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| Description
| - The paper deals with the relationship between monetary policy and asset prices. Besides surveying the general discussion, it attempts to extend it to recent developments in the new Member States of the EU (NMS), namely the Czech Republic, Hungary, Poland and Slovakia (the EU4). After a brief description of the current macroeconomic situation in the NMS, the appropriate reaction of monetary policy to asset price bubbles is dealt with and the main pros and cons associated with this reaction are summarized. Afterwards, the risks of asset market bubbles in the EU4 countries are evaluated. Since the capital markets are still underdeveloped and the real estate price boom seems to be a natural reaction to the initial undervaluation, the risks are viewed as rather small. The conclusion is thus that it is crucial for central banks in mature economies as well as in the NMS to conduct their monetary policies as well as their supervisory and regulatory roles in a way that does not promote the build-up of asset ma
- The paper deals with the relationship between monetary policy and asset prices. Besides surveying the general discussion, it attempts to extend it to recent developments in the new Member States of the EU (NMS), namely the Czech Republic, Hungary, Poland and Slovakia (the EU4). After a brief description of the current macroeconomic situation in the NMS, the appropriate reaction of monetary policy to asset price bubbles is dealt with and the main pros and cons associated with this reaction are summarized. Afterwards, the risks of asset market bubbles in the EU4 countries are evaluated. Since the capital markets are still underdeveloped and the real estate price boom seems to be a natural reaction to the initial undervaluation, the risks are viewed as rather small. The conclusion is thus that it is crucial for central banks in mature economies as well as in the NMS to conduct their monetary policies as well as their supervisory and regulatory roles in a way that does not promote the build-up of asset ma (en)
- Článek se zabývá vztahem měnové politiky a ceny aktiv. Kromě sumarizace obecné diskuze se pokouší o rozšíření této diskuse na vývoj v nových členských zemích EU (NMS), a to na Českou republiku, Maďarsko, Polsko a Slovensko (EU4). Po stručném popisu současné makroekonomické situace v NMS je představena vhodná reakce měnové politiky na bubliny na trzích aktiv spolu s představením hlavních výhod a nevýhod spojených s jejím uskutečněním. Poté je vyhodnoceno riziko vzniku bublin na trzích aktiv v zemích EU4. Protože jsou kapitálové trhy sledovaných zemí stále podhodnoceny a reálný vzestup cen nemovitostí se zdá být přirozenou reakcí na počáteční podhodnocení těchto cen, riziko je shledáno jako relativně malé. Závěrem argumentujeme, že je důležité jak pro centrální banky rozvinutých ekonomik, tak i NMS provádět měnovou politiku spolu s jejich dohledovou a regulatorní rolí, která nebude napomáhat vzniku bublin cen aktiv. Ve výjimečných časech centrální bank malých otevřených ekonomik musí být připraveny použ (cs)
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| Title
| - Monetary Policy and Asset Prices: What Role for Central Banks in New EU Member States?
- Monetary Policy and Asset Prices: What Role for Central Banks in New EU Member States? (en)
- Měnová politika a ceny aktiv: Jaká je role centrálních bank v nových členských zemích? (cs)
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| skos:prefLabel
| - Monetary Policy and Asset Prices: What Role for Central Banks in New EU Member States?
- Monetary Policy and Asset Prices: What Role for Central Banks in New EU Member States? (en)
- Měnová politika a ceny aktiv: Jaká je role centrálních bank v nových členských zemích? (cs)
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| skos:notation
| - RIV/61989100:27510/07:00014874!RIV08-GA0-27510___
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| http://linked.open.../vavai/riv/strany
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| http://linked.open...avai/riv/aktivita
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| http://linked.open...avai/riv/aktivity
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| http://linked.open...iv/cisloPeriodika
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| http://linked.open...vai/riv/dodaniDat
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| http://linked.open...aciTvurceVysledku
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| http://linked.open.../riv/druhVysledku
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| http://linked.open...iv/duvernostUdaju
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| http://linked.open...titaPredkladatele
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| http://linked.open...dnocenehoVysledku
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| http://linked.open...ai/riv/idVysledku
| - RIV/61989100:27510/07:00014874
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| http://linked.open...riv/jazykVysledku
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| http://linked.open.../riv/klicovaSlova
| - Monetary Policy; Asset Markets; Central Banking; New EU Member States (en)
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| http://linked.open.../riv/klicoveSlovo
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| http://linked.open...odStatuVydavatele
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| http://linked.open...ontrolniKodProRIV
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| http://linked.open...i/riv/nazevZdroje
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| http://linked.open...in/vavai/riv/obor
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| http://linked.open...ichTvurcuVysledku
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| http://linked.open...cetTvurcuVysledku
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| http://linked.open...vavai/riv/projekt
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| http://linked.open...UplatneniVysledku
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| http://linked.open...v/svazekPeriodika
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| http://linked.open...iv/tvurceVysledku
| - Frait, Jan
- Komárek, Luboš
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| http://localhost/t...ganizacniJednotka
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| is http://linked.open...avai/riv/vysledek
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