Unit:
Κατεύθυνση Στρατηγικού ΜάνατζμεντLibrary of the Faculty of Economics and of the Faculty of Business Administration
Supervisors info:
Συριόπουλος Θεόδωρος, Καθηγητής Χρηματοοικονομικής, Τμήμα Ναυτιλίας και Επιχειρηματικών Υπηρεσιών, Σχολή Επιστημών Διοίκησης, Πανεπιστήμιο Αιγαίου
Original Title:
Διοίκηση, εσωτερική διακυβέρνηση και λήψη αποφάσεων στις Κεντρικές Τράπεζες
Translated title:
Governance, internal governance and decision making in Central Banks
Summary:
At present work is performed an extensive analysis Eurosystem and the US Federal Reserve System. The first chapter refers to key institutional features of the two central banks, in their role, their structure, their responsibilities and the policy strategy that followed.
Furthermore, it detected that the European Central Bank (ECB) is pursuing a more monetarist approach having as primary objective of ensuring price stability. On the other hand, the monetary policy of the FED is aiming at full employment, economic growth and low inflation. Notably, the degree of independence of the ECB is greater than the FED’s because it is enhanced of the lack of strong political oversight institutions in the conduct of the single monetary policy, while the FED has the possibility to change by Congress with a simple majority.
The second chapter elaborates the reasons of creating the current economic crisis. Monetary policy strategies that decided to follow the two central banks in conjunction with the risk ignorance that surrounded them, led the global economy into a financial crisis
The next chapter takes place a detailed description of the measures that the ECB and FED received to encounter the financial crisis which intensified with the following collapse of Lehman Brothers. The two central banks made a reduction in key interest and took unconventional monetary policy measures. However, while the ECB mainly followed a credit easing program to provide liquidity to the banking system against collateral, the FED intervention aimed at quantitative easing by massive government bond purchases.
Completing the thesis, the last chapter presents in detail the official representative of the monetary policy of Greece, which is the Bank of Greece. More specifically, there is a complete description of the history of its establishment, its role, its responsibilities and the monetary policy strategy implemented. Finally, referred the measures that were taken by the BoG to face the current financial crisis in the last decade.
Main subject category:
Social, Political and Economic sciences
Keywords:
Governance, Internal Governance, Decision Making, Central Banks, Bank of Greece, Federal Reserve, FED, Monetary Policy, European Central Bank, Financial Crisis
