guest ::
| Home > Trade literature > Trade print > Economic Research Bulletin (2012, No.2) |
Original title:
Economic Research Bulletin (2012, No.2)
Number of part: No. 2, Vol. 10, November 2012
Name of part: Financial Stability and Monetary Policy
Authors: Česká národní banka
Document type: Trade print
ISSN: 1803-7089
Year: 2012
Language: eng
Abstract: The importance of analysing the interactions between financial stability and monetary policy and its effects on macroeconomic fluctuations has risen substantially during the current financial crisis. This edition of the Research Bulletin is focused on five articles which analyse these interactions from various angles. The first article examines the effect of tighter macroprudential and monetary policies on output. According to this research, in comparison to monetary policy, macroprudential policy may be less costly, as it has less adverse effects on bank earnings. The second article examines to what extent financial frictions matter for macroeconomic fluctuations. The results suggest that the effect of financial frictions on macroeconomic fluctuations is sizeable only when financial stress is sufficiently high. The third article focuses on the relation between central bank finances and inflation. The article concludes that central bank losses are unlikely to represent a threat to price stability. The fourth article examines whether low monetary policy rates may increase commercial banks’ risk-taking. It finds that too low an interest rate may lead to a build-up of long-term risks to financial stability, but a lower interest rate during the life of a loan reduces its riskiness. The fifth article examines the interactions between bank capital and bank liquidity creation. The results indicate that greater capital requirements are beneficial for financial stability but may have an adverse effect on bank liquidity creation.
Keywords: central bank of issue; central banks; Czech national bank; economic research; macroeconomics; macroeconomy; centrální banka cedulová; ekonomický výzkum; makroekonomie
Rights: This work is protected under the Copyright Act No. 121/2000 Coll.
Institution: The Czech National Bank (web)
External URL: http://www.cnb.cz/en/research/research_publications/erb/index.html
Permalink: http://www.nusl.cz/ntk/nusl-135392
The record appears in these collections:
Miscellaneous > The Czech National Bank
Trade literature > Trade print
Number of part: No. 2, Vol. 10, November 2012
Name of part: Financial Stability and Monetary Policy
Authors: Česká národní banka
Document type: Trade print
ISSN: 1803-7089
Year: 2012
Language: eng
Abstract: The importance of analysing the interactions between financial stability and monetary policy and its effects on macroeconomic fluctuations has risen substantially during the current financial crisis. This edition of the Research Bulletin is focused on five articles which analyse these interactions from various angles. The first article examines the effect of tighter macroprudential and monetary policies on output. According to this research, in comparison to monetary policy, macroprudential policy may be less costly, as it has less adverse effects on bank earnings. The second article examines to what extent financial frictions matter for macroeconomic fluctuations. The results suggest that the effect of financial frictions on macroeconomic fluctuations is sizeable only when financial stress is sufficiently high. The third article focuses on the relation between central bank finances and inflation. The article concludes that central bank losses are unlikely to represent a threat to price stability. The fourth article examines whether low monetary policy rates may increase commercial banks’ risk-taking. It finds that too low an interest rate may lead to a build-up of long-term risks to financial stability, but a lower interest rate during the life of a loan reduces its riskiness. The fifth article examines the interactions between bank capital and bank liquidity creation. The results indicate that greater capital requirements are beneficial for financial stability but may have an adverse effect on bank liquidity creation.
Keywords: central bank of issue; central banks; Czech national bank; economic research; macroeconomics; macroeconomy; centrální banka cedulová; ekonomický výzkum; makroekonomie
Rights: This work is protected under the Copyright Act No. 121/2000 Coll.
Institution: The Czech National Bank (web)
External URL: http://www.cnb.cz/en/research/research_publications/erb/index.html
Permalink: http://www.nusl.cz/ntk/nusl-135392
The record appears in these collections:
Miscellaneous > The Czech National Bank
Trade literature > Trade print
Record created 2012-12-18, last modified 2024-07-16
Fulltext:
If you can´t see the document in your browser, save it to your PC and open it in a suitable application.
