Marek Dabrowski
A Non-Resident Scholar at Bruegel, Brussels, Professor of the Higher School of Economics in Moscow, Co-founder and Fellow at CASE - Center for Social and Economic Research in Warsaw. He was a co-founder of CASE (1991), former Chairman of its Supervisory Council and President of Management Board (1991-2011), Chairman of the Supervisory Board of CASE Ukraine in Kyiv (1999-2009 and 2013-2015), and Member of the Board of Trustees and Scientific Council of the E.T. Gaidar Institute for Economic Policy in Moscow (1996-2016). He also held positions of the First Deputy Minister of Finance of Poland (1989-1990), Member of Parliament (1991-1993) and Member of the Monetary Policy Council of the National Bank of Poland (1998-2004). Since the end of 1980s he has been involved in policy advising and policy research in Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Egypt, Georgia, Iraq, Kazakhstan, Kyrgyzstan, Macedonia, Moldova, Mongolia, Montenegro, Poland, Romania, Russia, Saudi Arabia, Serbia, Somalia, Syria, Turkmenistan, Ukraine, Uzbekistan and Yemen, and in a number of international research projects related to monetary and fiscal policies, growth and poverty, currency crises, international financial architecture, perspectives of European integration, European Neighborhood Policy and political economy of transition. He has also worked as consultant in a number of EU, World Bank, IMF, UNDP, UNICEF, OECD, GIZ and USAID projects. Fellow under the 2014-2015 Fellowship Initiative of the European Commission – Directorate General for Economic and Financial Affairs. Member of the Academia Europaea. Author of several academic and policy papers, and editor of several book publications.
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Papers by Marek Dabrowski
serious impact on monetary policy and CB independence. Disruption in financial
intermediation and associated deflationary pressures caused by the global
financial crisis of 2007–2009 and European financial crisis of 2010–2015 pushed
central banks (CBs) in major currency areas towards adoption of unconventional
monetary policy measures, including large-scale purchase of government bonds
(quantitative easing). The same approach has been taken by CBs in response to the
COVID-19 crisis in 2020 even if the characteristics of this crisis differ from the
previous one. As a result of both crises, CBs have become major holders of government
bonds and de facto – main creditors of governments. Against rapidly
deteriorating fiscal balances, CBs have become hostages of fiscal policies, which
compromises their independence. Risks to the CB independence also come from
their additional mandates (beyond price stability) and populist political pressures.
serious impact on monetary policy and CB independence. Disruption in financial
intermediation and associated deflationary pressures caused by the global
financial crisis of 2007–2009 and European financial crisis of 2010–2015 pushed
central banks (CBs) in major currency areas towards adoption of unconventional
monetary policy measures, including large-scale purchase of government bonds
(quantitative easing). The same approach has been taken by CBs in response to the
COVID-19 crisis in 2020 even if the characteristics of this crisis differ from the
previous one. As a result of both crises, CBs have become major holders of government
bonds and de facto – main creditors of governments. Against rapidly
deteriorating fiscal balances, CBs have become hostages of fiscal policies, which
compromises their independence. Risks to the CB independence also come from
their additional mandates (beyond price stability) and populist political pressures.