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Author
Ryczkowski Maciej (Nicolaus Copernicus University)
Title
Is Deflation Trap a Serious Threat? Case Study of FED, ECB and NBP
Source
Ekonomia i Prawo, 2015, t. 14, nr 2, s. 243-259, bibliogr. 16 poz.
Economics and Law
Keyword
Polityka walutowa, Deflacja, Kryzys finansowy, Stabilność finansowa, Stabilizacja gospodarcza
Exchange rate policy, Deflation, Financial crisis, Financial sustainability, Economic stabilization
Note
summ.
Abstract
The goal of the paper is to compare nonstandard solutions implemented by Federal Reserve System, European Central Bank and National Bank of Poland in response to the outbreak of a subrime crisis in United States and to debt crisis in European Union. For that purpose there is carried out a comparative, descriptive analysis of institutional steps taken by the three central banks and the governments to preserve macroeconomic stability. The nonstandard measures allowed to avoid a comeback of the Great Depression and restored market's confidence, unfortunately at the cost of decreased resilience for future possible crises along with many other medium and long run unintended consequences. (original abstract)
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Bibliography
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ISSN
1898-2255
Language
eng
URI / DOI
http://dx.doi.org/10.12775/EiP.2015.015
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