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CENTRAL BANKS-AS THE KEY PUBLIC INSTITUTIONS AIMING AT THE IMPROVEMENT OF EFFECTIVENESS AND EFFICIENCY OF THEIR PERFORMANCE PART 2 (Polish title below)

100%
Chodorowski L.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2011
|
issue 27
81-106
EN
(Polish title: Banki centralne jako wiodace instytucje publiczne w dazeniu do poprawy efektywnosci funkcjonowania - czesc 2). This article consists of 2 parts and describes the importance of improving the effectiveness and efficiency of central banks' performance. Firstly, central banks are seen as important representatives of public institutions, and their effectiveness and efficiency are shown on the grounds of microeconomics. Secondly, the kinds of organizational structures, which are typical for central banks or which are possible to be used, are analyzed due to the effectiveness and efficiency. In the second part of the article the author, drawing on the experience of central banks, provides an overview of the following types of organizational structures: hierarchic, indirect, organic and the structure based on process maps (the hierarchic structure is the most popular for central banks at present). These structures have been shortly described and assessed. It seems that the structure based on the process approach may be the most effective and efficient. Therefore, the author also presents a strategy and methods of transformation from the hierarchic structure (or similar) to the structure based on the process approach.
2
Content available remote

CENTRAL BANKS AS THE KEY PUBLIC INSTITUTIONS AIMING AT THE IMPROVEMENT OF EFFECTIVENESS AND EFFICIENCY OF THEIR PERFORMANCE (Polish title below)

100%
Chodorowski L.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2011
|
issue 25
105-128
EN
(Polish title: Banki centralne jako wiodace instytucje publiczne w dazeniu do poprawy efektywnosci funkcjonowania - czesc I). This article consists of 2 parts and describes the importance of improving the effectiveness and efficiency of central banks' performance. Firstly, central banks are seen as important representatives of public institutions, and their effectiveness and efficiency are shown on the grounds of microeconomics. Secondly, the kinds of organizational structures, which are typical for central banks or which are possible to be used, are analyzed due to the effectiveness and efficiency. In the first part of this 2-part article the author refers to the new institutional economics (NIE), the transaction costs theory, the agency theory and the signaling theory and indicates the connection between these theories and the functioning of central banks. The notions of strategy, organizational structure and business process have been briefly analyzed as well. Next, the definition and assessment criteria of effectiveness and efficiency for central banks are created. This definition highlights the fact that the effectiveness and efficiency of a central bank consists of the way of the organization of its integrity and of all the bank's activities, which assure the achievement of established purposes (such as offered by the bank services) as well as that of a satisfying financial outcome (simultaneously the expenditures are not increased and the services quality is maintained).
3

EXPANZIA TEZAURÁCIE ZLATA AKO DÔSLEDOK STRATY DÔVERY VO SVETOVÉ MENY

61%
Pavelka Ľ., Turan A.
Ekonomický časopis (Journal of Economics)
|
2014
|
vol. 62
|
issue 2
199 – 218
EN
Gold has been historically defined as the medium of exchange. Its role is significant even today, reflecting lack of confidence in fiat currencies and turbulences in the markets with the major reserve currencies and bonds denominated in them. Until 2009, there was an apparent trend of central banks to reduce the volume of gold reserves. However, after the full break out of the financial crisis in 2008, the trend reversed towards greater hoarding of gold. Investors are also turning to gold as an investment and increase the volume of precious metals in their portfolios. High gold price broke a record in nominal terms, however, in real terms, did not reach 60% of the price level from 1980. In submitted paper, the authors devote themselves to the analysis of gold prices and factors affecting it and present the estimates of the future price development.
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