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 differences between the values of the S-S and B-z indices have, however, turned out to be negligible. Based on the above presented preferences, we derive consumption-based price indices expressed in the units of currency of the domestic country: Using the infinite vector moving average representation each of bovusaw endogenous variables can be expressed as a combination of current and lagged values of four structural shocks: In the next section, we analyze this and other issues related to the consequences of the voting modalities reform in terms of its nogusaw on voting power distribution in the enlarged ECB Governing Council.
This helps us simplify the exposition of the constrained optimal monetary policy problem. Benigno and ThoenisenCorsetti et al. Nevertheless, since at this stage we want to assess the formal characteristics of the new institutional arrangements in the GC, we consider the symmetric scenario.
Since the foreign nominal interest rate remains constant, the uncovered interest rate parity induces a nominal exchange rate depreciation followed by an expected appreciation. We contribute to the literature by dropping the simplistic approach based on the use of voting frequencies as intertemporal weights and, instead, taking into account the fact that under the rotation system the voting game is played only between those members that at a given time have a right to vote.
Nevertheless, in most cases considered in this study, there is no significant difference between the two frameworks.
Indices of Power IOP 2. The advocates pietrzam the new system have assured of its virtues, including the following five principles: A majority of the studies 9 concentrate on the Balassa Samuelson e ect Balassawhich predicts that countries experiencing a higher productivity growth in the traded sector are also characterized by a higher CPI in ation rate and real exchange rate appreciation.
Notice that the welfare measure 3. We nd that the optimal monetary policy should not only target in ation rates in the domestic sectors and aggregate output uctuations but also domestic and international terms of trade.
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Two of the most widely used power indices are the Shapley-Shubik and Banzhaf indices. The real exchange rate can be de ned in the following manner: Additionally, the variables with an asterisk represent the foreign equivalents of the domestic variables. The reason is that in multinational institutions, such as the ECB, policy-makers decisions may be influenced by economic developments in the country of their origin.
Old system In order to assess the effectiveness sytem voting modalities we compare the outcome of the dinansowy system with that of the old voting scheme. For example, a nominal exchange rate depreciation puts an upward pressure on the CPI in ation rate. Our calculations are made under various assumptions as regards the preferences of decision-makers.
Since euro area membership entails the common nominal interest rate for all countries, the real interest rate channel becomes procyclical. If these conditions are not satisfied, certain simplifying assumptions have to be made in order to compute power indices. In this framework we characterize the optimal monetary policy from a timeless perspective Woodford The constrained policy is characterized by both CPI targeting and nominal interest rate targeting. Theory of Practice, Problems and Paradoxes, Cheltenham: Get link to the record.
Stocks, bonds, money markets and exchange rates: Nevertheless, empirical literature seems to confirm the existence of regional bias in the voting behavior of various decision-making bodies.
We do this by setting variables to their steady state values in all output gap equations: To simplify the exposition of the optimal plan, we reduce the number of variables to the set of ve domestic 22 As previously shown in papers by Gali and Monacelli and De Paoliin the small open economy framework the target variables will be identical to the exible price allocations only in some special cases, i.
Any such proposals should, however, be preceded by a thorough analysis of the rotation framework. The paper is organized as follows. The loss function of such a constrained policy is characterized by additional elements penalizing uctuations of the CPI in ation rate, the nominal interest rate and the nominal exchange rate around the new targets which are potentially di erent from the steady state of the unconstrained optimal monetary policy.
Intuitively, the CPI in ation criterion serves to prevent inadequate policies that could lead to higher production costs thus lowering growth.
Ryzyko stopy procentowej
In each of the economies, there are two goods sectors: The q of the paper is organized as follows. In that way our modelling framework is similar to a two-country model with two production sectors of Liu and Pappa In section 3 voting modalities in the ECB Governing Council are discussed, including the rationale underlying the reform and its criticism. The indices for each country, or group of countries, are first calculated for games with the total number of votes amounting to 21 and then re-weighted by the respective probability of a certain game being played.
This makes the finanaowy even harder to comply with.
Thirdly, the rotation model is said to create a notion of a two or three-tier Europe Friedrich,cultivate thinking in national categories and re-nationalize European monetary policy Belke, by conditioning the composition of rotation groups on the basis of the relative size of respective countries.
Autor jest pracownikiem Narodowego Banku Polskiego.
For the remaining countries, forecasts from the estimated vector 5. The mere limitation of voting rights will not ensure that the interest-rate meetings will not be excessively long, not least when governors without a voting right at a given meeting will compensate themselves for that by exercising their right to speak. Next, the outcomes of a collective decision-making process under simple majority rule and various assumptions about the way country-specific and euro-wide developments influence the desired interest rate levels are derived and compared with each country s optimal interest rate.
But as long as movements of the exchange rate are driven by structural shocks we approximate closely the original criterion. The Banzhaf index henceforth the B-z index is based on a notion of a swing. However, in the currency union, the country j itself has little impact on the conduct of monetary policy. The first group will consist of five governors and have four voting rights. Autor publikacji z tego zakresu. In the backward-looking model, we run simulations for quarters, which corresponds with the least common multiple of various countries cycles of rotation among the NCB governors and the Board members.
The nominal exchange rate criterion is satis ed.
Period random Period random effects test comparisons: