Seifullakh A. RAMAZANOVNizhny Novgorod State Technical University named after R.E. Alekseev (NNSTU), Nizhny Novgorod, Russian Federation ram-nn@yandex.ru ORCID id: not available
Subject. This article discusses the active operations of central banks of reserve currencies in conditions of uncertainty for the period from 2006 to 2021. Objectives. Based on the consideration of the features of the monetary policies of reserve-currency central banks for the period from the Great Recession to the COVID-19 pandemic, the article aims to conduct a dynamic analysis of the structure of their active operations and propose areas for improving the issue policy of the world's leading central banks. Methods. For the study, I used the methods of comparative and dynamic analyses, synthesis, and scientific abstraction. Results. The article describes the peculiarities and distinctions of active operations of the Federal Reserve System, the Bank of Japan, the European Central Bank, and the People's Bank of China. Conclusions. In 2020, the central banks of reserve currencies increased their assets by almost 42%, or 8 trillion US dollars, but they had been engaged in asset increasing before the COVID-19 pandemic. However, despite such an increase in assets, banks failed to restore the economy in their countries after the Great Recession and switch to conventional methods of monetary regulation.
Keywords: quantitative easing, unconventional monetary policy, central bank balance sheet, reserve currency
References:
Shaker I.E. [Monetary policy strategy in accordance with the reassessment of long-term goals in the US economy]. Bankovskoe delo = Banking, 2021, no. 2, pp. 37–39. (In Russ.)
Usoskin V.M. [Quantitative easing operations as an instrument of monetary policy]. Voprosy Ekonomiki, 2018, no. 5, pp. 129–138. (In Russ.) URL: Link
Moiseev S.R. [New quantitative easing? Experiments of central banks of developing economies with government bonds]. Bankovskoe delo = Banking, 2020, no. 6, pp. 26–33. URL: Link (In Russ.)
Ershov M.V. [The world in 2020: New challenges expose systemic changes in the economy]. Voprosy Ekonomiki, 2020, no. 12, pp. 5–23. (In Russ.) URL: Link
Goryunov E.L., Drobyshevskii S.M., Mau V.A., Trunin P.V. [What do we (not) know about the effectiveness of the monetary policy tools in the modern world?]. Voprosy Ekonomiki, 2021, no. 2, pp. 5–34. (In Russ.) URL: Link
Buklemishev O.V., Zubova E.A., Kachan M.N. et al. [Macroeconomic policy in a pandemic era: What does the IS-LM model show?]. Voprosy Ekonomiki, 2021, no. 2, pp. 35–47. (In Russ.) URL: Link
Moiseev S.R. [Hype around (non)monetary (non)theory]. Voprosy Ekonomiki, 2019, no. 9, pp. 112–122. (In Russ.) URL: Link
Ershov M.V., Tanasova A.S. [The world and Russia: Inflation is minimal, economic growth is slowing, risks are rising]. Voprosy Ekonomiki, 2019, no. 12, pp. 5–23. (In Russ.) URL: Link
Andryushin S.A. [Monetary policy in 2020: Expert assessments]. Bankovskoe delo = Banking, 2020, no. 1, pp. 14–23. (In Russ.)
Semina I. [Modelling the risk-taking channel of monetary policy in the Russian economy]. Den'gi i kredit = Russian Journal of Money and Finance, 2020, vol. 79, no. 3, pp. 30–57. (In Russ.) URL: Link
Frenkel J.A. [Reflections on Central Banking, Protectionism and Globalization]. Den'gi i kredit = Russian Journal of Money and Finance, 2018, no. 1, pp. 108–123. (In Russ.) URL: Link
Mau V.A. [Economics and politics in 2019–2020: Global challenges and national answers]. Voprosy Ekonomiki, 2020, no. 3, pp. 5–27. (In Russ.) URL: Link
Andryushin S.A., Nikitina S.A. [Lessons of China for Russia: Estimates and trends]. Bankovskoe delo = Banking, 2020, no. 6, pp. 8–15. (In Russ.)
Bykov A.A., Tolkachev S.A., Parkhimenko V.A., Shablinskaya T.V. [China’s economic growth in 2010–2017: Analysis from the perspective of the input-output model and modern monetary theory]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2021, vol. 25, no. 2, pp. 166–184. (In Russ.) URL: Link
Burlachkov V.K. [Modern monetary theory: Methods of analysis used and paradoxical conclusions]. Voprosy Ekonomiki, 2021, no. 3, pp. 152–159. (In Russ.) URL: Link
Mau V.A. [Coronavirus pandemic and trends of economic policy]. Voprosy Ekonomiki, 2021, no. 3, pp. 5–30. (In Russ.) URL: Link