Czech National Bank (CNB)
Czech paper examines interbank risk premium
Research finds counterparty and liquidity risk are ‘potentially significant determinants’ in the departure of interbank rates from key policy rates in Czech Republic
Czech central bank opposed to joining banking union
Vice-governor says Czech National Bank will recommend staying out of SSM; ECB's Asmussen calls on non-eurozone countries to decide by July
Czech bulletin dissects monetary policy transmission
An economic research bulletin compiled by the Czech National Bank explores relationship between monetary policy and real economy in five articles
CNB board member issues warning on common bank resolution
Lubomir Lízal says common bank resolution most worrying element of European banking union; renminbi too politicised to use as reserve currency
Czech research examines macroprudential policy in small economies
Policy note stresses the importance of considering cyclical systemic risk when setting macro-prudential policy in a small EU economy
CNB paper formulates optimal policy for transition to euro
Working paper examines how Czech monetary policy should respond to uncertainty during the transition to the euro; finds exchange rate should be stabilised if transition is likely to be long
CNB research finds exchange rate moves dampen shocks
Working paper finds exchange rate shocks are only minor contributors to the variance of output and inflation; says koruna-euro exchange rate is a shock absorber for the economy
Czech National Bank enlists mobile app in fight against forgery
New mobile app to help Czechs check notes and coins for signs of forgery; counterfeit seizures continue downward trend
Small economies' central bankers must be ‘exceptionally smart to succeed', says CNB
Small economies are 'event-takers' says Czech executive director, often dependent on external conditions set by economic policies of advanced economies
Czech researchers examine factors behind monetary transmission lags
Working paper synthesises 67 quantitative studies of lags in monetary policy transmission, finding that financial development increases lags, but results may be biased by study design
Poland cuts rates again as CEE states fight stagflation
National Bank of Poland cut its benchmark interest rate by 25 basis points for the fourth successive meeting; most central banks hold in face of steady inflation
Czech paper evaluates monetary policy lags
Finds greater financial development is correlated with the slower transmission of monetary policy
Czech president re-appoints both CNB vice-governors
Mojmír Hampl and Vladimír Tomšík appointed for second and final six-year terms at the Czech National Bank
Bond market contagion permanently increased in Emu, says Czech paper
Czech National Bank research investigates increased contagion of sovereign bond markets in European Monetary Union; evaluates impact of rating agencies
Czech National Bank cuts rates to record low
Governing board votes to cut rates to historic low in face of persistent weakness in the economy; possibility of unconventional policy measures if low growth continues
CNB paper shows power of inflation targeting
Czech National Bank working paper shows inflation targeting can lead central banks to offset government spending shocks; can also have disciplinary effect on fiscal policy
Czech National Bank paper studies changing inflation dynamics
Working paper examines causes of changing inflation dynamics in central Europe; finds inflation expectations play a 'substantial role' in price stability
Czech National Bank reports resilient financial system
Financial Stability Report finds Czech financial sector well prepared for unfavourable external developments; says growth likely to stagnate in 2012
Czech National Bank shifts reserves away from euro
Annual report shows decision was taken to hold Australian dollars as part of foreign currency reserves; swapped part of euro holdings for the Australian currency
Czech central bank sheds 96 jobs despite need to meet wider remit
Czech National Bank reduces headcount to same level as 2006, despite taking on additional regulatory responsibilities
Diverging views on US debt stimulate debate at NALM 2012
A difference of views emerged about the relative risks of US sovereign debt compared with alternatives during a panel discussion at NALM 2012 symposium on risk approaches in a post-crisis world
Czech National Bank unveils stress-test results
Czech banking sector prepared to withstand “significantly adverse stress scenario", says central bank
Use of behavioural finance will not stop next crisis, says CNB adviser
The use of behavioural economics in management decisions and supervisory models would not prevent a future crisis, says Czech National Bank adviser, Michal Skořepa
Czech central bank concerned over Esma's power
National supervisors should be responsible for their domestic institutions, says Czech National Bank