In our study, we set out from the hypothesis that the social responsibility of central banks is peculiar, since these were established decidedly for the benefit of the common good. For the interpretation of their social responsibility, we first examine the concept of corporate social responsibility (CSR)
The monetary value of the averted dose is a key element in the implementation of the optimization principle both in radiation praxis and intervention. The main concept of this principle is to select options so as to maintain exposures at a reasonable level. The feature of this concept is to look for the minimal total cost, i.e., the sum of the costs of protection and health detriment. In its publications, ICRP emphasized the need for developing models which also take into account the "subjective" aspects of health detriment in the optimization process, such as the perception of risk by individuals and the need to put more emphasis on equity in the distribution of individual doses. This paper proposes a modified alpha-value model based on CEPN's model (Centre d'Etude sur L'Evaluation de la Protection dans le Domaine Nucleaire) to put more emphasis on recently published considerations about the smaller effects of the portion of collective dose derived from small doses. The parameters of the monetary value of unit collective dose averted, which is a key element of this type of model, can be estimated by means of approaches like human capital (HC) and willingness to pay (WTP) from the point of view of economic theories. The present study summarizes the results achieved by WTP among the radiation specialists mainly from the Paks Nuclear Power Plant, Hungary. The aim of the effort was to determine the value of a statistical life and the monetary value of a unit person-sievert associated with averted occupational exposure due to ionizing radiation. To apply the WTP method, a questionnaire has been prepared on the basis of the one introduced by CEPN in the late 1990's. The investigations show that the value of US$6,200 person-Sv(-1) seems to be acceptable for the alphabase-value for the occupational situation in Hungary in 1999. WTP assessments should be applied with caution since the economic level of the country, the workplace surveyed, and the computational methods affect the results. In addition, achieving a high level safety culture must rely on international cooperation both from the theoretical and practical viewpoints, and international markets affect the associated costs. Therefore the monetary requirements cannot always be assessed solely on a national basis.
A szerzők tanulmányukban bemutatják a vállalati gyakorlatból ismert vállalati társadalmi felelősségvállalás (CSR) koncepció lehetséges központi banki értelmezését, kitérve a központi bankok gazdasági, jogi, etikai és filantróp (jótékonysági) felelősségére. Megközelítésüket az amerikai (FED), az európai (EKB) és a magyar (MNB) központi bank gyakorlatán keresztül mutatják be. Dolgozatuk alapgondolata, hogy egy valóban felelős intézmény minden rendelkezésére álló eszközzel a társadalmi jólétet segíti elő, ahogy a társadalom tagjai vonatkozásában Adam Smith megfogalmazta bő kétszáz évvel ezelőtt. ____ This paper studies a possible interpretation of Corporate Social Responsibility (CSR) known from business translated to the sphere of central banks, including the central banks’ economic, legal, ethical, and philanthropic (charity) responsibilities. The authors’ approach is presented through practices of the American (FED), the European (ECB), and the Hungarian (MNB) Central Banks. The main idea in this paper is that a responsible organisation uses all means possible to improve social wealth, as stated by Adam Smith in relevance to the members of the society over two hundred years ago.
Tanulmányunkban abból a hipotézisből indulunk ki, hogy a központi bankok társadalmi felelőssége sajátos, hiszen ezeket kimondottan a közjó javára hozták létre. Társadalmi felelősségük értelmezéséhez először a vállalati társadalmi felelősségvállalás (CSR) fogalmát vizsgáljuk a vállalati gyakorlatban. Ezt követően a központi banki működésre vonatkoztatva kívánjuk a CSR értelmezését átültetni. Értelmezzük a központi bank tevékenységéhez kapcsolódóan a gazdasági, jogi, etikai és jótékonysági felelősségvállalás fogalomkörét. A Magyar Nemzeti Bank, a Fed, és az Európai Központi Bank, valamint Hollandia, Dánia, Spanyolország, Lengyelország és Csehország központi bankjának tevékenységén keresztül kívánunk példákkal rávilágítani, hogy miként is értelmezzük konkrétan a központi banki gyakorlatban a vállalati társadalmi felelősségvállalás egyes összetevőit.
There is no uniform theoretical standpoint on the effects of changing interest rates and the role of money among economists. Though these disputes exercise a great influence on the economic policy measures adopted as well. For the management of the 2008 global financial crisis many central banks entered into forceful interest rate cuts to contribute to the revitalisation of the economy. The economic recession caused by the pandemic of 2020 again raises the issue how central banks can stimulate growth. In this study we deal with the liquidity trap issue attributed to Keynes. Keynes pointed out that there might exist a lower interest rate limit under which money demand becomes infinite. His conceptions put the foundations to the question, at what interest rate levels might the liquidity trap – a term coined later by Robertson – phenomenon become effective. He was followed by numerous renowned economists dealing with the conception. In this paper we are discussing the most important theoretical approaches – among others the views of Hansen, Hicks, Tobin, Patinkin, Krugman, Brunner and Meltzer and Eggertson. We provide an overview on the effects of low interest rate levels adopted by Japan, by the central banks of Japan, the USA and the ECB aimed at stimulating the economy. Based on the study it can be confirmed that central banks can contribute to economic growth keeping interest rates low and therewith fostering investment. Nevertheless, beyond keeping short-term interest rates low, it might be adequate to control interest rates of other maturities and, especially under deflationary expectations, central banks should express their prolonged commitment to low interest rates.
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