Papers by Birute Visokaviciene
PloS one, Apr 18, 2024
The article examines financial hardship (FH) that appears as one of the essential socio-economic-... more The article examines financial hardship (FH) that appears as one of the essential socio-economic-financial categories reflecting a financial burden on society and therefore having a significant impact on the social and economic development of the country. The purpose of this article is to propose and approve a methodology for the complex quantitative assessment of financial difficulty, which allows comparing countries one another. The novelty of the conducted research is manifested by the formed financial hardship adequately exposing a system of indicators and suggesting the transformation of incomparable indicators into the comparable ones. The paper proposes a methodology for the integrated assessment of financial hardship based on multi-criteria methods, which contributes to solving the problems of the social sustainability and economic development of the countries employing different research methods. The proposed methodology provides a possibility of moving to a higher level of research comparing the countries as a whole, in line to the current status of FH. The actual benefits of the carried out research arise from the opportunity to envisage targeted measures for increasing social sustainability subject to the specific situation of the financial hardship of the countries thus removing the burdens of further economic development.
Pinigų pasiūlos poveikis turto vertės ir kainų tendencijoms
Vilniaus universitetas eBooks, 2014
This paper explores issues that arise in implementing monetary policy under conditions of sustain... more This paper explores issues that arise in implementing monetary policy under conditions of sustained price stability. We discuss several issues that concern the selection of a central bank's inflation objective: price measurement questions must be recognized in articulating the goals of monetary policy under sustained low inflation, questions about the behavior of other key nominal variables, particularly wages, when price increases are on average about zero, and the possibility of other channels through which conditions of very low inflation change relationships within the real economy. We present a framework for analyzing monetary policy reaction functions that can illuminate the choices facing policy makers in a regime of price stability. The zero lower bound on nominal interest rates is a potential constraint on monetary policy when nominal interest rates are low on average, which will tend to be the case when long-term inflation is low. We summarize the results of research done at the Federal Reserve to clarify these issues for the United States and consider the availability and effectiveness of alternative policy tools when the nominal interest rate is at the zero bound.
Pinigų politika valstybės ekonomikoje
Vilniaus universiteto leidykla eBooks, 2012
Monetarinės politikos ir kreditavimo aplinkos poveikis ekonomikos augimui
Vilniaus universitetas eBooks, 2015
The Monetary Policy Problems During the Global Crisis
Monetary policy is analysed from a new systematic perspective by revealing its basic role within ... more Monetary policy is analysed from a new systematic perspective by revealing its basic role within the economy of the state as the constantly operating monetary policy and real economy system. Scientifically justified the connection between the monetary policy process and the recent economic changes as well as the macroeconomic criteria illustrating the above mentioned changes is dedicated to the improvement of the establishment and implementation of monetary policy, adjusting to new challenges and conditions of the global economy. The systematic analysis of monetary policy is based on monetary and economic theories, laws and patterns, monetary policy and economy tendencies that are fluctuating within the environment of the modern globalization processes, researching their influence upon the social and economic development of the states. Therefore, the priorities of the scientific research of monetary policy are selected taking into consideration such methodological trends and aspects that support the connection between monetary policy and the phenomena taking place within the economy of the state and with macroeconomic criteria reflecting the above mentioned phenomena. The highlighting of monetary policy priorities, chosen by the central banks of the countries during the years of the global crisis, as well as the perception and identification of the results of implementing monetary policy introduces new tendencies with monetary policy along with the problems associated with the implementation thereof. The article is compounded of three sections. The main priorities of investigation of the monetary policy are presented in the first section. The second section provides the problems of the implementation of monetary policy during the global crisis. The improvement of the contemporary monetary policy requires the assessment of the additional macroeconomic criteria and adjustment to state finance and economy structure. The highlighted problems of monetary policy are related to the peculiarities of the time adjustment in money supply and money demand, since it becomes more and more complicated to adjust the money supply and money demand in respect of time under the existence of the unforeseen changes in the money demand of international nature within international markets. The third section analysis link the methodological issues of investigation of monetary policy are presented according the main problems occurred on the stake of global crisis. Monetary policy creation methodology that will require a new approach, comprising the methods from neoclassical quantity theory of money, asset value and monetary growth model, having applied which in the analysis of monetary policy as well as having assessed the external factors currently participating the contemporary economy, it is possible to analyse in detail and systematically, then to determine the most important trends in the influence of monetary policy upon the economy. DOI: https://doi.org/10.15544/ssaf.2012.38
The impact of monetary policy actions for the macroeconomic stability
Business: Theory and Practice, Sep 19, 2008
Th e aim of this paper is to clarify the role of money supply as the most important target of the... more Th e aim of this paper is to clarify the role of money supply as the most important target of the classical monetary policy for the price stability, infl ation and economic growth. Th e theory of monetary policy was developed by observing the money supply. Th e simple relationship of the monetary policy including all instruments, targets and goals contains a huge number of empirical models which express relationship between money supply and demand, interest rates and asset prices. Accepting all determinations about regulation of money supply including the theory of quantity of money, money supply is described as supplementary function of infl ation, interest rate, wealth, human capital, etc. Th e problem is to determine how the arguments will have infl uence on the money supply growth, which argument will initiate higher infl ation, when and how long monetary policy instruments should be used. Using empirical models we examined relationship between money supply and assets value. Diff erentiation of the bond and money market was provided by the author using partial derivatives for estimating interaction between interest rates, prices, money supply, and assets value.
Interventions by central banks in advanced economies
Ekonomika, 2002
Straipsnyje akcentuojama eksporto analizės svarba dabartinėmis ekonominės plėtros sąlygomis, nuro... more Straipsnyje akcentuojama eksporto analizės svarba dabartinėmis ekonominės plėtros sąlygomis, nurodomi keliami reikalavimai eksporto analizei ir prognozavimo modeliams. Nagrinėjamos įvairių eksporto efektyvumo analizės modelių praktinio taikymo galimybės, pateikiami autorių siūlomi konkretaus eksporto sektoriaus, konkrečios eksporto prekės eksporto plėtros analizės metodai.
Ekonomika, 2014
The main goal of the research is to develop monetary policy tools and measures enabling to achie ... more The main goal of the research is to develop monetary policy tools and measures enabling to achie ve macroeconomic goals of integration into the euro area in the immediate future. It is noted that until the introduction of the euro Lithuania does not have a monetary policy and applies the currency board regime pegging the litas invariably to the euro (hard peg regime). Therefore, it is not only difficult but also risky to try to achieve financial and economic stability in accordance with the relevant Maastricht criteria through fiscal policy measures alone. Monetary policy instruments are necessary to achieve price stability and the overall fi nancial stability. Currently, Lithuania should address the problem of balancing the currency board regime and the Maastricht criteria as a macroeconomic objective through monetary policy tools and measures. The analysis of monetary policies of advanced economies and, first of all, of the euro area reveals the main features of transmission of the monetary policy to a real economy, which can contribute to the successful integration into the euro area. A systemic analysis of the monetary policy is based on monetary and economic theories, laws and patterns, scientific literature and empirical studies. The method used is the logical analysis and systemising of academic literature and modelling of the monetary policy. Such a methodological position enables the justification of the influence of the euro and monetary policy on the future development of the national economy.
Verslas: teorija ir praktika, 2008
Th e aim of this paper is to clarify the role of money supply as the most important target of the... more Th e aim of this paper is to clarify the role of money supply as the most important target of the classical monetary policy for the price stability, infl ation and economic growth. Th e theory of monetary policy was developed by observing the money supply. Th e simple relationship of the monetary policy including all instruments, targets and goals contains a huge number of empirical models which express relationship between money supply and demand, interest rates and asset prices. Accepting all determinations about regulation of money supply including the theory of quantity of money, money supply is described as supplementary function of infl ation, interest rate, wealth, human capital, etc. Th e problem is to determine how the arguments will have infl uence on the money supply growth, which argument will initiate higher infl ation, when and how long monetary policy instruments should be used. Using empirical models we examined relationship between money supply and assets value. Diff erentiation of the bond and money market was provided by the author using partial derivatives for estimating interaction between interest rates, prices, money supply, and assets value.
Science and Studies of Accounting and Finance: Problems and Perspectives, 2012
Šiame straipsnyje analizuojamos pinigų politikos įgyvendinimo problemos, su kuriomis susiduria iš... more Šiame straipsnyje analizuojamos pinigų politikos įgyvendinimo problemos, su kuriomis susiduria išvystytos ekonomikos valstybės globalios krizės iššūkių aplinkoje. Tokio pobūdžio analizė pareikalavo moksliškai pagrįsto pinigų politikos procesų sujungimo su ekonomikoje vykstančiais pokyčiais ir tuos pokyčius iliustruojančiais makroekonominiais rodikliais. Sisteminė pinigų politikos analizė remiasi pinigų ir ekonomikos teorijomis, dėsniais ir dėsningumais pritaikant neoklasikines pinigų kiekio, pinigų paklausos ir pasiūlos teorijas, sujungiant jas su atliktais naujausiais moksliniais tyrimais analizuojančiais pinigų politikos ir realios ekonomikos procesus išvystytos ekonomikos valstybėse. Pinigų politikos priemonių, instrumentų ir svertų bei makroekonominių indikatorių analizė padeda išaiškinti pinigų politikos problemas ir jų priežastis atskleidžiant neatitinkančius siekiamų rezultatų asimetrinius makroekonominių rodiklių nuokrypius.
Ekonomika, 2010
The study of monetary policy concentrates on the systematic analysis of the interaction between t... more The study of monetary policy concentrates on the systematic analysis of the interaction between the major monetary policy targets and macroeconomic indicators as signals to policymakers about possible changes which may influence the macroeconomic stability. In this respect, the purpose of this article is to justify the arguments supporting the role and importance of monetary policy and its proximate targets for ensuring macroeconomic stability. The object of the study is the impact of monetary policy on macroeconomic changes.The method is analysis of monetary theory, scientific literature and documents. Such a methodological position enables justification of the influence of the key targets of the monetary policy on the global economic processes related to inflation, finance stability and economic growth.
Research interests include: monetary policy, central banking, investments and foreign policy. Sin... more Research interests include: monetary policy, central banking, investments and foreign policy. Since 1995, she published more than 20 scientific articles on the monetary policy theory and practice issue, participated in international conferences on global financial and economic problems.
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Papers by Birute Visokaviciene