Wyniki wyszukiwania - Biblioteka Nauki

1

Optimum Inflation Rate In Growth Modeling

100%

Baranowski P.

Ekonomista

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2008

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nr 4

447-466

EN

Hypothesis concerning the optimum rate of inflation is verified in the article. Several theoretical studies dwelled on a similar subject, but very few have addressed the issue of empirical verification of this hypothesis within the framework of growth models.The author presents estimates of optimal inflation rate derived from a single equation econometric model that explains the growth of GNP. The model is based on a modified approach by C. Jones (1995) and uses panel data that cover 15 countries over a period of 1972-2005. The obtained results seem to corroborate the optimum inflation rate hypothesis. The identified relation indicates that the average increase in CPI index amounting to 3% - 4% allows for the maximum long term growth.

2

DOES INFLATION AFFECT THE RELATIONSHIP BETWEEN BROAD MONEY AND ECONOMIC GROWTH? A THRESHOLD MODEL

80%

Šuliková V. , Siničáková M. , Štiblárová Ľ.

Ekonomický časopis (Journal of Economics)

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2019

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tom 67

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nr 6

569 – 586

EN

This study empirically examines the relationship between broad money (M3) and economic growth according to different level of inflation. The impact is examined on the sample of 17 countries via threshold model for panel data. To ensure the robustness of the results, we apply several alternatives, including single and double threshold model. We conclude that an increase in money supply can be beneficial from the point of view of economic growth only for countries susceptible to maintain their inflation within an optimum interval, which is quantified by our model at around 2% level of inflation in the long run. Further the model estimation revealed that countries with inflation over 3.3% should avoid an increase in money supply as they risk negative effects on their output.

3

PERSPECTIVES ON POLAND'S CONVERGENCE TO THE EUROZONE IN TERMS OF PRICE STABILITY

80%

Blaszczyk P.

Optimum. Studia Ekonomiczne

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2011

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nr 5(53)

134-148

EN

The main aim of this paper is to assess the process of convergence of Poland to the eurozone in terms of price stability from the perspective of the ECB's uniform monetary policy. The above aim is covered mainly in section three of this study. The previous sections constitute a theoretical basis for an empirical assessment of Poland. Section one focuses on the methodology of the Maastricht criterion in terms of price stability. It further delineates the main questions within this issue and the resulting problems for the eurozone candidates. On the basis of the above issues the author presents remarks regarding possible directions for the modification of the methodology of the criterion in question. Thus, section one draws on the analysis from the perspective of the eurozone candidate country, which means that it concerns the pre-accession period. On the other hand, the analysis presented in section two depicts price convergence after joining the eurozone. The aim of this point is mainly to study the meaning of differences in the dynamics of general price level in the eurozone for keeping a uniform monetary policy within member states. Finally, in section three - which is the focal point of this article - the issues touched upon in the previous two sections are referred to on the example of Poland. This section presents above all the assessment of the convergence of general price level dynamics in Poland and the Maastricht criterion as well as an average inflation rate in the eurozone. The results of the following study are a basis for answers to such questions as what the prospects of fulfilling the reference inflation value are and whether uniform ECB's policy can pose a threat for Poland. The answer to the latter question greatly determines the balance between the gains and losses of joining the eurozone.

4

INFLATIONS TARGETING AS AN OPTIMUM MODE OF MONETARY POLICY IN UKRAINE (Tarhetuvannia infliatsii iak optymalnyi rezhym monetarnoi polityky v Ukraini)

80%

Hnativ O. A.

|

2009

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nr 2(52)

119-125

EN

The problems of the current mode of the monetary structure in Ukraine have been analysed. Optimum mode of monetary policy on the modern stage of the country economic development has been determined. The comparative analysis of macroeconomic development of Ukraine and other countries who passed to inflation targeting has been given.

5

SOME MACROECONOMIC EFFECTS OF THE SYSTEM TRANSFORMATION IN THE POLISH ECONOMY BETWEEN 1990-2007

80%

Heller J. , Wierzbicka W.

Olsztyn Economic Journal

|

2009

|

tom 4

|

nr 1

1-13

EN

The aim of the research was to evaluate system transformation processes, i.e. market changes and European integration occurring in parallel. Both of these conditions have been the most significant influences on the economy of the countries of Central and Eastern Europe since 1990. The basis for this evaluation was an analysis of the changes in macroeconomic indicators specifying the level and the rate of GDP increase, inflation and unemployment in 1990-2007. It was established that the Polish economy developed faster in this period in comparison to the average level of 15 existing EU member states. Among the new members of the European Union (since 1 May 2004), Poland is one the most slowly developing states - with the highest unemployment rate, but also with relatively low inflation.

6

MONETARY POLICY UNDER CONDITIONS OF 'NAIRU' FLATTENING

80%

Balcerzak A.

Olsztyn Economic Journal

|

2009

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tom 4

|

nr 1

95-105

EN

The last decades represent a period of global economy fast transformation, which is reflected in the real life and leads to changes in relations between the situation in the labour market and the inflation processes. Those changes are frequently referred to as 'NAIRU' flattening. It can be expected that it will bring important consequences for the process of national monetary policy development in individual countries. The aim of the paper is to present analysis of the influence of NAIRU flattening on the effectiveness of the national monetary policy and effectiveness of its tools.

7

MAIN DETERMINANTS OF INFLATION IN POLAND IN THE PERIOD 1997-2009 (Glowne determinanty inflacji w Polsce w okresie 1997 - 2009)

80%

Misztal P.

Optimum. Studia Ekonomiczne

|

2011

|

nr 3(51)

127-146

EN

The main aim of the article is to analyse the key determinants of inflation in Poland in the period of 1997 - 2009. The paper uses a research method developed based on the literature on monetary policy and international finance, as well as on econometric methods (Vector Error Correction Model - VECM). Inflation is commonly regarded as one of the most important problems of an economy, particularly in transition countries. Therefore, fight against inflation and striving to maintain a stable price level is the main objective of the monetary authorities in these countries. In order to conduct effective monetary policy, central banks must possess information concerning the current economic situation in the country and the fundamental relationships between the main economic variables. According to the findings of the analysis concerning inflation in Poland, the most important inflation factors in the period 1997 - 2009 were demand factors, especially government spending as well as cost factors, especially growth of wages. Furthermore, it was found that changes in inertial factor and import prices best explain the variability of inflation in Poland in the period 1997 - 2009.

8

Problemy ta perspektyvy rozvytku finansovo-bankivskoi systemy Ukrainy ta krain TsSIe

80%

Sedlyk O. V.

Mekhanizm Rehuluvannya Economiky

|

2011

|

tom 4 (54)

257-263

EN

This article explores the problems and prospects of financial and banking system of Ukraine and the CEE countries, a comparative analysis of the problems in Ukraine and CEE countries, the causes of increasing debt and propositions for its relief for Ukraine and CEE countries.

9

INFLATION IN THE EU COUNTRIES AS COMPARED TO SELECTED STATES IN THE WORLD

80%

Kotlinski K.

Olsztyn Economic Journal

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2008

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tom 3

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nr 2

196-211

EN

Level and convergence of inflation rate in the EU states was examined with the use of three groups of countries. The first group was composed of the 12 richest and most developed countries of the world that do not belong to the EU. Another control group included the 12 poorest countries of the world, and the third one included the so-called 'former' European Union states. The conducted analysis of the period 1980-2006 indicated that the reduction of inflation rate was faster and stronger in rich countries - both as regards EU members and those that remain outside this integration group - than in poor countries. Although a long-term convergence of inflation in the EU countries is the highest, the existing differences show that the main cause of its reduction is the neo-liberal concept of maintaining a constant low rate of price increase as one of the conditions ensuring a stable rate of economic growth.

10

EXCHANGE RATE SYSTEM AND INFLATION IN THE PROCESS OF INTEGRATION OF THE CENTRAL AND EASTERN EUROPEAN COUNTRIES WITH THE EUROPEAN UNION

80%

Kotlinski K.

Olsztyn Economic Journal

|

2009

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tom 4

|

nr 2

265-278

EN

Central and Eastern European countries, on the path to implementation of the common currency apply different exchange rate regimes. The study aimed at determining which of them proved the most rational from the perspective of the relations between the inflation and the currency exchange rate. The study showed that indifferent of the selected path for reaching ERM II and as a consequence the common currency the exchange rate system applied will be the factor determining the intensification or weakening of inflation processes in the Central and Eastern European countries in the integration process. It also seems that Poland does not have to be afraid of the inflation impulse as a result of tightening the exchange rate of Polish Zloty within the frameworks of the ERM II.

11

FINANCIAL RESULTS OF BILLS ADOPTED BY THE GOVERNMENT (Skutki finansowe projektow ustaw przyjetych przez Rade Ministrow)

80%

Postula M.

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nr 1(342)

95-105

EN

For a few years, works have been conducted in Poland that have resulted in the implementation of elements of modern public funds management to the public finance system. The amended Act on public finance of December 2010 has introduced another new solution, namely the discipline rule for expenditures that reduces the growth of public spending. This rule obliges the government to preserve the pace of the so called 'flexible' expenditures at the level of the inflation planned for the given year, increased by one percentage point. Simultaneously, new regulations with regard to the methods for developing bills by the government have been introduced to the law. They set forth the obligation to include in bills adopted by the government (also in amendments to the existing acts) the maximum limit of financial results for public finance sector units that stem from the proposed regulations for a ten-year period. Moreover, new legal regulations must include one or several corrective mechanisms that have been proposed in the amended Act on public finance. The article presents these changes.

12

MAKROEKONOMICKÝ DOPAD RŮSTU ŠIROKÝCH MĚNOVÝCH AGREGÁTŮ VE VYBRANÝCH ZEMÍCH V LETECH 1960 – 2007

70%

Jílek J.

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nr 1

3 – 18

EN

The impact of the broad monetary aggregates on the decrease of money velocity, inflation and real GDP in the USA (1960 – 2007), Eurozone (1991 – 2007), Japan (1960 – 2007), Great Britain (1987 – 2007) and the Czech Republic (1993 – 2007) has been analysed. In all countries the growth of the broad monetary aggregate resulted in higher inflation and higher real GDP in relation approximately 1 : 1. The broad money velocity has rapidly lowered in Eurozone, Japan, Great Britain and the Czech Republic. In the USA the broad money velocity lowered only slightly and the decrease was more volatile over time. Thus in countries with the exception of the USA there was strong negative correlation between (i) 1-year lagged monetary aggregates and (ii) consumer price index and real GDP.

13

BUSINESS CYCLE IN THE ECONOMY OF POLAND. OBSERVATIONS DERIVED FROM MARKOV CHAINS (Cykl koniunkturalny w Polsce. Wnioski z modeli Markowa)

70%

Fic T.

Ekonomista

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2009

|

nr 1

49-65

EN

The article concentrates on the attempt to identify phases, turning points and the character of business cycle observed in Poland during 1995 - 2005. The switch-on and -off Markov models suggested by Hamilton (1989) have been applied. The obtained results indicate that during slowdown periods growth rate amounted to 2%, while during business prosperity the economy grew at the rate of 5.5% per year. Three cycles, in which similar cyclic changes in individual consumption, exports and imports as well as in inflation, have been discerned. When capital formation activities and unemployment rate are examined, the analysis points to the operation of only one cycle.

14

INFLATION AND ECONOMIC POLICY

70%

Gujans P.

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nr 1(58)

6-29

EN

The paper focuses on problems which existed before global financial crisis and which will remain after the crisis is over. First, the causes of inflation and price equalisation are discussed. The author analyses differences in consumer prices in EU member states and concludes that two factors - climate zone and level of countries' economic development influence this difference. It is neither possible nor desirable to prevent price equalisation, but the key question remains: what should be done in order to minimise the negative impact of this process on social and demographic processes in the country. In other words, population income should be increased. In this regard, efficiency and competitiveness of Latvian economy, concept of priority branches, the problems of small- and medium-sized enterprises, corporate income tax and reinvestment of profits and social payments is analysed.

15

IS INFLATION A MONETARY PHENOMENON IN THE EAST EUROPEAN ECONOMIES? – MULTIFREQUENCY BAYESIAN QUANTILE INFERENCE

60%

Živkov D. , Kovačević J. , Lončar S.

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tom 68

|

nr 8

787 – 810

EN

This paper tries to determine how growth of money supply affects inflation in different time-horizons and under different inflation levels in the Czech Republic, Poland, Hungary and Russia. The research is done by using two innovative methodologies – the wavelet approach and Bayesian quantile regression. By observing these four countries, we can assess whether inflation targeting (IT) plays significant role in curbing inflation, because three Visegrad group countries adopted IT almost two decades ago, while Russia started to conduct IT relatively recently. Estimated quantiles suggest that money supply growth does not influence inflation in the Czech Republic and Hungary, whatsoever. We find that money growth impacts inflation in Poland, but very modestly. On the other hand, in the case of Russia, the transmission effect from money to inflation is much higher, and it goes around 40% in low inflation conditions, when M1 aggregate is observed, and around 78% in low inflation conditions, when M3 aggregate is analysed. The overall results clearly indicate that the adoption of the IT framework as a disinflation strategy proved to be successful in the Visegrad group countries, since excessive money growth has little or no effect at all on inflation in these countries.

16

Oddziaływanie polityki monetarnej na stopy procentowe i inflacje

60%

Kawa P.

|

2012

|

nr 877

25-35

EN

The aim of the article is to present the impact of monetary policy on chosen variables characterising the real and nominal side of the economy. The author first describes the idea of the natural rate of interest, which can be defined as the rate of real interest that stabilises inflation. This approach is extremely important for central banks seeking to implement a direct inflation targeting strategy. Using a money market equilibrium model and term structure of interest rates, the author establishes that if the real interest rate effect occurring in the short term is stronger than the effect of increased inflation expectations then the increase in money supply will reduce the level of the short-term nominal interest rate. However, in the long term the nominal interest rate will increase due to inflation expectations.

17

Rozvytok modeli vrakhuvannya inflyatsiyi za formuloyu I. Fishera

60%

Zaitsev O. V.

Mekhanizm Rehuluvannya Economiky

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2012

|

tom 4 (58)

159-168

EN

Series of formulas and equations related to the economics and finance are closely connected with the name of American economist and statistician I. Fisher. During a hundred years period of their usage some mistaken stereotypes appeared in application to their terminological monosemantics and practical use. The article draws attention to the “Fisher`s formula” which links the nominal and real interest rates through the level of inflation. The article reports on a new aspect of the I. Fisher`s formula which considers inflation. It turned out that there were two formulas not one as it was thought previously. Also, the article discovers the features of the practical application of these new formulas. Currently, one of these features is well-known, but the other two features are new.

18

Otsiniuvannia rivnia borhovoi bezpeky derzhavy

60%

Makaryuk O. V. , Yatsenko N. V.

Mekhanizm Rehuluvannya Economiky

|

2010

|

tom 4 (48)

223-226

EN

This article analyzes the approaches to estimating the level of debt security. The advantages and disadvantages of each approach. Analyzed the effects of lowering the debt security.

19

MAKROEKONOMICKÉ ŠPECIFIKÁ DLHODOBÉHO VÝVOJA SLOVENSKÉHO TRHU PRÁCE

51%

Kárász P.

|

2011

|

tom 59

|

nr 7

684 – 699

EN

The aim of the article is an identification of macroeconomic specifics connected to the long term development of the Slovak labour market. Its realization starts from analysis of Slovak business cycles’ reflection in formation of the labour market. In continuation on this analysis relationships between growth of economic performance and employment rate investigated, including description of functionalities between them. Periods and degrees of similarities with causality represented by the Phillips curve are identified in the framework of the investigation of relationships between inflation and unemployment development. The specifics of long term unemployment with special regard to development of the economy after the global economic crisis are determined in the structure of unemployment

20

THE MEASUREMENT OF PSYCHIC DISTANCE: CASE OF FOREIGN INVESTORS IN SLOVENIA

51%

Festic M. , Repina S. , Krizanic F.

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tom 57

|

nr 10

963 – 979

EN

The article contributes to the existing empirical evidence on the impact of the macroeconomic environment on retail prices dynamics by using panel estimates to explain inflation in Slovenia after the introduction of the euro. The authors evaluated the impact of diesel fuel prices, food prices on the world market, GDP, the bank loans to the private sector, import prices, the earnings of major merchants and the production prices for retail prices of alimentary products. The earnings of major merchants, import prices and GDP growth contributed significantly to the incline of the retail prices in the first observed period. While, the results of the empirical analysis state that the cause of increased incline of the retail prices of alimentary products after May 2007 can be attributed, mostly to the earnings of major merchants, volume of credit, world food prices, the price of diesel fuel and import prices. The impact of producers' prices was insignificant in both observed periods.