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2020, vol. 68, br. 1-2, str. 53-74
Turbulencije na tržištu novca - blagovremenost i kredibilitet od presudne važnosti
aNational Bank of Serbia, Belgrade
bNational Bank of Serbia, Monetary and Foreign Exchange Operations Department, Belgrade
Ključne reči: repo; kratkoročne kamatne stope; neizvesnost; Fed; NBS; devizne svop aukcije; likvidnost; kredibilitet; blagovremenost
Sažetak
U zamahu četvrte industrijske revolucije, koja sa sobom nosi uvođenje novih tehnologija i potencijalno, s rastom produktivnosti, produžava period niske inflacije i ultraniskih kamatnih stopa, u ambijentu pojačane volatilnosti i ranjivosti globalnih finansijskih tržišta - stabilnost finansijskog sistema postaje važnija nego ikada do sada. Tehnološke novine donose i novu neizvesnost, a tržišta su postala osetljivija na iznenadne promene poslovnog ambijenta, naročito ako se uzme u obzir da su u prethodnom periodu bila naviknuta na obimnu likvidnost. Dve slične epizode na novčanom tržištu u dve različite zemlje, u Srbiji i SAD, pokazale su brojne zakonitosti i zajedničke karakteristike. Ipak, nešto drugačiji ambijent, upotrebljene monetarne mere za smirivanje kamatnih stopa, čiji je rast izazvan izraženijim povlačenjem likvidnosti iz bankarskog sistema, kao i inicijalni signal poslat tržišnim učesnicima, čija je percepcija najrelevantnija, ukazali su na to da su kredibilitet, blagovremenost reakcije i pravilan odabir instrumenata od ključne važnosti za postizanje uspeha.
Reference
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O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.5937/EKOPRE2002053T
objavljen u SCIndeksu: 15.06.2020.

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