transmitere a politicii monetare

CUPRINS
Cuprins
                          2
Tabele
                           3
Grafice
                           3
1.                             Politica                             monetara
                  4
1.1.         Cum         a         aparut         politica          monetara
                     4
1.2.          Cum          functioneaza          politica           monetara
                  5
1.3.              Proiectarea               politicii               monetare
                          5
1.3.1.          Instrumentul          de          politica          monetara
                    6
1.3.2.                          Tinte                           intermediare
                               7
1.3.3.               Reguli               vs.                Discretionarism
                          8
1.3.4.              Independenta               Bancii               Centrale
                      9
1.3.5.                          Inflation                          Targeting
                              10
2. Mecanisme de transmisie a politicii monetare                         11
2.1.       Canalele       traditionale       ale       ratei        dobanzii
                  14
2.2.           Canalele           pretului           altor            active
                         16
2.2.1.                Canalul                cursului                valutar
                         16
2.2.2.              Canalele               pretului               actiunilor
                        16
                   -              Teoria              lui              Tobin
                              17
                        -                   Efectul                   averii
                                 17
         -Canalul     pretului     locuintelor     si     al     terenurilor
            18
2.3.                           Canalele                           creditului
                               19
2.3.1.               Canalul                creditului                bancar
                        19
2.3.2.                           Canalul                           bilantier
                               20
2.4.            Efectele            lichiditatilor             gospodariilor
                      22
3. Analiza mecanismelor de transmisie in Romania                    24
3.1.            Seriile            de             timp             utilizate
                              24
3.2.           Testele           Granger           de            cauzalitate
                      27
3.3.   Productia   industriala   si    importanta    celorlalte    variabile
       29
3.4.                           VAR                           nerestrictionat
                            30
3.5.                 Teste                 de                 stationaritate
                             37
3.6.                 Relatii                 de                  cointegrare
                             38
Concluzii
                       43
Bibliografie
                      45