Ing. Barbora Stanová, PhD.

Participation in conducting (leading) the most important research projects or art projects over the last six years

VEGA 1/0221/21 Interest rates in the environment with central bank digital currency, 2021-2023, member of research team. . So far, the concept of central bank digital currency (CBDC) has not been finalized or implemented. The sheer volume of different CBDC designs requires a more detailed analysis of their effects on the monetary policy (MP) transmission, as well as on price and finan. stability. CBDC implementation would significantly alter the functioning of the finan. system. It is therefore crucial to investigate the changes to the interest rates – as the inter. rate transmission channel of MP would be extended by the CBDC’s interest rates, which could be used to regulate the demand for CBDC, but which could potentially also play an important role in helping to attain the MP objectives. As price of money, inter. rates affect the functioning of each segment of the finan. market. The project focuses on the study of potential benefits and dangers for bank. sector, finan. markets and real economy, which could be associated with the modification of the inter. rate transmission process of MP in the EA19 due to CBDC implementation.

VEGA 1/0613/18 Deepening of economic inequalities as a consequence of distributional effects of unconventional monetary policy - 2018-2020 - member of research team. Global economy suffers from deepening of economic inequalities among individual institutional entities within particular economic sectors. It is evident, that monetary policy contributes to this phenomenon. Current state of research is only partial issues. It is not clear, which measures of mon. policy, to which extent and by which way affect economic inequalities in certain stage of econ. cycle. This project systematizes this complex issue and provides comprehensive picture. We investigate individual institutional entities in the sectors of households, non-financial corporations and credit institutions. Distributional effects of monetary policy are quantified not only at aggregated level of EA19, but also at level of individual countries (Slovakia in particular). Project outcomes bring the proposals in the form of recommendations to mitigate these negative aspects of monetary policy on economic equality and thereby to eliminate risk for further economic stagnation or return to crisis.

VEGA 1/0326/15 Accelerating the Process of Economic Recovery from the Perspective of the Financial Sector - a Common Approach versus Individual Solutions. - member of research team. The economies mostly affected by the current crisis can be characterized by efforts aimed at restoring lost economic growth. In the absence of significant economic recovery and problems with high unemployment, the central banks have to fight deflation and flee to the depreciation of their currencies which is viewed as a possible solution to this unfavorable situation. Efficiency of previously established transmission channels of monetary policy is failing. The main aim of this project is to identify the causes of the stalemate when neither increased supply of liquidity by central banks or low interest rates are sufficient stimulus for economic recovery. The project aims to assess current level of financial intermediation, potential risks of further development with respect to financial and price stability and to make recommendations to increase stimulation of commercial banks activities and functioning of the real economy in the context of both the common monetary policy in the EMU as well as in the SR.