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

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

80%

Sedlyk O. V.

Mekhanizm Rehuluvannya Economiky

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2011

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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.

4

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

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2011

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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.

5

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

80%

Heller J. , Wierzbicka W.

Olsztyn Economic Journal

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2009

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tom 4

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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

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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

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.

8

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

80%

Hnativ O. A.

Rehionalna ekonomika

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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.

9

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

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2009

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tom 4

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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.

10

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.

11

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

80%

Postula M.

Kontrola Państwowa

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2012

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tom 57

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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

LONG-RUN MONETARY NEUTRALITY: EVIDENCE FROM HIGH INFLATION COUNTRIES

80%

Telatar E. , Cavusoglu T.

Ekonomický časopis (Journal of Economics)

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2005

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tom 53

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nr 9

895-910

EN

The aim of this paper is to investigate issues of long-run neutrality and long-run superneutrality of money using data of high inflation countries (Argentina, Brazil, Ecuador, Mexico, Uruguay and Turkey). It is found that money is long-run neutral but not superneutral with respect to real output for Argentina and Uruguay indicating that money growth has a negative effect on real output. The long-run superneutrality holds for Brazil, Mexico and Turkey. The long-run neutrality is rejected for Ecuador.

13

THE REAL ESTATE BUBBLES AND MONETARY POLICY - THE US CASE

80%

Belke A. , Wiedmann M.

Ekonomický časopis (Journal of Economics)

|

2006

|

tom 54

|

nr 9

898-917

EN

This paper attempts to provide an answer on the question - whether the recent surge in the US real estate prices is fundamentally driven, or whether the current situation reflects the 'bubble' symptoms. Implicitly, also monetary policy in the euro area in these days is addressed as well with France and Spain experiencing exorbitant price increases of the real estate during at least the last four years. Our aim is to divide the valuation of the US housing market into a 'bubble' component and into a fundamentally justified component. For this purpose, the US real estate market and its peculiarities are described and the empirical indications of a bubble are identified. We contrast the empirical results with the ongoing question whether the asset prices and the asset price bubbles are and should be a matter of attention of the central bank authorities in the process of the monetary policy making.

14

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.

15

INFLATION AND ECONOMIC POLICY

70%

Gujans P.

Humanities and Social Sciences: Latvia

|

2009

|

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.

16

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

70%

Jílek J.

Ekonomický časopis (Journal of Economics)

|

2015

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tom 63

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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.

17

Inflationary expectations in transmission mechanism of monetary policy

70%

Semenenko T. O. , Nilova N. M.

Mekhanizm Rehuluvannya Economiky

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2011

|

tom 3 (53)

132-137

EN

In the paper, the analysis of inflationary expectations is considered as a key part of transmission mechanism of monetary policy. Means of mathematical modeling determine the relations between inflationary expectations and issuing processes.

18

KRÍZA GLOBÁLNEJ FINALIZÁCIE A NOVÁ FINANČNÁ ARCHITEKTÚA

70%

Pavelka Ľ.

Ekonomický časopis (Journal of Economics)

|

2009

|

tom 57

|

nr 8

804-820

EN

Financialisation may be defined as: the increasing dominance of the finance industry in the sum total of economic activity. Financialisation is the employment of money capital in the financial markets and in speculation financial crises 2009 is crises of neo-liberalism, crises of ethics and crises of global economic. An American mortgage is manifested in expansion of classified debts, which arose to financial institutions in USA as a result of underestimating of risks in the area of retails' clients financing. Mortgages provided to American households with low financial standing served as ground assets of security obligations of which investors are investment and insurance companies all over the world. The main reason of crisis was improvident business activities of banks and special purpose company as well as bank ethics breaking and unfair practices of domestic funds institutions.

19

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

60%

Živkov D. , Kovačević J. , Lončar S.

Ekonomický časopis (Journal of Economics)

|

2020

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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.

20

Oddziaływanie polityki monetarnej na stopy procentowe i inflacje

60%

Kawa P.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2012

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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.