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Abstract

This theoretical work studies a dynamic general equilibrium model with the financial sector in which aggregate activity depends on the conditions of intermediaries' balance sheets. This environment is used to demonstrate the business cycle consequences of changes in competition in the financial industry. On the one hand, a more competitive banking sector is associated with a higher average level of aggregate output. On the other hand, however, a less competitive financial industry increases financial and macroeconomic stability. This trade-off is present both in the short run and in the long run.
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Authors and Affiliations

Paweł Kopiec
1

  1. SGH Warsaw School of Economics
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Abstract

The correlations and the influence of the monetary policy pursued by the central banks of developed countries, primarily by the Federal Reserve System (the central bank of the United States), on the economies of developing countries is a subject of research, especially since the outbreak of the last financial crisis. Decisions concerning shifts in attitudes in the monetary policy taken by the monetary authorities of the largest economies, influence investors’ behaviour. Due to globalization and financialization, short-term capital flows occur very quickly and on a significant scale. Argentina is an illustration of the consequences of monetary policy tapering by the FRS for the economy of a developing country. Argentina was supported during the period of disturbances by the International Monetary Fund. Nevertheless, it seems that this solution is insufficient in view of the globalization of the effects of the monetary policy pursued by the economically strongest countries.

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Authors and Affiliations

Ilona Skibińska-Fabrowska
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Abstract

The world economy is constantly faced with crises that cause a significant negative impact. Each crisis poses new challenges to the economy and, on the one hand, inhibits economic growth, and on the other hand, can become a powerful stimulus for the development and rethinking of fundamental approaches to its construction. Conducting an analysis and establishing relationships between the economic situation and the state of the energy sector make it possible not only to predict the future but also to develop specific steps to prevent crises or reduce their negative impact. At the same time, establishing and evaluating the relationship between key economic and energy indicators, the main one of which is definitely the energy intensity of GDP, will provide an opportunity to understand how improving energy security will affect the economic situation in the country. The generalization of Ukraine’s experience in rebuilding and recovering the economy after the biggest crisis creates a basis for further research in the field of energy management, crisis management, economics, and the construction of investment policy. The reconstruction of Ukraine after the war has the potential to become the most significant stimulus for development and economic growth. During the crisis, it is very important to pay attention to the country’s energy security. In particular, it is necessary to ensure the diversification of energy resources, taking into account their rising cost. Energy markets are currently experiencing extreme volatility caused by geopolitical tensions, which requires additional attention in the development and implementation of strategic guidelines for sustainable economic recovery in Ukraine.
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Authors and Affiliations

Anastasiia Hryhorenko
1
ORCID: ORCID
Hanna Kotina
1
ORCID: ORCID
Maryna Stepura
1
ORCID: ORCID
Hanna Zavystovska
2
ORCID: ORCID

  1. Department of Finance named after Victor Fedosov, Kyiv National Economic University named after Vadym Hetman, Ukraine
  2. Faculty of Finance of the Department of Finance named after Victor Fedosov, Kyiv National Economic University named after Vadym Hetman, Ukraine
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Abstract

In the article the author analyses the impact of the Financial Crisis, especially the Greek fiscal one, on the sCDS prices in Europe. The aim of the article is to assess the ability of the sCDS premia to price the risk of countries before and during the Greek crisis. The author analyses sCDS premia of maturity 10 years together with the so called bond-spreads, i.e. the spreadsbetween the countries’ bond indexes and the risk free rate of the region (in our case it was the yield of German bonds of corresponding maturity – 10 years).The idea was to check whether there occurred any discrepancies in the risk valuation via the two measures, as a consequence of the Greek crisis. The data is taken daily and covers the period of 2008‒2012. Based upon the results obtained in the research we conclude that the Greek crisis indeed influenced the relationships between the two measures of risk, however the degree of the influence was different in different countries. The relationships between the two measures of risk were totally broken only in the case of Greece, while in the other countries the relationships either were not distorted or had been broken already at the beginning of the financial crisis (2008/2009). The Greek problems were indeed reflected in volatilities of all analysed instruments; however triggering the credit event affected only Greek bonds dynamics.

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Authors and Affiliations

Agata Kliber

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