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Autor
Klimiuk Zbigniew (Instytut Pracy i Spraw Socjalnych w Warszawie)
Tytuł
System Rezerwy Federalnej i jego działalność w czasie Wielkiego Kryzysu 1929-1933
Federal Reserve System and its Operations in the Great Depression (1929-1933)
Źródło
Konińskie Studia Społeczno-Ekonomiczne, 2017, T. 3, nr 1, s. 69-99, bibliogr. 30 poz.
Słowa kluczowe
Kryzys finansowy, Kryzys gospodarczy, Fundusze rezerwowe, Rynek walutowy, Polityka pieniężna
Financial crisis, Economic crisis, Reserve funds, Foreign Exchange (FX), Monetary policy
Uwagi
summ.
Abstrakt
FED w czasie zawieruchy gospodarczej okazał się instytucją odznaczającą się ułomnością zarówno w sferze działania, jak i myślenia. Partykularne interesy, a także brak jakiegokolwiek zdecydowania podważył zaufanie do Systemu Rezerwy Federalnej. Powołany do dbania o stabilność i zapobieganie okresom destabilizacji sam doprowadził do powstania "bąbla spekulacyjnego" (Friedman, 1959). Poprzez swoją działalność FED w 1929 r. postawił sam siebie przed wyzwaniem, któremu nie sprostał przez cały okres trwania Wielkiego Kryzysu. (fragment tekstu)

The Federal Reserve System, commonly referred to as the Federal Reserve (Fed), is the central bank of the United States. The American central bank is one of the most influential (if not the most) financial institutions in the world. Federal Reserve authorities are often referred to as "money lords" and this is an apt encapsulation of the impact that the institution's decisions have on the world economy. This bank was created by the Federal Reserve Act of 1913. These regulation was amended on several occasions with the most important changes introduced either between 1933 and 1935 or in 2010. The regulations introduced in 1930s brought about the establishment of the Board of Governors which consists of seven-members. In addition, trough the Banking Act of 1933 the Federal Open Market Committee (FOMC) was created, responsible for making decisions on US monetary policy. Conferences and decisions of the most important members of the Federal Reserve System are tracked by all institutional and individual investors. They affect exchange rates, stock exchanges, commodity markets and all other instruments. In the 1913 Act Congress imposed on the Federal Reserve System a number of objectives, however without assigning priority status to any of them and without creating any institutional or economic reference in this regard. These objectives encompass: the pursuit of high (full) employment, the pursuit of price stability and stability of long-term interest rates. (original abstract)
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Bibliografia
Pokaż
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ISSN
2391-8632
Język
pol
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