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FINANCIAL SYSTEM STABILITY THREATS AFTER 2008 ANTI-CYCLICAL POLICIES

100%
Mirza K., Nikoloz C.
Sociālo Zinātņu Vēstnesis
|
2019
|
issue 1
24-40
EN
The financial crises is a major issue for the economists because they are phenomena which raise questions regarding their future evolution, the impact on the world economy as a whole and on each state. In a globalized economy the financial crisis cannot be isolated to one country. To avoid the emergence of future one, we need to identify the fundamental factors which trigger them. The paper dwells on a wide range of causes and consequences of the 2008 financial crisis, the pseudo-scientific concepts and the essential systemic short comings. The problem is still relevant today. The aim of research is to show the theoretical and objective weakness of used anti cyclical policies. The crisis has affected different countries varying degrees and has caused the unconventional consequences. The real situation that has arisen as a result of this crisis in developed countries requires the awareness of its sense and creates a need for preventive measures. However, it is necessary to define clearly the crisis diagnosis and treatment methods. The paper is an empirical study of Keynesian and monetarist approaches, which were used to overcome 2008 financial crisis. The authors pay particular attention to activities of rating companies, whose spread contributed to shaping the irrational attitudes to the credit and financial systems, their capacities and role in the economy. Analysis of monetary and fiscal stimulation programs on overcoming the financial crisis allowed the authors for assessing the effectiveness of the Keynesian approaches combatting the causes and consequences of the crisis. This is particularly true for economic outcomes resulting from the monetary injections carried out within the quantitative easing programs. Despite the change in the framework of the supervisory policy and its implementation, the analysis of the processes occurring in the financial system, which are characteristic of the pre-crisis period, revealed that instead of changing the supervisory policy, in order to prevent the crisis, it is necessary to implement structural reforms with a view to overcoming the principal shortcomings existing in the credit system.
2
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News Frames, Inter-Media Frame Transfer and The Financial Crisis

75%
Bach T., Weber M., Quiring O.
Zeszyty Prasoznawcze
|
2013
|
vol. 56
|
issue 1
90-110
EN
This paper examines the economic coverage of German newspapers at the onset of the financial crisis with the help of framing-theory. It has three basic objectives. The first, to identify the frames in the news coverage. The second: the documentation of these frames and their occurrence as well as their distribution in different media outlets. The third: the examination of inter-media influences, exerted by different media outlets upon each other. The authors introduce the concept of Inter-Media Frame Transfer and apply a multi-method-design composed of a qualitative and quantitative content analysis as well as an ARIMA-time-series analysis. Eight frames are identified. The representation of the crisis as a systemic threat can be seen as the dominant interpretation. Inter-media influences can explain some of the dynamics of media framing. Yet, media framing of the financial crisis appears to be mainly contingent on extra media influences.
3
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TADEUSZ KLEMENTEWICZ, Stawka większa niż rynek. U źródeł stagnacji kapitalizmu bez granic

63%
Staniszewski R.
Studia Politologiczne
|
2018
|
vol. 49
278-285
EN
Book review refers to the monograph of T. Klementewicz Stakes Larger than the Market. The Roots of Stagnating Capitalism without Borders. Taking on the “clone of Milton Friedman” the author undertakes polemics, among others, with the key hypothesis formulated by T. Klementewicz “The capitalist world economy – after three decades of neoliberal globalization of carnival – entered… the stage of stagnation.”.
4
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Stabilność finansów zagranicznych w nowych państwach Unii Europejskiej

63%
Sawicki J.
Unia Europejska.pl
|
2015
|
issue 1
27-38
PL
Doświadczenia kryzysu finansowego i zadłużeniowego wpłynęły na decyzję o wprowadzeniu na szczeblu unijnym nadzoru makrooostrożnościowego nad europejskim systemem finansowym. Utworzona w grudniu 2010 r. Europejska Rada ds. Ryzyka Systemowego (ESRB) od 2011 r. ma zapobiegać nierównowagom makroekonomicznym wydając ostrzeżenia i zalecenia podjęcia niezbędnych działań zaradczych. ESRB nie ma jednak uprawnień do wprowadzania środków regulacyjnych w państwach członkowskich. Większość uprawnień z zakresu polityki makroostrożnościowej pozostawiono szczeblom krajowym. Założono, że krajowe instytucje makroostrożnościowe, we współpracy z ESRB, będą w stanie egzekwować zalecenia stabilizujące system gospodarczy. W Polsce na mocy ustawy z 2008 r. utworzono Komitet Stabilności Finansowej, nie utworzono jednak struktury, która analizowałaby stabilność finansową całej gospodarki i mogłaby podejmować decyzje przeciwdziałające narastaniu nierównowag. Narodowy Bank Polski prowadzi na bieżąco politykę stabilności systemu sektora finansowego, a w zakresie równowagi zewnętrznej rejestruje zmiany w bilansie płatniczym i międzynarodowej pozycji inwestycyjnej odnoszone do PKB. Uzupełnieniem wnioskowania o długookresowej stabilności finansowej jest obserwacja dynamiki zmian głównych elementów rachunku bieżącego, czyli eksportu netto i dochodów pierwotnych oraz relacji zachodzących między zmianami międzynarodowej pozycji inwestycyjnej netto a tempem zmian PKB. Na podstawie rozwoju tych wielkości pokazano dynamikę stabilności zagranicznych finansów nowych państw członkowskich UE (NPC). Przeprowadzona analiza wskazuje na poprawę równowagi zewnętrznej całego regionu, ale także na znaczne wewnętrzne zróżnicowanie i słabe ogniwa mogące prowadzić do nierównowag makroekonomicznych. Na tle zmian stabilności finansów zagranicznych NPC ocena sytuacji w Polsce nie jest jednoznaczna. Utrwalenie stabilności finansowej wymaga nie tylko wzmocnienia tempa wzrostu eksportu netto, ale także zmian struktury zagranicznych aktywów i pasywów brutto. Znaczne uzależnienie stabilności finansów zagranicznych Polski od poziomu skłonności do ryzyka i kosztów pieniądza na światowych rynkach finansowych, od skali i dynamiki przepływów kapitałowych zwiększa ryzyko bilansu płatniczego, także dlatego, że Polska jest krajem o stosunkowo wysokim poziomie zadłużenia zagranicznego.
EN
Having experienced the financial and debt crisis, in the European Union there was decided that in order to eliminate macroeconomic imbalances there will be carried out the macro-prudential policy at the EU level. In December 2010, there was established the European Systemic Risk Board (ESRB) which carries out macroeconomic assessment of the situation of member states, though it does not have any binding powers to impose regulative measures upon the member states or national bodies. The majority of powers in the area of macro-prudential policy have been left to the national levels. The author analyses the changes of the indices related to foreign finances - the balance of payments and the international investment position. The analysis of formation of these macro-prudential parameters is important not only when their changes unanimously indicate a dangerous decline of financial stability. He presents the dynamics of the indices of financial stability referring to the financial relationships of EU member states with foreign countries. The analysis of the trend of these indices points out to the growth of immunity of the entire region to stresses, the degree of diversity of foreign finance stability but also to the weal links in individual countries, to the problems that should be the subject of macro-prudential decisions at the national level. Against the background of stability of foreign finances of new EU member states, assessment of the situation in Poland in not unambiguous. Retention of the growth trend of financial stability requires not only maintaining the rate of net export growth but also changes of the structure of foreign gross assets and liabilities. The significant dependence of Poland's foreign finances on the level of propensity to take risk in the global financial markets increases the risk of monetary crisis, also because Poland has till had one of the lowest indices of stability among the new member states.
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