This paper examines the impact of monetary conditions on the risk-taking behaviour of banks in the Czech Republic by analysing the comprehensive credit register of the Czech National Bank. The duration analysis indicates that expansionary monetary conditions promote risk-taking among banks. At the same time, a lower interest rate during the life of [...]
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Posted on February 16th, 2012
Posted on December 18th, 2011
Excessive credit growth is often considered to be an indicator of future problems in the financial sector. This paper examines the issue of how to determine whether the observed level of private sector credit is excessive in the context of the “countercyclical capital buffer”, a macroprudential tool proposed in the new regulatory framework [...] Posted on November 16th, 2011
The new macroeconomic forecast expects headline inflation to rise temporarily to just below 3% in 2012 owing to a VAT increase and fall back below the 2% target at the start of 2013. Monetary-policy relevant inflation will be slightly below the target over the entire forecast horizon. Economic growth will slow further in [...] Posted on November 10th, 2011
The recent financial crisis has challenged the prevailing modelling approaches and empirical frameworks, stressing the importance of closer examination of the interconnections between macroeconomic and financial conditions. This edition of the Research Bulletin presents the results of five selected papers which address various theoretical and empirical aspects of macro-financial linkages. Contents: Financial Frictions [...] Posted on September 27th, 2011
This paper explores the ability of a macroprudential policy instrument to dampen the consequences of equity mispricing (a bubble) and the correction thereof (the bubble bursting), as well as the consequences for real activity in a production economy. In this model, producers are financed by both bank debt and equity, and face a [...] 6 pages
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