{"id":107870,"date":"2018-02-17T10:43:00","date_gmt":"2018-02-17T10:43:00","guid":{"rendered":""},"modified":"2023-01-08T10:38:57","modified_gmt":"2023-01-08T10:38:57","slug":"politica-monetara-bancii-centrale-3","status":"publish","type":"post","link":"https:\/\/cvnextjob.com\/index.php\/2018\/02\/17\/politica-monetara-bancii-centrale-3\/","title":{"rendered":"Politica monetar\u0103 a B\u0103ncii Centrale Europene"},"content":{"rendered":"
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Politica monetar\u0103 a SEBC a fost creat\u0103 de c\u0103tre Institutul Monetar European (IME).1. Strategiile B\u0103ncii Centrale Europene<\/u>. O strategie de politic\u0103 monetar\u0103 reprezint\u0103 ansamblul de proceduri care fondeaz\u0103 coeren\u0163a deciziilor luate de o banc\u0103 central\u0103 pentru a atinge obiectivul s\u0103u final. Obiectivul principal al SEBC reprezint\u0103 men\u0163inerea stabilit\u0103\u0163ii pre\u0163urilor \u015fi sus\u0163inerea politicilor economice \u00een Comunitate. a) Afirmarea caracterului monetar al infla\u0163iei.Infla\u0163ia, f\u0103r\u0103 prezen\u0163a monetar\u0103 \u015fi nivelul general al pre\u0163urilor nu ar putea exista, \u015fi deci cauza principal\u0103 a acesteia reprezint\u0103 o cre\u015ftere necontrolat\u0103 corespunz\u0103tor a masei monetare \u00een circula\u0163ie.<\/span><\/div>\n
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Avantajele stabilit\u0103\u0163ii pre\u0163urilor se bazeaz\u0103 pe patru argumente:<\/span><\/div>\n
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\u00d8                        <\/span><\/span>eliminarea distorsiunilor \u00een mecanismul de ajustare a pre\u0163urilor relative<\/span><\/div>\n
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\u00d8                        <\/span><\/span>diminuarea pre\u0163urilor curente de interes nominal<\/span><\/div>\n
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\u00d8                        <\/span><\/span>economia din punct de vedere a resurselor reale care este mobilizat\u0103 pentru a reduce efectele de incertitudine asupra pre\u0163urilor viitoare<\/span><\/div>\n
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\u00d8                        <\/span><\/span>dispari\u0163ia efectelor infla\u0163ioniste asupra reparti\u0163iei patrimoniilor reale \u015fi financiare \u015fi asupra reparti\u0163iei veniturilor \u00eentre creditori \u015fi debitori<\/span><\/div>\n
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Nici o banc\u0103 central\u0103 nu dispune de instrumente de politc\u0103 monetar\u0103 care s\u0103 \u00eei permit\u0103 controlul direct<\/u> asupra nivelului pre\u0163ului.<\/span><\/div>\n
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b) C\u0103utarea unei credibilit\u0103\u0163i opera\u0163ionale<\/span><\/div>\n
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O politic\u0103 monetar\u0103 utilizeaz\u0103 anumite intrumente pentru a-\u015fi atinge obiectivele finale. Uneori pentru a ajunge \u015fi a controla \u0163inta final\u0103 este mai u\u015for de a \u00eentrebuin\u0163a un obiectiv intermediar; deci se poate vorbi de \u0163inte finale \u015fi \u0163inte intermediare.<\/span><\/div>\n
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INSTRUMENTE \u2192 \u0162INT\u0102 INTERMEDIAR\u0102 \u2192 \u0162INT\u0102 FINAL\u0102<\/span><\/div>\n
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Pentru ca un obiectiv intermediar s\u0103 fie competent trebuiesc luate \u00een calcul: <\/span><\/div>\n
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\u00d8                        <\/span><\/span>s\u0103 fie un indicator fiabil evolu\u0163iei obiectivului final, adic\u0103 s\u0103 existe o puternic\u0103 rela\u0163ie \u00eentre ace\u015ftia doi<\/span><\/div>\n
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\u00d8                        <\/span><\/span>trebuie s\u0103 fie urm\u0103rit \u015fi controlat de autorit\u0103\u0163ile monetare<\/span><\/div>\n
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\u00d8                        <\/span><\/span>trebuie s\u0103 aib\u0103 caracter de confiden\u0163ialitate<\/span><\/div>\n
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Obiectivele intermediare a politicii monetare sunt de trei tipuri: <\/span><\/span><\/span><\/div>\n
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Credibilitatea opera\u0163ional\u0103<\/span><\/u><\/div>\n
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–                          <\/span><\/span>eficacitate<\/span><\/div>\n
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–                          <\/span><\/span>transparen\u0163\u0103<\/span><\/div>\n
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–                          <\/span><\/span>responsabilitate din partea BCE<\/span><\/div>\n
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–                          <\/span><\/span>orientare pe termen mediu- anticip\u0103ri infla\u0163ioniste pe termen mediu<\/span><\/div>\n
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–                          <\/span><\/span>continuitate<\/span><\/div>\n
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–                          <\/span><\/span>coeren\u0163\u0103 cu statutul de independen\u0163\u0103 a SEBC<\/span><\/div>\n
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c) Linia strategic\u0103 adoptat\u0103<\/span><\/div>\n
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Institutul Monetar European (IME) a re\u0163inut dou\u0103 strategii posibile pentru Banca Central\u0103 European\u0103:<\/span><\/div>\n
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\u00d8                        <\/span><\/span>un obiectiv monetar ca \u0163int\u0103 intermediar\u0103<\/span><\/div>\n
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\u00d8                        <\/span><\/span>o \u0163int\u0103 direct\u0103 asupra infla\u0163iei<\/span><\/div>\n
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Obiectivul monetar ca \u0163int\u0103  intermediar\u0103 <\/span><\/i>se bazeaz\u0103 pe compararea evolu\u0163iilor prev\u0103zute \u015fi constatate a agregatelor monetare ca \u0163int\u0103. Dac\u0103 cre\u015fterea \u00eenregistrat\u0103 a unui agregat monetar este mei rapid\u0103 dec\u00e2t cre\u015fterea anticipat\u0103, politica monetar\u0103 trebuie s\u0103 devin\u0103 mai restrictiv\u0103.<\/span><\/div>\n
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\u0162int\u0103 direct\u0103 asupra infla\u0163iei <\/span><\/i>se bazeaz\u0103 pe compararea \u00eentre infla\u0163ia prev\u0103zut\u0103 \u015fi cea realiza\u0103.<\/span><\/div>\n
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          La 13 octombrie 1998 BCE nu a dorit s\u0103 adopte nici un din strategiile propuse de c\u0103tre IME \u015fi a decis s\u0103-mi impun\u0103 propria politic\u0103 monetar\u0103 \u00eendreptat\u0103 asupra unui obiectiv final reprezentat de pre\u0163<\/i> \u015fi un obiectiv intermediar unagregat monetar.<\/i><\/span><\/div>\n
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           Pentru a pune \u00een aplicare aceste dou\u0103 strategii BCE s-a ajutat de cele patru recomand\u0103ri ale IME:<\/span><\/div>\n
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–                          <\/span><\/span>fixarea unui obiectiv cuantificat pentru infla\u0163ie<\/span><\/div>\n
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–                          <\/span><\/span>fixarea unui obiectiv cuantificat pentru masa monetar\u0103<\/span><\/div>\n
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–                          <\/span><\/span>a utiliza o larg\u0103 gam\u0103 de indicatori<\/span><\/div>\n
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–                          <\/span><\/span>a fi prospectiv\u0103<\/span><\/div>\n
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2.  Tabloul politicii monetare a BCE<\/span><\/u><\/div>\n
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Prezentarea con\u0163inutului exact \u015fi detaliat al politicii monetare <\/span><\/div>\n
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a)                <\/span><\/span><\/b>un obiectiv al infla\u0163iei strict cuantificat <\/span><\/div>\n
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–                          <\/span><\/span>Un nivel al infla\u0163iei < 2% pe termen mediu. Acesta subliniaz\u0103 faptul c\u0103 BCE fixea\u015fz\u0103 limitele precise a valorii maxime a infla\u0163iei compatibil\u0103 cu stabilitatea pre\u0163urilor ;<\/span><\/div>\n
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–                          <\/span><\/span>Recurgerea la indicele IPCA (Indicele de Pre\u0163 a Consumului Armonizat). Aceste indice a fost creat pentru a evalua m\u0103rimea infla\u0163iilor na\u0163ionale \u00een cursul celei de-a II-a faze a Uniunii Economice Monetare, \u015fi este calculat lunar pentru fiecare Eurostat.<\/span><\/div>\n
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b)                <\/span><\/span><\/b>o \u0163int\u0103 monetar\u0103<\/span><\/div>\n
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\u00d8                 <\/span><\/span>Agregat monetar la nivelul pre\u0163urilor.<\/span><\/div>\n
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      \u00cen concep\u0163ia BCE infla\u0163ia reprezint\u0103 \u00een ultim\u0103 instan\u0163\u0103 un fenomen monetar \u015fi deci va trebui s\u0103 controleze tendin\u0163a evolu\u0163iei masei monetare de unde rezult\u0103 un a\u015fa numit agregat monetar.<\/span><\/div>\n
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\u00d8                 <\/span><\/span>Alegerea agregatului M3<\/span><\/div>\n
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      Un agregat monetar se define\u015fte ca fiind suma monedei \u00een circula\u0163ie \u015fi atragerea anumitor exigibilit\u0103\u0163i ale institu\u0163iilor financiare. Aceste exigibilit\u0103\u0163i trebuie s\u0103 aib\u0103 un caracter puternic monetar din punct de vedere ai agen\u0163ilor economici, \u015fi deci ne \u00eendrept\u0103m c\u0103tre lichiditate.<\/span><\/div>\n
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\u00cen sens mai restr\u00e2ns \u015fi imediat, moneda reprezint\u0103 o moned\u0103 fiduciar\u0103<\/i> (bancnote \u015fi monezi) \u015fi ansamblul depozitelor la vedere de\u0163inute de public.<\/span><\/div>\n
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        M1(40%)                 =        Moned\u0103 fiduciar\u0103 (7%)<\/span><\/div>\n
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(agregat restr\u00e2ns)                 (+) Depozite la vedere (33%)<\/span><\/div>\n
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               M2 (88%)                 =        M1 (40%)<\/span><\/div>\n
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(agregat intermediar)                    (+) Depozite la termen <2 ani(20%)<\/span><\/div>\n
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                                                      (+) Depozite rambursabile cu preaviz          <\/span><\/div>\n
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                                                            \u22643 luni (28%)<\/span><\/div>\n
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               M3 (100%)               <\/span>=       M2 (88%)<\/span><\/div>\n
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                                                       (+) Pensiuni (4%)<\/span><\/div>\n
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                                                       (+) Titluri monetare \u015fi intrumente din          <\/span><\/div>\n
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                                                              pia\u0163a monetar\u0103 (6%)<\/span><\/div>\n
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                                                       (+) Titluri de crean\u0163\u0103 cu o durat\u0103<\/span><\/div>\n
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                                                              \u22642 ani (2%)<\/span><\/div>\n
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\u00d8                 <\/span><\/span>O cre\u015ftere anual\u0103 de referin\u0163\u0103 pentru M3<\/span><\/div>\n
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Consiliul Guvernatorilor a anun\u0163at la data de 1 decembrie 1998 o valoare de referin\u0163\u0103 cuantificat\u0103 pentru ce\u015fterea M3 pentru anul 1999. Aceasta va trebui s\u0103 fie de 4,5%.<\/span><\/div>\n
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c) tendin\u0163ele infla\u0163ioniste<\/span><\/div>\n
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\u00b7                        <\/span><\/span>Cauzele non-monetare a mi\u015fc\u0103rii generale a pre\u0163urilor:<\/span><\/div>\n
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–                     <\/span><\/span>factori exogeni (cre\u015fterea TVA-ului)<\/span><\/div>\n
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–                     <\/span><\/span>factori endogeni<\/span><\/div>\n
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\u00b7                        <\/span><\/span>Recurgerea la o gam\u0103 larg\u0103 de indicatori ca:<\/span><\/div>\n
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                – Indicatorii cerrerii: – evolu\u0163ia salariilor<\/span><\/div>\n
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                                                  – evolu\u0163ia patrimoniilor financiare private<\/span><\/div>\n
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                – Indicatorii ofertei:<\/span><\/div>\n
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                                   – procentul \u015fomajului<\/span><\/div>\n
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                                   – procentul utiliz\u0103rii capacit\u0103\u0163ii de produc\u0163ie<\/span><\/div>\n
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                                   – evolu\u0163ia costurilor salariale<\/span><\/div>\n
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                                   – costul materiilor prime<\/span><\/div>\n
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                                   – evolu\u0163ia procentului de schimb<\/span><\/div>\n
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                                   – subven\u0163iile asupra produc\u0163iei<\/span><\/div>\n
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                                   – evolu\u0163ia pre\u0163urilor industriale<\/span><\/div>\n
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                                   – distan\u0163a \u00eentre produc\u0163ia poten\u0163ial\u0103 \u015fi cea efectiv\u0103<\/span><\/div>\n
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3. Instrumentele \u015fi procedurile de politic\u0103 monetar\u0103<\/span><\/u><\/span><\/div>\n
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          Instrumentele \u015fi procedurile de politic\u0103 monetar\u0103 fixeaz\u0103 cadrul opera-\u0163ional al politicii dus\u0103 de c\u0103tre BCE. Aceasta se afl\u0103 \u00een raport cu trei instrumente:<\/span><\/div>\n
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\u00d8                        <\/span><\/span>Opera\u0163iile de OPEN MARKET din care fac parte:<\/span><\/div>\n
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–                     <\/span><\/span>opera\u0163ii de cesuine temporar\u0103<\/span><\/div>\n
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–                     <\/span><\/span>opera\u0163i ferme (v\u00e2nzare-cump\u0103rare de active de c\u0103tre SEBC)<\/span><\/div>\n
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–                     <\/span><\/span>emisiunea de certificate de datorii de c\u0103tre BCE<\/span><\/div>\n
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–                     <\/span><\/span>opera\u0163ii de schimb de devize a SEBC-ului<\/span><\/div>\n
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–                     <\/span><\/span>lichidit\u0103\u0163i \u00een alb (depuneri la termen remunerate, efectuate de b\u0103nci la SEBC)<\/span><\/div>\n
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\u00d8                        <\/span><\/span>Facilit\u0103\u0163ile permanente permit furnizarea sau retragerea de lichiditate ca:<\/span><\/div>\n
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–                                             <\/span><\/span>facilitatea de imprumut marginal<\/span><\/div>\n
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–                                             <\/span><\/span>facilitatea de depozit<\/span><\/div>\n
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\u00d8                        <\/span><\/span>Rezervele obligatorii<\/span><\/div>\n
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Cele trei instrumente (opera\u0163ii) sunt \u00een acord cu:<\/span><\/div>\n
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\u00b7                    <\/span><\/span>Contrapartidele exigibile a pie\u0163ei monetare care reprezint\u0103 un ante-contract \u00eentr-o opera\u0163ie financiar\u0103 \u015fi trebuie s\u0103 r\u0103spund\u0103 la anumite criterii de exigibilitate<\/span><\/div>\n
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\u00b7                    <\/span><\/span>Activele exigibile unde toate opera\u0163iile de credit a SEBC trebuie s\u0103 fie efectuate asupra unei baze de siguran\u0163\u0103 (art.18 ce prive\u015fte Protocolul asupra SEBC \u015fi BCE)<\/span><\/div>\n
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\u00b7                    <\/span><\/span>Sisteme de pl\u0103\u0163i ce abordeaz\u0103 at\u00e2t opera\u0163iile de pl\u0103\u0163i c\u00e2t \u015fi cele de titluri de valoare. SEBC a pus \u00een func\u0163iune dou\u0103 tiuri de mecanisme de pl\u0103\u0163i:<\/span><\/div>\n
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a)                 <\/span><\/span>Sistemul TARGET<\/span><\/i> (ACRONIMUL LUI Trans-european Automated Real \u2013 time Gross settlement Express Transfer) pentru pl\u0103\u0163ile interbancare.<\/span><\/div>\n
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b)                <\/span><\/span> Sistemul de pl\u0103\u0163i a titlurilor de valoare.<\/span><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Politica monetar\u0103 a SEBC a fost creat\u0103 de c\u0103tre Institutul Monetar European (IME).1. Strategiile B\u0103ncii Centrale Europene. O strategie de politic\u0103 monetar\u0103 reprezint\u0103 ansamblul de proceduri care fondeaz\u0103 coeren\u0163a deciziilor luate de o banc\u0103 central\u0103 pentru a atinge obiectivul s\u0103u final. Obiectivul principal al SEBC reprezint\u0103 men\u0163inerea stabilit\u0103\u0163ii pre\u0163urilor \u015fi sus\u0163inerea politicilor economice \u00een Comunitate. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/posts\/107870"}],"collection":[{"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/comments?post=107870"}],"version-history":[{"count":0,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/posts\/107870\/revisions"}],"wp:attachment":[{"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/media?parent=107870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/categories?post=107870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cvnextjob.com\/index.php\/wp-json\/wp\/v2\/tags?post=107870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}