Wybrane aspekty quasi-fiskalnej działalności Systemu Rezerwy Federalnej Stanów Zjednoczonych
Selected aspects of quasi-fiscal activities of the Federal Reserve System of the United States

Summary/Abstract: Last financial crisis encouraged US central bank (the Fed) to undertake activities named as quasi-fiscal because they replace fiscal policy instruments like subsidies, tax reductions and capitalization as a direct charge to the state budget. Rescue operations conducted by the Fed have a serious impact on its balance in terms of size and structure introducing risky assets with large purchase value but uncertain market value. It may jeopardize Fed’s financial stability and the restoration of that stability would require governmental aid. As a result, the problem may be transferred from the central bank to the state budget.

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