The subsidiarity principle governing the collection of statistical data in a monetary union may result in asymmetrical information. The national governments may be tempted to distort their economic and financial data communicated to the union’s central bank in order to influence its monetary...

This paper studies the links between of financial soundness indicators and financial crisis episodes controlling for several macroeconomic and fiscal variables in 20 OECD. We focus our attention on aggregate capital adequacy, asset quality and bank profitability indicators compiled by the IMF....

The study discusses central bank’s and government’s behaviour in a small open economy with a strong autonomous monetary policy and fiscal policy restricted by fiscal policy rule. Composed model thus fully corresponds to the Czech reality, where the Czech National Bank’s independency is...

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...

The Russian economy has recovered from the 2008—2009 crisis and is now running close to its potential. While demand pressures risk overheating the economy in the short run, medium-term growth prospects are constrained. To address these challenges Russia should continue to strengthen the...

The collective individual households or coin economic theory aims to study how savings have been and are being allocated to the various asset classes and how they are being used. The main conclusion from this study is that some savings can be held in the financial sector and stay there while...

I analyze monetary policy with interest on reserves and a large balance sheet. I show that conventional theories do not determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy can peg the nominal rate, and determine expected...

Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...

Dieser Beitrag erörtert die möglichen Ursachen für das Entstehen der aktuellen Verschuldungs- und Finanzkrise im Euroraum und diskutiert Zukunftsszenarien für die Europäische Union. Nach den jüngsten Beschlüssen zeichnet sich eine institutionelle Weiterentwicklung der Union mit folgenden...