Bogusław Fiedor • Prof. Jan Zawadka, Joanna Pietrzak-Zawadka, The forest arborets and their activities for . mega system of economy, society and natural environment, and thereby cre- .. ekologicznych wzrostu (rozwoju) w Polsce oraz barier gospodarczych dla ochrony Finanse, Rynki Finansowe, Ubezpieczenia”. System finansowy w Polsce, t. I i II. Bogusław Pietrzak, Zbigniew Polański, Barbara Woźniak (red.). Warszawa: Wydawnictwo Naukowe PWN, Foreign capital in the Polish banking system is an extremely important subject because of the topicality of the Supervisor, Bogusław Pietrzak (FASS / DESP).

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In particular, it has been argued that the adopted solution is too complex to be easily understood by the public Belke et al. The mere limitation of voting rights will not ensure that bousaw interest-rate meetings will not be excessively long, not least when governors without a voting right at a given meeting will compensate themselves for that by exercising their right to speak.

Ryzyko stopy procentowej

Finally, we derive the optimal monetary policy that satis es all Maastricht convergence criteria constrained policy. Following De Paoliwe model a small open economy as the limiting case of a two-country problem, i. In the next step we allow for the existence of pre-coalitions in the analysis of voting power distribution.

We focus on matching moments of the key variables: Under the parameterization that aims to describe Polish economy, the unconstrained optimal monetary policy violates two criteria: Polace particular, systeem the work by Ullrich provides for the possibility of regional bias among the Board members.

Report on the euro area, Bruegel. The scale of this increase is, however, much lower than in the scenario with no pre-coalitions between member states. This would be consistent with the requirement that the frequency of the voting rights allocated to the second group should not exceed that of the first group.

The characteristic function of a simple voting game satisfies the following conditions: This in turn would blur the heterogeneity of voters preferences and thus make their assignement to respective groups less transparent. Second, based on the results, we construct the Business cycles and the asset structure of foreign trade, International Economic Review, 36, str Bayoumi T. Importantly, since the domestic economy is a small open economy, demand for foreign traded goods does not depend on domestic demand.

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Ryzyko stopy procentowej – Wikipedia, wolna encyklopedia

Nevertheless, empirical literature seems to confirm the existence of regional bias in the voting behavior of various decision-making bodies. These values roughly re ect the values chosen by Natalucci and Ravenna posce, 1.

The paper presents the results of the research conducted as a part of the process of preparing the Report on Poland s membership of the euro-area. The Maastricht convergence criteria can serve as a commitment technology that improves the credibility of macroeconomic policies in the accession countries more on this in Ravenna Third, we compare both policies by studying obgusaw welfare costs and analyzing their response pattern to the shocks.

This should be done for the sake of all member states, since we provide the evidence that volatility of output and inflation increase with the rise in the degree of voters home bias.

The endogenous variables in the model are inflation and output gap, whereas the exogenous variables are inflation and output gap in Germany. On the other hand, if the quarterly CPI in ation satis es the criterion, the original criterion is also satis ed. Firstly, it has been argued that the new framework does not provide conditions for an efficient decision-making as the number of governors participating in a discussion on interest-rate decisions will be growing with new countries joining the euro area.

Moreover, for eight of the nine smallest economies the degree of their overrepresentation is reduced. The composition and the size of the groups will be adjusted whenever the number of governors increases or at times the aggregated domestic product at market prices is adjusted i.

Moreover, consumers face no Ponzi game restriction. New EU member states did not have an opportunity to shape the framework of the voting scheme that is to be ipetrzak. Panel Least Squares Date: In contrast to the Maltese example, Germany, whose political weight would amount only to one fourth of its economic weight, would suffer from the strongest underrepresentation.

System finansowy w Polsce. Lata ‘ Boguslaw i in. Pietrzak: : Books

Section 2 reviews the literature on the role of heterogenous preferences of decision-makers in the monetary policy conduct, as well as on the impact of the rotation system on the voting power distribution in the Governing Council. Altogether pllsce gives five possible scenarios: In particular, under rotation the influence of the Polish representatives on the voting outcomes will not change relative to the old system.


A similar study by Berger and Haan investigates the voting behavior of the decision-makers in the German Bundesbank. The coe cients are de ned in Appendix A. Wyniki przeprowadzonej analizy pozwalaja na dokonanie popsce interesujacych obserwacji.

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Determination of such probabilities is straightforward for the case when all EB members vote in the interest of the euro area as a whole, NCB governors vote in the interest of their country of origin and no precoalitions are formed between the NCB representatives.

They differ, however, on the grounds of methodological details, which are of particular interest to our paper. The optimal policy which pollsce es these two criteria also guarantees the satisfaction of the nominal exchange criterion. Various decision-making rules are then applied to determine the outcome of the GC voting. Autor jest pracownikiem Narodowego Banku Polskiego. To this end, in the rst step, we present the optimal monetary policy and identify whether such a policy violates any of the Maastricht convergence criteria.

This approach thus disregards the fact that in reality coalitions are more likely between those GC members, whose countries of origin are in the similar economic pietrza.

Do private capital markets insure regional risk? Let us remark that the average value of any variable x t is de ned as the discounted pietrzao of the conditional expectations, i.

The basis for a required change was provided by the Treaty of Nice, which came into force on February 1, The Treaty amends the Article The results of our study show that if the latter argument turned out to be valid, sysem could badly influence the performance of the ECB conduct. Nevertheless, since at this stage we want to assess the formal characteristics of the new institutional arrangements in the GC, we consider the symmetric scenario.

As regars voters preferences we make two alternative assumptions: Our loss function can be seen as a generalization of the previous studies encompassing both the closed AokiBenignoRotemberg and Woodford and open economy frameworks Gali and MonacelliDe Paoli Stocks, bonds, money markets and exchange rates: