Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Results found: 9

first rewind previous Page / 1 next fast forward last

Search results

Search:
in the keywords:  ECB
help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Publication available in full text mode
Content available

SECURITIZATION AS A TOOL OF BANK LIQUIDITY AND FUNDING MANAGEMENT BEFORE AND AFTER THE CRISIS: THE CASE OF THE EU

100%
Kozak S., Teplova O.
Finansowy Kwartalnik Internetowy e-Finanse
|
2012
|
vol. 8
|
issue 4
30-43
EN
Before the financial crisis securitization was commonly considered an efficient way of replacing illiquid assets with liquid securities (ABS), in which the risk was supposed to be adequately compensated by the tranching techniques. However, with the emergence of the crisis investors became more risk aversive and reluctant to incur ABS due to the rapidly deteriorating quality of the underlying assets caused by poor macroeconomic fundamentals. The limited adverse effects of the poor collateral performance is the main reason why chances for recovery of the ABS market in the EU are estimated more highly than in the USA. The analysis indicates that, driven by the ECB repo operations, the securitization market has almost lost the pre-crisis motives behind the issuance of ABS. Banks’ attitudes toward securitization as a refinancing tool and a mechanism to extract additional profit underwent a shift. As the findings of the article suggest, after the crisis securitization is widely seen by banks as a liquidity tool within the frame of repo deals with the ECB, and to a lesser extent as a refinancing tool. Market regulation contributed considerably to this shift.
2

Konsekwencje niskich stóp procentowych dla wybranych grup interesariuszy: gospodarstw domowych, przedsiębiorstw i banków

89%
Barembruch A., Gostomski E.
Pieniądze i Więź
|
2020
|
vol. 23
|
issue 2 (87)
45-54
PL
Po globalnym kryzysie finansowym i gospodarczym (w latach 2008-2009) banki centralne wiodących krajów rozwiniętych w celu pobudzenia koniunktury gospodarczej zaczęły prowadzić politykę niskich stóp procentowych. Bezprecedensowo długi okres niskich stóp procentowych i taniego pieniądza ma wiele konsekwencji dla gospodarski. Celem artykułu jest analiza potencjalnych konsekwencji niskich stóp procentowych dla wybranych grup interesariuszy (gospodarstw domowych, przedsiębiorstw i banków) w krajach Unii Europejskiej, ze szczególnym uwzględnieniem Polski. Badaniami objęte jest środowisko niskich stóp procentowych w ostatnim dziesięcioleciu. O ile efekty realizowanej w obecnej dekadzie ekspansywnej polityki pieniężnej EBC i innych banków centralnych w Europie są lepiej rozpoznane w krótkim okresie i uważane zazwyczaj za pozytywne, o tyle w dłuższej perspektywie pozytywne rezultaty tej polityki słabną i rośnie niepewność co do jej oceny.
EN
After the global financial and economic crisis (2008-2009) central banks of leading developed countries started to pursue a policy of low interest rates in order to stimulate the economy. The unprecedentedly long period of low interest rates and cheap money has many consequences for the economy. The aim of this article is to analyze the potential consequences of low interest rates for selected stakeholder groups (households, enterprises and banks) in the European Union countries, with particular emphasis on Poland. The research covers the low interest rates of the last decade. While the effects of the expansionary monetary policy of the ECB and other central banks in Europe implemented in the current decade are better recognized in the short term and usually considered positive, in the long run the positive results of this policy weaken and the uncertainty as to its assessment is increasing.
3
Content available remote

European System of Central Banks: How does it work?

88%
Krejčí M.
Czech Journal of Social Sciences, Business and Economics
|
2013
|
vol. Volume 2
|
issue 1
49-59
EN
This paper summarizes the description of European Banking System. European economic integration finished on the EMU stage with three institutions connecting EU national banks. The work is focused on the closer look on them and it also compares Eurosystem with FED and Bank of Japan. Relevant conclusions are driven and the advice is given for further researches which could examine quality of the Eurosystem.
4
Publication available in full text mode
Content available

Opinia prawna dotycząca orzeczenia Federalnego Trybunału Konstytucyjnego RFN w przedmiocie pierwszeństwa prawa UE

88%
Mik C.
Zeszyty Prawnicze BAS
|
2020
|
issue 3(67)
112-140
EN
In the author’s view, the judgment of the FCC concerning activities of the European Central Bank regarding the primacy of EU law over national law is of significance, due into the authority of the German constitutional court. However, it does not translate directly to foreign conditions. The view expressed in the judgment is that the ultra vires doctrine forms limits to the principle of primacy of European Union law over member state law. As a result, the principle of primacy may only be binding within the scope of the European Union law. Moreover, criteria of assessment of EU’s legislative activity and ECJ’s jurisprudence are drafted from the perspective of the ultra vires doctrine.
5
Publication available in full text mode
Content available

Konsekwencje finansowe i gospodarcze wyroku Federalnego Trybunału Konstytucyjnego RFN w przedmiocie pierwszeństwa prawa UE

88%
Marchewka-Bartkowiak K.
Zeszyty Prawnicze BAS
|
2020
|
issue 3(67)
149-154
EN
According to the author, the FCC judgment should not have direct financial and economic effects either in the euro area or for Poland. The execution of the FCC judgment is conditional and will depend on institutional arrangements. However, even if the Bundesbank complies with the judgment, the effects will probably be significantly limited or even eliminated as part of the Eurosystem’s activities.
6
Publication available in full text mode
Content available

The Single Resolution Mechanism in Action. An Analysis of the Decision-making Practice of the Single Resolution Board

75%
Podgórski M.
Polish Yearbook of International Law
|
2018
|
vol. 38
229-252
EN
The article provides an overview of the supranational bank resolution regime established under the Single Resolution Mechanism framework. Both the substantive rules governing the resolution process and its procedural requirements are explained. The main focus of the article is the decision-making practice of the Single Resolution Board (SRB), an EU agency responsible forthe execution of the resolution framework, which has already intervened in a number of cases in which banks were considered “failing or likely to fail” by the European Central Bank. Thearticle analyses the existing decisions on resolution action in order to establish how the substantive rules on resolution are interpreted by the SRB in its decision-making practice.
7
Publication available in full text mode
Content available

Should supervisors allow capital waivers to be used within European cross-border banking groups?

51%
Bednarski P., Polk B.
Bezpieczny Bank
|
2019
|
vol. 77
|
issue 4
23-49
EN
A common theme in recent public European Union (EU) policy debates is improving integration of the EU financial sector. The suggestion is that the Euro area should be treated as if it were a single jurisdiction, across which banks should be able to centralise management of capital and liquidity. Financial fragmentation is said to trap capital and liquidity in local subsidiaries in Host countries which is suboptimal, hindering the cross-border provision of credit, and resulting in an inefficient economic allocation, with higher costs for customers, and lower profitability for the industry in the EU. The proposed policy involves measures to counteract ring-fencing of subsidiaries by Member States (MS), curtailing national options and discretions that limit the harmonization effects of the EU’s Single Rulebook, and other regulations and supervisory practices that reduce banking groups’ cross-border freedom. However, some of the national options affecting banks in the EU are still supported by MS as needed due to local risks, financial stability concerns. Cross-border banking, often used as a yardstick to gauge the level of financial integration in the EU, can currently be realized in the EU in three basic forms: via subsidiaries, via passported branches or via cross-border provision of services. Among the solutions to fragmentation that many EU policy makers and governments focus on, at least in the Eurozone (EZ), are: completion of the Banking Union (BU), adopting regulations allowing capital, liquidity and MREL waivers in subsidiaries across borders, and the reduction of national options. In November 2016, the European Commission (EC) proposed changes to Capital Requirements Regulation (CRR), Capital Requirements Directive IV (CRD IV) and Bank Resolution and Recovery Directive (BRRD) which would have allowed, under certain conditions (e.g. subject to guarantees), the application of capital, liquidity and MREL (Minimum Required Eligible Liabilities) waivers in the subsidiaries of EU banks operating in EU MS. These propositions faced strong opposition and were not ultimately adopted in the recently published CRR 2.0, CRD V and revised BRRD, due to lack of consensus among MS. But the arguments in favour of change have not disappeared. In this paper, we start with a look at the current state of financial integration in Europe. We then examine the arguments for and against the use of waivers. Building on these arguments, we subsequently explain sensible preconditions that should be put in place – in addition to completing the BU – to allow the prudent use of such waivers. We also discuss alternatives to the use of waivers, based on expanding the use of branches and indicate incentives which can play a role in shaping the quality of cooperation between Home and Host supervisors.
8
Publication available in full text mode
Content available

Konsekwencje implementacji programów luzowania ilościowego w strefie euro

51%
Pyka I.
Problemy Zarządzania
|
2014
|
issue 4/2014 (48) t.1
7-24
EN
The study focuses on the analysis of the character, used by the ECB, Quantitative Easing policy. However, its direct aim is the assessment of effects of this policy. The consequences of the ECB’s Quantitative Easing policy are analyzed pointing to the changes in the liquidity of the euro area banking sector, levels of interest rates, level and structure of the M3 monetary aggregate, as well as assets and liabilities of the balance sheet of the ECB.
PL
Opracowanie koncentruje się analizie charakteru zastosowanej przez EBC polityki luzowania ilościowego. Bezpośrednim jego celem jest jednak ocena skutków tej polityki. Konsekwencje polityki luzowania ilościowego EBC analizuje się, wskazując na zmiany w stanach płynności sektora bankowego strefy euro, poziomach stóp procentowych, poziomie i strukturze agregatu monetarnego M3, a także aktywach i pasywach bilansu EBC.
9
Publication available in full text mode
Content available

Rozwój Unii Europejskiej do 2020 roku a nowe wyzwania globalizacji i konkurencji międzynarodowej z uwzględnieniem roli, miesca i interesów Polski

38%
Żukrowska K.
Krakowskie Studia Międzynarodowe
|
2017
|
issue 1
17-33
PL
Unia Europejska jest największym ugrupowaniem integracyjnym w świecie, obejmuje 28 państw, z czego 19 posługuje się wspólną walutą – euro. UE jest ważnym rynkiem i aktorem na scenie międzynarodowej. Wyzwaniem dla ugrupowania jest kilka poważnych problemów, takich jak kryzys UGiW, Brexit, polaryzacja interesów, wybór między poszerzaniem i pogłębianiem. W artykule omawia się możliwe rozwiązania w każdej z wymienionych dziedzin, przedstawiając je w ramach pięciu scenariuszy dla Europy, które zostały zaprezentowane w Rzymie w 60. rocznicę ugrupowania. Scenariusze te przedstawia się na tle wniosków sformułowanych podczas szczytu G-7 w Taorminie dotyczących polityki pomocy, uchodźców z Afryki i konfl iktu syryjskiego. W zakończeniu pojawia się Polska ze swymi interesami w głównych kwestiach dyskutowanych w rozdziale i możliwościami ich realizacji.
EN
The European Union is the biggest integration grouping in the World, which embraces 28 states, 19 of which use common currency – euro. EU is an important market and international actor. The EU is challenged by a number of internal problems, such as crisis of EMU, Brexit, polarization of interests, choices between deepening or widening. The article discusses possible solutions in each area presenting them in the context of 5 scenario for Europe presented in Rome on the 60th anniversary of the grouping. The scenarios are shown on international background with G-7 summit conclusions in Taormina concerning aid policy, refugees from Africa and the Syrian confl ict. Finally it talks also about the Polish place and interests in the main matters, discussed in the article.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.