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1 Introduction The global financial crisis (GFC) underlined the importance of financial stability. Monetary policy proved to be insufficient in safeguarding the stability of the financial system on its own, as well as might have additionally fuelled

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market operations. From the perspective of the monetary policy what matters is the fact that the instruments' liquidity influences the smooth functioning of the entire financial network, the amount of new investments and the balance sheets of all

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enormous sums from the state budget. The fiscal expansion was counterbalanced by restrictive monetary policy of the MNB in the form of raising the rate of interest, but it did not stop the households, the non-financial sector and the banks to borrow from

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This paper identifies and analyses the impact of European integration on the structure and characteristics of the modern monetary law, with a special emphasis on the characteristics of the monetary system of Serbia. A particular problem with monetary sovereignty analysis is the external effects, which are reflected in the EMU attempt to expand its authority over the territory of the Member States. This is particularly evident in the case of the candidate countries, which must harmonize their financial legislations with the acquis communautaire. Monetary policy is fully centralized at the European Union level, so Serbian lawmakers must make the necessary derogations of monetary standards in order to facilitate future accession to EMU – primarily the provisions Law of Central Bank, Law on Public Debt Management and the Foreign Exchange Act.

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-Saharan Africa . https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1471140 , accessed 30 / 09 / 2019 . Fofack , H. – Ndikumana , L. ( 2015 ): Capital Flight and Monetary Policy in

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Covid-19 pandemic in 2020. These examples demonstrate that the Eurozone itself is an inconsistent MSTL, not a well-functioning OSTL regime. Countries pursue the same goal (the same currency with the same monetary policy and macroeconomic and fiscal

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transparent monetary policies tend to exhibit better financial stability. There have been numerous studies on financial policy reforms following the crises. Given the argument that financial liberalisation without prudential regulation often causes financial

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the market economy. The reasons for this disconnect are largely two: tax policy in recent decades and recent monetary policy. It would be impossible to discuss those policies in detail here. Therefore, we shall limit ourselves to some rather

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-Based Computational Modelling . Princeton University Press . Erceg , C. J. – Henderson , D. W. – Levin , A. T. ( 2000 ): Optimal Monetary Policy with Staggered Wage and Price Contracts

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2017 ). (German reservations were later rejected by the European Court of Justice which acknowledged that the OMT was needed to maintain an effective monetary policy transmission.) The OMT provides two key insights for our paper. First, it highlights

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