This article uses both a systematic literature search and co-citation analysis to investigate the specific research domains of organizational resilience and its strategic and operational management to understand the current state of development and future research directions. The research stream on the organizational and operational management of resilience is distant from its infancy, but it can still be considered to be in a developing phase. We found evidence that the academic literature has reached a shared consensus on the definition of resilience, foundations, and characteristics and that in recent years, the main subfield of research has been supply chain resilience. Nevertheless, the literature is still far from reaching consensus on the implementation of resilience, i.e., how to reach operational resilience and how to create and maintain resilient processes. Finally, based on the results of in-depth co-citation and literature analysis, we found seven fruitful future research directions on strategic, organizational and operational resilience.

Strategic and operational management of organizational resilience: Current state of research and future directions

http://meta-analysis.cz/bma/meta_horspill.pdf

Determinants of Horizontal Spillovers from FDI: Evidence from a Large Meta-Analysis

A few studies are found on the relationship between financial instability, energy consumption and environmental quality in energy economics literature The current study is an endeavor to fill this gap by investigating the relationship between financial stability, economic growth, energy consumption and carbon dioxide (CO 2 ) emissions in South Asian countries over the period 1980–2012 using a multivariate framework Bounds test for cointegration and Granger causality approach are employed for the empirical analysis Estimated results suggest that all variables are non-stationary and cointegrated The results show that financial stability improves environmental quality; while the increase in economic growth, energy consumption and population density are detrimental for environment quality in the long-run The results also support the environmental Kuznets curve (EKC) hypothesis which assumes an inverted U-shaped path between income and environmental quality Moreover, the study found the evidence of unidirectional causality running from financial stability to CO 2 emissions in two countries ie Pakistan and Sri Lanka The findings of this study open up new insight for policy makers to design a comprehensive financial, economic and energy supply policies to minimize the detrimental impact of environmental pollution

Financial stability, energy consumption and environmental quality: Evidence from South Asian economies

"A Rational Expectations Approach to Macroeconometrics" pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.

Introduction to "A Rational Expectations Approach to Macroeconometrics: Testing Policy Ineffectiveness and Efficient-Markets Models"

We analyse the impact of monetary policy on bank risk-taking and pricing. Bolivia provides us with an excellent experimental setting to identify this impact. Its small economy is not synchronized with the US economy but its banking system is almost fully dollarized. Consequently the US federal funds rate is the appropriate measure of monetary policy. We study the impact of the federal funds rate on the riskiness and pricing of new bank loans granted in Bolivia between 1999 and 2003, a period of significant variation in the federal funds rate. We find robust evidence that a decrease in the US federal funds rate prior to loan origination raises the monthly probability of default on individual bank loans. We also find that initiating loans with a subprime credit rating or loans to riskier borrowers with current or past non-performance become more likely when the federal funds rate is low. However, loan spreads do not increase, seemingly even decrease, in changes in the probability of default. Hence banks do not seem to price the additional risk taken. Furthermore, banks with more liquid assets and less funds from foreign financial institutions take more risk when the federal funds rate is low, and reduce loan spreads more despite the additional risk they seemingly take.

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Monetary Policy, Risk-Taking, and Pricing : Evidence from a Quasi-Natural Experiment

I. INTRODUCTION This article discusses the role of direct foreign exchange (FX) interventions in the inflation-targeting regime, focusing on the Czech experience since 1998. The Czech experience may contribute as an important case study to the growing international literature on managed floating in combination with the inflation-targeting framework. By interventions, we mean purchases or sales of FX by the Czech National Bank (CNB) intended to influence the exchange rate developments in terms of either the exchange rate level or the exchange rate volatility. The article is organized as follows: After a brief literature overview in section II, the origins of the current Czech monetary policy framework are explained in section III. Section IV describes the exchange rate developments in this regime. Section V presents the major policy steps in the exchange rate management. Section VI reviews some stylized facts on the effectiveness of the interventions and presents its econometric analysis. Section VII discusses the consistency of the interventions with the inflation-targeting regime. Section VIII summarizes and concludes. II. LITERATURE OVERVIEW The ongoing liberalization of capital flows and numerous currency crises during the 1990s have led to a more cautious approach to fixed exchange rates. At the same time, the number of countries with floating exchange rates has increased substantially. Many of those countries that have moved toward exchange rate flexibility have chosen inflation targeting as a new nominal anchor for their economies (see Mahadeva and Sterne, 2000; Truman, 2003). As part of this trend, the number of small open economies that operate the inflation-targeting regime has grown substantially. For these countries, it is a crucial issue what approach should the central bank use to deal with possibly large exchange rate fluctuations. Their economies may be quite vulnerable to exchange rate shocks and may exhibit a "fear of floating" (Calvo and Reinhart, 2000). This raises the question to what extent a central bank pursuing the inflation targeting should try to manage the exchange rate. The theory of inflation targeting (see, e.g., Svensson, 2000) typically assumes that the elasticity of short-term capital flows to yield differentials is infinitely high. There is thus no use trying to influence the supply or demand of FX because all central bank's interventions would be countervailed by private capital flows. As a result, the theory of inflation targeting typically assumes or even recommends a purely floating exchange rate. The only instrument that the central bank then has is its short-term interest rate. To the extent that the exchange rate fluctuations influence the targeted inflation rate and the output gap, interest rates are used to respond to the exchange rate shocks. Nevertheless, some recent literature has started to argue in favor of managing the floating exchange rate as part of the inflation-targeting regime (Bofinger and Wollmershaeuser, 2001; Goldstein, 2002; Truman, 2003). It has been proposed that FX interventions could reduce one major source of shocks that small open economies face, that is, excessive exchange rate volatility, and thus lead to a more favorable trade-off between stable inflation and real economic activity. (1) This would improve the overall performance of the inflation-targeting regime. Some of the inflation-targeting countries do use FX interventions more or less frequently in practice. This group includes Australia, Chile, South Korea, Sweden (in 2001), Hungary, and Slovakia, to name just a few countries from different continents and regions. Most recently, the Reserve Bank of New Zealand, which is a pioneer of the inflation targeting, was given a mandate to use direct FX interventions as a monetary policy instrument under prespecified conditions. (2) There is thus not a general consensus on the "fall of foreign exchange market intervention as a policy tool" (Schwartz, 2000). …

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Foreign exchange interventions under inflation targeting: the czech experience

This article sets out to describe and discuss the methodology of selected financial soundness and financial stability indicators, including the attempts to construct an aggregate financial stability indicator. The article also presents to the public for the first time the values of the IMF's core Financial Soundness Indicators for the Czech Republic and other selected countries and tries to construct an aggregate financial stability indicator for the Czech banking sector.

Financial Stability Indicators: Advantages and Disadvantages of their Use in the Assessment of Financial System Stability

The article discusses the role of foreign banks and foreign lending in the CEE countries from the financial stability perspective using the data on international banking business. The pattern of foreign banks’ involvement is analyzed and the risk of cross-border contagion explored, focusing on three aspects: maturity of cross-border exposures, concentration of foreign creditors and the existence of common creditor.

/pdf/foreign-banks-foreign-lending-and-cross-border-contagion-2mxhb2voiv.pdf

Foreign Banks, Foreign Lending and Cross-Border Contagion: Evidence from the BIS Data

The paper discusses the inflows of foreign direct investment into the CEE countries and focuses on analysis of productivity spillovers. An overview of the relevance of foreign firms in the CEE economies is presented. Using firm-level data on manufacturing industries for the period 2000– 2005, the total factor productivity of domestic firms is estimated using the Petrin and Levinsohn (2003) method and subsequently related within a panel data model to foreign presence in the same industry and in industries linked via the production chain. The presence of productivity spillovers is tested for across several sub-samples to detect possible conditionalities.

Foreign Direct Investment and Productivity Spillovers: Updated Evidence from Central and Eastern Europe

Politicians’ efforts to stay in office may lead to the occurrence of political cycles in legislation activity. The aim of this article is to analyze the political legislation cycles in a post-socialist economy of a young democracy, namely in the Czech Republic. Our estimation of the relationship between the number of approved laws and various explanatory variables suggests that the timing of elections has an impact on legislation activity. As an electoral term matures and upcoming elections approach, an increase is observed in legislation activity through which an incumbent government seeks to maximize its chances of re-election.

/pdf/political-legislation-cycle-in-the-czech-republic-1hz76zev5v.pdf

Adam Gersl

Papers

Foreign exchange interventions under inflation targeting: the czech experience

Financial Stability Indicators: Advantages and Disadvantages of their Use in the Assessment of Financial System Stability

Foreign Banks, Foreign Lending and Cross-Border Contagion: Evidence from the BIS Data

Foreign Direct Investment and Productivity Spillovers: Updated Evidence from Central and Eastern Europe

Political legislation cycle in the Czech Republic