Polityka bilansu banku centralnego a kurs walutowy

• Autorzy: Radosław Ślusarczyk

Warianty tytułu

Central Bank Balance Sheet Policy and the Exchange Rate

• Języki publikacji: PL

Abstrakty

Kryzys finansowy zapoczątkowany na amerykańskim rynku nieruchomości spowodował wprowadzenie istotnych zmian w polityce pieniężnej, a jedna z najważniejszych z nich dotyczy polityki bilansu banku centralnego, w której dużą rolę odgrywa kwestia kursu walutowego. W artykule przedstawiono klasyfikację polityki bilansu banku centralnego z uwzględnieniem znaczenia, jakie w jej poszczególnych formach jest przypisywane kursowi walutowemu. Dokonano przeglądu literatury przedmiotu, w której analizowano wagę przypisywaną kursowi walutowemu w prowadzeniu polityki pieniężnej opartej na kształtowaniu wielkości oraz struktury bilansu. Poruszono również kwestie dotyczące kanałów transmisji polityki bilansu na kurs walutowy.(abstrakt oryginalny)

EN

The financial crisis that began on the American real estate market has resulted in significant changes in monetary policy, one of the most important of which is policy governing central bank balance sheets, in which the exchange rate plays an important role. The article presents a classification of central bank balance sheet policy, considering the significance of the exchange rate in the various forms of this policy. The study includes an overview of the literature analysing the role attributed to the exchange rate in conducting monetary policy based on shaping the size and structure of the balance sheet. It also presents the issues of channels through which balance sheet policy comes over to affect the exchange rate.(original abstract)

Słowa kluczowe

PL

Banki centralne; Kurs walutowy; Polityka bilansowa; Kryzys finansowy

EN

Central banks; Exchange rates; Balance sheets policy; Financial crisis

• Czasopismo: Zeszyty Naukowe / Uniwersytet Ekonomiczny w Krakowie
• Rocznik: 2018
• Numer: nr 2 (974)
• Strony: 207-224

Twórcy

autor

Radosław Ślusarczyk

• Uniwersytet Ekonomiczny w Krakowie

Bibliografia

• '109th' Annual Report (2016), Swiss National Bank, https://www.snb.ch/en/mmr/reference/annrep_2016_komplett/source/annrep_2016_komplett.en.pdf (data dostępu: 30.08.2017).
• Apostolou A., Beirne J. (2017), Volatility Spillovers of Federal Reserve and ECB Balance Sheet Expansions to Emerging Market Economies, ECB Working Paper Series No 2044, Frankfurt am Main.
• Bauer M.D., Rudebusch G. (2013), The Signaling Channel for Federal Reserve Bond Purchases, Federal Reserve Bank of San Francisco Working Paper Series 2011-21.
• Bernanke B. (2000), Japanese Monetary Policy: A Case of Self-induced Paralysis? Presentation at the ASSA meeting, January 9, Boston, https://www.princeton.edu/~pkrugman/bernanke_paralysis.pdf (data dostępu: 30.08.2017).
• Bernanke B. (2005), The Global Saving Glut and the U.S. Current Account Deficit, speech at the Homer Jones Lecture, April 14, St. Louis, Missouri, https://www.federalreserve.gov/boarddocs/speeches/2005/200503102/ (data dostępu: 30.08.2017).
• Bernanke B. (2015), Why Are Interest Rates So Low, part 3: The Global Savings Glut, "Brookings", April 1.
• Bernanke B., James H. (1991), The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison (w:) Financial Markets and Financial Crises, red. R.G. Hubbard, University of Chicago Press, Chicago.
• Blanchard O., Adler G., de Carvalho Filho I. (2015), Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? NBER Working Paper No 21427, Cambridge, MA, https://doi.org/10.3386/w21427.
• Borio C., Disyatat P. (2009), Unconventional Monetary Policies: An Appraisal, BIS Working Papers No 292, Basel, https://doi.org/10.2139/ssrn.1541243.
• Borio C., Disyatat P. (2011), Global Imbalances and the Financial Crisis: Link or no Link? BIS Working Papers No 346, Basel, https://doi.org/10.2139/ssrn.1859410.
• Borio C., Gabriele G., Heath A. (2008), FX Reserve Management: Trends and Challenges, BIS Papers No 40, Basel.
• Brunet A., Guichard J.P. (2011), Chiny światowym hegemonem? Imperializm ekonomiczny Państwa Środka, Wydawnictwo Studio Emka, Warszawa.
• Demchuk O., Łyziak T., Przystupa J., Sznajderska A., Wróbel E. (2011), Mechanizm transmisji polityki pieniężnej w Polsce. Co wiemy w 2011 roku?, Instytut Ekonomiczny-Narodowy Bank Polski, Warszawa.
• Diamond D., Rajan R. (2009), Illiquidity and Interest Rate Policy, NBER Working Paper Series No 15197, Cambridge, MA, https://doi.org/10.3386/w15197.
• Frankel J.A. (2014), Why the ECB Should Buy American, Project Syndicate. The World's Opinion Page, March 13, https://www.project-syndicate.org/commentary/jeffrey-frankel-urges-the-ecb-to-buy-us-treasuries-to-expand-the-monetary-base?barrier=accessreg (data dostępu: 30.08.2017).
• Frankel J.A. (2015), The Plaza Accord, 30 Years Later, NBER Working Paper Series No 21813, Cambridge, MA, https://doi.org/10.3386/w21813.
• Harris E.S. (2009), Fed Bena Bernanke. Bank Rezerwy Federalnej po Greenspanie, Wydawnictwo Studio Emka, Warszawa.
• Hattori M., Schrimpf A., Sushko V. (2013), The Response of Tail Risk Perceptions to Unconventional Monetary Policy, BIS Working Papers No 425, Basel, https://doi.org/10.2139/ssrn.2566769.
• Karwowski J. (2011), Interwencje na rynku walutowym (w:) Polityka pieniężna, red. A. Sławiński, C.H. Beck, Warszawa.
• Kimura T., Small D. (2004), Quantitative Monetary Easing and Risk in Financial Asset Markets, FEDS Working Paper No 2004-57, Washington, DC, https://doi.org/10.2139/ssrn.633201.
• Krawczyk M. (2013), O polityce fiskalnej i pieniężnej w warunkach pułapki płynności, "Ekonomista", nr 4.
• Meltzer A.H. (2001), Monetary Transmission at Low Inflation: Some Clues from Japan in the 1990s, "Monetary and Economic Studies", vol. 19, nr S1.
• Mohanty M.S. (2013), Market Volatility and Foreign Exchange Intervention in EMEs: What Has Changed? BIS Papers No 73: Volatility and Foreign Exchange Intervention in EMEs: What Has Changed?, Monetary and Economic Department, Basel.
• Moreno R. (2005), Motives for Intervention, BIS Papers No 24: Foreign Exchange Market Intervention in Emerging Markets: Motives, Techniques and Implications, Monetary and Economic Department, Basel, https://doi.org/10.2139/ssrn.1188513.
• Orphanides A., Wieland V. (1999), Efficient Monetary Policy Design near Price Stability, Board of Governors of the Federal Reserve System Working Paper, December, https://www.federalreserve.gov/pubs/feds/1999/199967/199967pap.pdf (data dostępu: 30.08.2017).
• Polityka pieniężna (2011), red. A. Sławiński, C.H. Beck, Warszawa.
• Rickards J. (2012), Wojny walutowe. Nadejście kolejnego globalnego kryzysu, Onepress, Gliwice.
• Rzońca A. (2014), Kryzys banków centralnych. Skutki stopy procentowej bliskiej zera, C.H. Beck, Warszawa.
• Sarno L., Taylor M.P. (2001), Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?, "Journal of Economic Literature", vol. 39, nr 3, https://doi.org/10.1257/jel.39.3.839.
• Schnabl G. (2007), Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery, ECB Working Paper Series No 773, Frankfurt am Main, https://doi.org/10.2139/ssrn.955250.
• Smaghi L.B. (2009), Conventional and Unconventional Monetary Policy, keynote lecture at the International Center for Monetary and Banking Studies, April 28, Geneva, https://www.ecb.europa.eu/press/key/date/2009/html/sp090428.en.html (data dostępu: 30.08.2017).
• Statement by the G7 Finance Ministers and Central Bank Governors (2013), February 12, https://www.gov.uk/government/news/statement-by-the-g7-finance-ministers-and-central-bank-governors (data dostępu: 30.08.2017).
• Svensson L.E.O. (2000), The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap, NBER Working Paper Series No 7957, Cambridge, MA, https://doi.org/10.3386/w7957.
• Svensson L.E.O. (2003), Escaping from Liquidity Trap and Deflation: The Foolproof Way and Others, NBER Working Paper Series No 10195, Cambridge, MA, https://doi.org/10.3386/w10195.
• Twardosz A. (2013), The Influence of Global Imbalances on the Build-up of Current Financial Crisis, "Argumenta Oeconomica Cracoviensia", nr 9, https://doi.org/ 10.15678/aoc.2013.0903.
• Wildau G. (2017), China Central Bank Intervention Pushes Renminbi to 6-month High, "Financial Times", June 1, https://www.ft.com/content/b606023a-468c-11e7-8519-9f94ee97d996 (data dostępu: 30.08.2017).
• Xie Y., Wong A. (2015), Once over $12 Trillion, the World's Currency Reserves are Now Shrinking, "Bloomberg", 6 kwietnia, https://www.bloomberg.com/news/articles/2015-04-05/once-over-12-trillion-the-world-s-reserves-are-now-shrinking (data dostępu: 30.08.2017).

Identyfikatory

DOI

10.15678/ZNUEK.2018.0974.0212