This paper focuses on policy measures taken to curb the private sector credit growth in the period 2003-2008. Our analysis is based on an original survey performed on eleven central banks in Central and Eastern Europe (CEE). The findings reveal high intensity of policy intervention: altogether...

Given the prevailing global circumstances, characterized by tightening global financial conditions and substantial macro-financial vulnerabilities, the significance of monitoring financial conditions becomes even more pronounced and calls for heightened attention to the assessment and...

This paper examines the impact of monetary conditions on the risktaking behaviour of banks in the Czech Republic by analysing the comprehensive credit register of the Czech National Bank. Our duration analysis indicates that expansionary monetary conditions promote risk-taking among banks. At...

As the independence of national central banks in the European Union is one of the main institutional features of the EU’s monetary constitution, this paper considers whether central-bank monetary policy is conducted independently or if it is affected by political pressure. Specifically, the...

The strong appreciation of the Czech koruna over 2001?2002 and the foreign exchange interventions conducted by the Czech central bank under its inflation-targeting regime provide a good opportunity to consider the pros and cons of FX intervention, an often-controversial monetary-policy...

As the independence of national central banks in the European Union is one of the main institutional features of the monetary constitution of the EU, the paper tries to find out whether central banks are factually independent in their decisions about interest rates if they face political...

This paper analyzes political pressure on the National Bank of Slovakia, using the Havrilesky (1993) methodology based on media signalling. This methodology allows the pressure on the Central Bank of Slovakia to be compared with the pressure on the central banks to which the methodology was...

Given the prevailing global circumstances, characterized by tightening global financial conditions and substantial macro-financial vulnerabilities, the significance of monitoring financial conditions becomes even more pronounced and calls for heightened attention to the assessment and...