During the late 1980s and early 1990s there was an interest in the academics literature in the role of transparency in monetary policy-making, which partly reflects the increased attention central banks devoted to communication issues in monetary policy practice. Most commonly, transparency...

The German hyperinflation in 1923 was caused by monetary financing of the highly deficient German state budget by a de-pendent central bank. The social and economic consequences of the hyperinflation were disastrous. Combined with an instable politi-cal atmosphere, paving the way for the rise of...

Die Rettungsaktionen der EZB stehen in der Kritik: Es wird befürchtet, dass sie zu steigenden Inflationsraten führen könnten. Die Autoren des Zeitgesprächs sehen diese Gefahr nicht. Vielmehr könne ein gemäßigter Anstieg der Inflation sogar dazu beitragen, die Staatsschulden schneller...

Moderne Kommunikationsmittel haben Arbeitsprozesse tiefgreifend verändert, Qualifikationsanforderungen nachhaltig verschoben und neue Beschäftigungsformen gefördert. Die Funktionsmechanismen des Arbeitsmarktes, aber auch die Jobsuche, wurden durch sie transparenter und effizienter. Die...

Historisch niedrige Inflationsraten und Warnungen vor Deflation in den Industrieländern gehen mit Exzessen auf den internationalen Finanzmärkten einher. Um Wachstum und Inflation wiederzubeleben, werden die Zentralbankbilanzen drastisch ausgeweitet, ohne dass die Inflationsraten deutlich...

Serbia introduced inflation targeting regime in August 2006. After nine years of its application, conclusions may be drawn on the (un)successfulness of the regime. Inflation targets have not been achieved during seven of nine observed years. Key difficulties in the application of the regime...

The theory of international economy does not provide an unambiguous answer to the question which exchange rate regime is optimal for a certain country. Faced with macroeconomic instability, high inflation expectations and poor growth, a number of European transition economies have opted for the...

Currency substitution/dollarization is a serious limiting factor for effective monetary policy, especially in transition economies. In addition, there is a negative impact of currency substitution on the banking industry, which is visible in the eroding quality of its lending due to indexation...

Since independence, the Melanesian central banks of the Reserve Bank of Fiji, Bank of Papua New Guinea, Central Bank of Solomon Islands and Reserve Bank of Vanuatu have operated autonomously in their respective domestic economies through troublesome times. In one form or another, they have had...

Against the backdrop of the financial crisis, operations of central banks and their balance sheets are in particular focus. Thus, the effective communication on the results of the central banks’ actions is of particular importance. This is due to at least two reasons. First, central banks are...