La rapida diffusione del Covid-19 su scala globale nei primi mesi del 2020 ha generato un imprevedibile susseguirsi di eventi. Le restrizioni adottate dai governi per contenere la pandemia e la forte incertezza sul futuro hanno causato una crisi economica e un impatto sui mercati finanziari senza precedenti. L'entità di questo impatto ha portato le banche centrali a compiere sforzi straordinari per contrastare gli effetti della crisi. Il saggio affronta lo studio di questa nuova crisi, confrontandola con la Grande Recessione, e analizza l'evoluzione del ruolo e degli strumenti adottati dalle banche centrali. Lo scopo di questo saggio è analizzare il ruolo e l'operato delle banche centrali, in particolare Fed e BCE, nell'affrontare l'instabilità economica e finanziaria causata dal Covid-19, cercando anche di valutare la coerenza con i propri mandati e l'efficacia delle misure adottate. Lo studio del ruolo storico delle banche centrali, delle strategie di comunicazione e degli strumenti a loro disposizione ha permesso di contestualizzare l'evoluzione di queste istituzioni, per meglio comprendere le decisioni adottate per contrastare la crisi finanziaria ed economica provocata dal Covid-19. La necessità di interventi rapidi da parte delle banche centrali nei primi mesi del 2020 è stata verificata attraverso lo studio sulla rapida diffusione del nuovo virus e l'impatto economico provocato dalla pandemia. La coerenza con gli obiettivi descritti nei mandati è stata verificata. Attraverso il confronto con la Grande Recessione, sono state evidenziate le similarità e le differenze negli approcci adottati dalle banche centrali in diversi momenti storici. Infine, è stato possibile verificare che numerose strategie adottate nel 2020 sono frutto dell'esperienza maturata durante la Grande Recessione.
The rapid spread of Covid-19 on a global scale in the first months of 2020 has generated an unpredictable succession of events. The restrictions adopted by governments to contain the pandemic and the strong uncertainty about the future have caused an unprecedented economic crisis and impact on financial markets. The magnitude of this impact has led central banks to take extraordinary efforts to counter the effects of the crisis. The essay deals with the study of this new crisis, comparing it with the Great Recession, and analyses the evolution of the role and tools adopted by central banks. The purpose of this essay is to analyse the role and actions of central banks, in particular the Fed and the ECB, in dealing with the economic and financial instability of the Covid-19 outbreak, also trying to assess the consistency with their mandates and the effectiveness of the measures adopted. The study of the historical role of central banks, of the communication strategies and of the tools at their disposal has made it possible to contextualize the evolution of these institutions, to better understand the decisions taken to counter the financial and economic crisis caused by Covid-19. The need for rapid interventions by central banks in the first months of 2020 was verified through the study on the rapid spread of the new virus and the economic impact caused by the pandemic. Consistency with the objectives described in the mandates was verified. Through the comparison with the Great Recession, the similarities and differences in the approaches adopted by central banks at different historical moments were highlighted. Finally, it was possible to verify that numerous strategies adopted in 2020 are the result of the experience gained during the Great Recession.
ANALISI DEL RUOLO E DEGLI STRUMENTI DELLE BANCHE CENTRALI DURANTE LA CRISI DEL COVID-19, UNA COMPARAZIONE CON LA GRANDE RECESSIONE
QUASSO, DAVIDE
2020/2021
Abstract
The rapid spread of Covid-19 on a global scale in the first months of 2020 has generated an unpredictable succession of events. The restrictions adopted by governments to contain the pandemic and the strong uncertainty about the future have caused an unprecedented economic crisis and impact on financial markets. The magnitude of this impact has led central banks to take extraordinary efforts to counter the effects of the crisis. The essay deals with the study of this new crisis, comparing it with the Great Recession, and analyses the evolution of the role and tools adopted by central banks. The purpose of this essay is to analyse the role and actions of central banks, in particular the Fed and the ECB, in dealing with the economic and financial instability of the Covid-19 outbreak, also trying to assess the consistency with their mandates and the effectiveness of the measures adopted. The study of the historical role of central banks, of the communication strategies and of the tools at their disposal has made it possible to contextualize the evolution of these institutions, to better understand the decisions taken to counter the financial and economic crisis caused by Covid-19. The need for rapid interventions by central banks in the first months of 2020 was verified through the study on the rapid spread of the new virus and the economic impact caused by the pandemic. Consistency with the objectives described in the mandates was verified. Through the comparison with the Great Recession, the similarities and differences in the approaches adopted by central banks at different historical moments were highlighted. Finally, it was possible to verify that numerous strategies adopted in 2020 are the result of the experience gained during the Great Recession. | File | Dimensione | Formato | |
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https://hdl.handle.net/20.500.14240/32346