Revista OEconomica

Tudor Constantin BĂLAN - Cycles of Freedom: Are Our Rights Today Permanently Secured, or Are We in a Transitional Phase? The Cases of Great Britain, the United States, and Russia

Marius-Cristian PANĂ, Adela BĂLAN - Economic Freedom and Prosperity: A Comparative Analysis of Welfare Determinants at the International Level

Ana Octavia ALBU - When Accurate Forecasts Still Produce Waste: Demand Shocks and Over-Forecasting Risk in Food Retail

Adrian-Ioan DAMOC - The Persian Pivot and the Reconfiguration of Geopolitical Realism: Iran and Venezuela in Strategic Competition among the United States, China, and Russia

Emmanuel Olusegun STOBER - Coercive Diplomacy in the Gulf and the Limits of the Strike-Forward Strategy: Toward a Middle-Power Coalition for Regional Stability

Sorin-Nicolae CURCĂ - On the Informational Entropy of Economic Shock

Florin DĂNESCU - The Banking Sector as Critical Infrastructure in the Logic of Hybrid Conflict: Post-2014 Legislative Convergence in Central and Eastern Europe and the Case of Romania

Alexandru POPOVICI - The Contribution of the Music Industry to GDP and Employment: A Comparative Analysis

Mohammed AL-NASSERY - Implications of the War in the Middle East: An Analysis of the Economic, Security, Humanitarian, and Political Dimensions

Mihai LĂCĂTUŞ - GDP as a Means, Not an End: Inequality as the Missing Variable in Fiscal Policy Design – A 60-Country Analysis of Economic Growth and Subjective Well-Being

Articles on Issue Theme

Silviu CERNA

Universitatea de Vest din Timişoara

Central banks are at the epicenter of the international financial crisis. Accused of commencing the crisis or, conversely, praised for having worked to overcome it, central banks need to draw conclusions stemming from the global crisis and to undertake necessary reforms. At present, when the crisis appears to be complete and a new era of growth seems to start, central banks face a certain number of problems. Of these, this paper analyzes the following: the consequences of economic environment change and globalization on monetary policy; the usefulness of further implementation of inflation targeting; central banks’ involvement in ensuring financial stability; management of costs and benefits of banking regulation; the relationship between central bank, banks with fractional reserves and economic cycles. An original theoretical interpretation of the relationship between crisis and central banks belongs to the Austrian School.

ŒCONOMICA no. 4/2010

Keywords: central bank, economic cycle, credit, crisis, currency, monetary policy

JEL: A1, B2, E3, E4, E5, E6, F5

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