Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2010 | nr 140 | 25--40
Tytuł artykułu

Bank centralny a stabilność finansowa - wybrane teoretyczne i praktyczne dylematy współczesnych finansów

Warianty tytułu
Central Bank and Financial Stability - Selected Theoretical and Practical Dilemmats of Contemporary Finance
Języki publikacji
Celem artykułu jest identyfikacja i ocena najważniejszych teoretycznych i praktycznych dylematów stabilizowania systemu finansowego przez bank centralny. Artykuł obejmuje omówienie istoty stabilizowania systemu finansowego przez bank centralny, diagnozowanie kluczowych, teoretycznych argumentów za i przeciw stabilizwoaniu systemu finansowego. Omawia dylematy stabilizowania cen aktywów finansowych, a także przedstawia analizę i ocenę kyzysu zapoczątkowanego w 2007 roku w kontekście nowych praktycznych dylematów stojących przed bankami centralnymi w ramach stabilizowania systemu bankowego. (fragment tekstu)
One of the most important dilemma of the contemporary finance in its institutional aspect is the role and functions of central banks in the process of stabilizing the financial system. The financial crisis, started in August 2007 on American financial markets, has reinforced these dilemmas and has dramatically changed the environment of the central bank's policy. These dilemmas relates first of all to the theory of economic - which is the basis for institutional reform of central banking - in which the economists present completely different opinions in most of the analyzed issues. However, the latest financial crisis has revealed some new practical problems. Without doubt, these new problems will be the subject of analysis and assessment in the theory of economics as well. This article is devoted to the synthetic analysis and assessment of the most important dilemmas of central banks in the process of stabilizing the financial system. Additionally, the author emphasized these issues of scientific discussion, which should be the core of the process of reforming central banking and financial safety net. (original abstract)
Opis fizyczny
  • Uniwersytet Ekonomiczny w Poznaniu
  • Alchian A.A., Klein B. (1973), On a Correct Measure of Inflation Journal of Money, Credit and Banking, vol. 5, No. l.
  • Benston G.J. (2004), What 's Special About Banks? The Financial Review, vol. 39, No. l.
  • Bernanke B.S. (2002), Asset-price "Bubbles" and Monetary Policy, remarks before the New York Chapter of the National Association for Business Economics, New York, 15 October,
  • Bernanke B.S., Gertler M. (2001), Should Central Banks Respond to Movements in Asset Prices? American Economic Review, vol. 91, No. 2.
  • BIS (1997), Financial Stability in Emerging Market Economies. A Strategy for the Formulation, Adoption and Implementation of Sound Principles and Practices to Strengthen Financial Systems, Report of the Working Party on Financial Stability in Emerging Market Economies, April.
  • Blinder A.S., Reis R. (2005), Understanding the Greenspan Standard, w: The Greenspan Era: Lessons for the Future, a Symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.
  • Bordo M., Jeanne O. (2002), Boom-bust in Asset Prices, Economic Instability, and Monetary Policy, NBER Working Paper, No. 8966, Cambridge.
  • Bordo M., Dueker M.J., Wheelock D.C. (2000), Aggregate Price Shocks and Financial Instability: An Historical Analysis, NBER Working Papers, No. 7652, Cambridge.
  • Borio C., Lowe P. (2002), Asset Prices, Financial and Monetary Stability: Exploring the Nexus, BIS Working Paper, No. 114.
  • Bossone B. (2000), What Makes Banks Special? A Study of Banking, Finance, and Economic Development, World Bank Policy Research Working Papers, No. 2408.
  • Bryan M.F., Cecchetti S.G., O'Sullivan R. (2001), Asset Prices in the Measurement of Inflation n, De Economist, vol. 149, No. 4.
  • Buiter W.H. (2009), Central Banks and Financial Crises, w: Maintaining Stability in a Changing Financial System: a Symposium, Federal Reserve Bank of Kansas City, Jackson Hole.
  • Cecchetti S.G., Genberg H., Lipsky J., Wadhwani S. (2000), Asset Prices and Central Bank Policy, Geneva Reports on the World Economy, No. 2, Centre for Economic Policy Research.
  • Chorafas D.N. (2009), Financial boom and gloom. The credit and banking crisis of2007-2009 and beyond, Palgrave Macmillan Studies in Banking and Financial Institutions.
  • Corrigan E.G. (1982), Are Banks Special? Annual Report Essay, Federal Reserve Bank of Minneapolis.
  • Crockett A. (1997), Theory and Practice of Financial Stability, Essays in international finance, No. 203, Princeton.
  • Ennis H.M., Malek H.S. (2005), Bank Risk of Failure and the Too-big-to-fail Policy, Federal Reserve Bank of Richmond Economic Quarterly Review, vol. 91, No. 2.
  • Ferguson R. W. (2004), The Role of Central Banks in Fostering Efficiency and Stability in the Global Financial System, National Bank of Belgium Conference on Efficiency and Stability in an Evolving Financial Systems, Brussels, 17 May.
  • Ferguson R.W. (2005), Recessions and Recoveries Associated With Asset-price Movements: What do we Know? remarks at the Stanford Institute for Economic Policy Research, 12 January, Stanford,
  • Filardo A. J. (2004), Monetary Policy and Asset Price Bubbles: Calibrating the Monetary Policy Trade-offs, BIS Working Paper, No. 155.
  • Flemming J. (1999), Monetary Policy; Questions of Adequacy, Design and Presentation, Economic Outlook, vol. 24, No. 1.
  • Goodhart C.A.E. (1995), Price Stability and Financial Fragility, w: C.A.E. Goodhart, The Central Bank and the Financial Systems, Macmillan, London.
  • Goodhart C.A.E. (2001), What Weights Should Be Given to Asset Prices in the Measurement of Inflation The Economic Journal, vol. 111, No. 472.
  • Greenspan A. (2004), Risk and Uncertainty in Monetary Policy, remarks at the meeting of the American Economic Association, 3 January, San Diego, BoardDocs/Speeches/2004/ 20040103.
  • Herring R. (2002), International Financial Conglomerates: Implications For Bank Insolvency Regimes, prepared for the Second Annual International Seminar on Policy Challenges for the Financial Sector in the Context of Globalization, sponsored by the Federal Reserve Board, the International Monetary Fund and the World Bank, Washington, D.C., June 5-7,
  • Icard A. (2003), Comment on " Should Financial Stability Be An Explicit Central Bank Objective? ", w: P.C. Ugolini, A. Schaechter, S.R. Stone (red.), Challenges to Central Banking from Globalized Financial Systems, International Monetary Fund, Washington, D.C.
  • Issing O. (2001), Why Price Stability?, w: A. Garcia Herrero, V. Gaspar, L. Hoogduin, J. Morgan, B. Winkler (red.), Why Price Stability? First ECB Central Banking Conference, European Central Bank, Frankfurt am Main.
  • Kohn D. (2004), How Should Policymakers Deal With Low-probability, High-impact Events? remarks at the European Central Bank Conference on Monetary Policy and Imperfect Knowledge, 15 October, Wurzburg, speeches/2004/20041015.
  • Kraft V. (2001), Safeguarding Financial Stability - Key Issues for the Central Bank, BIS Review, No. 63.
  • Matysek-Jędrych A. (2008a), Współczesne przeobrażenia systemu finansowego i ich konsekwencje, Bank i Kredyt, nr l.
  • Matysek-Jędrych A. (2008b), Uwarunkowania stabilizowania systemu finansowego przez bank centralny, (rozprawa doktorska), Uniwersytet Ekonomiczny w Poznaniu.
  • Mishkin F.S. (2000), What Should Central Banks do? Federal Reserve Bank of St. Louis Review, No. November-December.
  • Mundell R. A. (1960), The Monetary Dynamics of International Adjustment Under Fixed and Flexible Exchange Rates, The Quarterly Journal of Economics, vol. 74, No. 2.
  • Olson M. W. (2006), Are Banks Still Special? Annual Washington Conference of the Institute of International Bankers, Washington, D.C., BIS Review, No. 20.
  • Posen A.S. (2006), Why Central Banks Should Not Burst Bubbles, Working Paper Series, No. 06-1, Institute of International Economics.
  • Roubini N. (2006), Why Central Banks Should Burst Bubbles, International Finance, vol. 9, No. 1.
  • Schinasi G. J. (2003), Responsibility of Central Banks For Stability in Financial Markets, IMF Working Paper, No. 121.
  • Schwartz A.J. (1995), Why Financial Stability Depends on Price Stability, Economic Affairs, vol. 15, No. 4.
  • Schwartz A.J. (2002), Asset Price Inflation and Monetary Policy, NBER Working Papers, No. 9321, Cambridge.
  • Soussa F. (2000), Too Big to Fail: Moral Hazard and Unfair Competition?, w: L. Halme, C. Hawkesby, J. Healey, I. Saapar, F. Soussa, Financial Stability and Central Banks. Selected Issues for Financial Safety Nets and Market Discipline, Centre for Central Banking Studies, Bank of England, London.
  • Stern G.H., Feldman R. J. (2004), Too Big to Fail. The Hazards of Bank Bailouts , Brooking Institutions Press.
  • Svensson L.E.O. (2003), Monetary Policy and Real Stabilization, NBER Working Paper, No. 9486, Cambridge.
  • Tinbergen J. (1956), Economic Policy: Principles and Design, North-Holland Publishing Company, Amsterdam.
  • Trichet J.-C. (2005), Asset Price Bubbles and Monetary Policy, speech on Mas lecture, 8 June Singapore,
  • Vickers J. (1999), Monetary Policy and Asset Prices, Bank of England Quarterly Bulletin, November.
  • Volcker P. A. (1984), The Federal Reserve Position on Restructuring of Financial Regulation Responsibilities, Federal Reserve Bulletin, vol. 70, July.
  • Welteke E. (2000), Different Aspects of Change in Today s Financial Systems, BIS Review, No. 80.
  • White W.R. (2006), Czy stabilność cen wystarcza, Materiały i Studia, nr 211.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.