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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Since introduction of the rotation system aims at improving the current voting scheme, tables compare the performance of the new and old systems.

Moreover, various studies that have dealt with this issue are not free of methodological drawbacks. Polityka ograniczona prowadzi do mniejszej wariancji in acji, nominalnej stopy procentowej oraz nominalnego kursu walutowego.

Section 5 is dedicated to the derivation of the optimal policy constrained by the Maastricht convergence criteria. The differences between the values bovusaw the S-S and B-z indices have, however, turned out to be negligible.

Importantly, to further simplify the exposition of the criteria, we assume that the foreign economy is in the steady state, so that foreign CPI in ation and the nominal interest rate b t ; R b t are zero. This, of course, is at variance with the assurance that the GC members do not pursue their national interests. Moreover, the productivity shocks are strongly correlated, their correlation coe cient is set to All other shocks are independent of each other.

It is assumed that the GC members form coalitions that persist over several meetings.

System finansowy w Polsce. Lata ‘ Boguslaw i in. Pietrzak: : Books

On the other hand, if the quarterly CPI in ation satis es the pietrza, the original criterion is also satis ed. 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 ysstem interest rate.

Its underlying rationale has been to maintain the GC s capacity for efficient and timely decision-making in an enlarged monetary policy committee.


This indicator has a weight of 5 6 assigned to the share of the given country in the aggregate gross domestic product at market prices GDP and a weight of 1 6 assigned to the share in the total aggregated balance sheet of monetary financial institutions TABS-MFI of the member states that have adopted the euro.

Therefore, in order to close the output gap, an appropriate appreciation or depreciation of the real exchange rate is necessary. This decrease of the nominal interest partially stabilizes de ationary pressures in the Zatrudnienie w Polscepod red. Second, we show how the loss function changes when the monetary policy systtem constrained to satisfy the Maastricht criteria. The composition and the size of the groups will be adjusted whenever the number of governors increases or at times the aggregated domestic product at market prices is adjusted i.

Pobieraj Książki według Boguslaw Pietrzak

Monetary transmission in Poland: On the one hand, Gildea provides the evidence that the Reserve Finansoay Presidents that represent regions with higher unmeployment rates or with a larger percentage of democratic voters tend to favor more expansionary monetary policy.

Table 1 presents the classification of countries to the respective rotation groups, as well as voting frequencies associated with those groups in a hypothetical Eurozone comprised finnsowy 27 countries. For the simulation purposes, we apply the model that comprises the IS curve, the Phillips curve, and the nominal interest rate Taylor rule equations.

Fahrholz and Mohl criticize this approach and argue for computing power indices pietrxak and then re-weighting them with respective voting frequencies. On the one hand, their estimates of reaction functions with a different size of regional bias assigned to the GC members are inconclusive as to whether the euro area or a national interest is more relevant for the ECB voting.

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 identified. In this hogusaw we investigate the impact of the rotation system on the effectiveness of monetary policy, both for the euro area as a whole and individual member states.

This finding remains valid not only for the euro-area as a whole, but also for most member states, including the Polish economy. As far as labour supply elasticity 1 is concerned, the micro data estimates of consider [3; 20] as a reasonable range.


Projekty badawcze Część IX

However, it must be kept in mind that in a one-sector small open economy model, terms of trade and real exchange rate are proportional. In their voting power analysis, Belke and Styczynska highlight two additional implications of the new voting scheme, which are assessed as negative. Notice that the variance of the nominal exchange rate is smaller than the one under the optimal monetary policy.

Here, we characterize the dynamic features of this model where the variables with a hat stand for the log deviations from the steady state.

Projekty badawcze Część IX – PDF

It can be shown that in such a situation, the targets on the CPI in ation rate and the nominal interest rate will not only depend on the average values of their foreign counterparts, but also on their uctuations and covariance of the domestic and foreign processes.

Thus the S-S index totals all the theoretical situations in which a given voter can be a decisive one 23 and divides this sum by all possible voters permutations. The paper presents the results of the research conducted as a part of the process of preparing the Report on Poland s membership of the euro-area.

Benigno analyses the case of a monetary union comprised of two countries, which can be interpreted as a two-sector closed economy with totally segmented labour markets interpretation as in Woodford Under both voting schemes the political weight of Polish representatives in the GC is higher than the country s economic importance.

Decision of the Council, meeting in the composition of the heads of state or government of 21 March on an amendment to Article We decide to set to 3. Why is fiscal policy often procyclical? Nontradable productivity shocks lead to a decline in the domestic terms of trade and a rise in the international terms of trade.

The composition of rotation groups coincides with that presented in Table 1. However, in the currency union, the country j itself has little impact on the conduct of monetary policy. The new system should also increase the autoregressive model are derived.