a variety of resources and the econometric model was created in the course of the study. The proposed econometric model was analysed and tested for all diagnostic tests using the software package GRETL. As a result of the scientific study the conclusion is that the ECB's non-standard monetary policy measures have a positive impact on the financial stability of the euro area.

  • Issue Year: XII/2017
  • Issue No: 51
  • Page Range: 1495-1507
  • Page Count: 13
  • Language: English