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Found 22 search results for: financial crisis
Marcin Borsuk, Kamil Klupa (2021/3, Articles,
Selected Circumstances Of Application Of The Bail-In Instrument
After the global financial crisis, with an aim to more effectively protect the stability of the financial system, a thorough reform of the banking legal framework has been introduced. New instruments have been defined within the recovery and resolution process. Among the many new powers of public authorities, the most far-reaching is the possibility of annulment or conversion of debt (...)
Andrzej Sławiński (2020/2, Articles,
30 Years of Economic Transition in Poland from Central Bank Perspective
The successful economic transition in Poland was reflected in the uninterrupted GDP growth after stabilization and liberalization of the economy in the early 1990s. What helped to put economy on an equilibrium growth path was joining the European GVCs which facilitated a rapid buildup of export potential. During the global financial crisis of the 2007–2009 Poland was not seized by a banking (...)
Łukasz Kurowski (2019/4, Articles,
Financial Stability and Monetary Policy after the Global financial crisis
Central bank’s involvement in financial stability is no longer questioned. Yet doubts arise when monetary policy instruments are used to reduce financial imbalances. The purpose of the article is to verify whether, after the global financial crisis, central banks use interest rates as a macroprudential instrument. In order to do this, the author extends central bank’s reaction function by (...)
Justyna Franc-Dąbrowska (2018/6, Miscellanea,
Financialization of the Economy and the Increase of Value
The article discusses the issue of financialization the economy and the connection between this process and the increase of value. The essence and history of finance are presented. Subsequently, consideration was given to the link between the financialization of the economy and the causes and effects of the financial crisis, including the pros and cons of financialization. The third element (...)
Maciej Ryczkowski (2016/6, Articles,
The aim of the paper is to show changes in Milton Friedman’s views on the role of money and monetary policy towards the end of his life, and an attempt at the evaluation of the actions taken by the Federal Reserve System and European Central Bank as a response to the global financial crisis in the context of the monetarist’s recommendations. Undoubtedly it is difficult to assess the highly (...)
Anna Białek-Jaworska, Natalia Nehrebecka (2016/4, Articles,
Preferences of Polish Enterprises as Regards Debt Financing
The aim of the article is to identify main determinants of the preferences of private and public enterprises in Poland as regard debt financing. The investigation was made with help of an econometric model on a large enterprises sample for the period 1995–2012. Among the factors that determine capital structure, the authors tested the impact of profitability, cash flow, fixed capital (...)
Jerzy Osiatyński (2015/6, Book Reviews,
Waldemar Aspadarec (2015/6, Miscellanea,
Hedge Funds: Definition and Development Trends
The paper describes the development of hedge funds throughout the world during the last 18 years, with a special consideration of the period after the outbreak of the global financial crisis. In the first part, the author discusses controversies about the definition of hedge funds and proposes his own definition. The next parts describe the development of this segment of the financial (...)
Grzegorz Walerysiak (2015/6, Articles,
Monetary and Exchange Rate Policies in South American States
The article contains a comprehensive review, classifi cation, and comparative assessment of monetary and exchange rate policies performed in South American countries and their relationship to the model policy recommended by international financial organizations and based on the traditional economic theory, aimed at the realization of the adopted inflationary target, with a floating exchange (...)
Katarzyna Czernek, Paweł Marszałek (2015/5, Articles,
The Concept of Social Embeddedness and Its Usefulness in Economic Research
As the result of strong criticism of economics as a science (particularly of the ‘mainstream economics’, deeply set in the neoclassical tradition), which appeared in the last years in the context of the global financial crisis, there have been attempts to improve or modify economic theory. One important element of this change was the inclusion of many concepts taken from sociology (...)
Jakub Borowski, Krystian Jaworski (2015/3, Articles,
The results of econometric estimation indicate that in the last few years the sensitivity of the exchange rates of the CEE-4 countries (Czech Republic, Poland, Romania and Hungary) to domestic business cycles decreased towards a relatively high influence of the global factors. It indicates that the cost of losing the monetary autonomy after the euro adoption in those countries may be lower (...)
Janusz Sawicki (2015/3, Articles,
The Game About the Economic and Monetary Union: Where Is the EMU Driving At?
The results of econometric estimation indicate that in the last few years the sensitivity of the exchange rates of the CEE-4 countries (Czech Republic, Poland, Romania and Hungary) to domestic business cycles decreased towards a relatively high influence of the global factors. It indicates that the cost of losing the monetary autonomy after the euro adoption in those countries may be lower (...)
Marek A. Dąbrowski (2015/2, Articles,
This paper examines the role of foreign exchange reserves in crisis mitigation and considers the question whether large stocks of reserves contributed to resilience to fi nancial crisis of 2008–2009. In theoretical part net benefi ts of reserves accumulation are discussed and macroeconomic model of optimal reserves is presented. The optimal level of reserves for emerging market economies in (...)
Benedykt Puczkowski, Anna Rutkowska-Ziarko, Alicja Cichocka (2014/4, Miscellanea,
Paweł Smaga (2014/4, Articles,
The Optimal Design of the First Pillar of the Banking Union
The article aims to answer the following research questions: (1) what are the goals of the banking union and is it able to achieve them? (2) what ‘structural birth defects’ of the SSM may limit its effective functioning? (3) how the creation of the banking union will influence the European safety net? Deductive method and literature review are used. The reasons for the creation of the (...)
Witold Małecki (2014/4, Articles,
Changes in the Banking Sector and Their Consequences
Banks have played a major and not exactly honourable role in the global economic and financial crisis. Not only were banks one of the sources of this crisis but they also contributed to the diffusion of impulses for the crisis. The paper presents the evolution that banks have undergone in the last 30-40 years. The simple traditional model consisting in banks using deposits placed by (...)
Jerzy Osiatyński (2014/2, Articles,
Is Meeting the Convergence Criteria from Maastricht Always Beneficial for the Economy?
Until the world financial crisis of 2007–2008, the convergence criteria contained in the Maastricht Treaty have been commonly considered beneficial for countries that persistently observed them, although there is no economic theory from which those criteria and their specific numerical values could be derived from. Also in Poland an overwhelming majority of economists, policy makers and (...)
Piotr Ciżkowicz, Andrzej Rzońca (2013/5, Articles,
The paper shows that the basic causes of the recent global financial crisis, e.i. low interest rates in major developed economies combined with surplus savings in the developing countries, may be linked with the deficiencies inherent in the international monetary system. The authors argue that these deficiencies have amplified as the result of the crisis. This conclusion serves to project (...)
Jerzy Osiatyński (2011/5, Articles,
Preconditions of Poland’s Entry to the Euro Area
A ssuming that the European Economic and Monetary Union survives its current financial crisis, the author tries to answer the question what conditions Poland should meet prior to entering the eurozone that would enable it to maintain and strengthen its competitive position after the entry to the euro area. The ability of any free trade zone member country to sustain its competitive position (...)
Piotr Ciżkowicz, Andrzej Rzońca (2011/5, Articles,
Why Shouldn’t Central Banks Raise Their Inflation Targets?
O . Blanchard et al. [2010] proposed that, in the current economic situation central banks increase their inflation targets from 2% to about 4%. This should provide the room for further reductions of interest rates in the case of a possible next financial crisis (or another strong shock). The authors give a critical assessment of that proposal. They recall, first of all, two arguments (...)
Dariusz Rosati (2010/5, Articles,
Fiscal Management System of the Eurozone – Directions of Change
The financial crisis in Greece in 2010 has clearly demonstrated that the system of economic governance in the Economic and Monetary Union of the EU, including fiscal rules and mechanisms of multilateral surveillance and control, is largely inefficient and does not ensure sufficient fiscal discipline. The article discusses the main weaknesses of the existing fiscal framework of the EMU and (...)
Dariusz Rosati (2009/3, Articles,
Causes and Mechanism of the financial crisis in USA
The purpose of the article is to explain the causes and the mechanism of the financial crisis in the United States, which was triggered by the crash on the subprime mortgage credit market in the mid-2007. The starting point of the analysis is the standard partial equilibrium model of the mortgage credit market and the identification of the main factors determining the demand for, and supply (...)
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