Changes in the Financial System: Implications for Monetary Policy

1984 ◽  
Vol 1984 (1) ◽  
pp. 249 ◽  
Author(s):  
Thomas D. Simpson ◽  
Alan S. Blinder
Keyword(s):  
Monetary Policy ◽  
Financial System

scholarly journals Central banks: Hesitant guardians of equilibrium

2018 ◽  
Vol 68 (s1) ◽  
pp. 125-139
Author(s):  
Jerzy Hausner ◽  
Andrzej Sławiński
Keyword(s):  
Monetary Policy ◽  
Best Practice ◽  
Financial System ◽  
Central Banks ◽  
Budget Constraint ◽  
Soft Budget Constraint ◽  
Intellectual Heritage ◽  
Inherent Tendency

In our paper we focus on situations when central banks have to conduct monetary policy in a world in which they cannot rely fully on what is regarded the best practice and they have to cope with financial system inherent tendency to be unstable. Both phenomena are rooted in János Kornai’s intellectual heritage highlighting that economy tends to divert from equilibrium and that soft budget constraint erodes economic actors’ behavior.

CHALLENGES OF DEVELOPMENT OF AN ANTI-CRISIS STRATEGY TO OVERCOME THE CORONOVIRUS PANDEMIC AND ITS CONSEQUENCES

2020 ◽  
pp. 68-83
Author(s):  
Elena Lutskaya ◽  
Keyword(s):  
Monetary Policy ◽  
Federal Reserve ◽  
Financial System ◽  
Global Markets ◽  
Federal Reserve System ◽  
Us Economy ◽  
The Us ◽  
Reserve System

The article examines the views of Western researchers on overcoming the COVID-19 crisis and its consequences. The main focus is on the monetary policy of the Federal Reserve system - the most developed financial system that affects both the US economy and global markets.

scholarly journals Helicopter Money: The New Form of Monetary Easing in the Eurozone?

2017 ◽  
Vol 9 (3) ◽  
pp. 38 ◽  
Author(s):  
Nikolaos A. Kyriazis ◽  
Emmanouil M. L. Economou
Keyword(s):  
Monetary Policy ◽  
Moral Hazard ◽  
Financial System ◽  
Eu Membership ◽  
New Form ◽  
The Eu ◽  
Academic Debate

Although unconventional measures by the ECB have been very extensive so as to fortify the Eurozone’s financial system the question of whether more drastic measures are necessary, is at the forefront of newly aroused academic debate. This paper’s main effort is to conceptualize helicopter drops in the Eurozone before hindsight in order to shed some light on how feasible are more drastic measures for the Eurozone and how they could further attenuate moral hazard problems. An early understanding of overt money financing will help in better driving monetary policy and emphasize whether the benefits of more and free money printing could bring about a heal for the wreckages of the EU membership status.

Korea's Post-Crisis Monetary Policy Reforms

2005 ◽  
Vol 08 (04) ◽  
pp. 707-731 ◽  
Author(s):  
Donghyun Park ◽  
Junggun Oh
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Inflation Targeting ◽  
Financial System ◽  
Capital Inflows ◽  
Policy Reforms ◽  
The Future

Korea's financial crisis of 1997–1998 was brought about by the unsustainable combination of large capital inflows and an inefficient financial system. The Bank of Korea contributed to the crisis primarily through its failures as the regulator of the financial system rather than as the conductor of monetary policy. Our paper explores the role of the two major monetary policy reforms Korea has implemented in response to the crisis — the establishment of a new financial regulator and the adoption of inflation targeting — in Korea's efforts to build a stronger and more efficient financial system, thereby preventing crises in the future.

scholarly journals Cashless Society and de-Dollarization in Ukraine. What is Missing from Present Discussions?

2016 ◽  
pp. 6-12 ◽  
Author(s):  
Marko Skreb ◽  
Kostiantyn Khvedchuk
Keyword(s):  
Monetary Policy ◽  
Financial System ◽  
Underground Economy ◽  
Transmission Mechanism ◽  
Substantial Part ◽  
Negative Consequences ◽  
National Bank ◽  
System Improvement

The National Bank of Ukraine stepped on the track to a cashless economy aiming at reforming the financial system, improvement of the transmission mechanism, and reduction of the underground economy and corruption. A substantial part of money in the Ukrainian economy is estimated to be foreign cash in circulation. This article underlines the importance of considering it while conducting monetary policy. Negative consequences of high dollarization and proliferation of cash are emphasized. We discuss measures that are helpful in decreasing usage of cash in general and foreign cash in particular.

scholarly journals Monetary Theory and Monetary Policy: Reflections on the Development over the last 150 Years

2013 ◽  
Vol 233 (3) ◽  
Author(s):  
Otmar Issing ◽  
Volker Wieland
Keyword(s):  
Monetary Policy ◽  
Financial System ◽  
Central Banks ◽  
The Political ◽  
Monetary Theory ◽  
Academic Discussion

SummaryIn this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the development of this subject.We also try to illustrate some of the interactions with the political and financial system, academic discussion and the views and actions of central banks.

scholarly journals Monetary policy change of the Central bank of Poland

2015 ◽  
Vol 15 (3) ◽  
pp. 246-259
Author(s):  
Ireneusz Kraś
Keyword(s):  
Monetary Policy ◽  
Economic Policy ◽  
Central Bank ◽  
Policy Change ◽  
Financial System ◽  
Financial Statements ◽  
Democratic Character ◽  
National Bank ◽  
The Republic ◽  
The Government

Abstract The National Bank of Poland is an institution which, in conjunction with the government is responsible for the implementation of country’s economic policy reinforces its democratic character. Provisions of its operation are governed by the Constitution of The Republic of Poland and by the Act on the National Bank of Poland. To this end, the objective of the present research is to analyse the proposed amendments in the Act on the NBP. The latter concerns the amendment procedures, term of office and the rotations and numbers of Monetary Policy Council. The remaining part of the analyses is dedicated to the issue of dismissal of a MPC’s member in conjunction with the prohibition of occupying other positions, the adoption of the NBP’s financial statements and the separation of instruments of monetary policy’s instruments for stability of domestic financial system. Introduced changes in the proposed draft reduce the independence of the NBP while making it more subject to the Cabinet. Following the result of further consultations on the draft of Act on the NBP, provisions which reduce the independence of the NBP shall be partially removed.

scholarly journals MEKANISME TRANSMISI SYARIAH PADA SISTEM MONETER GANDA DI INDONESIA

2009 ◽  
Vol 11 (4) ◽  
pp. 345-367
Author(s):  
Aam Slamet Rusydiana
Keyword(s):  
Monetary Policy ◽  
Positive Impact ◽  
Financial System ◽  
Transmission Mechanism ◽  
Real Economy ◽  
Strategic Action ◽  
Vector Error Correction ◽  
Monetary System ◽  
Vector Error ◽  
The Relationship

The transmission mechanism of monetary policy has been an area of abundant economic researchin many countries. The financial system links monetary policy and the real economy. Thus, events ortrends that affect the financial system can also change the monetary transmission mechanism. This studytries to analyze shariah transmission mechanism in Indonesian dual monetary system, using Vector AutoRegression (VAR) and Vector Error Correction Model (VECM) methods.Results show that the relationship between SWBI (SBI Shariah) and shariah financing (LNFINCG) isnegative. It means, when SWBI be higher, the quantity of shariah financing would be lower. And so do SBI and inflation (LNIHK). When the total of shariah financing be increase, it will gives positive contributionfor reducing inflation rate in Indonesia, because with this system possibility to make equal growth among monetary and real sectors appears. Therefore, it will be strategic action for monetary authority to grow up shariah banking share in Indonesia, for minimizing "bad inflation" in economy. Other recommendation, SWBI as shariah monetary instrument should be reconsidered to achieve positive impact for real sector.

scholarly journals Macroeconomic policy regime in Poland

Equilibrium ◽  
2016 ◽  
Vol 11 (3) ◽  
pp. 411
Author(s):  
Milka Kazandziska Kazandziska
Keyword(s):  
Monetary Policy ◽  
Economic Policy ◽  
Industrial Policy ◽  
Open Economy ◽  
Aggregate Demand ◽  
Financial System ◽  
Value Added ◽  
Macroeconomic Policy ◽  
Wage Policy ◽  
Foreign Economic Policy

The goal of this paper is to analyse the economic development of Poland using the concept of macroeconomic policy regimes (MPRs). Six elements of a MPR will be identified: foreign economic policy, industrial policy, the financial system, wage policy, monetary policy and fiscal policy. Examining the functionality of the development of these elements applied to Poland is a further aim of this paper. The functionality of the development of the MPR elements will be analysed on the basis of the fulfilment of the objectives, as well as the use of the proposed instruments and strategy assigned to every element of MPR. Due to space limits, we are going to focus on the former in this paper. Taking into consideration that Poland is an emerging and a relatively open economy, foreign economic policy and industrial policy play very significant roles in restructuring of the economy towards production and exports of high value-added products, which would enable the country to follow a growth path consistent with an external balance. The financial needs of the manufacturing sector and particularly of the producers and/or exporters of high-end products need to be satisfied by the financial system, whose stability needs to be secured with the help of monetary policy. The latter is, moreover, in charge of providing low-cost finance and maintaining the stability of the exchange rate. Stabilising the inflation rate would be given to wage policy. Fiscal policy’s main tasks would be to correct aggregate demand shocks and reduce income inequality.

Money, The Financial System, and Monetary Policy.

1980 ◽  
Vol 35 (3) ◽  
pp. 809
Author(s):  
Owen K. Gregory ◽  
Thomas F. Cargill
Keyword(s):  
Monetary Policy ◽  
Financial System
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