Suchergebnisse

The post-Keynesian approach to the nature of money brings some other conclusion to the monetary policy, independence of a central bank, & function of commercial banks. The source money is created by demand of businessmen especially. Loans create deposits, deposits create reserves. Central bank plays two roles: lender of last resort & inflation supervisor. Crediting by commercial banks & their credit policy in post-Keynesian economics is considered as credit rationing. If the role of central bank -- lender of last resort -- is not connected with changes of regulation, which reduce new practice of financial markets to avoid regulation, the influence of central bank to fight with inflation declines. Post-Keynesian economics is not directed against competence & independence of central bank. On the contrary, it welcomes the more direct influence of central bank on commercial banks & other financial institutions, however, with use of alternative limiting facilities. 2 Graphs, 15 References. Adapted from the source document.

The first question that we ask ourselves in our article is whether the accounting of the central bank is supposed to respect the principles of internationally accepted standards (especially the International Financial Reporting Standards). We are looking for the basic differences in understanding of terms such as (il)liquidity & (in)solvency on the level of central & commercial banking. We analyze the economic reasons for origination of the long foreign exchange position of the CNB which, under the circumstances of trend appreciation of the exchange rate of the Czech crown, is leading to a cumulative loss. We are discussing whether the current level of foreign exchange reserves of the CNB is excessive or adequate. Special attention is paid to the monetary & financial impact of the loss of the central bank. We are pointing out that losing the central bank means profit for market subjects at the same time. It is not just a "fictitious" accounting problem & it can have its factual impact on the national economy. At the end we are summarizing & assessing the individual opinions regarding the loss of the CNB. Adapted from the source document.

Engl. Zsfassung u.d.T.: The bank of the green four leaf clover

Since the 1970s, the World Bank has had a new goal: poverty eradication. This essay evaluates the Bank according to this objective. Persisting poverty judges the organization's work negatively. The Bank's many policies were often even contradictory over time, bringing strong criticisms, which its current policies reflect. These are the lessons of former failures in the Banks poverty reductions policies: The Bank's strategies now concentrate on both the market & the state to promote "development." The causes of underdevelopment lie not only in bad governance, but also in states' unfavorable economic positions. It is important to cooperate with the poor while trying to reduce poverty. "Development" is not only an issue of domestic economic reforms: political & social reforms are also important. The World Bank's newest Poverty Reduction Strategy Papers (PRSPs) reflect these changes. They should achieve the ambitious Millennium goals, but time will be their judge. Adapted from the source document.

An assumption that a central bank can influence the real interest rates is the object of our interest. In the paper we form and solve a model which corresponds to Romer's (2000) assumptions. Our model is IS-LM augmented by a conception of price-adjusting after monetary intervention and inflation expectations. A monetary policy rule is derived from the model. Moreover, it offers a demonstration of economic behaviour by different economic assumptions of different economic schools, similar to one in the book of Heijdra (2002). Adapted from the source document.

Significant international attention has been directed to the most pressing problem of the financial crisis of 2008/2009 -- global liquidity shortages. The use of adequate foreign exchange reserves during the crisis helped alleviate pressures. However, this was only partially effective in a number of important cases. Some countries also needed to rely on external official financing. The aim of this article is to compare and analyse the main sources of official global liquidity -- foreign exchange reserves, bilateral swap lines of central banks, regional financial arrangements arid IMF resources. To reach effective outcomes in relation to the accumulation of FX reserves and a strengthening of the global financial safety nets, effective international coordination will be necessary. Adapted from the source document.

Central banks of major advanced economies have already started their sixth year of the greatest ever experiment in monetary policy at place. First, special measures were taken to prevent collapse of financial intermediation. At the same time main policy rates were cut down to historical lows hitting the zero lower bound quite soon after the onset of the financial crisis. After that central banks realised various unconventional measures in order to support their weak economies. While exceptional instruments aimed at restoring financial markets seem to have been inevitable to avert a collapse of a much greater magnitude in the short run, some other measures have remained disputable. Not only had these measures limited effectiveness in restoring stronger and sustainable economic growth, but concerns have also been raised recently about their unintended consequences. These side-effects concern not only domestic economies but international spillovers on many vulnerable less advanced and/or developing economies have been evident. Moreover, potential risks of the unprecedented measures may start to act fully in a longer horizon. Quantitative easing has led to enormous increases in balance sheets of the Fed, the BoE and ECB; however structural differences on the asset side have been evident. Main challenge for major central banks thus seems to be the right timing and structure of inevitable exit strategies in the near future so that a smooth exit with minimal side effects could be guaranteed. Adapted from the source document.