The Characteristics and the Effectiveness of Monetary Policy in Sweden

Osrednja tema tega magistrskega dela je proučevanje značilnosti in učinkovitosti denarne politike na Švedskem. Nedavna finančna kriza, ki se je začela v ZDA, se je hitro razširila v druge države po svetu in postala globalna finančna kriza. Prizanesla ni niti državam z razvitim in stabilnim gospodarstvom, kot je Švedska. V prvem delu magistrskega dela na kratko opisujemo teoretična izhodišča delovanja transmisijskega mehanizma. Nato se osredotočimo na Švedsko in predstavimo njene najpomembnejše ekonomske kazalnike. Sledi poglavje, ki se nanaša na značilnosti denarne politike na Švedskem. Ugotavljamo, katerih instrumentov in strategij se švedska centralna banka poslužuje za dosego zastavljenega cilja, tj. stabilnosti cen. V času finančne krize se je švedska centralna banka lotila nekoliko strožje denarne politike, saj se je inflacija cen življenjskih potrebščin preveč oddaljila od ciljne inflacijske stopnje. S strožjo denarno politiko je želela ponovno zagotoviti nizko in stabilno inflacijo v gospodarstvu. Pri tem je bila razmeroma uspešna. V osrednjem delu magistrskega dela analiziramo denarno politiko Švedske v času trajanja globalne finančne krize in izven nje. Analiziramo nekonvencionalne oziroma nestandardne ukrepe denarne politike, potrebne za obvladovanje likvidnostnega položaja poslovnih bank, v katerem so se znašle v času finančne krize. Ugotavljamo, da so bili sprejeti ukrepi učinkoviti, saj se je likvidnostni položaj bank po izvedbi ukrepov začel izboljševati. Premija na obrestno mero denarnega trga, ki je eden izmed indikatorjev likvidnosti poslovnih bank, se je namreč po sprejetju nekonvencionalnih ukrepov švedske centralne banke zmanjšala. V celotnem poglavju smo analizirali dogajanje glede obrestnih mer. Po letu 2008 so se obrestne mere začele zniževati in na izjemno nizki ravni ostajajo vse do danes. Gospodarstvo je zašlo v likvidnostno past, za katero so značilne izjemno nizke obrestne mere. V zadnjem poglavju smo ugotovili, da je na kratki rok prisoten vpliv denarne politike na ekonomske kazalnike (obrestne mere, devizni tečaj, gospodarske cikle in stopnjo inflacije), medtem ko je na dolgi rok vpliv denarne politike zanemarljiv.The main focus of this thesis is the study of the characteristics and the effectiveness of monetary policy in Sweden. The recent financial crisis that started in the USA has quickly spread out to other countries over the world and has become a global financial crisis. Even countries with a developed and stable economy such as Sweden have not been spared by it. The first part of the thesis presents the theoretical starting points of how the transmission mechanism works. The focus then shifts to Sweden and its most important economic indicators. The following chapter presents the characteristics of monetary policy in Sweden. The instruments and strategies which the Sweden\u27s central bank uses to achieve its objective, i.e. price stability, are also presented. During the financial crisis, the Sweden\u27s central bank has implemented a somewhat stricter monetary policy because consumer price inflation had deviated too much from the inflation rate target. By implementing this stricter monetary policy, it wanted to reassure a low and stable inflation in the economy, and has been relatively successful in doing so. In the central part of the thesis, the Sweden\u27s monetary policy during the global financial crisis is analysed. Unconventional or non-standard measures of the monetary policy that are necessary for managing the liquidity position in which commercial banks have found themselves during the financial crisis are also analysed. It is noted that the taken measures have been effective because the liquidity position of banks has started improving after the implementation of those measures. Money market risk premium, which is one of the indicators of the liquidity of commercial banks, has decreased after the Sweden\u27s central bank adopted non-conventional measures. A whole chapter is dedicated to the analysis of interest rates. After 2008, interest rates have started to decrease and are still at a low level. The economy has found itself in a liquidity trap which is characterised by low interest rates. The last chapter shows that the monetary policy indeed does have an effect on the economic indicators (interest rates, the exchange rate, economic cycles and inflation rate) in the short termhowever, the effect of monetary policy in the long run is negligible