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NON-LINEAR MONETARY POLICY MODELLING WITH GOVERNMENT DEBT AS A THRESHOLD: THE CASE OF THE CZECH REPUBLIC

100%
Bikár M., Hodula M.
Ekonomický časopis (Journal of Economics)
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2018
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vol. 66
|
issue 6
561 – 579
EN
In this paper, we examine the extent to which monetary policy might be constrained by the evolution of government indebtedness. We employ a threshold vector auto regression (TVAR) model to capture the possible asymmetries in the relationship between monetary policy and the real economy, corresponding to a switch between low and high growth rates of the government debt-to-GDP ratio. The analysis is performed on Czech data over the 2001 – 2016 periods. The results show that the reaction of a central bank to macroeconomic shocks can be regime-dependent. We find that a rising government debt could constrain monetary policy, which manifests through an altered monetary policy transmission to the real economy. Overall, our study demonstrates the advantages of using a non-linear approach to study the fiscal and monetary policy interactions.
2

THE ROLE OF BANKS IN THE SUSTAINABLE DEVELOPMENT (Rola banków w rozwoju zrównowazonym)

75%
Buszko A.
Pieniądze i Więź
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2011
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vol. 14
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issue 2(51)
67-74
EN
The aim of this article is to present the idea of sustainable development affecting banking sector. Nowadays this conception is regarded as the one of the most important attempts among researches and academics. Since the banking sector plays fundamental role in nearly each economic idea, the Author tried to underline the role of it in sustainable approach. The crucial role of banks in Japan was presented, as well as the changes in Russian market.
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