Wyniki wyszukiwania - Biblioteka Nauki

1

Independence of Central Bank as a Basis for Institutional Politics of Monetary Policy

100%

Kraś I.

Polish Political Science Yearbook

|

2012

|

tom 41

444-460

EN

The course of economic processes of economy is regulated by its products and production factors in which supply and demand are equalized. The most important role is given to money as a measurement of value (ensuring valuation), means of payment (allowing the settling the payments) as well as a means of hoarding (allowing savings). Primarily the market economy is a monetary economy. Money is used for buying and selling, for granting loans, accumulating savings. Every functional entity of the market such as enterprises, households are taking part in these processes. An important role of these processes is taken by the purchasing power of money, which has an eff ect on those participating in economy and social life. If the value of the money is constant it brings safety in life not only from the economic but also the social point of view. We can not agree more than to say that stable currency is of great social value. The central bank takes a major role to a guard keeping the currency at a stable level. Proper functioning of the central bank is strictly connected with its independence. It allows the monetary policy to be conducted properly in a country.

2

Regionalne krzywe Phillipsa w Polsce a efektywność polityki pieniężnej

100%

Gajewski P.

Ekonomista

|

2016

|

nr 4

501-519

PL

Celem artykułu jest pokazanie związku między stopą bezrobocia na poziomie regionalnym a agregatową stopą inflacji na poziomie ogólnokrajowym. W części teoretycznej omówiono różne koncepcje krótkookresowej krzywej Phillipsa i ich znaczenie dla polityki pieniężnej. W części empirycznej podjęto próbę estymacji nieliniowych, krótkookresowych krzywych Phillipsa w polskich województwach. Wyniki estymacji opartej na danych panelowych oraz estymacje indywidualne dla poszczególnych województw skłaniają do przyjęcia hipotezy o istnieniu wklęsłej zależności pomiędzy inflacją a luką bezrobocia w większości województw. Zgodnie z koncepcją Lipseya oznacza to, że agregatowa krzywa Phillipsa w Polsce może przesuwać się do góry w okresach konwergencji regionalnej, natomiast dywergencja regionalna może prowadzić do jej przesunięć w dół. Uzyskane wyniki rodzą istotne implikacje dla efektywności krajowej polityki pieniężnej.

EN

The aim of the paper is to show the relationship between the unemployment rate at regional level and the aggregate inflation at national level. The theoretical part of the paper discusses various concepts of the short-term Phillips curve and their implications for monetary policy. The empirical part brings an attempt to estimate non-linear shortterm Phillips curves for Polish vojevodships. The results of the estimation based on panel data, as well as estimations of the curves for individual vojevodships, suggest the existence of a concave dependence between inflation and unemployment gap in most vojevodships. According to the Lipsey concept, this means that the aggregate Phillips curve in Poland can move upwards in the periods marked by regional convergence while regional divergence may shift it downwards. The results of this research have significant implications for the effectiveness of national monetary policy.

RU

В статье анализируется связь между нормой безработицы на региональном уровне и агрегатной нормой инфляции на общенациональном уровне. В теоретической части рассматриваются различные концепции краткосрочной кривой Филлипса и их значение для денежной политики. В эмпирической части делается попытка нелинейных эстима- ций краткосрочных кривых Филлипса в польских воеводствах. Результаты эстимации, сделанной на панельных данных, а также индивидуальная эстимация для отдельных воеводств, позволяют принять гипотезу о существовании вогнутой зависимости между инфляцией и безработицей в большинстве воеводств. Согласно концепции Липси это означает, что в Польше агрегатная кривая Филлипса в периоды региональной конвер- генции может передвигаться вверх, а региональная дивергенция, в свою очередь, может приводить к ее падению. Полученные результаты вызывают существенные импликации для эффективности национальной денежной политики.

3

FFR Level in the Period 2000-2007 and the Emergence of the Asset Price Bubble on the US Real Estate Market

100%

Karaś M.

Ekonomia. Rynek, Gospodarka, Społeczeństwo

|

2013

|

nr 33

55-77

EN

This article aims at investigating the impact of the level of the Fed funds rate in the United States in the period 2000-2007 on the emergence of the asset price bubble on the US real estate market, burst of which triggered the financial crisis in the US and globally. Rather than constructing a single theoretical or empirical model of this potential influence, a more eclectic approach is taken. The argument is structured around three fundamental questions (1) whether the Fed funds rate had been low compared to benchmarks in the given period; (2) whether low short-term rate itself had been able inflate a real estate bubble; (3) whether alternative explanations of the bubble causes were sufficient. For each of the issues a number of qualitative explanations and quantitative models is provided and analysed. Based on the gathered data, models, and arguments, the paper concludes that the influence of the Fed funds rate on the bubble’s emergence is not to be underestimated. This conclusion should be kept in mind in the context of future directions for monetary policy in the US and globally, as the extremely low interest rates applied by central banks to date might be inflating the next bubble.

4

The Coming Together of Astronomy and Economics

80%

Knapowski R.

Adam Mickiewicz University Law Review

|

2019

|

tom 10

455-476

EN

The paper is an English translation of Skojarzenie się astronomii z ekonomią by Roch Knapowski published originally in Polish in Opuscula Casimiro Tymieniecki septuagenario dedicata in 1964. The text is published as a part of a jubilee edition of the “Adam Mickiewicz University Law Review. 100th Anniversary of the Faculty of Law and Ad-ministration” devoted to the achievements of the late Professors of the Faculty of Law and Administration of the Adam Mickiewicz University, Poznań.

5

Introduction of the Concept of an Independent Central Bank into the Polish Political System in Light of the European Experience

80%

Chęciński R. , Przychodzki M.

Roczniki Nauk Prawnych

|

2018

|

tom 28

|

nr 3 English Online Version

5-19

EN

The article is intended to outline the development of central banking in terms of its independence, with particular emphasis on the implementation of the idea of an independent central bank in Poland, also comparison with some other countries. The idea of central-bank independence was presented from personnel, financial and functional perspectives. In the initial phase of their development, central banks were mainly established in the form of capital-based companies. Their position and importance was determined by special privileges. The Maastricht Treaty was a normative act that had a major influence on the shape of the currently dominant concept of an independent central bank, which pursues a free monetary policy at its own discretion. The Constitution of 1997 and the Act 29 August 1997 on the National Bank of Poland of were crucial in guaranteeing the strong position and independence of NBP from state authorities.

6

Globalizacja a polityka pieniężna

80%

Rybiński K.

Studia Regionalne i Lokalne

|

2006

|

nr 2(24)

5-19

PL

Tytuł artykułu może sugerować, że porusza on problemy istotne dla globalnej gospodarki, a nie dla powiatu, miasta, regionu czy uczelni. Tak jednak nie jest, ponieważ w najbliższych latach proces globalizacji produkcji, usług, inwestycji, finansów, rynku pracy i wiedzy będzie postępował, niezależnie od skali narodowych protekcjonizmów. Efekty globalizacji będą więc odczuwalne przez wszystkich: kraje, regiony, społeczności lokalne i jednostki. Jeżeli chcemy odnieść sukces, czy jako kraj, czy jako każdy z nas, musimy być do globalizacji dobrze przygotowani.

EN

The title of this article might suggest that it refers only to the global economy, discussing problems that are not important for particular localities, regions or universities. Such reasoning is however wrong. I the near future the globalisation of industries, services, investments, finance, labour markets and knowledge will expand, regardless the protectionism of nations. The effects of globalisation will touch everybody: countries, regions, local societies and individuals. If we want to be successful, both as a country and as individuals, we have to be well prepared for this process.

7

Evropská měnová integrace

80%

Dana W. , Petr M. , Jiří T.

Littera Scripta

|

2009

|

tom 1

109-119

EN

Contribution is focusing on development European currency integration and other reciprocal context of concerning to common currency of European union states. Further is dealing with relation of European currency union compared with global currency policy and acquaint with influence of national fiscal policy and reminds also exercise of currency policy CNB-(Czech national bank) as a expressive stability element of macroeconomic environment.

8

Kryzysowa polityka pieniężna – podstawowe dylematy

80%

Tomkiewicz J.

Management and Business Administration. Central Europe

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2013

|

tom 21

|

nr 2(121)

38-48

XX

Purpose: The goal of the text is to show a number of challenges which major central banks must face today. Impressive engagement of the central banks in counter-crisis policy leads to many controversial decisions and its results are not clear both for economic theory and for real economy. For now, one cannot show a full overview of the policy of central banks – on the one hand, thanks to the expansionary monetary policy, recession was quite shallow and the risk in financial markets has declined, but on the other hand, few side effects of this policy can be mentioned, which can jeopardize economic stability in the future. Methodology: The paper has a theoretical character. The findings are based on a literature review and an analysis of the major macroeconomic data. Findings: The text indicates the most important areas which have to be investigated by central banks. There are serious doubts about issues like: inflation targeting as a fundamental part of monetary policy, the efficiency of monetary policy instruments and the side effects of loose monetary policy. Originality: The text presents quite a new approach in analyzing macroeconomic policy by indicating important gaps in contemporary economic knowledge according to which economic policy is conducted.

9

The evolving impact of labour markets on monetary policy

80%

Sławiński A. , Hausner J.

Zarządzanie Publiczne / Public Governance

|

2018

|

nr 4(46)

19-29

EN

Objectives: The aim of this paper is to address the cycle from monetary policy becoming the main instrument of macroeconomic stabilisation to the current unexpected decline in its effectiveness. Research Design and Methods: This article analyses how preventing the risk of wage-price spirals unwinding became the main task of central banks. Such a perception of monetary policy role was a natural consequence of the Great Inflation of the 1970s and the substantial costs of disinflation of the 1980s. Then this paper highlights the causes behind the recent unexpected emergence of persistently low inflation. Among the most important causes of this were structural changes which took place also in labour markets, being the outcome of the twilight of traditional manufacturing and increasing globalisation. Findings: The structural weakening of the bargaining position labour creates situation in which the period when monetary policy was focused on preventing wage-price spirals has ended. If advanced economies are entering a long period of low inflation and low interest rates, it will necessitate a reformulation of the role that central banks play in stabilisation policies. Recommendation: This paper postulates that central banks should acquire a pivotal role in the macroprudential policy. The main argument is that the independence of central banks, which they obtained when fighting inflation, would increase the effectiveness of the macro-prudential policy. Contribution: Usually success in lowering and stabilising inflation is attributed mainly to the changes in the way in which central banks have been conducting their monetary policy since the early 1980s. This article highlights the fact that the role which was played in this process by the substantial weakening of the labour bargaining position is still underappreciated.

10

Trudności koordynacji polityki pieniężnej i polityki fiskalnej we współczesnej gospodarce

80%

Marszałek P.

Gospodarka Narodowa. The Polish Journal of Economics

|

2006

|

tom 210

|

nr 9

57-75

EN

The paper examines issues related to the coordination of fiscal and monetary policies. The author discusses the implications of delayed monetary and fiscal decisions and the difficulties involved in setting economic policy goals. He also describes the “one-armed policymaker” syndrome and the “zero bound problem.” The discussion indicates that proper coordination makes it possible to limit delays in economic policy. It also offsets the shortage of instruments at the disposal of policy makers and helps prevent deflation pressure, while increasing the efficiency of economic policy under “the zero bound problem.” All this increases the probability that monetary and fiscal policy makers will successfully attain their goals. The author concludes that the relationships between monetary and fiscal policies are much deeper and more complex than they seem to be, going beyond their traditional perception in terms of inflation and budget deficit financing. Moreover, considering the limitations of fiscal policy that reduce its flexibility, coordination efforts should primarily support the position of the central bank as a prime decision maker with considerable room for maneuver. Fiscal authorities should essentially limit themselves to supporting central bank activities and pursuing well-designed policies.

11

Polityka fiskalna wobec kryzysu finansowego. Próba oceny

80%

Lubiński M.

Gospodarka Narodowa. The Polish Journal of Economics

|

2010

|

tom 242

|

nr 9

1-23

EN

The article aims to evaluate, in theoretical terms, the fiscal policyresponse to the international financial crisis that began in 2007. The evaluation is based on a debate on the stabilization policy conducted after World War II, and on views formulated in research reports during the latest crisis. The main conclusion is that the reaction of the authorities to the crisis contradicts previously formulated theoretical recommendations. The most visible sign was the extensive use of fiscal policy measures. Theoretical recommendations were disproved in practice, largely due to political considerations. The key drawback of fiscal intervention was the lack of an assessment of the long-term implications of the move, with uncertain short-term effects. According to Lubiński, the crisis became an excuse for an inconsiderate public policy that served politicians and private interest groups. In a dubious arrangement, financial institutions were supported at the expense of taxpayers, despite the lack of public approval. The role of the government should be to ensure the proper functioning of the financial system, instead of rescuing it in the event of difficulties, Lubiński says. Another problem is posed by unclear regulations for discretionary action.

12

Polityka pieniężna a kryzysy finansowe

80%

Koronowski A.

Gospodarka Narodowa. The Polish Journal of Economics

|

2009

|

tom 235

|

nr 10

33-48

EN

The paper discusses the role of monetary policy in preventing financial crises and offsetting their implications. The paper provides a critical evaluation of views on the relationship between monetary policy and financial crises. The author looks at this issue in the context of practical experiences, especially those coming from the U.S. market, where the analyzed ties seem to be the most prominent. The author concludes that a monetary policy exclusively focused on the prices of goods and services and oriented toward keeping inflation in check in the short term, may create an environment conducive to the outbreak of a financial crisis. The probability of such a situation is especially high if the financial market is heavily liberalized and poorly supervised, Koronowski says. However, the main conclusion is that a financial crisis may be prompted by an excessive, prolonged increase in the liquidity of the banking sector after a decline in financial stability or as a result of failed central bank attempts to stimulate credit expansion and economic growth. Yet another conclusion is that monetary policy must be stable not only in terms of inflation, but also in terms of the price of money, Koronowski says. This is indispensable for a healthy financial sector and robust economic growth, the author adds.

13

Kredyt handlowy a polityka pieniężna NBP

80%

Młodkowski P.

Gospodarka Narodowa. The Polish Journal of Economics

|

2008

|

tom 222

|

nr 3

1-18

EN

The paper examines the influence of the central bank’s monetary policy on trade credit financing in Poland. The aim is to establish the nature and scope of the private sector’s response to modifications in monetary policy. An additional issue is whether there is a substitution effect between bank credit and trade credit. Both these issues are subject to formal statistical analysis. In the process, the author takes a comprehensive look at the monetary policy stance of the Polish central bank. He proposes a simple and intuitive indicator in this area based on money supply and demand data. Using a regression analysis, Młodkowski finds a strong and statistically significant relationship between monetary policy and trade credit. His findings also confirm the existence of a substitution effect between bank credit and trade credit. The author builds two regression models, one for “trade credit extended” and the other for “trade credit used.” In the case of “trade credit used,” both the scope of the relationship and its significance are stronger than in the case of “trade credit extended,” Młodkowski says. This is due to an asymmetry of statistical data subject to analysis. Poland’s Central Statistical Office only gathers data from businesses with more than 45 employees. In another conclusion involving trade credit theories, Młodkowski proves wrong a financial aid theory that suggests that enterprise size is a factor that leads to an asymmetry in the propensity to extend and use trade credit. This theory does not hold true for Poland, Młodkowski says.

14

Reguła Taylora i jej rozszerzenia

80%

Baranowski P.

Gospodarka Narodowa. The Polish Journal of Economics

|

2008

|

tom 225

|

nr 7-8

1-23

EN

The paper discusses the key aspects of research on a modern monetary policy rule proposed by American economist John B. Taylor in 1993. The Taylor rule stipulates how much the central bank should change the nominal interest rate in response to divergences of actual GDP from potential GDP and divergences of actual rates of inflation from a target rate of inflation. The rule recommends a relatively high interest rate (a "tight" monetary policy) when inflation is above its target or when the economy is above its full employment level, and a relatively low interest rate ("easy" monetary policy) in the opposite situations. Baranowski discusses many aspects of the Taylor rule, including the type of interest rates subject to analysis; the need to use real-time data; additional variables that may influence interest rates; the method of measuring variables; and the stability of the analyzed parameters. The paper also shows how the Taylor rule is used in practice. The rule can be used to analyze monetary policy, make international comparisons, and forecast interest rates. It can be an important component of both theoretical and empirical economic models, the author says.

15

Bank Lending Channel Effectiveness – Potential Lessons For Monetary Policy

80%

Świtała F. , Kowalska I. , Malajkat K.

Journal of Banking and Financial Economics

|

2023

|

nr 1(19)

160-177

EN

The article supplements the research on the effectiveness of monetary policy transmission – especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan portfolios, while distinguishing between the fact that they were granted by commercial and cooperative banks. How a change in the central bank’s interest rates may determine a change in the volume of loans in the economy remains the core question of the research.

16

Relative effectiveness of monetary and fiscal policies on output growth in Turkey: an ARDL bounds test approach

80%

Özer M. , Karagöl V.

Equilibrium. Quarterly Journal of Economics and Economic Policy

|

2018

|

tom 13

|

nr 3

391-409

EN

Research background: Effects of monetary and fiscal policy on output growth has been one of the major topics that economists have been investigating. Monetary and fiscal policies are tools for economists and policymakers to correctly direct the economy and facilitate the growth and development of the country. Accordingly, it is critically important for policy-makers in the area of economy to study the efficiency and the effectiveness of such policies. But, so far, there has been no generally accepted evidence suggesting the effectiveness of either the policy in Turkey or around the world. Instead, the dominance of either policy is subject to a change period to period and country to country. Purpose of the article: The purpose of this study is to analyze the growth effectiveness of fiscal and monetary policies and then determine which of these two policies is more powerful in promoting economic growth in Turkey over the period 1998 and 2016. Methods: To investigate the growth effectiveness of monetary and fiscal policies, we use some of the time series econometric techniques, such as ARDL Bounds testing, structural break unit root tests and Granger causality tests. Findings & Value added: Monetary policy variable is creating only short-run effects on growth; but, it's not causing any Granger causality on it. On the other hand, fiscal policy variable has a long-run significant effect and causing to growth. Thus, the fiscal policy seems to be more effective than monetary policy during examination period, implying the rethinking the implementation of both policies in Turkey. To the best of our knowledge, this study is the first attempt to investigate the relative effectiveness of economic policies on growth in Turkey in terms of both methods used and period chosen.

17

Struktura kredytów a wahania cykliczne w Polsce

80%

Jędruchniewicz A.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

|

2013

|

nr 908

57-73

EN

The study sought to answer the question of whether the structure of loans borrowed by companies and households was consistent with the theses of the Austrian school which states that over the business cycle relative changes in the production of goods occur and depend on the degree of remoteness from the consumer goods and on their durability. In the years 2005–2011, Polish households contributed a much higher share of total loans to the real sector than did companies. However, business loans and household property loans, taken together, constituted the vast majority of all loans. The analysis conducted for those years showed that the loan structure in the 2005–2008 growth stage when compared to the 2009–2011 growth stage shows better agreement with the Austrian theory than the 2009–2011 growth stage (especially its initial part). This is evident in the change of the loan structure by entities and sectors.

18

Monetary Policy and House Price Volatility

80%

Wesołowski G.

Central European Journal of Economic Modelling and Econometrics

|

2021

|

nr 4

19

Inflation Targets - What Factors Can Help to Explain Their Levels

80%

Niedźwiedzińska J.

Central European Journal of Economic Modelling and Econometrics

|

2020

|

nr 1

20

Maastricht Criteria of…Divergence?

80%

Paleta T.

Review of Economic Perspectives

|

2012

|

tom 12

|

nr 2

92-119

EN

This article focuses on problematic issues of the Maastricht criteria. The possible effect of attempt to meets the criteria is confronted with its intended purpose. Each criterion is analysed generally by pointing out problematic issues, subsequently, fulfilment by Eurozone members and risks for the Czech Republic, too, are shortly analysed. It is shown that in many cases fulfilling criteria can lead to a different development than was initially intended. The analysis reveals that attempts to meet the criteria can lead to divergence from Eurozone, can cause several economic problems and can bring pain with no gain.