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Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2014

The welfare state was created after 1950 with counterproductive mechanisms and this caused high inflation and high unemployment and stagnating growth by 1970, called stagflation. Since 1970 governments redressed the welfare state but did not succeed in finding workable mechanisms. They rather...

Persistent link: https://www.econbiz.de/10011108214

High Noon at the EU corral. An economic plan for Europe, September 2011

Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2011

The 2007+ credit crunch and economic crisis put European governments in severe debt, with talk about a Greek partial default. It also put the European banks into a zombie condition, while under Basel III the capital requirement rises from 8% to 10.5% (which requirement does not cover public debt...

Persistent link: https://www.econbiz.de/10009294940

Money as gold versus money as water

Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2013

The rules of the Eurozone cause the euro to function as the gold standard. The US economy performs better in some respects, partly because of the advantages of fiat money. The treaty on the EMU has to be adapted in order not to become dependent upon current ad hoc measures, with the loss of...

Persistent link: https://www.econbiz.de/10011107257

Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?

Brzoza-Brzezina, Michał; Chmielewski, Tomasz; … - Volkswirtschaftliche Fakultät, … - 2007

In this paper we ask a question about the impact of monetary policy on total bank lending in the presence of a developed market for foreign currency denominated loans and potential substitutability between domestic and foreign currency loans. Our results, based on a panel of three biggest...

Persistent link: https://www.econbiz.de/10005619336

Bank risks, risk preferences and lending

Chmielewski, Tomasz - Volkswirtschaftliche Fakultät, … - 2005

The recent debate on the impact of capital regulation on bank behaviour shows that risk exposures of banks might influence the amount of loans newly granted to the non-financial sector. The paper extends the traditional set of bank-specific variables used in testing for the bank lending channel...

Persistent link: https://www.econbiz.de/10005623224

Interest rate pass-through in the Polish banking sector and bank-specific financial disturbances

Chmielewski, Tomasz - Volkswirtschaftliche Fakultät, … - 2003

The purpose of this study is to assess the impact of disturbances in operation of the Polish banking sector on the effectiveness of monetary policy implementation. The pass-through mechanism from market interest rates to retail interest rates, offered by banks to their customers, is analysed in...

Persistent link: https://www.econbiz.de/10005790068

Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?

Brzoza-Brzezina, Michał; Chmielewski, Tomasz; … - European Central Bank - 2010

In this paper we analyse the impact of monetary policy on total bank lending in the presence of a developed market for foreign currency denominated loans and potential substitutability between domestic and foreign currency loans. Our results, based on a panel of four biggest Central European...

Persistent link: https://www.econbiz.de/10008484245

Conditions for turning the ex ante risk premium into an ex post redemption for EU government debt

Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2011

differences not only because of liquidity but mainly because of the risk of default, as also reflected in credit default swaps … shorter maturities but at higher annual liquidity requirements meet with strong incentives to better manage their economies … credit default risk premium, the liquidity premium and a stigma factor. While much of the debate in the EU seems to be about …

Persistent link: https://www.econbiz.de/10009372590