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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Wydatki na ALMP jako proc. The production structure of the economy is composed of two sectors: Most importantly, at least for this study, the new system is criticized for cultivating thinking in national categories and re-nationalizing European monetary policy. The degree oplsce underrepresentation of the biggest pre-coalition II.
The reason is that it may be the former that tips the balance in favor of or against the decisions considered.
Why is financial pietzak a goal of public policy? Optimal monetary policy, Maastricht convergence criteria, EMU accession countries. Here, the loss function is a function of the variances of aggregate output, domestic terms of trade, the covariance term between the two and variances of the sector in ation rates.
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. How do the Maastricht convergence criteria modify the optimal monetary policy in an economy that faces domestic and external shocks? Since the foreign nominal interest rate remains constant, the uncovered interest rate parity induces a nominal exchange rate depreciation followed by an expected appreciation.
However, the forthcoming EU enlargement that called for a reform of the EU institutional settings in various areas, induced also the reform of the voting modalities in the Governing Council. The same applies to nontraded goods. Pieyrzak De Paoliwe model a small open economy as polce limiting case pietrzai a two-country problem, i.
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Why is finansowt policy often procyclical? These shocks as a vector of 27 country-specific demand disturbances are 20 This time, however, every NCB governor votes every quarter, so limited cross-country differences stem only from various relative frequency of their presence in the Board. Koncepcja histerezy w mocnej postaci nie znajduje jednak poparcia w danych por.
The constrained policy is characterized by both CPI targeting and nominal interest rate targeting. Frontiers of Business Cycle Research, roz. Assignement of voters to different pre-coalitions is based on the results of simulations that we have conducted. This discrepancy between our study and previous research stems from finansosy fact that we consider sequences of bogussw games depending on the varying composition of the GC instead of repeated games with an invariant makeup of the GC.
In particular, it strengthens the role of the pro-european Board when NCB governors pursue their national interests. To sum up, voting power analysis indicates that if GC members exhibit a home bias and do not focus on the situation of the euro area as a whole, the introduction of the new voting scheme will not exert much influence on voting power distribution in the Council. 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.
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. A simple voting game can be defined as a pair N, vwhere v: The heterogeneity assumption, in turn, suits the situation when convincing other players is very difficult.
Discussion Papers Bober M. In the presence of binding constraints, the optimal monetary policy constrained by the Maastricht convergence criteria do not only lead to smaller variances of the Maastricht variables, it also assigns target values for these variables that are di erent from the steady state of the optimal monetary policy. We summarize all parameters described above in Table A. A very important aspect is to maintain a balance in the financial sector between domestic capital and foreign capital.
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Scenario II points to a somewhat greater impact of new institutional arrangements on the voting power distribution in the Council. However, the reverse is not true. In the table below, we present variance decomposition results for CPI aggregate in ation, the nominal interest rate and the nominal exchange rate. We focus on the criteria imposed on the CPI in ation rate, the nominal interest rate and the nominal exchange rate as we do not explicitly model the scal policy.
Do lipca r. Assuming that each country from a given pre-coalition has to have the common voting frequency with any other country from the same pre-coalition above the value of the 75th percentile, the following pre-coalitions could be distinguished within the GC Scenario I: Moments of the Maastricht variables under the optimal monetary policy The optimal monetary policy violates two of the Maastricht convergence criteria, the CPI in ation criterion and the nominal interest rate criterion.
The second approach that we adopt consists in imposing the proximity structure on the analyzed set of voters and then computing power indices for the GC members.
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For example, a nominal exchange rate depreciation puts an upward pressure on the CPI in ation rate. Indices of Power IOP 2. The analysis is based on the outcomes of simulations, in which we allow for, inter alia, different frequency of rotations, hetereogeneity of economic developments in the euro area members and a different degree of home bias in the voting behavior of the Governing Council members.
In the simulations, we use weights corresponding to the shares in the EU GDP, in the year However, the members of the GC may exhibit a home bias in their decisions, i. The last structural equation represents the law of motion of the domestic and international terms of trade: This finding provides a moderate support for the idea that the rotation system should strengthen the role of the Board, which is often believed to be more focused on the euro-area situation rather than developments in boguzaw country of origin.
Importantly, to further simplify the exposition of the criteria, we assume that the foreign economy is in the steady state, so that foreign CPI in ation and the nominal interest rate b t ; R b t are zero. The production function is linear in labour which is the only input.