scholarly journals Exchange rate regimes and external financial stability

2016 ◽  
Vol 61 (209) ◽  
pp. 27-43 ◽  
Author(s):  
Ovidiu Stoica ◽  
Iulian Ihnatov
Keyword(s):  
Exchange Rate ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Exchange Rate Regimes ◽  
Annual Data ◽  
The European Union ◽  
Level Of Economic Development ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Alternative Regime

Financial stability within the framework of the global financial crisis has become a common topic for researchers and practitioners. In order to analyse the impact of exchange rate regimes on financial stability we use both the de jure and de facto exchange rate classifications. We apply the model to a 1999-2010 annual data sample for 135 countries and territories, grouped by the level of economic development. Our second focus is the investigation of the effects of the exchange rate regimes in three economic integration areas (member countries of the European Union 27, the Southern Common Market, and the Association of Southeast Asian Nations) on financial stability. Our results generally support the central banks? concerns that the flexibility of exchange rate regimes should be reduced in order to sustain financial stability; however, the findings are not robust when using alternative regime classifications.

scholarly journals Dispersion of inflation expectations in the European Union during the global financial crisis

Equilibrium ◽  
2016 ◽  
Vol 11 (4) ◽  
pp. 737 ◽  
Author(s):  
Jan Acedański ◽  
Julia Włodarczyk
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Inflation Expectations ◽  
The European Union ◽  
Member States ◽  
Inflation Rates ◽  
Initial Drop ◽  
The Global Financial Crisis ◽  
The Impact

Inflation expectations, both their median and dispersion, are of great importance to the effectiveness of monetary policy. The goal of this paper is to examine the impact of the global financial crisis on dispersion of inflation expectations in the European Union. Using European Commission’s survey data, we find that in the early phase of the crisis the dispersion dropped rapidly but then, after Lehman Brothers’ collapse, the trend reversed and these fluctuations cannot be explained by movements of inflation rates and other commonly used factors. We also observe that, in the new European Union member states, the initial drop of the dispersion was weaker whereas the subsequent rise was stronger as compared to the old member states.

scholarly journals THE IMPACT OF THE GLOBAL ECONOMIC CRISIS ON THE POLAND

2021 ◽  
Vol 9 (4) ◽  
pp. 202-208
Author(s):  
Aleksandra Korczyc
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Global Analysis ◽  
Modern World ◽  
The European Union ◽  
Remedial Actions ◽  
The Government ◽  
The Global Financial Crisis ◽  
The Impact

Purpose of the study: This study aims to present the specifics of the global financial crisis, the threats it brings for Poland in the legal sphere, and possible actions to be taken in this area, particularly at the European Union and Poland level. Methodology: The article uses the historical method and the analysis of documents both at the Polish and European Union levels, including laws, regulations, and decisions. Main Findings: The scope of the financial crisis in question and its relatively easy transfer between markets entails the necessity to apply extraordinary remedial actions. Poland, through its participation in the European Union, seems to be relatively well protected against the effects of the financial crisis. However, it needs to undertake further structural reforms, in particular reforms of public finances. Applications of this study: The current study is highly significant for the government of the day in this modern world; the study could be quite effective and meaningful for Higher Education Institutions, government, banks, financial institutions. Novelty/Originality of this study: Description of the essence of the financial crisis, possibilities of its prevention - earlier possibilities of remedial actions at the institutional and legal level, possibilities of obtaining financial support, global analysis of the problem, including its causes.

scholarly journals Transformations and Reforms of European Health Care Systems: The Case of Estonia

2014 ◽  
Vol 17 (3) ◽  
pp. 123-142 ◽  
Author(s):  
Jadwiga Suchecka
Keyword(s):  
Health Care ◽  
Global Financial Crisis ◽  
Health Management ◽  
Health Care Systems ◽  
Mixed System ◽  
The European Union ◽  
Care Systems ◽  
European Health ◽  
The Global Financial Crisis ◽  
The Impact

The purpose of this article is to present the main directions of changes in the Estonian health care system following the transformation of the national economy and the accession of Estonia to the European Union. Special attention has been paid to the ways of sourcing, and the collection and redistribution of financial resources allocated to health care in different periods of the transformation. The initial changes introduced far-reaching decentralization of the health system, while further reforms led to his re-centralization. The intensity of the re-centralization of finance and health management processes was accelerated after 2008, when the impact of the global financial crisis on the condition of the economy of Estonia was significant. As a result of the introduced changes, Bismarck’s mixed system – a hybrid system – has been formed.

scholarly journals DAMPAK KRISIS KEUANGAN GLOBAL TERHADAP PEREKONOMIAN DAERAH

2010 ◽  
Vol 12 (3) ◽  
Author(s):  
Andry Prasmuko ◽  
Donni Fajar Anugrah
Keyword(s):  
Exchange Rate ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Aggregate Demand ◽  
Major Effect ◽  
Macro Model ◽  
Simulation Results ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Simultaneous Model

This paper discusses the impact of global financial crisis to the Indonesia's economy by using the simultaneous macro model approach.The analysis and simulation results of such model show that the impact of the global financial crisis is dominantly distributed through the trade line, which decreases the regional output.To the components of aggregate demand, the movement of exchange rate has major effect to the exports and imports, whereas to the consumption and investment, it gives relatively small effect.The impact of external shock, which causes the depreciation of Rupiah, is relatively small to the increase of inflation.JEL classification: C32, E44Keywords:Financial crisis, simultaneous model, Indonesia.

The Impact of the Global Financial Crisis on Central Banking

2019 ◽  
pp. 170-192
Author(s):  
Alex Cukierman
Keyword(s):  
Financial Crisis ◽  
Interest Rates ◽  
Financial Stability ◽  
Inflation Targeting ◽  
Global Financial Crisis ◽  
The United States ◽  
Central Banking ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Regulatory Reforms

This chapter describes the impacts of the global financial crisis on monetary policy and institutions. It argues that during the crisis, financial stability took precedence over traditional inflation targeting and discusses the emergence of unconventional policy instruments such as quantitative easing (QE), forex market interventions, negative interest rates, and forward guidance. It describes the interaction between the zero lower bound (ZLB) and QE, and proposals, such as raising the inflation target, to alleviate the ZLB constraint. The chapter discusses the consequences of the relative passivity of fiscal policies, “helicopter money,” and 100 percent reserve requirement. The crisis triggered regulatory reforms in which central banks’ objectives were expanded to encompass macroprudential regulation. The chapter evaluates recent regulatory reforms in the United States, the euro area, and the United Kingdom. It presents data on new net credit formation during the crisis and discusses implications for exit policies.

Money laundering and financial stability: does adverse publicity matter?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bahriye Basaran-Brooks
Keyword(s):  
Money Laundering ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Banking System ◽  
Public Confidence ◽  
Content Type ◽  
Reputational Risk ◽  
The Global Financial Crisis ◽  
The Impact

Purpose Already suffering reputational damage from the global financial crisis, banks face a further loss of trust due to their poor money laundering (ML) compliance practices. As confidence-driven institutions, the loss of reputation stemming from inadequate compliance with regulations and policies labels banks as facilitators of crime and destroys public trust both in the bank itself, peer banks and the wider banking system. Considering the links between financial stability and adverse publicity about banks, this paper aims to critically examine the implications of ML-specific bank information on financial stability. Design/methodology/approach This paper adopts a content analysis and a theoretical discussion by critically evaluating the role of bank compliance information on stability with references to recent case studies. Findings This paper establishes that availability of information regarding a bank involved in or facilitating ML might pose a threat to financial stability if bank counterparties cut their ties with the bank in question and when bank stakeholders show a strong and sudden negative reaction to adverse publicity. Though recent ML scandals have not caused immediate instability, general loss of confidence associated with reputational risk have had a destabilising effect on affected banks’ capital and liquidity. Originality/value There has been surprisingly little discussion to date on the impact of publicly available bank information on financial stability and public confidence within the ML compliance framework. This paper approaches the issue of publicly available banking compliance information solely through the prism of public confidence and reputational risk and its impact on macro-stability by examining recent ML scandals.

scholarly journals Comparative Analysis of Financial Stability Policy of The National Bank of Serbia and The European Central Bank

2015 ◽  
Vol 53 (2) ◽  
pp. 142-161
Author(s):  
Mirjana Jemović ◽  
Borko Krstić
Keyword(s):  
European Union ◽  
Financial Services ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
System Stability ◽  
The European Union ◽  
National Bank ◽  
The Global Financial Crisis ◽  
The Eu

AbstractThe Republic of Serbia has successfully completed the first part in the European Union integration process, being granted candidate status for membership in the European Union (EU). The stage of accession negotiations is in progress, and it includes the full harmonization with the EU acquis, whereby the analytical review of legislation, the so-called screening is being carried out in 35 chapters. The global financial crisis that affected our country in 2008 has required a timely reaction of the National Bank of Serbia (NBS) in order to preserve the financial system stability, especially the banking sector as its most important segment. As the financial services sector adjusts within chapter 9, the aim of this paper is to assess the level of compliance of national legislation with the EU legislation regarding banking sector. Along with the regulatory initiatives in the field of preserving financial stability in the EU countries, the NBS has paid great attention to the harmonization of its financial stability policy with the financial stability policy of the European System of Central Banks (ESCB).

scholarly journals Rynek pracy województwa dolnośląskiego w okresie spowolnienia gospodarczego

2011 ◽  
Vol 18 ◽  
pp. 37-50
Author(s):  
Paweł Brezdeń ◽  
Waldemar Spallek
Keyword(s):  
Labor Market ◽  
Great Recession ◽  
Global Financial Crisis ◽  
The European Union ◽  
The Great Recession ◽  
Regional Labor Market ◽  
Regional Labor ◽  
Economic Slowdown ◽  
The Global Financial Crisis ◽  
The Impact

The article focuses on processes of the regional labor market during the economic slowdown that resulted from the global financial crisis in years 2007–2009, which is also called the Great Recession. The labor market’s situation is the result of the interaction of many complex processes. On the one hand, it is a derivative of the level of development and structure of the economy; on the other hand, the shape of the labor market is influenced by the changes associated with an ever-increasing integration of Poland with the European Union. In recent years, global economic processes, especially connected with the Great Recession, also play a significant role in shaping the situation of regional labor markets. The article presents the trends of development of the labor market in the region in years 2000–2009 in the field of economic activity and employment rates taking into consideration the selected demographic and economic categories of the population. The particular attention is devoted to the issues of development of unemployment and its typology. These elements of the labor market were presented in the local systems of the region with an indication of their spatial variation and intensity.On the basis of identified regularity of development of the studied phenomenon, the authors made an attempt to identify and evaluate the impact of the economic slowdown on the regional labor market at the local and regional level.

scholarly journals Managing The Trilemma: The Case of Malaysia

2010 ◽  
Author(s):  
Goh Soo Khoon
Keyword(s):  
Exchange Rate ◽  
Global Financial Crisis ◽  
Capital Account ◽  
Policy Options ◽  
Policy Makers ◽  
Intermediate Regime ◽  
The Face ◽  
Capital Outflows ◽  
The Global Financial Crisis ◽  
The Impact

This paper discusses how Malaysia manages the trilemma, the conjecture that a country cannot simultaneously maintain an open capital account, an exchange rate stability, and monetary policy independence. Only two out of these three goals can be mutually consistent and policy makers have to decide which third goal to give up. The paper shows how Malaysia adopts an intermediate regime – a regime that enables policy makers to manage all the three goals simultaneously. The impact of the global financial crisis on the Malaysian economy and the policy options for Malaysia to deal with the recent huge capital outflows are discussed in this paper. The willingness by Bank Negara Malaysia to allow a certain extent of exchange rate adjustments in the face of current global crisis reflects that Malaysia is not exempted from the trilemma.  

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