Wyniki wyszukiwania - BazTech

1

Inflation synchronisation strengthening in Europe in post-quantitative easing and post_pandemic high inflation times: consequences for single monetary policy management

Budová Jana, Šuliková Veronika, Siničáková Marianna

Management

|

2023

|

Vol. 27, no. 2

121--148

EN

This paper aims to find out whether the inflation rates of individual European Union (EU) countries are synchronised with those of the EU as a whole and with the euro area (EA). Another objective is to examine the mutual inflation interconnections and its synchronisation across countries. We use the Minimum Spanning Tree (MST) and cross-correlations (C-C). Based on structural break tests, the period is divided into four periods: January 2001 - December 2008, January 2009 - March 2015, April 2015 - July 2021, August 2021 - April 2023. The results showed that the direction of the inflation transmission is not the same across the periods under study. Before the financial and economic crisis, Estonian inflation influenced Lithuanian inflation, which in turn influenced the Latvian one; while after the crisis (but just before the application of the ECB’s quantitative easing) Latvian inflation is already influenced by Bulgarian inflation. Once quantitative easing had already been applied but in times before the ‘high inflation’ period, the inflation in Lithuania has no impact on the Latvian one. During the ‘high inflation’ period, results conclude the impact of Latvian inflation on the Estonian one. We also point out that inflation rates in some states are not always aligned with average inflation in the EU, the EA. Although, MST results showed that inflation is transmitted mainly from the EA average or the EA countries, having a more central position (e.g. Slovakia has generally a more central position than the Czech Republic, Hungary, or Poland). Therefore, countries having common monetary policy are more resistant to external inflation shocks and rather influence the inflation of other countries. Finally, even if inflation rates are synchronised, inflation may be outpaced or lagged by one to several months, which may present policymakers with the question of the appropriate monetary policy stance.

2

Low Interest Rates – A Real Threat to German Banks or First-Class Whining?!

Hastenteufel Jessica, Fuchs Lena

Managerial Economics

|

2020

|

Vol. 21, no. 2

127--156

EN

The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming increasingly difficult for banks to generate sufficient income from the interest margin. This is partly due to the European Central Bank’s expansive monetary policy. However, other factors, such as advancing digitization, also play a role here. The structure of the German banking market and the mostly strong focus of German banks on interest-bearing business are also increasingly becoming a problem. Still, the question arises, whether the current phase of low interest rates is actually a serious threat to banks or whether they are complaining at a high level.

3

Euro jako waluta międzynarodowa

Prudzicz E.

Zeszyty Naukowe AON

|

2004

|

nr 1(54)

263-272

EN

Euro, apart from American dollar, may become the main international currency, and European financial markets may appear attractive for investors and companies acquiring capital. However, the growing size of European financial markets and consequently euro’s attractiveness, requires their full integration. The article presents factors that determine the international role of euro, its characteristics and this new currency application.

4

Podstawowe instrumenty polityki fiskalnej i monetarnej w gospodarce

Janasz K.

Zeszyty Naukowe. Prace Instytutu Ekonomiki i Organizacji Przedsiębiorstw / Uniwersytet Szczeciński

|

2003

|

Nr 41

301-317

EN

The main attributes of budget and monetary policy and theirs instruments has been presented in this article. The co-ordination of above mentioned policies which means a choice of theirs common direct is recommended. The article also shows decisions of Polish authority in monetary policy (RPP) in 2000 and 2001.

5

Wpływ wybranych impulsów monetarnych na sferę agrobiznesu w Polsce

Kułyk P.

Management

|

2002

|

Vol. 6, no 2

241-251

PL

W artykule przedstawiono wpływ wybranych impulsów polityki monetarnej dostęp do środków finansowych dla podmiotów gospodarczych. Zwrócono uwagę na przekształcenia zachodzące w zakresie polityki monetarnej w trakcie procesu transformacji determinujące zewnętrzne uwarunkowania makroekonomiczne. Szczególną uwagę poświęcono kształtowaniu się relacji cenowych. Przeprowadzona analiza wskazała na wzrost restrykcyjności polityki monetarnej ograniczające zakres przekształceń strukturalnych w agrobiznesie.

EN

In the article is presented influencing of selected impulses of monetary policy. Central bank determines the distribution of bank credit among different economic activities. Paid attention to structural changes in the monetary policy, since the beginning of transformation. The most important of these is the allocation of resources through the rationing of credits. There were analyzed price indicators in the agribussines. The analyze pointed that the monetary policy was restrictive. In effected structural changes were blocked.

6

Conditions for a successful European Monetary Union and some of it's external effects

Janc A., Munyama K.

Management

|

1998

|

nr 3

15-24