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Krušković, Borivoje D.; Maričić, Tina - In: Journal of Central Banking Theory and Practice 4 (2015) 3, pp. 137-146

In this paper we test the existence of long-term relationship between money supply and inflation, money supply and GDP and money supply and unemployment. Three independent panel cointegration regressions are evaluated where money supply is the explanatory variable, while inflation, GDP and...

Persistent link: https://www.econbiz.de/10012217816

Exchange Rate and Interest Rate in the Monetary Policy Reaction Function

Krušković, Borivoje D. - In: Journal of Central Banking Theory and Practice 6 (2017) 1, pp. 55-86

In recent years there has been a particular interest in the relation between exchange rates and interest rates both in developed countries and emerging countries. This is understandable given the important role that these variables have in determining the movement of nominal and real economic...

Persistent link: https://www.econbiz.de/10012217846

Demand for cash and its determinants: A post-crisis approach

Skibińska-Fabrowska, Ilona - In: Journal of Central Banking Theory and Practice 12 (2023) 2, pp. 103-131

The use of cashless payment instruments has been on an increase over many years now. At the same time, demand for cash … times. The increase in demand for cash known as the "banknote paradox" is a phenomenon observed in many economies. It … results from the existence of two streams of demand for cash - transactional and precautionary, and the differences in the …

Persistent link: https://www.econbiz.de/10014558468

Central bank digital currency: Scenarios of implementation and potential consequences for monetary system

Kaczmarek, Patryk - In: Journal of Central Banking Theory and Practice 11 (2022) 3, pp. 137-154

cash in total payments is systematically decreasing, which poses the risk of being supplanted by other instruments … cash. The purpose of this paper is to examine the abovementioned issues and indication of potential scenarios for the …

Persistent link: https://www.econbiz.de/10014558487

Essay on Monetary Policy and Economic Growth

Dimitrijević, Bojan; Lovre, Ivan - In: Journal of Central Banking Theory and Practice 1 (2013) 3, pp. 111-138

The global economic crisis has led to the global reduction in credit activity, a fall of domestic product as well as the level of foreign direct investments, and has imposed the sources of economic growth as one of the key problems. Therefore, the objective of this paper is the monetary policy...

Persistent link: https://www.econbiz.de/10010687453

Central Banking in Making during the Post-Crisis World and the Policy-Mix of the Central Bank of the Republic of Turkey

Akçelik, Yasin; Aysan, Ahmet Faruk; Oduncu, Arif - In: Journal of Central Banking Theory and Practice 2 (2013) 1, pp. 5-18

After the global crisis, one of the most important lessons learned by central banks appears to be the vital importance of financial stability along with price stability. Hence, finding solutions to how to incorporate the financial stability objective in the pursuit of monetary policy without...

Persistent link: https://www.econbiz.de/10010687462

Challenges in Change Management in Central Banks

Luburić, Radoica - In: Journal of Central Banking Theory and Practice 2 (2013) 1, pp. 35-49

Someone said long time ago that everything is subject to change and that change is the only constant. If changes, as occurrences of long duration, are viewed through their temporal dimension, we will see that they are unstoppable. This is how it has always been and how it will always be. What is...

Persistent link: https://www.econbiz.de/10010687464

Monetary policy at crisis times

Kozarić, Kemal; Fabris, Nikola - In: Journal of Central Banking Theory and Practice 1 (2012) 1, pp. 5-24

Working in a financial crisis environment is one of the most stressing tasks for a central banker. In order to diffuse a financial crisis, preventive policies, are of vital importance yet they cannot remove all disruptions that could lead to a crisis. Therefore, when a crisis emerges, risk...

Persistent link: https://www.econbiz.de/10010687474

Implications of Fiscal Irresponsibility on Financial Stability

Ješić, Milutin - In: Journal of Central Banking Theory and Practice 2 (2013) 2, pp. 111-138

The connection between fiscal policy and financial stability has a two-direction nature. Irresponsible fiscal policy will initiate the consequences on the financial system, while crisis ituations in financial institutions will sometimes require government intervention. The goal of this paper is...

Persistent link: https://www.econbiz.de/10010701739

Unemployment Gap in the Currency Board Regime

Kondić, Novak; Krušković, Borivoje D. - In: Journal of Central Banking Theory and Practice 2 (2013) 2, pp. 71-84

A currency board combines three elements: a fixed exchange rate between a country’s currency and an “anchor currency,” automatic convertibility, and a long-term commitment to the system, often made explicit in the central bank law. The main reason for countries to consider a currency board...

Persistent link: https://www.econbiz.de/10010701741

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