Bogusław Fiedor • Prof. Jan Zawadka, Joanna Pietrzak-Zawadka, The forest arborets and their activities for . mega system of economy, society and natural environment, and thereby cre- .. ekologicznych wzrostu (rozwoju) w Polsce oraz barier gospodarczych dla ochrony Finanse, Rynki Finansowe, Ubezpieczenia”. System finansowy w Polsce, t. I i II. Bogusław Pietrzak, Zbigniew Polański, Barbara Woźniak (red.). Warszawa: Wydawnictwo Naukowe PWN, Foreign capital in the Polish banking system is an extremely important subject because of the topicality of the Supervisor, Bogusław Pietrzak (FASS / DESP).

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The coe cients are de ned in Appendix A.

System finansowy w Polsce. Lata ‘ Boguslaw i in. Pietrzak: : Books

The rst inequality means that the average values of the CPI in ation rate, the nominal interest rate and the nominal exchange rate, respectively, should not exceed the pietrzk, B ; C R and D S: First, we analyze what the main concern of the optimal monetary policy is by studying the coe cients of the loss function given by 3. Another strand of the literature analyzes the reform of the ECB voting scheme in terms of its impact on the voting power distribution in the GC after euro area enlargement.

New evidence using stationarity panel tests with breaks, mimeo Canova F. In particular, a higher relative price of goods in one sector in relation to other goods induces a substitution away e ect and leads to de ationary pressures in this sector.

In the forward-looking framework we use the horizon of quarters. GC members are expected to be ex ante neutral as regards the choice of coalition partners. Results discussed in this section are based on scenarios with a six-month rotation frequency. Contrary to syste previous research that has applied power indices to the assessment of the new voting system, in our study we account for the fact that under rotation only 21 GC members have the right to vote at a given time.

This mechanism may, of course, also work in a reverse direction, hampering economic bogusad via too high a level of the real interest rate. As regards the Board members we consider situations when they puetrzak on the euro area only or vote in the same way as their country s NCB governor. Moreover, consumers face no Ponzi game restriction. Decision of the Council, meeting in the composition of the heads of state or government of 21 March on an amendment to Article Wszystkie obliczenia przeprowadzono w programie EViews.


How do the Maastricht convergence criteria modify the optimal monetary policy in an economy that faces domestic and external shocks? This principle relates to the fact that all GC members ststem still participate in the Council meetings.

The introduction of the new voting scheme eliminates the possibility that those member states whose NCB governors have a right to vote at a given time will be unrepresentative of the euro area as a whole. Firstly, it has been argued that the new framework does not provide conditions for an efficient decision-making as the number of governors participating in a discussion on interest-rate decisions will be growing with new countries joining the euro area. This finding remains valid for the euro-area as a whole, as well as for the average volatility of Every member state has its own natural rate of interest rj and we know pairwise differences between countries own inflation targets, which stem from the assumption that price levels in their countries will converge completely over the next thirty years.

The NCB governors are appointed at the 8 The country of origin and the end of the term in office of the current Executive Board members are as follows: Notice that the variance of the nominal exchange rate is smaller than the one under the optimal monetary policy.

Polityka ograniczona prowadzi do mniejszej wariancji in acji, nominalnej stopy procentowej oraz nominalnego kursu walutowego. In contrast to previous studies, our analysis is characterized by the normative approach. Indeed, with the use of the models based on New Keynesian and Neo-Keynesian frameworks, we provide the empirical evidence that the presence of home bias in the voting behavior of policy makers reduces the welfare.

Mihaljek i Klau In addition, it would be desirable to analyze those details of the new voting system that have not yet been specified, the frequency of rotation being a major example.

Ct i represents consumption at period t of a consumer i and L i t constitutes his labour supply. Natural rates of interests are set by adjusting the 2 per cent level by half of the difference between 2 per cent and assumed inflation target. Get link to the record. Based on the above presented preferences, we derive consumption-based price indices expressed in the units of currency of the domestic country: However, if all GC members exhibit a home bias, it leads to substantial policy errors both under the old and the new voting scheme.

Furthermore, finasnowy Statute specifies that the GC should take all measures necessary for the implementation of the above described principles also acting by a two-thirds majority.

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Why is financial stability a goal of public policy? The implementation of the guidelines and the decisions laid down by the Governing Council is entrusted to the Executive Board of the ECB.

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In this exercise we choose to calibrate the model to match the moments of the data that represent Polish economy. Following De Paoliwe model a small open economy as the limiting case of a two-country problem, i. It is also required that a 25 There are six members of the Executive Board.

This consists in checking whether all eigenvalues of the matrix representing the loss function 3. Sysfem and PesentiFerreira and Kolasa Section 4 presents the way we reformulate the Maastricht finanspwy criteria in order to implement them in our framework.

In each period, a fraction of rms 1 k decides its price, thus maximizing the future expected pro ts. In this framework we characterize the optimal monetary policy from a timeless perspective Woodford It thus strongly suggests that decision-makers should concentrate on the developments in the euro area as a whole and not pursue national interests. Second, based on the results, we construct the Optimal monetary policy, Maastricht convergence criteria, EMU accession countries.

On the other hand, the linear quadratic approach has two important advantages that make us decide to reformulate the criteria. Intuitively, the CPI in ation criterion serves to prevent inadequate policies that could lead to higher production costs thus lowering growth.

We also derive the laws of motion for the international terms of trade and the domestic terms of trade from their de nitions: The only exception relates to the situation when NCB governors concentrate on the situation in their country of origin, but the Pietrsak members focus on the euro-wide economic developments.

Moreover, in order to account for the heterogeneity of the currency union member states, for each of the 27 countries considered in the study the separate set of the above equations is constructed. On the one hand, Gildea provides the evidence that the Reserve Bank Presidents that represent regions with higher unmeployment rates or with a larger percentage of democratic voters tend to favor more expansionary monetary policy.