Special Issue "The Games of Throne: The Future of Macro-Prudential and Monetary Policies"

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (30 June 2017)

Special Issue Editor

Guest Editor
Nicholas Apergis

Department of Banking and Financial Management, University of Piraeus, Piraeus 18534, Greece
Website | E-Mail
Interests: macroeconomics, energy economics, domestic and international financial markets

Special Issue Information

Dear Colleagues,

Policymakers have frequently relied on macroprudential policies to address financial stability concerns. Given the paucity of extensive research on the combined role of these two policies, as well as their efficacy to target overall financial stability, this session is expected to provide new and further insight on the effectiveness of such policies in controlling banking and financial uncertainties. A special role is expected to be given to the role of such policies in emerging economies. The role of this policy mix is largely taking place in the context of the advanced industrial countries. However, emerging markets face different conditions and have key structural features that can have a bearing on the relevance and efficacy of such policy measures. Moreover, emerging markets have had much greater experiences with macro-prudential policies, primarily because they have also experienced more pronounced business and financial cycles, while they have experienced greater exposures to international capital flow volatility, commodity price shocks, and other risks.

Topics that could be potentially discussed are: The use of indicators to guide such policies; policy tools and implementation; assessment of the effectiveness of such policies; the combined role of such policies in emerging markets; what is the appropriate macroprudential framework; measuring financial instability conditions; the effect of such policies on understanding financial cycle dynamics; modeling the empirical properties of the financial cycle; interactions between systemic risk, market dynamics and policy choices; spillovers between such policies; assessing the costs and benefits of macroprudential measures; changing patterns of financial intermediation; what is the role of nonbank players; calibration of macroprudential tools; and effectiveness of macroprudential tools.

Prof. Dr. Nicholas Apergis
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charges (APCs) of 350 CHF (Swiss Francs) per published paper are fully funded by institutions through the Knowledge Unlatched initiative, resulting in no direct charge to authors. Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • monetary policy
  • macroprudential policy
  • financial stability
  • financial and banking vulnerabilities
  • advanced countries
  • emerging countries

Published Papers (1 paper)

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Research

Open AccessArticle The ECB’s Fight against Low Inflation: On the Effects of Ultra-Low Interest Rates
Int. J. Financial Stud. 2017, 5(2), 12; https://doi.org/10.3390/ijfs5020012
Received: 14 December 2016 / Revised: 6 March 2017 / Accepted: 8 March 2017 / Published: 7 April 2017
Cited by 1 | PDF Full-text (3720 KB) | HTML Full-text | XML Full-text
Abstract
Starting in June 2014, the European Central Bank (ECB) stepped up its monetary accommodation in order to counter a too prolonged period of low inflation in the euro area. This article offers a narrative of the monetary policy measures taken up to December
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Starting in June 2014, the European Central Bank (ECB) stepped up its monetary accommodation in order to counter a too prolonged period of low inflation in the euro area. This article offers a narrative of the monetary policy measures taken up to December 2016 and a review of the effects of ultra-low interest rates. The exceptional monetary stimulus transmitted to the economy broadly as intended. Moreover, it enhanced the financial capacity of economic agents to bear risks. At the same time, the ECB and the European micro- and macro-prudential authorities remained watchful of the unintended side-effects of an extended period of very low or negative interest rates for financial intermediation, financial stability and market discipline and took preventive or corrective measures as appropriate. A joint plan of action carried out by the 19 member countries with the aim to speed up balance sheet repair, accelerate the economic recovery and achieve higher productivity growth could have contributed to a more effective euro area macroeconomic and financial policy mix. Full article
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