-
Úlohy NBS
Prehľadávať témy
- Menová politika
-
Dohľad nad finančným trhom
- Oblasti dohľadu FinTech Ochrana finančného spotrebiteľa Legislatíva Zoznam dohliadaných subjektov Registre dohľadu Dokumenty na stiahnutie
- Iné zoznamy Oznámenia a upozornenia Výroky právoplatných rozhodnutí Výroky neprávoplatných vykonateľných rozhodnutí Publikácie, údaje, prezentácie Poplatky a príspevky
- Finančná stabilita
- Bankovky a mince
- Platby
- Štatistika
- Výskum
- Legislatíva
-
Publikácie
- Analytické komentáre Analýza návrhu rozpočtu verejnej správy Analytické štúdie (Policy Briefs) Blogy NBS Ekonomický a menový vývoj Frankfurtské hárky Klimatická správa o nemenovopolitickom portfóliu NBS Makroprudenciálny komentár Rýchle komentáre Správa o činnosti Inovačného hubu NBS
- Správa o činnosti útvaru dohľadu nad finančným trhom Správa o finančnej stabilite Správa o vývoji trhu s krytými dlhopismi Štatistický bulletin Štrukturálne výzvy Vyhlásenie o investičnej politike Národnej banky Slovenska Výročná správa Výskumné a príležitostné štúdie (WP/OP) Letáky a iné publikácie Prihlásenie na odber notifikácií
- O národnej banke
- Informácie pre médiá
- Časté otázky
-
Pre verejnosť
Prehľadávať témy
- O národnej banke
- Vzdelávanie
- Kurzy a úrokové sadzby
- Bankovky a mince
- Platby
- Finančná stabilita
-
Dohľad nad finančným trhom
- Upozornenia NBS Zoznam dohliadaných subjektov Registre dohľadu Poplatky a iné úhrady vyžadované bankou od klienta Ako postupovať keď ste nespokojní s konaním finančnej inštitúcie
- Finančné sprostredkovanie a finančné poradenstvo Výroky právoplatných rozhodnutí Výroky neprávoplatných vykonateľných rozhodnutí Legislatíva Vybrané údaje
- Štatistika
- Legislatíva
-
Publikácie
- Analytické komentáre Analýza návrhu rozpočtu verejnej správy Blogy NBS Ekonomický a menový vývoj Frankfurtské hárky Makroprudenciálny komentár* Rýchle komentáre Správa o činnosti Inovačného hubu NBS
- Správa o činnosti útvaru dohľadu nad finančným trhom Správa o finančnej stabilite Štatistický bulletin Štrukturálne výzvy Výročná správa Letáky a iné publikácie Prihlásenie na odber notifikácií
- Časté otázky
- Pre médiá
- Kariéra
- Kontakty
Analytické štúdie (Policy Briefs)
Analytické štúdie (Policy Briefs) sú stručné analytické dokumenty. Sú výstupom ekonómov a výskumníkov rôznych odborov Národnej banky Slovenska. Materiály prinášajú nové pohľady vzhľadom na politický rámec v banke alebo sumarizujú vedomosti v rámci vybranej oblasti. Materiály môžu byť prínosom pre expertov v danej oblasti (dĺžka čítania 10 – 15 minút). Materiály sú dostupné iba v anglickej verzii.
Materiály prezentujú názory autorov a nie sú oficiálnym stanoviskom NBS.
V prípade záujmu o zasielanie informácií o nových vydaniach tejto publikácie sa prihláste do mailing listu NBS.
Č. 9
14. 8. 2023
Quantifying the impact: How many jobs were saved by government job retention scheme during COVID-19?
Orchi Modhurima
-
Abstrakt
During the sudden and widespread impact of the pandemic, fiscal interventions played a crucial role in facilitating employee retention. The government’s “First Aid” measures in Slovakia prevented a more significant contraction in employment among firms that experienced a substantial decline in sales during the crisis. By reducing labour cost and supporting wages, these interventions prevented increase in unemployment and ensured financial stability of workers despite reduced working hours.
Č. 8
9. 8. 2023
“Creative destruction” in Slovak labour market: Impact of COVID-19
Orchi Modhurima
-
Abstrakt
“Creative destruction” or reallocation of labour from less productive to more productive firms has been an ongoing phenomenon in Slovakia even prior to the pandemic. While the pandemic did have some effect in accelerating this process by enabling highly productive firms to expand at a faster pace, the impact was only marginal. However, the government’s job retention schemes implemented during the pandemic unintentionally introduced some repercussions by providing support to low-productivity firms. Nevertheless, it is worth noting that the negative impact on „creative destruction“ due to these measures has been minimal in magnitude.
Č. 7
25. 7. 2023
Ekonomické prínosy členstva Slovenska v EÚ
Pavel Gertler, Reiner Martin, Juraj Zeman
-
Abstrakt
Od vstupu Slovenska do Európskej únie v máji 2004 prešlo už takmer 20 rokov. Toto výročie je vhodnou príležitosťou na bilancovanie ekonomických prínosov nášho členstva. V tejto analytickej štúdii sa preto snažíme vyhodnotiť, do akej miery bolo Slovensko schopné z tohto členstva vyťažiť. Pozeráme sa na tri hlavné kanály, cez ktoré dokážeme merať ekonomické dopady členstva v EÚ: 1. priame platby z EÚ a ich dopad na ekonomický rast, 2. náklady financovania verejného dlhu a 3. vplyv medzinárodného obchodu a jeho pridanej hodnoty na ekonomiku a životnú úroveň. Podľa našich odhadov prispieva členstvo Slovenska v EÚ k HDP viac ako pätnástimi percentami. V nominálnom vyjadrení to predstavuje dodatočný príjem 4 000 EUR na obyvateľa alebo 16 000 EUR dodatočného príjmu pre štvorčlennú rodinu v priebehu piatich rokov. Pre zjednodušenie do výpočtu nie sú zahrnuté širšie efekty európskej regulácie či členstva v eurozóne. Tejto otázke sa budeme pravdepodobne venovať v budúcnosti.
Č. 6
6. 7. 2023
Job retention scheme and firm performance during the pandemic
Martin Nevický
-
Abstract
Slovak firms receiving state aid during the pandemic (called first aid) were in good financial condition before the pandemic but in some respects were more vulnerable than the rest of the firms. They were mostly profitable, less indebted firms particularly exposed to the pandemic and the subsequent containment measures. On the other hand, they operated with a higher share of wage expenditures in overall costs and with lower profitability before the pandemic. Most of the first aid went into loss mitigation; however, this substantially differed among industries. In accommodation and catering services and other services, FA support mainly mitigated losses. On the other hand, in the automotive industry and motor vehicle trade, FA acted to boost profits.
Č. 5
10. 5. 2023
Do hawks sit on stronger branches? Central banks´ equity and policy reactions
Marcel Barmeier, André Casalis
-
Abstract
In the midst of the current debate about whether an operational loss impair the ability of a central bank to achieve its goals, we look at the potential result of cumulating such losses over time: the equity position of the institution. We find that a stronger overall financial position is well correlated with a more aggressive tackling of inflation phenomena in the economy. However, central banks that expect higher pressure on the financial position due to participation in asset purchases do not react less decisively to inflationary pressure. We look at determinants of financial strength and find that more independent central banks have higher equity ratios, which is not driven by differences in the stages of economic development.
Č. 4
25. 4. 2023
Macroprudential policy in the high inflation environment: Sailing uncharted waters
Carsten Detken, Ján Klacso, Reiner Martin
-
Abstract
A long period of low and stable inflation and highly accommodative monetary policy ended in 2021. Macroprudential policy (MPP) was increasingly used during this period to counter the gradual increase in systemic risks in the banking sector. However, the recent increase in inflation and the tightening of monetary policy significantly transformed the macrofinancial environment for MPP, raising new questions about how to conduct MPP in a high-inflation environment. Given the considerable uncertainties facing the materialisation of macrofinancial vulnerabilities and the macroeconomic outlook, there appears to be no general advice on how to use MPP at the current juncture. The key question to ask before deploying capital-based measures is about the current state and future outlook of banking sector resilience. Against that background, it appears to be too early to release MPP capital buffers, and in some countries, an increase in macroprudential space might even be advisable. The situation regarding borrower-based measures must be seen in a more nuanced manner, given that the mortgage and real estate cycle in European countries is clearly turning. There is, however, no prior cross-national situation demonstrating that loosening capital is the most appropriate course of action at this stage because while looser lending standards might smooth over any cyclical correction, they may also generate challenges to financial stability in the medium term. Overall, it appears clear that the focus of MPP at this stage should be on preserving the resilience of the financial system. In contrast, the need to ‘tame the cycle’ and to prevent dynamic shocks to the financial cycle has clearly receded.
Č. 3
17. 4. 2023
House Prices under Pressure: The Effect of Rising Borrowing Costs and Inflation
Patrik Kupkovič, Martin Cesnak
-
Abstrakt
This policy brief assesses how rising inflation and borrowing costs may impact the housing market in Slovakia. The results of our analysis, in combination with the expected future path of inflation and interest rates, strongly suggest a downward trend in house prices going forward. More specifically, this policy brief shows that rising mortgage interest rates, rising inflation, and increasing government bond yields, historically had a downward impact on real property prices in Slovakia. The tightening of bank credit conditions, expressed through rising mortgage lending rates, has a sizeable and immediate adverse effect on the housing market. Rising inflation reduces disposable income and slows the economy. This also reduces real house prices, although with a lag. Rising government bond yields due to monetary policy tightening, finally, have a long-lasting negative impact on the housing market and the economy.
Č. 2
23. 1. 2023
When food bites back
André Casalis
-
Abstrakt
Markups for firms operating in food and beverages manufacture and sales sectors have increased in the first half of 2022, suggesting a decoupling between the increase in current production costs and prices. The evolution of markups in the period between the first quarter of 2015 and the second quarter of 2022, a high-inflation environment, shows, on one hand, a very recent dynamic evolution of the price setting behaviour displayed by food-related businesses, and on the other the remarkable stability of markups observed at broad aggregate level in the largest sectors of the Slovak economy.
Č. 1
31. 8. 2022
Direct impact of energy price increases on firm profitability and producer prices
-
Abstrakt
Increasing energy prices represent one of the main drivers of the recent increase of HICP inflation to double-digit figures. In this Policy Brief we focus on the first-round effects of increased energy prices on Slovak firms. Our results based on firm level data suggest that increasing energy prices may have a significant direct impact on the profitability of many firms. Without adjusting their prices, the number of firms reporting losses could increase substantially as a result of energy price increases. Moreover, almost all firms with high energy costs would end up with a loss. Therefore, we assume firms transmit increased energy costs to producer prices. The direct effect may reach up to 8% in some sectors to compensate for higher input costs if energy prices double. As energy intensive industries are important suppliers to other domestic industries, we may also expect significant upward second-round effects on producer prices and ultimately increasing consumer prices.
Vaše pripomienky k analytickým štúdiám posielajte na adresu research@nbs.sk.