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Jan Stráský
None
Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database
We introduce a new comprehensive announcement-level database tracking the extraordinary fiscal, monetary, prudential, and other policies that countries adopted in response to Covid-19. The database provides detailed information, including sizes where available, for 28 granular policies adopted by 74 countries during 2020. About 5,500 policy measures were announced during this period. Importantly, the database is organized and presented in a format easy for researchers to use in empirical analyses. Announcements were highly correlated across the broad fiscal, monetary, and prudential categories and at more granular levels. Advanced economies (AEs) introduced larger fiscal measures than emerging and developing economies (EMDEs) and relied primarily on large unconventional monetary policies. Bank capital requirements were relaxed widely in both AEs and EMs, while relaxation of provisioning requirements was more common among EMs. Supervisory expectations and reporting requirements were widely relaxed.
What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19
This paper analyzes the impact of fiscal, monetary, and prudential policies during the COVID-19 pandemic on bank lending across a broad sample of countries. We combine a comprehensive announcementlevel dataset of policy actions with bank and firm-level information to analyze the effectiveness of different types of policies. We document that different types of policies were introduced together and hence accounting for policy combinations, or packages, is crucial. Lending grew faster at banks in countries that announced packages combining fiscal, monetary, and prudential measures relative to those that relied on some, but not all, policy dimensions. Within packages including all three types of policy measures, banks in countries with more and larger measures saw faster loan growth. The impact was larger among more constrained banks with low equity levels. Large packages combining fiscal, monetary and prudential policies also increased liquidity for bank dependent firms, but did not disproportionately benefit unviable firms.
NATO Enlargement and Central Europe
Dotyczy m. in. Polski.
Central and South-Eastern Europe 2003
An in-depth survey of the region presenting the latest economic and political developments. It includes expert comment on issues of regional importance, up-to-date statistics, a directory of institutes and companies and political profiles.
The Czech Republic
Czechoslovakia has captured the nation's imagination throughout the twentieth century. The Allied betrayal of the country to Nazi Germany in 1938 was to demonstrate the appalling consequences of naive appeasement of aggression. The wholesale reform of Soviet communism in the Prague Spring of 1968 won western support, and sympathy when it was crushed by Warsaw Pact tanks. The fierce communist regime thereafter was brought down almost magically in 1989. Czechoslovakia added to the international political vocabulary the term, 'Velvet Revolution', and the velvet metaphor has characterised much of the country's path-breaking postcommunist transformation and its peaceful break-up in 1993. In separate chapters on history, politics, economics, foreign relations and the new Czech identity, this book not only applauds the successes of the Czech Republic since 1993, but also uncovers the frayed edges of the velvet nation.
Money in the Middle East and North Africa
Monetary policy in the Middle East and North African (MENA) countries remains an understudied area; this book fills an important gap by examining monetary policy frameworks and monetary policy strategies in the region. Building on the editors’ earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, which focused on central bank independence issues and on exchange rate regimes, this book emphasises monetary policy strategies. Part I contains an overview of the financial markets and institutions which condition the choice of monetary policy strategy in the countries of the region, followed by single-country studies on aspects of the monetary policy frameworks o...
Chile
Chile’s strong fiscal framework has served the country well. The fiscal rule has helped insulate the budgets from volatility in resource prices and economic activity. The sovereign wealth fund (SWF)—the Economic and Social Stabilization Fund (ESSF) and the Pension Reserve Fund (PRF)—was established to encourage savings over time and has provided buffers for stabilizing the economy. During the pandemic, Chile has appropriately used the ESSF to provide swift and impactful support to protect people. Recent efforts to upgrade the fiscal framework— adopt a medium-term fiscal path, formalize a prudent debt ceiling, and introduce an escape clause—can further safeguard fiscal sustainability.
