Dissertations / Theses on the topic 'Monetary convention'

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
Around a non-consensual discussion about the macroeconomic policy under President Dilma Rousseff, this thesis aims to analyze the limits and obstacles of Brazilian monetary policy, in light of post-Keynesian political economy. Based on the concepts of liquidity preference, convention of interest rates and the relationship of financial and rentier sectors in the capitalist mode of production, this paper seeks to show that the failure of the attempt of inflection in monetary policy is closely related to the influence financial sectors and rentiers play in the Brazilian economy
Em torno de uma discussão não consensual a respeito da condução da política macroeconômica durante o primeiro governo Dilma Rousseff, a presente dissertação tem por objetivo analisar os limites e os obstáculos da política monetária brasileira nesse período à luz da economia política pós-keynesiana. Baseando-se nos conceitos de preferência pela liquidez, convenção da taxa de juros e as relações dos setores financeiros e rentistas no modo de produção capitalista, este trabalho busca evidenciar que o malogro da tentativa de inflexão na política monetária possui estreita relação com a influência que os setores financeiros e rentistas exercem na economia brasileira

Este trabalho apresenta uma análise institucionalista-pós-keynesiana da História Econômica da Amazônia, desde 1615 até o final das políticas desenvolvimentistas na década de 1980. O objetivo principal desta pesquisa é apresentar e analisar, à luz do referido referencial teórico, os motivos pelos quais a Amazônia não teve uma dinâmica de crescimento e desenvolvimento relativamente estável, mas, muito pelo contrário, foi caracterizada pelo subdesenvolvimento. Para identificar as causas do subdesenvolvimento atual da Amazônia foram utilizadas as seguintes categorias/conceituações analíticas convergentes entre Veblen, Commons e Keynes; racionalidade limitada, incerteza, hábito, convenção, instituições (sistema monetário) e demanda efetiva. Para apresentar e analisar as modificações ocorridas nas instituições e na estrutura econômica da Amazônia foram utilizados e interpretados dados quantitativos dos relatórios dos governos estaduais da época, dos Anuários Estatísticos editados pelo IBGE e do banco de dados do IPEADATA.
This thesis presents an Institutionalist and Post-Keynesian analysis of the Economic History of Amazonia from 1615 to the end of development policies in the 1980s. The main objective is to present and analyze, in the light of the Institutionalist and Post-Keynesian approaches, the reasons why the Amazon region did not have a sustainable economic growth and development economic, but, on the contrary, its economic history was characterized by an underdevelopment process. In order to identify the causes of the current underdevelopment of the Amazon, it was considered the following convergent categories between Veblen, Commons and Keynes: bounded rationality, uncertainty, habit, convention, institutions (monetary system) and effective demand. To aim at analyzing the changes occurred in the institutions and in the economic structure of the Amazon, we used and interpreted the of regional governments’ revenues and expenditures of the State Governments, the Statistical Yearbooks edited by IBGE and statistical information of IPEADATA.

Conventions are social institutions that solve recurrent coordination problems. Many of the written and unwritten rules that make up a modern market society may be said to have the coordinative property. This dissertation uses a game-theoretical framework to discuss the emergence and functioning of conventions of communication, private property rights, money, and the firm. In each case the anlysis provides new insigts for these classical areas of economic inquiry.

Diss. Stockholm : Handelshögskolan, 1990

This thesis examines three different aspects of monetary policy in a varying sample of developing countries, with some Islamic banks. The first essay estimates a variety of interest rate rules for the conduct of monetary policy for Indonesia, Israel, South Korea, Thailand and Turkey, in both high and low inflation conditions. The findings are that the reaction of monetary policy to both inflation and output gaps differs between the high and low inflation regimes and that the exchange rate channel is important only in the low inflation regime. The second essay examines the bank lending channel of monetary transmission in Malaysia, a country with a dual banking system, with both Islamic and conventional banks. The results show that Islamic credit is less responsive to interest rates shocks than is conventional credit, in both high and low growth conditions. In contrast, the relative importance of Islamic credit shocks in driving output and inflation is greater under low -inflation conditions and higher Islamic credit leads to higher growth and lower inflation in such conditions. The third essay re-examines the question of causality between credit and GDP between two sets of countries one set without Islamic banks and the other set with dual banking systems, including some Islamic banks. The results suggest long-run causality from credit growth to GDP in countries with only Islamic banks.

This thesis examines both conventional and unconventional monetary policies in a DSGE model with an interbank market friction. The recent crisis during 2007-2009 affected economies worldwide and forced central banks to implement not just conventional monetary policies, but also direct interventions in financial markets. We investigate a DSGE model with financial frictions, to test conventional and unconventional monetary policies. The thesis starts by using the Gertler and Kiyotaki (2010)'s modelling framework, to examine eight different shocks under imperfect interbank market conditions. Unlike Gertler and Kiyotaki (2010) who consider the two extreme cases for the banking system, I firstly extend the analysis to a case in between the two extreme cases that they examined. The shocks considered include supply and demand shocks and also two shocks from the financial system itself (an interbank market shock and a shock to the deposit market). It is found that a negative shock to the interbank market has only a moderate impact to the banking system. However, a shock to the deposit market has a much stronger impact. Even though the impacts of these shocks are not large it is shown that thefinancial frictions magnify the effects of other shocks. The model is extended to include price stickiness. A modified Taylor rule is analysed to test how conventional monetary policy should respond to the shocks in the presence of financial frictions. Specifically the credit spread is added as a third term in the monetary policy rule. The stabilising properties of the policy rule are analysed and a welfare analysis is conducted. The model is further developed to include unconventional monetary policy in the form of direct lending to private sector firms from the central bank. A policy rule for unconventional policy is tested and its stabilising and welfare properties are analysed.

Thesis advisor: Peter Ireland
Upon reaching the effective end of conventional monetary policy, the Zero-Lower Bound, the Federal Reserve Board began to utilize a non-conventional expansionary monetary policy involving Large Scale Asset Purchases. Under this policy, large quantities of agency and federal debt is purchased using the reserves of the Federal Reserve Bank’s balance sheet. This policy is frequently referred to as Quantitative Easing or, more simply, QE. This paper considers the effects and sustainability of the Federal Open Market Committee’s use of Large Scale Asset Purchases on the prices and yields of financial assets within the U.S. Financial Markets. Our analysis presents evidence that while QE was initially effective in lowering the yields of agency and federal debt, the downward pressure on yields was not sustainable over time. Additionally, we find that the effects of QE spilled-over into additional asset classes within the financial markets including corporate fixed-income and equities
Thesis (BA) — Boston College, 2018
Submitted to: Boston College. College of Arts and Sciences
Discipline: Departmental Honors
Discipline: Economics

Cette recherche a ete sondee en deux grands parties: (1) une premiere traite les caracteristiques (differentes donnees) de l' economie des pays arabes: la presentation (superficie, population et importance geographique). Les structures economiques des pays arabes (industriel, agricole et services). Les potentialites economiques (minerales, energetiques et financieres). Les pays arabes et relations financieres internationales et les eventuelles possibilitees de la mise en place d'un marche financier arabe destine a donner au surplus financier sa portee economique pour le developpement de leurs economies internes. (2) la seconde partie nous permet de voir quelles sont les etapes franchies dans la cooperation financieres et economiques inter-arabe et les perspectives de la mise en place d'un marche financier arabe: facteurs favorables pour entreprendre des actions communes (geographique, culturel, financieres et economiques). -analyse du systeme bancaire et financier arabe. La volonte de developpement pour assurer l'"apres-petrole". Les etapes franchies pour la creation d'un marche financier arabe (union monetaire arabe, convention arabe des paiements, union arabe des paiements et fonds monetaires arabe). .
This research has in two big parties. The first treet which caracteristics (differents variables) of economie of arabies contries. The presentation (superfing, population, geographie importance). The economics structures of arabie countries (industriel, agriculture and services). The economics potentialibies (minerals, energetics and financials). Arabic countries and internationals financials relations and the enventualities possibilities of making place of financial marcket arabic destined to give to financial surplus his economic importance for the developpment of their economics. The second party can to see whose are the steps makes in the financial cooperation and inter-arabic economics and the perspectives of making arabic financial market. Favorables facteurs to take similars actions (geographique, culturels, financiers et economiques). Analysis of banking system and arabic finance. The developpment volontary to assume "after petrol". The steps maked to create arabic financial market (union). The elaboration of financial and economic strategy in devellppment the capacties absorbation of arabe economics based over complementarity for resolution of the essential difficulties whose brohed to day their developpment

Mestrado em Economia Internacional e Estudos Europeus
Todas as referências sobre as quais a Zona Euro se ergueu foram postas em causa no dia em que se iniciou a crise. O choque inicial teve início com a chamada crise do suprime nos Estados Unidos tendo-se alastrado globalmente afetando, de forma particular, a União Europeia. Esta ganhou uma dinâmica própria na sequência de problemas estruturais já existentes na União, que vieram ao de cima, impedindo-a de dar uma resposta coerente aos problemas da crise conjuntural. O presente estudo justifica-se pelas mudanças que se fizeram sentir desde então. Pode-se mesmo classificar o período iniciado de transformador, inovador, extravagante ou, simplesmente, incomum, no quadro do que tem sido a evolução da zona euro. Várias ocorrências atípicas se sucederam: estagflação seguida de deflação, taxas de juro nulas e medidas extraordinárias de política monetária. O foco do presente trabalho recai sobre o fenómeno da deflação e das medidas extraordinárias de política monetária, incluindo as taxas de juro nulas e o que daí resulta. Assim, pretende-se dar resposta à questão se as medidas não convencionais do Banco Central Europeu conseguiram dar resposta ao fenómeno da deflação (e taxas de inflação muito reduzidas) recuperando a estabilidade de preços. Para isso, utiliza-se uma abordagem teórico-descritiva, assente numa análise de alguns indicadores, posteriormente analisados de forma qualitativa. Concluiu-se que, apesar das medidas inovativas, a abordagem do BCE não conseguiu até agora dar resposta aos problemas essenciais vividos pelos Estados-Membros da Zona Euro, nomeadamente, o da estabilidade de preços.
All the foundations on which the Euro Zone rose were called into question in the day that the current crisis began. The initial impact began with the so-called subprime crisis in the United States taking up sprawled globally affecting, in a very particular way, the European Union. This gained its own dynamics, worsening the already existing structural problems, and blocking a coherent and united response to the crisis. This study is justified by the dramatic changes felt since then. This period may even be classified as transforming, innovative, extravagant or, at least, unusual in the context of what has been the evolution of the eurozone. Several atypical events have taken place: deflation followed by stagflation, zero interest rates, and extraordinary monetary policy measures. This work focuses on the deflation phenomenon and the extraordinary monetary policy measures, also including the zero interest rates and its related effects. Thus, it is intended to answer the question whether the unconventional measures the European Central Bank failed to respond to the phenomenon of deflation (and very low inflation rates) restoring price stability, or not. For this, a theoretical and descriptive approach was employed, based on the analysis of certain indicators, posteriorly explored in a quantitative way. The key conclusion was that, despite all the innovative measures, the ECB approach did not succeed in solving effectively the critical problems faced by the EU Member-States, in particular, price stability.

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Aplicando uma metodologia de testes de eventos, este estudo avalia o impacto dos anúncios de implementação e retirada dos estímulos monetários pelo Banco Central americano (FED) entre 2008 a 2013 sobre a curva de juros, a taxa de câmbio e a bolsa brasileira. Os resultados mostram que os anúncios de política monetária americana impactaram o preço dos ativos brasileiros significativamente principalmente durante o QE1 e o Tapering. Para os demais QEs, Operação Twist e eventos de postergação da retirada de estímulos, o não Tapering, ainda que os resultados encontrados estivessem dentro do esperado, eles tiveram baixa significância. Concluímos que a política monetária americana não convencional foi eficaz em impactar o preço dos ativos brasileiros, em especial os eventos não esperados. Ao incluirmos defasagens nos testes aplicados concluímos que em alguns casos houve 'atraso' na incorporação das novas informações no preço dos ativos.

The aim of this thesis is to show how the unconventional monetary policy rounds of Quantitative Easing introduced in the United States between 2008 and 2014 have led to an increase in wealth inequality. The need for the thesis arises due to the uncharted nature of QE and because of more and more information is surfacing to light which points to this connection. By analysing the distribution of these funds and adding it to the then base distribution of money supply, this study was able to determine a significant 10 % increase in the Gini Index. Furthermore it highlights how a large portion of wealth was transferred from the middle class over to the top 5 % income households. Starting from a set of assumptions the calculation is performed by extrapolating the data required and by isolating the system from any external variables. The result is a theoretical model meant to describe the mechanism that links Quantitative Easing to wealth inequality. Moreover a detailed comparison is provided with the effect of a conventional monetary policy such as Open-Market Operations. Finally solutions to this issue are being discussed from economical, political and fiscal standpoints.

Gouvernée par un socle juridique d’inspiration religieuse, le fonctionnement de la banque islamique est, sur le plan théorique, différent de celui de la banque conventionnelle. Bien que la littérature portant sur les mécanismes de transmission de la politique monétaire dans un cadre conventionnel soit abondante, rares sont les travaux, théoriques et empiriques, qui examinent le rôle des banques islamiques dans cette transmission. En effet, la littérature existante ne présente pas de schéma analytique complet permettant d’appréhender clairement le rôle des banques islamiques dans la transmission de la politique monétaire, et d'identifier et spécifier la nature des interactions entre banques islamiques et banques conventionnelles. L’ambition de la présente thèse, structurée en trois chapitres, consiste donc à étudier par quels mécanismes et dans quelles mesures la banque centrale est susceptible de réguler l’activité économique en présence de banques islamiques
Governed by a religiously inspired legal framework, Islamic banking is, in theory, different from conventional banking. While the literature on the transmission mechanisms of monetary policy in a conventional framework is abundant, very little research, theoretical and empirical, has been focused directly at the role of Islamic banks in this transmission. Indeed, the existing literature does not present a complete analytical framework allowing a full and clear understanding of the role of Islamic banks in the transmission of monetary policy, and to identify and specify the nature of the interactions between Islamic and conventional banks. The aim of this thesis, made up of three chapters, is to study by which mechanisms and to what extent the central bank is likely to regulate the economic activity in the presence of Islamic banks

O principal objetivo desta dissertação passa por estudar terórica e empiricamente o impacto das medidas não convencionais adoptadas pelo Banco Central Europeu nos custos de financiamento dos bancos e dos países. Assim, verificou-se qual o impacto dos programmas de compra de ativos pelo BCE nos yields das obrigações garantidas por créditos (asset securitization bonds), obrigações hipotecárias (covered bonds) e obrigações soberanas (sovereign bonds). Adicionalmente, foi analisado o impacto de algumas medidas execionais de provisão de liquidez nas taxas referidas. A amostra utilizada consistiu em 23.425 obrigações, emitidas entre 1 de Janeiro de 2000 e 31 de Dezembro de 2016, com a seguinte distribuição: 1.477 obrigações garantidas por créditos, 12.989 obrigações hipotecárias e 8.959 obrigações soberanas. Concluiu-se que apenas o programa de compra de obrigações do setor público teve impacto nos yields das obrigações garantidas por créditos. Contrariamente ao esperado, este programa contribuiu para o aumento destas taxas. O primeiro (CBPP1) e o terceiro (CBPP3) programas de compra de obrigações hipotecárias contribuiram para a diminuição dos yields destas obrigações. Adicionalmente, os resultados demostram que o programa de compra de obrigações do setor publico, bem como os programas (CBPP1) e (CBPP3) , provocaram uma redução nos yields das obrigações soberanas.
This dissertation aims to theoretically and empirically analyse the impact of unconventional monetary policies adopted by the ECB on the borrowing costs of banks and governments. We analyse the impact of the securities market programme, asset-backed securities purchase programme, covered bond purchase programmes 1, 2 and 3 and public sector purchase programme on the bond yields. Moreover, we also analyse the impact of some ECB exceptional liquidity provision measures. The base sample used on the empirical analysis consists on 23,525 bonds issued between January 1, 2000 and December 31, 2016, of which 1,477 are asset securitization bonds, 12,989 are covered bonds; and 8,959 are sovereign bonds. We conclude that only public sector purchase programme impacted significantly on asset securitization bonds. Contrary to we expected, this programme contributed to an increase of bond yields. Besides that, the covered bond purchase programmes 1 and 3 lead to a significant decrease of covered bond yields. Aditionally, the results show that the public-sector purchase programme and the covered bond purchase programmes 1 and 3 have a significant negative impact on sovereign bonds yields.

JEL Classifications: E51 - Money Supply, Credit, Money Multipliers; E52 – Monetary Policy; E58 – Central Banks and their Policies; F31 – Foreign Exchange; F33 – International Monetary Arrangements and Institutions
The study of foreign exchange is relevant thanks to the impact it may have at different levels. Moreover, the recent economic programs influence exchange rates in a free floating international monetary arrangement, which has caused several minor international incidents. Thus, the study topic of this work is the indirect influence of the European Central Bank (ECB) on EUR/USD exchange rate. This study seems to be pertinent due to the scarce literature available on the subject, its complexity and its current relevance. We have focused on central banks and their policies, mainly the Federal Reserve System (Fed) and the ECB, and particularly on the ECB’s monetary policy. We have chosen the mixed methods approach, in order to make both a qualitative and quantitative analysis. The study begins with an approach to central banking and moves to contextualizing the ECB’s scope of action within the Eurozone, as well as analyzing its monetary policy, that, through the transmission mechanism, affects money supply and credit. Afterwards, we focus on exchange rates and closely examine the EUR/USD exchange rate in different periods, particularly during the non-conventional monetary policy period. Lastly, we use statistics to support the argument that non-conventional monetary policy influences exchange rates. We conclude that the ECB’s non-conventional monetary policy puts downward pressure on the EUR/USD exchange rate and the contrary happens with Fed’s policy. Several aspects, including behavioral ones, may affect exchange rates particularly in a turbulent economic/financial situation, but very high correlations proving the main arguments of the study, lead us to believe in the primary relation of monetary base and exchange rate.
As operações cambiais são muito relevantes devido ao impacto destas a diferentes níveis. Os recentes programas de estímulo económico influenciam as taxas de câmbio, num sistema monetário internacional de livre flutuação das moedas, tendo já causando conflitos internacionais menores. Assim, o tema deste trabalho é a influência, ainda que indirecta, do Banco Central Europeu (BCE) na taxa de câmbio EUR/USD, estudo que é pertinente devido à escassa literatura sobre o tópico, à sua complexidade, contemporaneidade e relevância. Focámo-nos nos bancos centrais e nas suas políticas, neste caso na Reserva Federal Americana (Fed) e no BCE, e particularmente na política monetária do último. Para esta análise recorremos a uma abordagem mista permitindo assim utilizar tanto uma análise qualitativa como quantitativa. Começámos por descrever o conceito e importância dos bancos centrais e passámos para uma contextualização da actividade do BCE na Zona Euro analisando também a sua política monetária que através do mecanismo de transmissão afecta a massa monetária e o crédito. Depois focámo-nos nas taxas de câmbio e analisámos a taxa EUR/USD em diferentes períodos. Por fim, utilizámos uma análise estatística que sustenta o argumento de que a política monetária não convencional afecta a taxa de câmbio. Concluímos que a política não convencional do BCE influência a desvalorização da taxa EUR/USD e o contrário acontece com a política da Fed. Vários aspectos, incluindo aspectos comportamentais, afectam as taxas de câmbio particularmente num ambiente de turbulência. Contudo, correlações elevadas, que provam os argumentos deste trabalho, consolidam a relação primordial entre massa monetária e taxas de câmbio.

In order to achieve or enhance economic growth, different monetary policies’ instruments can be used by the central banks. Conventional monetary policy regimes such as exchange rate targeting and monetary targeting were the dominant strategies until the emergence of inflation targeting. The latter regime was the most adopted among the more developed nations from the 1990s onward. After the 2008 recession, unconventional policies, namely quantitative easing, started to be a common practice in the US, UK, EU and Japan. However, conventional strategies weren’t discarded. Using a dynamic panel data model, we study how economic growth respond to the different monetary policy regimes implemented between 1970 and 2018. Our results suggest that inflation targeting was more successful in enhancing growth in the full sample period. Monetary targeting displayed a comparatively higher result than the other two regimes in the 1981-2008 subperiod. Exchange rate targeting displayed a higher positive impact than the other two in the subperiod after the great recession.
Para alcançar ou melhorar o crescimento económico, diferentes instrumentos de política monetária podem ser utilizados pelos bancos centrais. Regimes de política monetária convencionais como a âncora cambial ou a adoção de uma regra monetária (tendo como objectivo uma dada taxa de crescimento constante da massa monetária ou sua componente) foram as estratégias dominantes até o surgimento e generalização da meta para inflação. Este último regime foi o mais adotado entre as nações mais desenvolvidas a partir da década de 1990. Após a recessão de 2008, políticas não convencionais, nomeadamente, quantitative easing, passaram a ser uma prática comum nos EUA, Reino Unido, UE e Japão. No entanto, as estratégias convencionais não foram descartadas. Utilizando um modelo dinâmico de dados em painel, estudamos como o crescimento económico responde aos diferentes regimes de política monetária implementados entre 1970 e 2018. Os nossos resultados sugerem que a meta de inflação foi comparativamente a mais bem-sucedida estratégia em melhorar o crescimento no cômputo geral da amostra. A regra monetária registou um resultado superior no subperíodo de 1981-2008. A âncora cambial, no subperíodo pós-recessão, apresentou um impacto positivo maior do que os outros dois regimes convencionais.

Esta tese tem como principal objectivo verificar a ocorrência e quantificar o impacto da política monetária Quantitative Easing (ou usando uma tradução livre, flexibilização quantitativa) na estrutura de capitais das empresas. Vai ser apresentadas teorias de política monetária convencionais e não convencionais. De seguida, vai-se analisar a implementação de Quantitative Easing por varios bancos centrais, entre eles a Reserva Federal, o Banco Central Europeu e o Banco de Inglaterra. Por fim, irá ser apresentado uma descrição das principais teorias da estrutura de capitais (teoria trade-off e pecking-order). Os nossos resultados vão contra a literatura existente. De acordo, com os nossos resultados o impacto da política de Quantiative Easing não tem impacto estatistico significativo na politica de financiamento da empresa.
The main goal of this thesis is to verify and quantify the impact of monetary policy Quantitative Easing on firms´ capital structure. It will be presented theories about conventional and unconventional monetary theory. Following, it will be analyze the implementation of Quantitative Easing by a few central banks, like the Federal Reserve, the European Central Bank and the Bank of England. Finally, it will be presented a description of the prominent theories of capital structure (trade-off theory and pecking-order). Our results go against existing literature. According to our results the Quantitative Easing impact does not have statistically significance impact on the financing decision policy.

This Dissertation builds a routine to extract inflation expectations from options through the risk-neutral distribution methodology, based on the Black-Scholes pricing model. The data includes cap and floor options, equivalents of call and put options with inflation as the underlying, with some technical differences. The methodology includes extracting implied volatilities from observed prices of caps and floors, then use a cubic interpolation on implied volatilities, to be able to fit to the volatility smile. Further, taking advantage of Breeden and Litzenberger (1976), the initial density functions are calculated as the second derivative of the option price in the Black-Scholes model. For a more encapsulating approach, the cap and floor density functions were aggregated, thereby being able to compare net effects with objectives of the monetary policy. A robustness test was also performed to analyze price variations along the two days prior, and after, the announcements of each policy, using floor options and inflation-linked swaps. The results show that, the ABSPP & CBPP3 and the TLTRO I announcements registered decreases, although the variations in prices and densities are small, therefore suggesting the importance of anticipation of measures and of other transmission channels to assess the effects of these policies. This is in line with the September 2015 report by the Vice-President of the ECB, Vítor Constâncio, that acclaims the effectiveness of the non-conventional monetary policies in controlling low inflation expectations, although affirming that the below, but close to, 2% goal of inflation has not been met.
Esta Dissertação elabora uma rotina para extrair expetativas de inflação através de uma metodologia de distribuição neutra de risco, baseada no modelo de preços de Black-Scholes. A data utilizada inclui opções cap e floor, equivalentes às calls e puts mas com inflação subjacente, com certas diferenças tecnicas. A metodologia engloba extrair volatilidades implicitas dos preços das opções observadas, procedendo uma interpolação cúbica nas volatilidades implicitas, para ser possível aplicar um fit ao grafico da volatilidade. Tomando partido do trabalho realisado por Breenden e Litzenberger (1978), as funções de densidade iniciais são calculadas apartir da segunda derivada da função do preço de opções do modelo Black-Scholes. Para uma perspectiva completa, procedeu-se ao agregamento das funções de densidade dos caps e floors numa única garantindo também as comparações com objectivos da politica monetária. Um teste de rebustez foi também conduzido através das variações dos preços de floors e swaps, dois dias antes e depois dos anuncios das politicas. Os resultados indicam que para quantificar com sucesso os efeitos destas politicas, um periodo de tempo maior deve ser considerado, sugerindo ainda a importância da antecipação das medidas e outros canais de transmissão para averiguar os efeitos da mesma. Isto está em linha com o documento apresentado em Setembro de 2015 por Vítor Constâncio, VP do ECB, que enalteceu a efetividade das medidas de politica monetária não convencionais no combate às expectativas de baixa inflação, acrescentado ainda que o objectivo do banco central de inflação inferior, mas perto de, 2% ainda não foi atingido.

Esta dissertação tem como estudo o impacto das Operações Refinanciamento de Prazo Alargado do BCE na concessão de crédito bancário em Portugal. O principal objetivo apela à compreensão da implementação das medidas de política monetária não convencional e de que forma estas mesmas políticas moldam os critérios de concessão de crédito. É analisada a atuação do BCE como prestamista de última instância, no período compreendido entre 2007, com o início da crise dos subprime e a subsequente crise da dívida soberana, até 2015 num cenário pós-crise. Esta tese enquadra-se num estudo de caso numa perspetiva nacional. Os dados obtidos reportam ao sistema bancário português cujo principal recurso metodológico será o Inquérito aos Bancos sobre o Mercado de Crédito providenciado pelo Banco de Portugal. Os resultados mostram que a emissão de novos empréstimos bancários em Portugal não dependem apenas da implementação de novas políticas monetárias por parte do BCE, mas também são influenciados pelas exigências regulatórias das autoridades europeias e nacionais.
This dissertation studies the impact of the ECB's Long Term Refinancing Operations on the bank credit standards for Portugal. The main goal is to understand the implementation of non-conventional monetary policy measures and how these policies shape the credit granting criteria. The analysis concern the role of the ECB as the lender of last resort, in the period between 2007, with the onset of the subprime crisis and the ensuing sovereign debt crisis, until 2015 in a post-crisis scenario. This thesis is a case study in a country level perspective where the main methodological resource is the Bank Lending Survey provided by the Bank of Portugal. The results show that the issuance of new bank loans in Portugal relies not only on the ECB's new monetary policy, but also jeopardized by the regulatory requirements of the European and national authorities.