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

Results found: 15

first rewind previous Page / 1 next fast forward last

Search results

help Sort By:

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

Popyt na rezerwy walutowe - ewolucja koncepcji teoretycznych a współczesne doświadczenia gospodarki światowej

100%
Bogołębska J., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
|
2011
|
vol. 260
2
Publication available in full text mode
Content available

Stabilność finansowa w warunkach reżimu kursowego Currency Board

100%
Bogołębska J., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
|
2011
|
vol. 247
EN
Currency Board as an alternative for exchange rate regime has been popular since the 90-ties among the countries on the way to stabilization of their economies. The macroeconomic and monetary stability is subdued to the condition of credibility of the regime. The credibility can't be achieved without the sound banking system. The specific relations between the central bank and commercial banks, as well as specific rules of money creation constitute frameworks for banking sector operations. The article tackles the problems of creating and maintaining financial stability within CB regime.
3
Publication available in full text mode
Content available

Unia Gospodarcza i Walutowa a problem międzynarodowej nierównowagi płatniczej

100%
Bogołębska J., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
|
2010
|
vol. 238
EN
EMU is not in the centre of debate on global imbalances, as its external position is „close to balance”. However, divergences between surplus and deficit countries as well as its heterogeneity can predict the asymmetry in adjustment process under one of the alternative scenario. In a highly globalised world, monetary union does not isolate the member countries form the global imbalances. This is why the euro area must prepare itself to better absorb the shock in case of unwinding of the imbalances, mainly through structural reforms that improve the flexibility and resilience of its constituent economies.
4
Publication available in full text mode
Content available

Instrumenty polityki pieniężnej Europejskiego Banku Centralnego w okresie globalnego kryzysu finansowego

100%
Bogołębska J., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
|
2012
|
vol. 264
EN
The aim of the article is to present the monetary policy instruments used by the European Central Bank during the financial crisis of 2007–2010. There have been many instruments aimed at providing liquidity to the banking system and reducing short –term interest rates volatility. Apart from the classical instrument of interest rates reductions, ECB used a broad set of standard instruments and procedures of liquidity provision, modifying lots of them. However, one cannot name EBC the innovative central bank in its crisis management policy. All of the instruments were in fact monetary policy tools in the 60thies or 70thies. ECB did not provide as many innovative stabilization programmes as other central banks (FED, for example). The crisis management policy of the ECB should be judged positively, due to special institutional and organizational framework under which it operates.
5
Publication available in full text mode
Content available

Państwowe fundusze majątkowe (Sovereign Wealth Funds - SWF) jako publiczni inwestorzy instytucjonalni na globalnym rynku finansowym

100%
Bogołębska J., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
|
2012
|
vol. 266
EN
The aim of the article is to present the issue of Sovereign Wealth Funds (SWF), which experience nowadays a dynamic grow. SWF are differently classified, which - to a great extent is due to their lack of transparency, as well as arbitrary treatment by particular countries. The grow of prices of commodities, balance of payments surpluses in Asian countries (mainly China), widening of global imbalances, may contribute to the grow of the number, as well, as value of assets in their hands. The assessment of the influence of SWF on the global financial market is ambiguous, however, the dominant view treats the SWF as the stabilising force for the global finance, which was evident during the last financial crises.
6
Publication available in full text mode
Content available

Koncepcje włączenia krajów nadwyżkowych w procesy dostosowawcze w kontekście zjawiska nierównowag globalnych

100%
Bogołębska J., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
|
2012
|
vol. 273
EN
The immanent problem of the international monetary system is the adjustment asymmetry (also called “asymmetrical burden sharing”). The same problem arises on the regional level, in the case of monetary union. The adjustment asymmetry means that surplus countries are in a better position s compared to deficit countries, as they are not compelled to adjustment. This is why many economist try to work out the system of involving surplus countries to adjust. The aim of the article is to present the main proposals formulated to achieve this goal.
7

Internacjonalizacja walut krajów emerging markets jako nowe zjawisko w finansach międzynarodowych

100%
Bogołębska J.
International Business and Global Economy
|
2014
|
vol. Volume 33
323–339
EN
So far, the process of internationalisation of the currency has been perceived as a phenomenon concerning advanced economies. This conclusion has been drawn on the basis of the experiences of the international monetary system, which in its evolution has been based on advanced economies’ currencies (USD, EUR, GDP, or highly internationalised DEM and JPY) fulfilling the functions of international currency. However, over the last decade emerging market economics have gained importance in the global economy due to their strong economic development, which has resulted in the new phenomenon, namely the internationalization of emerging market currencies. Undoubtedly, among factors giving dynamics to this process was the global financial crisis revealing the necessity of multi currency monetary system as a condition of enhancing its stability. In effect, many authors started to analyze in their studies the risks, merits, and demerits of the internationalization of emerging market currencies. Among these currencies are: Chinese renminbi (RMB), Indian rupee (INR), Brasilian real (BRL), Russian ruble (RUB), and sometimes the currencies of South Africa, Korea, and Turkey. The article aims at presenting – on the grounds of the traditional, theoretical view as well as empirical studies – prerequisites, scope, and prospects of potential evolution of emerging markets currencies’ internationalization. The main conclusion is that although Chinese RMB is the most advanced in the process of internationalization currency, other currencies (RUB, BRL) may also be of significance. However, the process described above is supposed to be of long-time horizon and of strong regional impact.
8
Publication available in full text mode
Content available

Bank centralny jako pożyczkodawca ostatniej instancji : współczesne dylematy realizacji funkcji

100%
Bogołębska J.
Acta Universitatis Lodziensis. Folia Oeconomica
|
2008
|
vol. 221
EN
The aim of the article is to present the main features of the evolution of the Lender of Last Resort (LOLR) concept. Then the author depicts the institutional and operational framework of the LOLR function within the EU and EMU. There are many controversies about LOLR function, both in theoretical research and empirical verification. These controversies arise in the case of monetary integration.
9
Publication available in full text mode
Content available

Uwarunkowania funkcjonowania aktywów bezpiecznych (safe assets) wobec przemian w międzynarodowym systemie walutowym

100%
Bogołębska J.
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
|
2018
|
issue 523
54-64
PL
Tradycyjnie kluczowym źródłem dostarczania aktywów bezpiecznych na globalnych rynkach finansowych była emisja długu publicznego przez kraje rozwinięte. Istotną rolę w popycie na ten dług odgrywał sektor oficjalny krajów rozwijających się w ramach polityki akumulacji rezerw walutowych. Spadek długu rządowego postrzeganego jako bezpieczny, wraz ze spadkiem innych źródeł kreacji długu bezpiecznego w okresie pokryzysowym, przy wciąż silnym popycie na niego powoduje istotne wyzwania dla stabilności międzynarodowego systemu walutowego (MSW). Problem w nierównowadze podaży i popytu na safe assets jest o tyle trudny do rozwiązania, że w dużej mierze wiąże się z przekształceniami roli krajów emerging markets i rozwiniętych w gospodarce globalnej. Celem artykułu jest syntetyczne naświetlenie tego złożonego związku i próba identyfikacji możliwych rozwiązań. Zastosowaną metodą badawczą jest przegląd literatury światowej w tym zakresie.
10
Publication available in full text mode
Content available

Strategia bezpośredniego celu inflacyjnego w polityce NBP. Wyzwania i zagrożenia

100%
Bogołębska J., Uniwersytet Łódzki K. H. i. F. M.
Acta Universitatis Lodziensis. Folia Oeconomica
|
2002
|
vol. 158
EN
The aim of the article is to prove that the question of the optimal monetary strategy is still open. In the first section, the author offers a full presentation of various monetary strategies. There are two approaches to the question. The first one assumes that the final goal (low inflation) can be reached through achieving indirect and operational goals. The second approach may be called a model - optimizing one. This approach is reflected in a direct anti-inflation strategy. The analysis leads to a conclussion that it is not possible to find an effective monetary strategy without considering institutional and economic realia. The second section is an attempt to analyze the National Bank of Poland (NBP) experience within the monetary policy pursued in 1990-1998 and after 1998, when a new body of the central bank - the Monetary Policy Council - was appointed. In the conclusion section the author emphasizes the fact that the adoption of direct inflation targeting means a necessity to pursue more transparent, flexible and more reliable monetary policy.
11
Publication available in full text mode
Content available

Polityka monetarna Europejskiego Banku Centralnego

100%
Bogołębska J., Uniwersytet Łódzki K. H. i. F. M.
Acta Universitatis Lodziensis. Folia Oeconomica
|
2002
|
vol. 161
EN
The article presents the structure, instruments and tasks o f EBC, that is an institution o f central banking operating within the framework o f European Monetary Union (EMU). As the article was written after only a year after launch o f EMU, it was too early to make any long-term conclusions. However, the author tries to point out controversies that arise around monetary policy in EMU.
12
Publication available in full text mode
Content available

Reforma instytucjonalna Europejskiego Banku Centralnego wobec rozszerzenia Unii Gospodarczej i Walutowej

100%
Bogołębska J., Uniwersytet Łódzki K. M. S. G.
Acta Universitatis Lodziensis. Folia Oeconomica
|
2004
|
vol. 180
EN
The aim of the article is to prove that without institutional reform, euro-area enlargement will complicate the way monetary policy is formulated in the ECB’s Governing Council. The paper depicts current intitutional framework, illustrates the importance of possible consequences of enlargement (mismatch between the economic and political weights, increase in decision-making costs) and describes alternative four reform scenarios: centralisation, weighted voting, representation and rotation. The article concludes with the ECB Council suggestion for institutional reform decided at its meeting on 19 December 2002.
13
Publication available in full text mode
Content available

Rozwiązania instytucjonalne i operacyjne Europejskiego Systemu Banków Centralnych (ESBC) i Systemu Rezerwy Federalnej (SRF). Analiza porównawcza

100%
Bogołębska J., Uniwersytet Łódzki K. M. S. G.
Acta Universitatis Lodziensis. Folia Oeconomica
|
2007
|
vol. 204
EN
The aim of the article is to compare two central banks operating under federal structure within monetary union, namely the European System of Central Banks and the Federal Reserve System. The analysis covers the following items: institutional framework, tasks and objectives, strategy and instruments of monetary policy. The analysis lead to the conclusion that the two central banking systems - although designed with some key differences - are becoming convergent.
14
Publication available in full text mode
Content available

Determinanty kompozycji rezerw walutowych - Euro w światowej strukturze rezerw

100%
Bogołębska J., Uniwersytet Łódzki K. M. S. G.
Acta Universitatis Lodziensis. Folia Oeconomica
|
2007
|
vol. 209
EN
There are many determinants of currency composition of foreign reserves. The most important are: the currency pegs, the direction of trade, the currency of foreign debt, the liquidity and depth of financial markets. Accumulation of foreign reserves and euro as a new currency add a new stimulus to a diversification of reserves. However, there is high inertia in reserve composition. Well developed financial markets of the EMU as well as the output and size of its economy are incentives for monetary authorities to reconsider the currency composition of their official reserve holdings. Although the increase in the share of the euro is partly driven by its appreciation during 2002- 2004 and changes in the IMF’s methodology in compiling the data, since its introduction in 1999 the single European currency is gradually becoming more important, especially in the developing world.
15
Publication available in full text mode
Content available

Główne determinanty podaży publicznych aktywów bezpiecznych. Analiza na podstawie krajów emitentów walut rezerwowych w okresie 1989--2018

51%
Feder-Sempach E., Bogołębska J., Stawasz-Grabowska E.
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
|
2020
|
issue vol. 64, nr 5
49-64
PL
Tematem artykułu są aktywa bezpieczne (safe assets), definiowane jako płynne instrumenty finansowe, głównie dłużne, które gwarantują inwestorom zachowanie wartości w trakcie niekorzystnych zjawisk gospodarczych. Celem artykułu jest ocena kształtowania się podstawowych determinant podaży aktywów bezpiecznych, tj.: relacji długu publicznego do PKB, PKB per capita, stopy inflacji, salda na rachunku obrotów bieżących, rozwoju rynku finansowego oraz stabilności politycznej kraju w kontekście podmiotowej struktury globalnej podaży publicznych safe assets. Analizę czynników przeprowadzono w okresie 1989-2018 (30 lat) dla Stanów Zjednoczonych, Japonii, Wielkiej Brytanii, Niemiec i Szwajcarii. Wybrane kraje posiadają najwyższe oceny ratingowe oraz status emitenta waluty rezerwowej zgodnie z klasyfikacją Międzynarodowego Funduszu Walutowego. Na podstawie przeprowadzonej analizy porównawczej uznano, że największy potencjał do zwiększenia emisji safe assets mają Szwajcaria i Niemcy, które w przyszłości powinny dołączyć do Stanów Zjednoczonych jako globalnego emitenta aktywów bezpiecznych.
EN
Safe assets are the main topic of this article. They are defined as having stable payoffs, high liquidity and carring minimal credit risk. They are particularly valuable during periods of financial turmoil. The aim of the article is to analyse empirically the economic fundamentals that make government assets really safe, i.e.: debt to GDP ratio, GDP per capita, inflation rate, trade balance, development of the financial market and political stability. The analysis is carried out in the period of 1989-2018 (30 years) for reserve currency issuers: the United States of America, Japan, the United Kingdom, Germany and Switzerland. Selected countries have the highest credit ratings and reserve currency issuer`s status based on International Monetary Fund data. According to the results, Switzerland and Germany have the greatest potential for issuing safe assets, and should join the United States as a global safe asset provider.
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.