Bank centralny a bezpieczeństwo i stabilność systemu finansowego

• Autorzy: Anna Maria Jurkowska

Warianty tytułu

Central Bank and Safety and Stability of the Financial System

• Języki publikacji: PL

Abstrakty

Zasadniczym elementem zespołu instytucji tworzących siatkę bezpieczeństwa finansowego jest bank centralny. Do jego zadań należy bowiem utrzymywanie zaufania do systemu finansowego jako całości. Działaniom banku centralnego stabilizującym system finansowy i podnoszącym jego bezpieczeństwo poświęcony jest artykuł czternasty. (fragment tekstu)

EN

Financial stability is a condition where the financial system is stable and safe, is also able to withstand shocks. Financial stability is and always will be of vital interest to central banks and is certainly an appropriate objective for central banks. Safeguarding financial stability is a core function of the central bank, no less than market operations and the conduct of money policy. Financial stability owing to its real costs can be a goal of monetary policy in addition to the principal objective of price stability. Financial safety and stability policies can be considered to include: regulation, supervision, and crisis management. The involvement of central bank with these policies crucially depends on the role and functioning of Lender of Last Resort (LoLR), which is the form of crisis management financed with central banks'money. Thus, central banks need to consider the tradeoff between the moral hazard cost of the role as Lender of Last Resort and the benefit of preventing financial crises. A number of recent policy initiatives have called for enhanced transparency of central banks. Transparency relates broadly to the openness of a central bank in stating its monetary policy decisions and explaining the reasoning behind them. Publications of central banks such as the Financial Stability Review seek to provide a clear informational platform from which the contents can be project ed as a coherent whole to its audience. In an environment of grater trust, communication by the central banks allows for greater flexibility to act. Viewed from financial stability perspective ex ante transparency play a critical role as a check on the actions of the central bank. Central banks are by definition involved in designing and building up financial system Safety Net. A effective and full-fledged financial Safety Net consists of two major pillars: crisis prevention and crisis resolution. Central banks are interested in financial safety and stability because often the central banks would have to take leading role in crisis resolution, by providing emergency assistance. The design of Safety Net should be particularly important since the central bank has a natural role in ensuring financial stability and has virtually always been involved in financial stability, directly and indirectly. Finally locating and comprehensive co-ordination between regulatory and supervisory institutions and central bank seems to reduce the likelihood of financial crisis. It is more important than ever for central banks and other institutions of Safety Net to share information, to communicate about crisis prevention measures, and to recognize a common interest in effective crisis management actions. (original abstract)

Słowa kluczowe

PL

Banki centralne; Stabilność finansowa; System finansowy; Bezpieczeństwo finansowe; Sieć bezpieczeństwa finansowego

EN

Central banks; Financial sustainability; Financial system; Financial security; Financial safety net

• Czasopismo: Ekonomia i Prawo
• Rocznik: 2005
• Tom: 1 Ład instytucjonalny w gospodarce
• Strony: 255--275

Twórcy

autor

Anna Maria Jurkowska

• Uniwersytet Gdański

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