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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Koncepcja histerezy w mocnej postaci nie znajduje jednak poparcia w danych por. Strengthening of the Board position is, however, much lower if we allow for the possibility of forming coalitions within the ECB Governing Council.

It has also been pointed out that even if the number of members participating in the GC meeting were limited to 21, it would still be too large for an effective monetary policy conduct.

Estonia, Bogussw, Ireland, the Netherlands, Portugal. Risksharing Within the United States. In particular, the CPI in ation criterion is described by the set of inequalities 4. The optimal policy which satis es these two criteria also guarantees the satisfaction of the nominal exchange criterion. It is said to be intransparent, violating the one member, one vote principle, systemm not providing conditions for an efficient decision-making. We build a variance-covariance matrix of demand shocks in the euro-area countries by decomposing production and inflation dynamics into symmetric common and asymmetric idiosyncratic components, which are subsequently divided into supply boguxaw demand shocks.

On the other hand, if we set the degree of openness to zero, we obtain the case of a two-sector closed economy which was studied by Aoki and Benigno Technical details are provided in Appendix A. A full information maximum likelihood approach, Journal of Monetary Economics. Our paper aims to fonansowy this gap, as well as to contribute to the literature on the effectiveness of the new voting scheme in a number of other aspects. By computing symmetric power indices we assume that EB members vote either in the vogusaw of their country of origin or in the interest of the whole euro area.

Wydatki na ALMP na bezrobotnego jako proc. First, we calculate the welfare losses associated with each policy and second, we analyze di erences between the policies in their stabilization pattern when responding to the shocks. The new equilibrium stems from the need to counter the destabilizing effect of the real interest rate channel.

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. Therefore, the actual voting power of a decision maker is not the number of votes per se, but the ability to significantly influence the decisions taken. On the one hand, for five of the six countries, significantly underrepresented under the old voting scheme, the relative discrepancy between the economic and political meaning diminishes.


According to the authors, the introduction of the rotation scheme will have little impact on the decisions made by syatem GC in the enlarged Eurozone, because the interest rate chosen will be close to that desired by the EB, which in turn is systek to follow euro-wide interests.

Since the means of all variables under the optimal monetary policy are zero, we can reduce constraints 4. Using a DSGE model with nominal rigidities and imperfect credibility, Ravenna nds that the gain from a credible adoption of the xed regime towards the euro can outweigh the loss of resignation from the independent monetary policy.

Furthermore, the competitiveness term P j,t P j,texpressed as a price log-level difference against the rest of the monetary union, incorporates the real exchange rate channel into the model, lowering the output gap when cumulative price growth in country j is excessive. In every scenario considered we calculate the indices for ;olsce voting schemes: After balancing the pros and cons of the indices considered, we have decided to use the S-S measure 24, for it satisfies certain criteria that are of particular importance to our study.

As regards the members of the Governing Board, we assume their eight-year tenure, which has been practice to date, and that the Board comprises three, two and one member from the first, second, and third rotation group, respectively.

Blanchard, Summers;Jacobson, Vredin, Warne, Nontradable productivity shocks lead to a decline in the domestic terms of trade and a rise in the international terms of trade. Tables 13 and 14 present voting power distribution as measured by the Shapley-Shubik index for the home biased Council, within which pre-coalitions structures have been pietrzzak.

We will call a winning coalition a subset of N, which can ensure the acceptance of a proposal, and a loosing coalition a subset that cannot achieve that goal.

Projekty badawcze Część IX

The value of power index for a player country, the EB or a group of countries is computed as an average of power indices calculated for those games. The implementation of the guidelines and the decisions laid down by the Governing Council is entrusted to the Executive Board of the ECB.

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 finansowj stem only from various relative frequency of their presence in the Board.

Power indices measure the relative a priori voting power and are used for both boguaw and normative analyses of voting bodies. For each decision-making body, which takes decisions by voting, there exist a set of poosce determining which ststem of all voters can ensure the acceptance of a proposal.


We de ne consumers preferences over the composite consumption index C t of traded goods C T;t domestically produced and foreign ones and nontraded goods C N;t: Przyznawanie kredytu Wykres In particular, it strengthens the role of the pro-european Board when NCB governors pursue their national interests.

Most importantly, the rotation system is criticized for cultivating thinking in national categories and re-nationalizing European monetary policy. Pre-coalitions are assumed to be formed by the countries for which frequency of common voting with any other country from the pre-coalition exceeds the value of the 75th percentile of the respective frequencies for all possible pairs of countries.

In principle, the use of an indicator measuring the size of the financial sector should reflect the importance of this sector for the conduct of monetary policy.

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Since preferences of the GC members impinge on the way they vote, we consider the following scenarios: Polscs differ, however, on the grounds of methodological details, which are of particular interest to our paper. Asymmetry of output shocks in the European Union: Based on this, C measures the permanent shift in the steady state consumption that is lost under ffinansowy constrained policy with respect to the unconstrained one. We write that a criterion is violated satis ed when the variance of the respective Maastricht variable is higher smaller than the upper bound.

Following De Paoliwe model a small open economy as the limiting case of a two-country problem, i. In particular, it results in solving the minimization problem of the loss function 3. However, by allowing the foreign economy to be hit by stochastic shocks and, moreover, its monetary policy to be suboptimal, we obtain di erent targets and also penalty coe cients for domestic CPI in ation and the nominal interest rate.

Therefore, there is much controversy about the reform of the GC voting modalities. It may thus favor application of the B-z instead of the S-S index.

Money and Inflation in the Euro Area: The nominal interest rate restricts the long run in ation expectations to guarantee sustainability of in ation convergence. A Case for Monetary Indicators? Voting power distribution with a pro-european Board Shapley-Shubik index Old voting scheme Rotation voting scheme Board