The article provides a general description of the world money development in both developed and developing countries during the second half of 20th century. We were primarily focusing on the long run trends in dollar gold prices, monetary aggregates (broad and narrow money), foreign exchange...

This paper aims to enrich the debate on the overvaluation/undervaluation of the Czech koruna and the currencies of other selected transition economies by applying the concept of the debt-adjusted real exchange rate (DARER), thereby offering monetary policy makers another indicator for more...

The paper presents an analysis of the determinants of the real exchange rate with emphasis on its long-term aspects and searching for the equilibrium paths. It introduces the behavioral models of exchange rates (especially the BEER and the NATREX), that are alternatives to the often-used...

The paper focuses on the developments of real exchange rates and their fundamental determinants in the five new EU Member States (Czech Republic, Hungary, Poland, Slovakia, and Slovenia). First, the approaches that can be used for estimation of equilibrium real exchange rates are briefly...

This paper sets out to discuss the extent of procyclicality in European banks’ lending behavior and how much the regulatory and accounting framework may contribute to it. The main focus is the behavior of banks regarding provisioning against impaired financial assets. It also discusses whether...

The paper aims at enriching current discussions about the equilibrium exchange rate level for the economy with large external debt, subdued real income growth, fragile financial sector and repeated problems with current account deficit. The main idea of the paper is to apply one of the newly...

The last financial crisis significantly changed views concerning the relationship between monetary policy, asset prices and financial stability. We survey the pre-crisis opinions on the appropriate monetary policy reactions to financial market developments and delineate the new consensus which...

This article sets out to discuss instruments for reducing procyclical bank lending behaviour. Special attention is given to how much the regulatory framework contributes to the procyclicality of the financial system. The main subject of the article is the dynamic provisioning regime currently...