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MartaKaraś
Forinflationnottosoarthemarketinterestratesmustbekeptatabalanced,
relativelylowlevels.However,duringcreditcrunchtheliquidityinthebank-
ingsectordiminishesleavingbankspronetocreditcontractionandatriskof
insolvencyorevenbankruns.This,inturn,threatensthemaintenanceoffi-
nancialintermediationandstabilityofthewholefinancialsystem.
Forthesereasonstheglobalfinancialcrisisforcedmanycentralmoneta-
ryauthoritiestomanageconflictingobjectives:tokeepthefinancialsectors
stableandtostaywithintheinflationtargets’range.Additionallymanyofthe
existingtools,especiallytheonesutilizinginterestratechannels,weresho-
wingsignsofinefficiency.Infact,aroundyears2008and2009theinfluence
ofcentralbanks’ratesonthemarketinterestrateswasconsiderablydiminis-
hed3.
Inthiscircumstances,majorityofbanksattemptedtoincreaseeffective-
nessofexistingchannels–byactivelyadjustingthemtorapidlychangingcon-
ditionsorbyintroducingliquiditythroughnewtoolswithinexistingchannels.
Othersdecidedtousenew,moredirectchannelsofpolicytransmission.
Asmuchas615ofthecentralbanks’actionswereinfactintroductions
ofnewelementstothemonetaryframeworks.Thosewereeitherelementsof
newinternationalcooperationorarrangementsaimingatincreaseofdomestic
liquidity.Figure1presentsthevariationinthequantityofinnovationintroduc-
edtomonetarypolicypercountry.
Fig.1.Numberofnewarrangementsintroducedbycentralmonetaryauthoritiesbe-
tween2006and2010
3
B.S.Bernanke:TheFederalReserve’sBalanceSheet.SpeechattheFederalReserveBankofRich-
mond2009CreditMarketSymposium,Charlotte,NorthCarolina,April3nd2009,http://federalreserve.
gov/newsevents/speech/bernanke20090403a.html,P.Fisher:Op.cit.;K.Aoki:Discussionof„Onthe
QuantitativeEffectsofUnconventionalMonetaryPoliciesinSmallOpenEconomies”.„InternationalJou-
rnalofCentralBanking”March2011,p.117-120;R.Auer,S.Kraenzlin:InternationalLiquidityProvi-
sionduringtheFinancialCrisis:AViewfromSwitzerland.FederalReserveBankofDallasGlobalization
andMonetaryPolicyInstitute,WorkingPaperNo.75,February2011;A.Sznajderska:Asymmetriesinthe
InterestRatePass-ThroughinPoland.SpeechattheSeminarofNationalBankofPoland„Mechanizm
transmisjipolitykipieniężnejwPolsce.Cowiemyw2011roku?”Warsaw,InstytutEkonomiczny–Biuro
Badań,December12th,2011.
