Uticaj globalne finansijske krize na promenu uloge centralne banke u tržišnom pozicioniranju finansijskih institucija
The Impact Of Global Financial Crisis On Changing The Central Bank Role In The Market Positioning Of Financial Institutions

Summary/Abstract: A clear position of the central bank as a supreme monetary institution, taken on pursuing monetary policies, is of crucial significance for its credibility. For this reason, the central bank informs the public of its intentions through announcing official interest rates, that is, by publishing the data on discount rates and changes. Current insecurity and panic, existing in the financial markets due to a systemic liquidity crisis, have intensified the central bank responsibility for "fine market adjustment" by means of appropriate discount policy. The aim of this paper is to present the instruments applied by the central bank in the procedure of securing the liquidity of banks and providing general financial stability and to explain, from the aspect of newly formed market conditions of business activities, why Bagehot's doctrine of a "lender of last resort" has become inconsistent in time, giving way to the role of central bank as a "market-maker of last resort".

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