Polish EU accession in comparative perspective:macroeconomics, finance and the government

This book is a collection of papers that focusses on the macroeconomic and financial aspects of EU accession of its largest new member, Poland, seen in comparative perspective. Two main themes are covered. One relates to empirical estimations, evaluating the effects of integration on fiscal balance, prices, seigniorage wealth and FDI flows. The second theme relates to institutional reform and policy recommendations. Discussion focuses on how transparency and fiscal rules, including those implied by EU accession, may help to reduce the deficit bias in fiscal policy; what is the institutional framework for low inflation and how to make the insurance sector regulation more efficient, including its implications for insurance offer for small and medium-size enterprises. Last but not least, the Irish model of development and the role of the foreign direct investment in it is discussed, including the applicability of the Irish policy in Poland and other new EU member states.

Implications of bank ownership for the credit channel of monetary policy transmission:evidence from India

Using bank-level data from India, we examine the impact of ownership on the reaction of banks to monetary policy, and also test whether the reaction of different types of banks to monetary policy changes is different in easy and tight policy regimes. Our results suggest that there are considerable differences in the reactions of different types of banks to monetary policy initiatives of the central bank, and that the bank lending channel of monetary policy is likely to be much more effective in a tight money period than in an easy money period. We also find differences in impact of monetary policy changes on less risky short-term and more risky medium-term lending. We discuss the policy implications of the findings.

UK industrial firms' dept decision under monetary policy transmission

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Monetary policy preferences of the EMU and the UK

We estimate the central bank policy preferences for the European Monetary Union and for the UK. In doing so, we extend the theoretical framework suggested by Cecchetti etal. (TheManchesterSchool, Vol. 70 (2002), pp. 596-618), by assuming that policy preferences change across different regimes. Our empirical results suggest that the weight that policy makers put on inflation is typically profound. Furthermore, it appears that volatility shifts of the economic disturbances are the main factor, which generates variation in policy preferences.