B_TFT Teorie finančních trhů a analýza jejich stability
(J. Frait & L. Komárek, VŠFS)
V tomto dokumentu naleznete seznam literatury vztahující se k jednotlivým tématickým
blokům (tedy ne striktně k jednotlivým přednáškám). Tento seznam bude průběžně
aktualizován.
I. Cíl finanční stability a makroobezřetnostní politika. .............................................................. 1
II. Procyklické chování finančního systému, finanční regulace a její procyklické efekty. ........ 2
III. Indikátory zranitelnosti finančního systému a zátěžové testování finančního sektoru. ....... 4
IV. Průřezová dimenze systémového rizika - propojení a vzájemné expozice mezi institucemi
a segmenty finančních trhů. ....................................................................................................... 4
V. Teorie finančních krizí, jejich předvídání a reakce hospodářské politiky. ............................ 5
VI. Integrace finanční trhů ......................................................................................................... 6
VII. Mezinárodní architektura regulace a dohledu a její reakce na finanční krizi. .................... 6
IX. Reakce měnové politiky na finanční krizi, agresivita centrálních bank, kvantitativní
uvolňování a jejich efekty na finanční trhy ................................................................................ 8
X. Svrchované riziko ................................................................................................................ 10
I. Cíl finanční stability a makroobezřetnostní politika.
BANK OF ENGLAND (2009): The Role of Macroprudential Policy. Discussion Paper, November
2009.
http://www.bankofengland.co.uk/publications/other/financialstability/roleofmacroprudentialpol
icy091121.pdf
BANK OF ENGLAND (2011): Instruments of Macroprudential Policy. Discussion Paper,
December.
BANK OF ENGLAND (2011): The Bank of England, Prudential Regulation Authority: Our
approach
to
banking
supervision.
http://www.bankofengland.co.uk/publications/other/financialstability/uk_reg_framework/pra_a
pproach.pdf
Berntsson, C. , Molin, J. (2012): A Swedish framework for macroprudential policy Riksbank
Economic Review, 2012:1
http://www.riksbank.se/Documents/Rapporter/POV/2012/rap_pov_artikel_3_120210_eng.pdf
BORIO, C. (2003): Towards a macroprudential framework for financial supervision and regulation?
BIS Working Paper, No. 128, February 2003. http://www.bis.org/publ/work128.pdf.
BORIO, C. (2009): Implementing the macro-prudential approach to financial regulation and
supervision, Banque de France Financial Stability Review, No. 13 — The Future of Financial
Regulation, September 2009.
BORIO, C. (2010): Implementing a macroprudential framework: Blending boldness and realism.
HKIMR-BIS conference - Financial Stability: Towards a Macroprudential Approach. July
2010.
BORIO, C.-Drehmann, M. (2009), Towards an operational framework for financial stability: fuzzy
measurement and its consequences. BIS Working Paper, No. 284, June 2009
BORIO, C. (2011): “Rediscovering the Macroeconomic Roots of Financial Stability Policy:
Journey, Challenges and a Way Forward.” BIS Working Paper No. 354.
CLARK, A. AND A. LARGE (2011): “Macroprudential Policy: Addressing the Things We Don’t
Know.” G30 Occasional Paper, September 2011.
1
CROWE, C., G. DELL’ARICCIA, D. IGAN, AND P. RABANAL (2011): “Policies for
Macrofinancial Stability: Options to Deal with Real Estate Booms.” IMF Staff Discussion Note
No. SDN/11/02.
CGFS (2010): Macroprudential instruments and frameworks: a stocktaking of issues and
experiences. Report published by the Committee on Global Financial Systems, BIS, May 2010.
Clark, Alastair, Andrew Large (2011): Macroprudential Policy: Addressing the Things We Don’t
Know. G30 Occasional Paper, September 2011
CLEMENT, P. (2010): The term “macroprudential”: origins and evolution. BIS Quarterly Review,
March 2010, pp. 59-67
FRAIT, J., KOMÁRKOVÁ, Z., (2011): Finanční stabilita, systémové riziko a makroobezřetnostní
politika. Zpráva o finanční stabilitě 2010/2011, ss. 96-110
FSB, IMF, BIS (2011): Progress Report to the Group of Twenty—Macroprudential Policy Tools
and Frameworks, October
GAUTHIER, C, LEHAR, A AND SOUISSI, M (2010), Macroprudential regulation and systemic
capital requirements, Bank of Canada Working Paper No. 2010–4.
GALATI, G. AND R. MOESSNER (2011): “Macroprudential Policy – A Literature Review.” BIS
Working Paper No. 337.
Hanson Samuel G., Anil K. Kashyap and Jeremy C. Stein (2011): A Macroprudential Approach to
Financial Regulation. Journal of Economic Perspectives Vol. 25, No. 1, Winter 2011
http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.25.1.3
Hahm, Joon-Ho, Frederic S. Mishkin, Hyun Song Shin, Kwanho Shin (2012):
Macroprudential Policies in Open Emerging Economies. NBER Working Paper No.
17780, January 2012
HANSON, S. G., A. KASHYAP, AND J. STEIN (2011): “A Macroprudential Approach to
Financial Regulation.” Journal of Economic Perspectives 25(1), pp. 3–28
HOUBEN, A., R. VAN DER MOLEN, AND P. WIERTS (2012): “Making
Macroprudential Policy Operational.” Banque Centrale du Luxembourg, Revue de
Stabilité Financière 2012.
IMF (2011): Chapter 3: Toward Operationalizing Macroprudential Policies: When to Act? IMF
Global Financial Stability Report, September 2011, chapter 3
MORENO, R. (2011): Policymaking from a "macroprudential" perspective in emerging
market economies. BIS Working Paper, No. 336, January 2011.
http://www.bis.org/publ/work336.htm
NICOLÒ DE, G., G. AVARA, AND L. RATNOVSKI (2012): “Externalities and
Macroprudential Policy.” IMF Staff Discussion Note No. SDN/12/05.
RIKSBANK (2012): “Creating a Swedish Toolkit for Macroprudential Policy.” Sveriges
Riksbank, Riksbank Studies.
Haldane, A. (Bank of England):
 Risk off http://www.bankofengland.co.uk/publications/speeches/2011/speech513.pdf;
 The short long http://www.bankofengland.co.uk/publications/speeches/2011/speech495.pdf
 Curbing
the
credit
cycle
http://www.bankofengland.co.uk/publications/speeches/2010/speech463.pdf
 Why
banks
failed
the
stress
test
http://www.bankofengland.co.uk/publications/speeches/2009/speech374.pdf
BIS Working Papers:
 Nov 2011 No 355 Anchoring countercyclical capital buffers: the role of credit aggregates
by
Mathias
Drehmann,
Claudio
Borio
and
Kostas
Tsatsaronis
http://www.bis.org/publ/work355.htm
 Sep 2011 No 354 Rediscovering the macroeconomic roots of financial stability policy:
journey,
challenges
and
a
way
forward
by
Claudio
Borio
http://www.bis.org/publ/work354.htm
2



Aug 2011 No 351 Weathering the financial crisis: good policy or good luck? by Stephen G
Cecchetti, Michael R King and James Yetman http://www.bis.org/publ/work351.htm
May 2011 No 346 Global imbalances and the financial crisis: Link or no link? by Claudio
Borio and Piti Disyatat http://www.bis.org/publ/work346.htm
Feb 2011 No 337 Macroprudential policy - a literature review by Gabriele Galati and
Richhild Moessner http://www.bis.org/publ/work337.htm
II. Procyklické chování finančního systému, finanční regulace a její
procyklické efekty.
BCBS (2010): Consultative Document: Countercyclical Capital Buffer Proposal. July 2010
BIKKER, J. A., METZEMAKERS, P. A. J. (2003): Bank Provisioning Behaviour and Procyclicality,
DNB Staff Reports No. 111, De Nederlandsche Bank
BORGY, V.-CLERC, L.-RENNE, J-.P. (2010): Asset-price boom-bust cycles and credit: what is the
scope of macro-prudential regulation? HKIMR-BIS conference - Financial Stability: Towards a
Macroprudential Approach, July 2010. http://www.bis.org/repofficepubl/hkimr201007.11.pdf
BORIO C., FURFINE C. AND LOWE, P. (2001): Procyclicality of the financial system and financial
stability: issues and policy options”, in “Marrying the macro- and microprudential dimensions of
financial stability”, BIS Papers, No. 1, March, pp. 1–57
BORIO, C. - P. LOWE, P. (2001): To provision or not to provision. BIS Quarterly Review, September
2001, pp. 36-48.
BORIO, C., Disyatat, P., Juselius, M. (2013): Rethinking potential output: Embedding information
about the financial cycle BIS Working Paper, No. 404, February 2013
DE LIS, F. S., PAGÉS, J. M., SAURINA, J. (2001): Credit Growth, Problem Loans and Credit Risk
Provisioning in Spain, BIS Papers No. 1, pp. 331–353
DREHMANN, M. et al. (2010): Countercyclical capital buffers: exploring options. BIS Working
Papers No 317, July 2010
DREHMANN, M., C. BORIO, AND K. TSATSARONIS (2012): “Characterising the Financial Cycle:
Don’t Lose Sight of the Medium Term!” BIS Working Paper No. 380.
FERNÁNDEZ de LIS, S., and A. GARCÍA-HERRERO. 2010. “Dynamic Provisioning: Some Lessons
from Existing Experiences.” Working Paper Series No. 218, Asian Development Bank Institute,
Tokyo.
http://baobab.uc3m.es/monet/monnet/IMG/pdf/dynamic-provisioningFdaLisGHerrero_09.pdf
FRAIT, J., KOMÁRKOVÁ, Z. (2009): Instruments for curbing fluctuations in lending over the
business cycle. Financial Stability Report 2008/2009, Czech National Bank, pp. 72-81.
GERŠL, A., JAKUBÍK, P. (2010): Procyclicality of the financial system and simulation of the
feedback effect. FSR 2009/2010, CNB, pp. 110-119.
GERŠL, A.-SEIDLER, J. (2011): Nadměrný růst úvěrů jako indikátor finanční (ne)stability a jeho
využití v makroobezřetnostní politice. Zpráva o finanční stabilitě 2010/2011. Česká národní
banka, červen, ss. 111-121
HILBERS, P. – OTKER-ROBE, I. – PAZARBASIOGLU, C – JOHANSEN, G. (2005): Assessing and
Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies. Washington,
D.C., International Monetary Fund, working Paper, No. WP/151/05, July 2005.
JIMÉNEZ, G. – SAURINA, J. (2006): Credit Cycle, Credit Risk, and Prudential Regulation.
International Journal of Central Banking, Vol. 2, No. 2, pp. 65-98
JIMÉNEZ, G., ONGENA S., PEYDRÓ, J., SAURINA, J. (2012): Macroprudential policy,
countercyclical bank capital buffers and credit supply: evidence from the Spanish dynamic
provisioning experiments. Barcelona GSE Working Paper Series, No. 628.
PACKER, F. AND H. ZHU (2012): “Loan Loss Provisioning Practices of Asian Banks.” BIS Working
Paper No. 375.
Plašil, M. a kol. (2014): Indikátor finančního cyklu v české ekonomice. Zpráva o finanční stabilitě
2013/2014.
http://www.cnb.cz/miranda2/export/sites/www.cnb.cz/cs/financni_stabilita/zpravy_fs/fs_20132014/fs_2013-2014_clanek_i.pdf
REN, H. (2011): “Countercyclical Financial Regulation.” World Bank Policy Research Working Paper
3
No. 5823
SAURINA, J. – TRUCHARTE, C.: (2007): “An assessment of Basel II procyclicality in mortgage
portfolios”, Journal of Financial Services Research, vol 32, nos 1–2, October, pp 81–101.
TARULLO, D. (2008): Banking on Basel - the Future of International Financial Regulation. Institute
of
International
Economics,
October
2008.
http://www.petersoninstitute.org/publications/briefs/tarullo4235.pdf
WHITE, W. (2006): Procyclicality in the financial system: do we need a new macrofinancial
stabilisation framework?, BIS Working Papers, no 193, January.
WHITE, W. (2006): Procyclicality in the financial system: do we need a new macrofinancial
stabilisation framework?, BIS Working Papers, no 193, January.
III. Indikátory zranitelnosti finančního systému a zátěžové testování
finančního sektoru.
BIS Working Papers: Jan 2012 No 369 Stress-testing macro stress testing: does it live up to
expectations? by Claudio Borio, Mathias Drehmann and Kostas Tsatsaronis;
http://www.bis.org/publ/work369.htm;
Geršl, A.-Seidler, A. (2010): Verifikace zátěžových testů jako součást pokročilého rámce zátěžového
testování ; Procykličnost finančního systému a simulace „feedback“ efektu ČNB - ZFS 2009/2010.
KOMÁRKOVÁ, Z., GERŠL, A., KOMÁREK, L. (2011): Models for Stress Testing Czech Banks’
Liquidity Risk. Czech National Bank Working Paper 11/2011.
DREHMANN, M.: Stress tests: Objectives, challenges and modelling choices.
http://www.riksbank.se/upload/Dokument_riksbank/Kat_publicerat/PoV_sve/eng/drehmann2008_2_
eng_ny.pdf
MARTIN MELECKY a ANCA MARIA PODPIERA: Macroprudential Stress-Testing Practices of
Central Banks in Central and South Eastern Europe. An Overview and Challenges Ahead. World
Bank Policy Research Working Paper 5434, 2010
IMF
(2003):
Financial
Soundness
Indicators—Background
Paper.
http://www.imf.org/external/np/sta/fsi/eng/2003/051403bp.pdf
International
Journal
of
Central
Banking.
Issue
3,
September
2009:
http://www.ijcb.org/journal/ijcb09q3.htm
 ANTONELLA FOGLIA: Stress Testing Credit Risk: A Survey of Authorities' Approaches.
 BREUER, T. et al.: How to Find Plausible, Severe, and Useful Stress Scenarios
 KLAUS DUELLMANN and MARTIN ERDELMEIER: Crash Testing German Banks
 EIVIND BERNHARDSEN and BJØRNE DYRE SYVERSTEN: Stress Testing the Enterprise
Sector's Bank Debt: A Micro Approach
IV. Průřezová dimenze systémového rizika - propojení a vzájemné expozice
mezi institucemi a segmenty finančních trhů.
ALESSANDRI, P, GAI, P, KAPADIA, S, MORA, N AND PUHR, C (2009), ‘Towards a framework
for quantifying systemic stability’, International Journal of Central Banking, Issue 3, September
2009: http://www.ijcb.org/journal/ijcb09q3.htm
D. AIKMAN, P. ALESSANDRI, B. EKLUND, P. GAI, S. KAPADIA, E. MARTIN, N. MORA, G.
STERNE and M. WILSON (2009): “Funding liquidity risk in a quantitative odel of systemic
stability”, Bank of England Working Paper, No 372, 2009.
DIAMOND, D - DYBVIG, P. (1983): Bank runs, deposit insurance and liquidity”, Journal of Political
Economy, 91(3), pp 401-19.
DIJKMAN, M. (2010): A Framework for Assessing Systemic Risk. World Bank Policy Research
Working Paper, No. 5282, April 2010
DREHMANN MATHIAS AND NIKOLA TARASHEV (2011): Measuring the systemic importance
of interconnected banks by http://www.bis.org/publ/work342.htm
ECB: RECENT ADVANCES IN MODELLING SYSTEMIC RISK USING NETWORK ANALYSIS
http://www.ecb.int/pub/pdf/other/modellingsystemicrisk012010en.pdf
FINANCIAL STABILITY BOARD (2009), Guidance to Assess the Systemic Importance of Financial
4
Institutions, Markets and Instruments: Initial Considerations. Report to G20 Finance Ministers and
Governors.
FINANCIAL STABILITY BOARD (2010), Reducing the moral hazard posed by systemically
important financial institutions. Interim report to G20 Leaders, 18 June.
CHAN-LAU, J. (2010): Regulatory capital charges for too-connected-to-fail institutions: a practical
proposal. IMF Working Paper WP/10/98, April 2010.
IIF (2010): Systemic Risk and Systemically Important Firms: An Integrated Approach”. Institute of
International Finance, May 2010
IMF (2009a): Assessing the Systemic Implications of Financial Linkages. Global Financial Stability
Report, April 2009, ch. 2, http://www.imf.org/External/Pubs/FT/GFSR/2009/01/pdf/chap2.pdf
IMF (2009b): Detecting Systemic Risk. Global Financial Stability Report, April 2009, ch. 3,
http://www.imf.org/External/Pubs/FT/GFSR/2009/01/pdf/chap3.pdf
IMF (2010a): Systemic Risk and the Redesign of Financial Regulation. Global Financial Stability
Report, April 2010, ch. 2, http://www.imf.org/external/pubs/ft/gfsr/2010/01/pdf/chap2.pdf
IMF (2010b): Systemic Liquidity Risk: Improving the Resilience of Institutions and Markets Global
Financial
Stability
Report,
October
2010,
ch.
2,
http://www.imf.org/external/pubs/ft/gfsr/2010/02/pdf/chap2.pdf
IMF:
Understanding
Financial
Interconnectedness.
October
2010,
http://www.imf.org/external/np/pp/eng/2010/100410.pdf
M. BOSS, G. KRENN, C. PUHR AND M. SUMMER, “Systemic Risk Monitor: A model for
Systemic Risk Analysis and Stress Testing of Banking Systems”, Financial Stability Report, No 11,
Oesterreichische Nationalbank, 2006.
MINOIU, CAMELIA ; REYES, JAVIER A. (2011): A network analysis of global banking:1978-2009,
IMF Working Paper No. 11/74, http://www.imf.org/external/pubs/ft/wp/2011/wp1174.pdf
SIGBJØRN ATLE BERG (2011): Systemic surcharges and measures of systemic importace. Journal
of Financial Regulation and Compliance, Volume 19 (4): 13 (nebo také Norges Bank Draft Memo,
no. 12, 2010)
TARASHEV, N,.-BORIO, C.-TSATSARONIS, K.: (2010): Attributing systemic risk to individual
institutions. BIS Working Papers No 308, May 2010
WEBER, L.-WILLISON, M. (2011): Systemic capital requirements. Bank of England Working Paper
No. 436, October
V. Teorie finančních krizí, jejich předvídání a reakce hospodářské politiky.
BORIO, C.-DREHMANN, M. (2009b), Assessing the risk of banking crises — revisited, BIS
Quarterly Review, March, pages 29–46.
BRUNNERMEIER, MARKUS, “Deciphering the Liquidity and Credit Crunch 2007-2008,”
CALOMIRIS, CHARLES W. (1993). “Financial Factors in the Great Depression,” Journal of
Economic Perspectives, vol. 7 (Spring), pp. 61-85.
GARY B. GORTON, ANDREW METRICK: Secutirized Banking and the Run on Repo. NBER
Working Paper No. 15223, August 2009 http://www.nber.org/papers/w15223.pdf?new_window=1
GARY B. GORTON: Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007.
Prepared for the Federal Reserve Bank of Atlanta’s 2009 Financial Markets Conference: Financial
Innovation
and
Crisis,
May
11-13,
2009
http://www.frbatlanta.org/news/CONFEREN/09fmc/gorton.pdf
HELÍSEK, M.: Měnové krize (empirie a teorie). Praha : Professional Publishing, 2004
CHARLES P. KINDLEBERGER: Manias, Panics, and Crashes: A History of Financial Crises (Wiley
Investment Classics), October 2005
Journal
of
Economic
Perspectives,
Winter
2009,
pp.
77-100.
http://www.princeton.edu/~markus/research/papers/liquidity_credit_crunch.pdf
NIALL FERGUSON: Fiscal Crises and Imperial Collapses: Historical Perspective on Current
Predicaments. http://www.petersoninstitute.org/publications/papers/niarchos-ferguson-2010.pdf
5
REINHART, C. M., ROGOFF, K (2009): This Time is Different: Eight Centuries of Financial Folly,
Princeton: Princeton University Press.
VI. Integrace finanční trhů
ADAM, K. – JAPELLI, T. – MENICHINI, A. – PADULA, M. – PAGANO, M. (2002): Analyse,
Compare, and Apply Alternative Indicators and Monitoring Methodologies to Measure the Evolution
of Capital Market Integration in the European Union. European Commission, pp. 1-95.
BABECKÝ, J. - FRAIT, J. - KOMÁREK, L. - Komárková, Z. (2010). “Price- and News-Based
Measures of Financial Integration among New EU Member States and the Euro Area.” – in R.
Matousek (ed.) Money, Banking and Financial Markets in Central and Eastern Europe: 20
Years of Transition, Ch. 8, pp. 161-178: Palgrave Macmillan Studies in Banking and Financial
Institutions. ISBN 978-0-230-23168-9.
BABETSKII, I. – KOMÁREK, L. – KOMÁRKOVÁ, Z. (2007): Financial Integration of Stock
Markets among New EU Member States and the Euro Area. Finance a uver – Czech Journal of
Economics and Finance, vol. 57, no. 7-8.
BAELE, L. – FERRANDO, A. – HÖRDAHL, P. – KRYLOVA, E. – MONNET, C. (2004):
Measuring Financial Integration in the Euro Area. Occasional paper Series, no. 14, European Central
Bank, pp. 1-93.
KOMÁRKOVÁ, Z. – KOMÁREK, L. (2007): Integration of the Foreign Exchange Market of
the Selected New EU Member States. Politická ekonomie. no. 3/2007. (in czech)
KOMÁRKOVÁ, Z. – KOMÁREK, L. (2008): Integrace finančního trhu vybraných nových
členských zemí EU s eurozónou. Národohospodářský ústav Josefa Hlávky, Praha.
VII. Mezinárodní architektura regulace a dohledu a její reakce na finanční
krizi.
BASEL COMMITTEE FOR BANKING SUPERVISION (2009), Strengthening the resilience of
the banking sector - consultative document. 17 December 2009.
BASEL COMMITTEE FOR BANKING SUPERVISION (2010), An assessment of the long-term
economic impact of stronger capital and liquidity requirements. 18 August 2010.
BLINDER ALAN S. (2010): It’s Broke, Let’s Fix It: Rethinking Financial Regulation. International
Journal of Central Banking, December 2010, http://www.ijcb.org/journal/ijcb10q4a13.pdf
BRUNNERMEIER, M. et al. (2009): The Fundamental Principles of Financial Regulation.
Geneva Reports on the World Economy 11. International Center for Monetary and
Banking Studies, January 2009.
LEVINE, R. (2010): The governance of financial regulation: reform lessons from the recent crisis.
BIS Working Papers, No. 329, November 2010 http://www.bis.org/publ/work329.pdf
TARULLO, D. (2008): Banking on Basel - the Future of International Financial Regulation.
Institute
of
International
Economics,
October
2008,
http://www.petersoninstitute.org/publications/briefs/tarullo4235.pdf
VIII. Měnová politika, úvěrový cyklus, ceny aktiv, ceny komodit a vnější
nerovnováhy.
ANGELINI, P.-NERI, S.-PANETTA, F. (2010): Grafting macroprudential policies in a
macroeconomic framework choice of optimal instruments and interaction with monetary policy
HKIMR-BIS conference - Financial Stability: Towards a Macroprudential Approach, July
2010.http://www.bis.org/repofficepubl/hkimr201007.15.pdf
BEAN, CH. Et al. 2010): Monetary Policy after the Fall. In: Paper for Federal Reserve Bank of
Kansas City Annual Conference Jackson Hole, Wyoming, 16 September 2010.
http://www.kansascityfed.org/publicat/sympos/2010/bean-paper.pdf
BERNANKE, B. – GERTLER, M. (1999): Monetary Policy and Asset Price Volatility. In: New
Challenges for Monetary Policy: A Symposium Sponsored by the Federal Reserve Bank of Kansas
City. Federal Reserve Bank of Kansas City, pp. 77-128.
6
BERNANKE, B. (2002): Asset-price “Bubbles” and Monetary Policy. Remarks before the New York
Chapter of the National Association for business Economics, New York, October 15, 2002.
BERNANKE, B. (2002): Asset-Price “Bubbles” and Monetary Policy. Remarks before the New York
Chapter of the National Association for Business Economics, New York, October 15, 2002
BERNANKE, B.-GERTLER, M. (1995): "Inside the Black Box: The Credit Channel of Monetary
Policy Transmission," Journal of Economic Perspectives, vol. 9 (Fall), pp. 27-48.
BOIVIN, J.-KILEY, M.T.-MISHKIN, F. (2009): How Has the Monetary Transmission Mechanism
Evolved Over Time? Handbook of Monetary Economics, Friedman, B. and Woodford, M. eds.,
forthcoming.
http://www.federalreserve.gov/Events/conferences/kdme2009/pdfs/boivin_kiley_mishkin.pdf
BORDO, M. – JANNE, O. (2002): Monetary Policy and Asset Prices: Does Benign Neglect Make
Sense? International Finance, December 2002, 5(2), pp. 139–64.
BORIO, C – SHIM, I. (2007): “What can (macro)-prudential policy do to support monetary policy BIS
Working Papers, no 242, December. http://www.bis.org/publ/work242.pdf?noframes=1
BORIO, C. - LOWE, P. (2004): Securing sustainable price stability: should credit come back from the
wilderness? BIS Working Paper No. 157, July 2004, http://www.bis.org/publ/work157.pdf
BORIO, C. - WHITE, W. (2004): Whither monetary and financial stability? The implications of
evolving
policy
regimes.
BIS
Working
Paper,
No.
147,
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2004.
http://www.bis.org/publ/work147.pdf
CARNEY, M. (2009): Some considerations on using monetary policy to stabilize economic activity.
Remarks by Mr Mark Carney, Governor of the Bank of Canada, to a symposium sponsored by the
Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 22 August 2009.
http://www.bis.org/review/r090826a.pdf
CECCHETTI, S. – GENBERG, H. – LIPSKY, J. – WADHWANI, S. (2000): Asset Prices and Central
Bank Policy. Geneva Report on the World Economy 2. CEPR and ICMB.
ECB (2010), Asset Price Bubbles and Monetary Policy Revisited, Monthly Bulletin December
http://www.ecb.int/pub/pdf/other/art1_mb201011en_pp71-83en.pdf
ÉGERT B, MIHALJEK, D (2008): Determinants of House Prices in Central and Eastern Europe,
Working Paper No. 1/2008, Czech National Bank.
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