Stabilność finansowa jako cel współczesnego banku centralnego

Hanna Żywiecka

Published : 2012-08-01

Vol. 48 No. 3 (2012)

Stabilność finansowa jako cel współczesnego banku centralnego

Hanna Żywiecka

Abstract

The financial stability, regarded as the ability of the financial system to enable the efficient allocation of savings, is a public issue of great significance, therefore the responsibility for its maintenance is divided among many institutions acting on the basis of financial safety. The necessity of public intervention is dependent on the financial system specificity and its vulnerability to systemic risk and market failures.
Central banks have the longest tradition of activity in the area of protecting the stability of the financial system. In modern market economy the prime goal of monetary policy conducted by central banks is to maintain the price stability in the long term. The involvement of monetary authority in the maintenance of the financial stability results from its responsibility for the accomplishment of the primary goal. There is no consensus among economists concerning the relations between the financial and monetary stability.

The interest of central banks in maintenance of the financial stability is also connected with their supervisory function over the safety and efficiency of the payment system.Central banks more and more frequently participate in the management of crisis situations, fulfilling their role as the lender of the last resort. In countries where the supervisory functions over the banking sector are entrusted to integrated financial supervision, central banks do not resign from the analysis of threats to the economy with a particular consideration of examining its resilience to potential shocks.

The review of the central banking regulation indicates that the financial crisis initiated in 2007 persuaded many countries to amend its law by expanding the central bank responsibility in the area of financial system safety.

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Żywiecka, H. (2012). Stabilność finansowa jako cel współczesnego banku centralnego. Safe Bank, 48(3), 51–73. Retrieved from https://ojs.bfg.pl/index.php/bb/article/view/433

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