An Assessment of Monetary Policy Effectiveness in POLONIA Rate Stabilization During Financial Crisis

• Autorzy: Agata Kliber , Piotr Płuciennik
• Języki publikacji: EN

Abstrakty

EN

Starting from the year 2008, the official goal of the National Bank of Poland is to influence the liquidity of the money market via open market operations in such a way so as to enable the POLONIA rate to run close to the NBP reference rate. In the paper we aimed to prove that the central bank retained its ability to steer the POLONIA rate even in the situation of considerable decline in confidence in the Polish interbank market after the bankruptcy of the Lehman Brothers. We assessed the ability investigating the properties and behaviour of the spread between the POLONIA rate and the NBP reference rate. (original abstract)

Słowa kluczowe

EN

Monetary policy; Interest rate; Financial crisis; GARCH model

PL

Polityka pieniężna; Stopa procentowa; Kryzys finansowy; Model GARCH

• Czasopismo: Bank i Kredyt
• Rocznik: 2011
• Numer: nr 4
• Strony: 5--29

Twórcy

autor

Agata Kliber

• Poznań University of Economics, Poland

autor

Piotr Płuciennik

• Adam Mickiewicz University in Poznań, Poland

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