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Currency competition in the Eurozone: an answer to the crisis

100%
Spirzewski K.
Finansowy Kwartalnik Internetowy e-Finanse
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2016
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vol. 12
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issue 1
12-20
EN
The common currency was created as a result of theoreti cal considerati ons regarding the functi oning of opti mum currency areas. This theory refers to a number of benefi ts as well as costs. It imposes a number of requirements that are necessary for the newly created structure to be considered opti mum. The economies of Eurozone countries did not meet these requirements. In consequence, the present functi oning of the Eurozone encounters many disturbances – the strong differentiation of the balance of payments is a signifi cant example. The reforms initi ated in the European Union and undertaken in response to the fi nancial crisis encompassed the Eurozone countries, yet they only concern fi nancial policy. The adopted strategy of action arouses questions as to its effectiveness. The aim of this arti cle is to present one of the reasons for the Eurozone crisis and a proposal for changing the monetary policy, in particular the exchange rate. In view of this objecti ve, the main hypothesis reads as follows: one of the methods of counteracting the crisis is to introduce currency competition within the Eurozone.
2
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GLOBAL FOREIGN DIRECT INVESTMENT FLOWS AND THE ECONOMIC CRISIS

100%
Klimek A.
International Journal of Emerging and Transition Economies (IJETE)
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2012
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vol. 5
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issue 1-2
47-56
EN
This paper has been devoted to analyzing the implications of the economic crisis, which was triggered by the mortgage credit defaults in the United States in the summer 2007, on the flows of foreign direct investment (FDI) in the world. The issue has not been broadly studied in the economic literature and the sufficient explanation has not been delivered yet. The problem is essential due to the significant influence of the crises on reshaping the global architecture. The distinctive feature of this paper is focusing on the rising power of emerging economies as new sources of FDI in the distressed world economy. Main numerical analysis was conducted using preliminary data on FDI in year 2009 and beginning of year 2010.
3

Model of Financial Crisis Contagion: A Survey-based Simulation by Means of the Modified Kaplan-Meier Survival Plots

75%
Roszkowska P., Prorokowski Ł.
Folia Oeconomica Stetinensia
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2014
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vol. 13
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issue 1
22-55
EN
The aim of this paper is to present a broad picture and novel aspects of the financial crisis contagion with respect to the stages of crisis contagion and its propagation factors. We employ a pioneering approach to a simulation of the financial crisis contagion by embarking on a qualitative query rather than on empirical data (i.e. by adopting an international investor’s perspective by conducting the qualitative query backed by semi-structured interviews with financial markets’ participants). Building on modified Kaplan-Meier Survival Plots, we suggest a model for the financial crisis contagion based on international linkages between markets, with particular attention paid to spot vulnerabilities in regulatory frameworks that allowed for the crisis to spread. Simulation results showed that there were several phases of crisis contagion in Europe, and different countries (regions) were contained via different paths, propagated by different factors with not equal intensity. The diversity of European countries’ susceptibility is evident not only when comparing advanced markets to the emerging ones, but also within these groups. Hereto, both international investment practitioners, as well as pan European market authorities should analyse with scrutiny the links emerging from the simulation, so that to develop sound and efficient investment strategies or impose tailor-made regulations for financial markets.
4
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Rola banku centralnego w gospodarce – obraz po kryzysie

75%
Skibińska-Fabrowska I.
Zeszyty Naukowe Polskiego Towarzystwa Ekonomicznego w Zielonej Górze
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2017
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issue 6
154-159; 161-166
PL
Problem aktywności banku centralnego i jego wpływu na gospodarkę od dawna nurtuje teoretyków i praktyków ekonomii. Znaczenie polityki pieniężnej dla sfery realnej było przedmiotem analiz wielu nurtów myśli ekonomicznej. Konsensus wypracowany w tym zakresie zaowocował nową syntezą neoklasyczną mającą praktyczny wyraz w strategii bezpośredniego celu inflacyjnego. Kryzys finansowy, który wybuchł w 2008 roku sprawił, że banki centralne w sposób niezwykle aktywny podjęły działania wykraczające poza tradycyjne rozumienie ich roli. Skutki kryzysowej polityki pieniężnej widoczne są nie tylko w gospodarce ale także skłaniają do zastanowienia nad przeformułowaniem roli polityki pieniężnej w obrębie polityki gospodarczej. W artykule obok przeglądu różnych poglądów dotyczących znaczenia polityki pieniężnej dla gospodarki opisane zostały działania podejmowane przez banki centralne w reakcji na kryzys wraz z ich obserwowanymi skutkami. Na tym tle zostanie podjęta próba wskazania możliwego nowego usytuowania polityki pieniężnej w strukturze polityki gospodarczej państwa.
EN
The problems of the activity of the central bank and impact monetary policy on the economy are interesting for theoreticians and practitioners of economics. The significance of the monetary policy for the real sphere was an object of analyses in many areas of economic. The developed agreement in this respect resulted in the new synthesis neoclassical having a practical expression of the purpose direct in the inflation targeting. The financial crisis which burst in 2008 caused that central banks, in the unusually active way, took action going beyond the traditional understanding their role. Effects of the unconventional monetary policy are visible not only in the economy but also in changing thinking of the role of the monetary. In the article the inspection of the different views concerning the significance of the monetary politics for the economy action taken by central banks in the reaction to the crisis was described along with their observed effects. Taking this into account, the attempt to explain the new place of monetary policy in structure of economic policy was made.
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