scholarly journals The Macroeconomic Policy Challenges of Balance Sheet Recession: Lessons from Japan for the European Crisis

2013 ◽  
Author(s):  
Gunther Schnabl
Keyword(s):  
Balance Sheet ◽  
Macroeconomic Policy ◽  
European Crisis

scholarly journals The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis

2013 ◽  
Vol 103 (3) ◽  
pp. 135-140 ◽  
Author(s):  
Ricardo Reis
Keyword(s):  
Simple Model ◽  
Central Bank ◽  
Federal Reserve ◽  
Multiple Equilibria ◽  
Balance Sheet ◽  
Resource Constraint ◽  
Sovereign Default ◽  
Present Value ◽  
European Crisis

A central bank's resource constraint bounds the dividends it can distribute by the present value of seignorage, which is a modest share of GDP. This is in spite of the mystique behind a central bank's balance sheet. Moreover, the statutes of the Federal Reserve or the ECB make it difficult for it to redistribute resources across regions. In a simple model of sovereign default, where multiple equilibria arise if debt repudiation lowers fiscal surpluses, the central bank may help to select one equilibrium. The central bank's main lever over fundamentals is to raise inflation, but otherwise the balance sheet gives it little leeway.

scholarly journals Az Európai Központi Bank szerepének átalakulása az európai válságkezelés során = The Changing Role of the European Central Bank during the European Crisis in 2008

2021 ◽  
Vol 16 (1) ◽  
pp. 69-86
Author(s):  
Marcell Zoltán Végh ◽  
Anita Pelle
Keyword(s):  
Central Bank ◽  
Interest Rates ◽  
European Central Bank ◽  
Balance Sheet ◽  
Banking Union ◽  
New Era ◽  
European Central ◽  
European Crisis ◽  
Changing Role

Az elhúzódó európai válság során az Európai Központi Bank (EKB) szerepe is átalakult. Egyrészt válság idején, inflációs nyomás helyett deflációs veszéllyel szembesülve, a stabilitás biztosítása mást implikál, mint szokványos időkben. Másrészt tartósan nulla százalék körüli kamat mellett az eszköztárnak kevésbé bevált további elemeit kell bevetni. Az EKB esetében 2010. májusban indult új korszak az első eszközvásárlási programmal, amelyet több hasonló követett. A jegybank mérlege néhány év alatt több mint kétszeresére duzzadt, a legdinamikusabban bővülő tétel eszközoldalon az euróövezetbeli értékpapírok kategóriája lett. Mindeközben az EKB-nak a kiépülő bankunióban is központi szerep jutott. A bankfelügyelet élesítésére 2017 nyarán került sor, az eszközvásárlási programot pedig 2018 végéig vezették ki. Az EKB tehát új és jelentős feladatokat vállalt az európai válságkezelésben, alapvetően sikerrel. In the course of the prolonged European crisis, the role of the European Central Bank (ECB) has also changed. Firstly, in times of crisis, facing risks of deflation instead of inflationary pressure, ensuring stability implies other methods than in usual times. Secondly, with long-lastingly around-zero per cent interest rates, further, less used monetary policy tools are needed. In case of the ECB a new era started in May 2010, with the first asset purchase programme, which was then followed by several similar ones. The central bank’s balance sheet more than doubled in a few years’ time; the most dynamically growing item on the asset side was the category of Eurozone securities. In the meanwhile the ECB was assigned a central role in the newly developed banking union as well. Supervision was put in place in summer 2017 and the asset purchase programme was phased out by the end of 2018. Overall, the ECB undertook new and significant roles in European crisis management – fundamentally with success.

scholarly journals Potential Hidden Losses for Slovakia as a Member of the European Monetary Union

2013 ◽  
Vol 13 (1) ◽  
pp. 24-51
Author(s):  
Jozef Stískala
Keyword(s):  
Financial Markets ◽  
Monetary Union ◽  
European Monetary Union ◽  
Slovak Republic ◽  
Balance Sheet ◽  
European Monetary ◽  
European Crisis ◽  
European System ◽  
The Common ◽  
European Stability Mechanism

Abstract Aim of this paper is to evaluate solutions for European crisis in context of Slovak participation in rescue mechanisms. The most evident element is the European stability mechanism. There is no problem with estimation of the potential losses caused by the eurozone break-up for the Slovak Republic regarding ESM. But there are other mechanisms used mainly by the ECB as monetary instruments for stabilization of the financial markets. ECB via these instruments bears potential risk of losses regarding default of the member state(s) that could damage its balance sheet. The Protocol on the statute of the European system of central banks and ECB says that losses from the common mechanisms should be borne by eurozone member states according to their share in the ECB´s capital. It is inevitable for the Slovak Republic to realize the size of its exposure via European programmes on the peripheral economies to maintain appropriate attitude as far as the eurozone issues are concerned. The author therefore tries to reveal potential hidden losses for Slovakia as a member of the European monetary union that are not explicitly seen.

ANALISIS LAPORAN KEUANGAN UNTUK MENILAI KINERJA KEUANGAN PT. ASTRA AGRO LESTARI Tbk

2019 ◽  
Vol 5 (2) ◽  
pp. 75-88
Author(s):  
M. Shobihin ◽  
Sayekti Suindyah Dwiningwarni ◽  
Supriadi Supriadi
Keyword(s):  
Financial Performance ◽  
Good Condition ◽  
Balance Sheet ◽  
Financial Statements ◽  
Ratio Analysis ◽  
Business Decisions ◽  
Financial Ratio ◽  
Financial Ratio Analysis ◽  
Income Statement ◽  
Quantitative Descriptive

The financial statements serve as a benchmark in assessing the financial performance of the company as the basis for making business decisions. The motivation in conducting this research is to support previous research to see the development condition of one of the oil palm plantation companies. The purpose of this study is to assess the financial performance by using financial ratio analysis and horizontal analysis. The method used in this research is Quantitative Descriptive with analysis design using Term series Analysis. The result of the research based on financial ratio analysis shows the liquidity ratio and solvency ratio in good condition, while the activity ratio and profitability ratio are not good because it is below the industry average of similar companies. Based on horizontal analysis, financial performance fluctuated and influenced internal and external factors such as operational performance and the average price of world palm oil. The limitations of this study are using only two analytical tools and financial statements analyzed only the balance sheet and income statement.

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