Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...

Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...

The economic crisis arising in 2008 has severely limited the options of economic policy in Hungary. The absence of fiscal expansion, and deficiencies in the coordination of fiscal and monetary policy have had a negative impact on the effectiveness of measures in economic policy to boost economic...

This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis. The development of these balances reflects the change in the distribution of the monetary base among the EMU Member States. During the sovereign debt crisis, while some countries, among...

In this article, we studied the relationship between macroeconomic factors and the observed corporate births for the Romanian economy through the Autoregressive Distributed Lags Model (ADL). We performed a time series analysis that uses monthly data for the period January 2008 – December 2013...

In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to...

This paper studies whether politicians manipulate monetary instruments to win elections in the new democracies. The question makes sense because the Central Bank in the new democracy conditions is usually weak. A sample of 8 new democracies is analyzed via individual country vector...

The objective of the article is to identify impact of economic policy implications on current financial and economic crisis. The analysis examines a hypothesis that the main causes of financial and economic crisis include unbalanced developments of the macroeconomic sphere as well as existing...

A graph representation of the financial relations in a given monetary structure is proposed. It is argued that the graph of debt-liability relations is naturally organized and simplified into a tree structure, around banks and a central bank. Indeed, this optimal graph allows to perform payments...