Open Access

CEE EU Central Banks’ Policy during the First Wave of COVID-19


Cite

1. Ampudia, M., Beck, T., Beyer, A., Colliard, J.-E., Leonello, A., Maddaloni, A., & Marques-Ibanez, D. (2019). The Architecture of Supervision. ECB Working Paper, 2287. Search in Google Scholar

2. Bank Deposit Guarantee Fund. (2021). About FGDB. http://www.fgdb.ro/en/pages/despre-fgdb Search in Google Scholar

3. Bankowy Fundusz Gwarancyjny. (2021). About us. https://www.bfg.pl/en/about-us/ Search in Google Scholar

4. Bordo, M. D. (2021). Monetary Policy Cooperation/Coordination and Global Financial Crises in Historical Perspective. Open Economies Review. https://doi.org/10.1007/s11079-020-09611-5 Search in Google Scholar

5. Bulgarian Deposit Insurance Fund. (2020). General Information. https://www.dif.bg/en/about-bdif/about-us Search in Google Scholar

6. Bulgarian National Bank. (2009). About BNB. https://www.bnb.bg/AboutUs/AUMission/index.htm Search in Google Scholar

7. Cassola, N., Kok, C., & Mongelli, F. P. (2019). The ECB After the Crisis: Existing Synergies Among Monetary Policy, Macroprudential Policies and Banking Supervision. ECB Occasional Paper Series, 237. https://doi.org/10.2139/ssrn.3502715 Search in Google Scholar

8. Colliard, J. E. (2020). Optimal supervisory architecture and financial integration in a banking union. Review of Finance, 24(1), 129–161. https://doi.org/10.1093/rof/rfz004 Search in Google Scholar

9. Congdon, T. (2021). Can central banks run out of ammunition? The role of the money-equities-interaction channel in monetary policy. Economic Affairs, 41(1), 21–37. https://doi.org/10.1111/ecaf.12444 Search in Google Scholar

10. Coric, T. (2015). Terms and conditions for the implementation of inflation targeting in Croatia. Faculty of Economics and Business Zagreb-Croatia Working Paper Series, 07–10, 1–10. Search in Google Scholar

11. Croatian Financial Services Supervisory Agency. (2018). About us. https://www.hanfa.hr/about-us/ Search in Google Scholar

12. Croitoru, O., Dobler, M., & Molin, J. (2018). Resolution Funding : Who Pays When Financial Institutions Fail? IMF Technical Notes and Manuals, 18/01. http://www.imf.org/en/Publications/TNM/Issues/2018/08/16/Resolution-Funding-Who-Pays-When-Financial-Institutions-Fail-46124 Search in Google Scholar

13. Czech National Bank. (2021a). About CNB. https://www.cnb.cz/en/about_cnb/ Search in Google Scholar

14. Czech National Bank. (2021b). Monetary Policy. https://www.cnb.cz/en/monetary-policy/ Search in Google Scholar

15. De Grauwe, P. (2020). The Need for Monetary Financing of Corona Budget Deficits. Intereconomics, 55(3), 133–134. https://doi.org/10.1007/s10272-020-0885-1 Search in Google Scholar

16. Dobrzańska, A. (2018). Kolegialne organy makroostrożnościowe w UE -analiza rozwiązań instytucjonalnych. Safe Bank, 1, 52–68. Search in Google Scholar

17. Dziennik Urzędowy Unii Europejskiej. (2009). Traktat o funkcjonowaniu Unii Europejskiej. 47–200. Search in Google Scholar

18. European Commission. (2020). Commission welcomes Bulgaria and Croatia’s entry into the Exchange Rate Mechanism II. https://ec.europa.eu/commission/presscorner/detail/en/IP_20_1321 Search in Google Scholar

19. European Systemic Risk Board. (2021). Countercyclical capital buffer. https://www.esrb.europa.eu/national_policy/ccb/html/index.en.html Search in Google Scholar

20. Fabris, N., & Lazić, M. (2022). Evaluating the Role of the Exchange Rate in Monetary Policy Reaction Function of Advanced and Emerging Market Economies. Journal of Central Banking Theory and Practice, Volume 11, Issue 2, 77–96.10.2478/jcbtp-2022-0014 Search in Google Scholar

21. Fahr, S., & Fell, J. (2017). Macroprudential policy - closing the financial stability gap. Journal of Financial Regulation and Compliance, 25(4), 337.10.1108/JFRC-03-2017-0037 Search in Google Scholar

22. Falagiarda, M., Köhler-Ulbrich, P., & Maqui, E. (2020). Drivers of firms’ loan demand in the euro area – what has changed during the COVID-19 pandemic? ECB Economic Bulletin, 5. https://www.ecb.europa.eu/pub/economic-bulletin/focus/2020/html/ecb.ebbox202005_08~ce5f790f76.en.html Search in Google Scholar

23. Filardo, A., Hubert, P., & Rungcharoenkitkul, P. (2019). The reaction function channel of monetary policy and the financial cycle. BIS Working Papers, 4(4), 1–42. http://www.tandfonline.com/doi/abs/10.1080/00405846509541970 Search in Google Scholar

24. Financial Market Guarantee System. (2021). About the Guarantee System. https://www.garancnisystem.cz/en/about-the-guarantee-system Search in Google Scholar

25. Financial Supervision Commission. (2021). FSC Board. https://www.fsc.bg/en/fsc-board/ Search in Google Scholar

26. Financial Supervisory Authority. (2021). About Financial Supervisory Authority. https://asfromania.ro/en/about-asf/about-us Search in Google Scholar

27. Foglia, M., & Angelini, E. (2019). The Time-Spatial Dimension of Eurozone Banking Systemic Risk. Risks, 7(3), 75.10.3390/risks7030075 Search in Google Scholar

28. Garg, B., & Prabheesh, K. P. (2021). The nexus between the exchange rates and interest rates: evidence from BRIICS economies during the COVID-19 pandemic. Studies in Economics and Finance. https://doi.org/10.1108/SEF-09-2020-0387 Search in Google Scholar

29. Giese, J., & Haldane, A. (2020). COVID-19 and the financial system: a tale of two crises. Oxford Review of Economic Policy, 36(Supplement 1), S200–S214. https://doi.org/10.1093/oxrep/graa035 Search in Google Scholar

30. Goodhart, C. (2013). The changing role of central banks. 1–272. https://doi.org/10.1057/9781137332288 Search in Google Scholar

31. Grostal, W., Ciżkowicz-Pękała, M., Niedźwiedzińska, J., Skrzeszewska-Paczek, E., Stawasz, E., Wesołowski, G., & Żuk, P. (2015). Ewolucja strategii celu inflacyjnego w wybranych krajach Ewolucja strategii celu inflacyjnego w wybranych krajach. Narodowy Bank Polski. Search in Google Scholar

32. Hallenberg, M., & Lastra, R. M. (2017). The Single Monetary Policy and Decentralisation: An Assessment. https://www.europarl.europa.eu/cmsdata/126961/MDDIW_BERLINfinal.pdf Search in Google Scholar

33. Hoffmann, C. H. (2020). Unpacking the black box of systemic risks in banking. Kybernetes, 49(6), 1677–1678.10.1108/K-05-2019-0314 Search in Google Scholar

34. Hrvatska Narodna Banka. (2015a). Core functions. https://www.hnb.hr/en/core-functions Search in Google Scholar

35. Hrvatska Narodna Banka. (2015b). Monetary policy framework. https://www.hnb.hr/en/core-functions/monetary-policy/monetary-policy-framework Search in Google Scholar

36. Hrvatska Narodna Banka. (2015c). Monetary policy implementation. https://www.hnb.hr/en/core-functions/monetary-policy/monetary-policy-implementation Search in Google Scholar

37. IMF. (2020). The Great Lockdown: Worst Economic Downturn Since the Great Depression. https://www.imf.org/en/News/Articles/2020/03/23/pr2098-imf-managing-director-statement-following-a-g20-ministerial-call-on-the-coronavirus-emergency Search in Google Scholar

38. International Monetary Fund. (2004). Republic of Croatia : Report on Observance of Standards and Codes-Fiscal Transparency Module. https://doi.org/http://dx.doi.org/10.5089/9781451817409.00210.5089/9781451817409.002 Search in Google Scholar

39. Jose, J., Mishra, P., & Pathak, R. (2020). Fiscal and monetary response to the COVID-19 pandemic in India. Journal of Public Budgeting, Accounting & Financial Management, 33(1), 56–68.10.1108/JPBAFM-07-2020-0119 Search in Google Scholar

40. Kaufman, G. (1995). Comment on systemic risk. W Research in Financial Services: Banking, Financial Markets, and Systemic Risk (ss. 47–52). JAI Press. Search in Google Scholar

41. Komisja Nadzoru Finansowego. (2017). The Polish Financial Supervision Authority. https://www.knf.gov.pl/en/ABOUT_US/The_Polish_Financial_Supervision_Authority_UKNF Search in Google Scholar

42. Koleśnik, J. (2021). The Contagion Effect and its Mitigation in the Modern Banking System. European Research Studies Journal, XXIV(1), 1009–102410.35808/ersj/2008 Search in Google Scholar

43. Korencsi, A., Lakatos, M., & Pulai, G. (2013). Regulation on the prohibition on monetary financing − obligations and opportunities *. MNB Bulletin. Special Issue, October, 91–97. https://www.mnb.hu/letoltes/korencsilakatos-pulai.pdf Search in Google Scholar

44. Korzeb, Z., & Niedziółka, P. (2020). Resistance of commercial banks to the crisis caused by the COVID-19 pandemic: the case of Poland. Equilibrium. Quarterly Journal of Economics and Economic Policy, 15(2), 205–234. https://doi.org/10.24136/eq.2020.010 Search in Google Scholar

45. Kozińska, M. (2020). The non-payout functions of deposit insurance schemes. International Journal of Finance and Economics. https://doi.org/10.1002/ijfe.2240 Search in Google Scholar

46. Magyar Nemzeti Bank. (2021a). Monetary Policy. https://www.mnb.hu/en/monetary-policy Search in Google Scholar

47. Magyar Nemzeti Bank. (2021b). The Central Bank. https://www.mnb.hu/en/the-central-bank Search in Google Scholar

48. McPhilemy, S. (2016). Integrating macro-prudential policy: central banks as the ‘third force’ in EU financial reform. West European Politics, 39(3), 526–544. https://doi.org/10.1080/01402382.2016.1143243 Search in Google Scholar

49. Michael, B., & Osualenko, A. (2021). Toward a new comparative public law of central bank legislation: Designing Legislative Mandates for Central Bank Private Securities Asset Purchases and Nominal GDP Targeting. Journal of Central Banking Theory and Practice, Volume 10, Issue 1, 5–38.10.2478/jcbtp-2021-0001 Search in Google Scholar

50. Moenjak, T. (2014). A Brief Review of Modern Central Banking Mandates. W T Moenjak (Red.), Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability (ss. 59–74). John Wiley & Sons, Inc. Singapore. Search in Google Scholar

51. Mosser, P. C. (2020). Central bank responses to COVID-19. Business Economics, 55, 191–201. https://doi.org/10.1057/s11369-020-00189-x Search in Google Scholar

52. National Bank of Poland. (2020a). Activities of Narodowy Bank Polski. https://www.nbp.pl/homen.aspx?f=/en/onbp/informacje/dzialalnosc_nbp.html Search in Google Scholar

53. National Bank of Poland. (2020b). Monetary Policy. https://www.nbp.pl/homen.aspx?f=/en/onbp/polityka_pieniezna.html Search in Google Scholar

54. National Bank of Romania. (2021a). Monetary Policy. https://www.bnr.ro/Monetary-Policy-1864.aspx Search in Google Scholar

55. National Bank of Romania. (2021b). Monetary Policy Instruments. https://www.bnr.ro/Monetary-Policy-Instruments-3647.aspx Search in Google Scholar

56. National Bank of Romania. (2021c). National Bank of Romania. Objective and role. https://www.bnr.ro/National-Bank-of-Romania-1144.aspx Search in Google Scholar

57. National Deposit Insurance Fund. (2013). NDIF. https://www.oba.hu/en/ndif Search in Google Scholar

58. Ozili, P. K. (2020). COVID-19 pandemic and economic crisis: the Nigerian experience and structural causes. Journal of Economic and Administrative Sciences. https://www.emerald.com/insight/content/doi/10.1108/JEAS-05-2020-0074/full/html10.2139/ssrn.3567419 Search in Google Scholar

59. Pazardjiev, M., & Vasilev, A. (2021). Specificities on the Monetary Transmission Mechanism within the Bulgarian Currency Board Framework: The First five years. Journal of Central Banking Theory and Practice, Volume 10, Issue 2, 57–86.10.2478/jcbtp-2021-0014 Search in Google Scholar

60. Pessoa, M., & Williams, M. (2013). Government Cash Management: Relationship between the Treasury and the Central Bank. Technical Notes and Manuals, 12(02), 1. https://doi.org/10.5089/9781616355487.005 Search in Google Scholar

61. Restoy, F. (2020). Central banks and financial stability: A reflection after the Covid-19 outbreak. FSI Occasional Paper, 16. https://www.bis.org/fsi/fsipapers16.pdf Search in Google Scholar

62. Reuters. (2020a). Bulgaria confirms first four cases of coronavirus: health officials. https://www.reuters.com/article/us-health-coronavirus-bulgaria-idUKKBN20V09S Search in Google Scholar

63. Reuters. (2020b). Croatia confirms its first case of coronavirus infection. https://www.reuters.com/article/us-croatia-coronavirus/croatia-confirms-its-first-case-of-coronavirus-infection-idUSKBN20J1OB Search in Google Scholar

64. Reuters. (2020c). Czech Republic reports first cases of coronavirus. https://www.reuters.com/article/us-china-health-czech-idUSKBN20O1XK Search in Google Scholar

65. Reuters. (2020d). Hungary confirms first two coronavirus cases. https://www.reuters.com/article/us-health-coronavirus-hungary-idUSKBN20R2RA Search in Google Scholar

66. Reuters. (2020e). Poland reports first coronavirus case - health minister. https://www.reuters.com/article/us-health-coronavirus-poland/poland-reports-first-coronavirus-case-health-minister-idUSKBN20R0U7 Search in Google Scholar

67. Reuters. (2020f). Romania confirms first case of coronavirus: health minister. https://www.reuters.com/article/us-china-virus-romania/romania-confirms-first-case-of-coronavirus-health-minister-idUKKCN20K370 Search in Google Scholar

68. Rungcharoenkitkul, P., Borio, C., & Disyatat, P. (2020). Monetary Policy Hysteresis and the Financial Cycle. BIS Working Papers, 817. https://doi.org/10.1093/restud/rdaa019 Search in Google Scholar

69. Schoenmaker, D. (2014). Allocating macro-prudential powers. Search in Google Scholar

70. Siekmann, H. (2020). The Asset Purchase Programmes of the ESCB in the Courts. W F. Rövekamp, M. Bälz, & H. G. Hilpert (Red.), Monetary Policy Implementation in East Asia (ss. 87–142). Springer, Cham.10.1007/978-3-030-50298-0_7 Search in Google Scholar

71. State Agency for Deposit Insurance and Bank Resolution. (2021). About us. https://dab.hr/en/about-us Search in Google Scholar

72. Tober, S. (2015). Monetary Financing in the Euro Area: A Free Lunch? Intereconomics, 50(4), 214–220. https://doi.org/10.1007/s10272-015-0545-z Search in Google Scholar

73. Vernengo, M. (2016). Kicking Away the Ladder, Too: Inside Central Banks. Journal of Economic Issues, 50(2), 452–460. https://doi.org/10.1080/00213624.2016.1176509 Search in Google Scholar

74. Villar, A. (2017). Macroprudential frameworks: objectives, decisions and policy interactions. BIS Papers, 94, 7–24. https://www.bis.org/publ/bppdf/bispap94a_rh.pdf Search in Google Scholar

75. Vivas, V., & Villar, M. (2020). Strategic responses to the COVID-19 pandemic in Pacific Alliance countries. Management Research, 18(4), 345–356. https://doi.org/10.1108/MRJIAM-07-2020-1067 Search in Google Scholar

76. Zaleska, M., & Koleśnik, J. (2018). Central Bank. In World of banking (ss. 30–49). Difin Search in Google Scholar

77. Wu, Y. (2020). The causes and challenges of low interest rates: insights from basic principles and recent literature. China Finance Review International. https://doi.org/10.1108/CFRI-06-2020-0071 Search in Google Scholar

eISSN:
2336-9205
Language:
English
Publication timeframe:
3 times per year
Journal Subjects:
Business and Economics, Business Management, other