Financial Situation of Central Banks and its Broader Policy Implications
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Abstract
Niniejszy artykuł analizuje konsekwencje (lub potencjalne konsekwencje) niekorzystnej sytuacji finansowej banku centralnego, czyli strat, które mogą prowadzić do pojawienia się ujemnego kapitału. Taka sytuacja nie jest nieistotna ani neutralna dla gospodarki. Celem artykułu jest zidentyfikowanie powiązań, przez które niekorzystna sytuacja finansowa banku centralnego (straty, ujemny kapitał) wpływa na różne elementy polityki gospodarczej państwa. Przyjmujemy dwie perspektywy – po pierwsze, bardziej zagregowaną, w której symulujemy wpływ zmian kluczowych stóp procentowych na sytuację finansową banków centralnych oraz implikacje tych zmian dla transferów do budżetu państwowego; Po drugie, bardziej rozproszona perspektywa, w której wyróżniamy trzy grupy konsekwencji sytuacji: 1) monetarne, 2) fiskalne oraz 3) związane z niezależnością banku centralnego i potencjalnie innymi wymiarami polityki gospodarczej.
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