Dispute over the Objective of the Central Bank of Poland in the Light of the Role of Banking Sector in the Economy

• Authors: Zyzynski J.
• Languages of publication: PL

Abstracts

EN

The author critically analyzes monetary policy pursued during the recent years by the Central Bank of Poland and poses a question whether the parliamentary bill on the National Bank of Poland correctly indicates its objectives. In particular, the issue whether the single objective, viz. the currency stability, is not too narrowly formulated? The article indicates that the open market policy in actual fact causes deep dis-equilibrium on the monetary market and identifies its effects which manifest themselves in high over-liquidity and shortage of loan potential as well as in the transfer abroad of sizeable funds in the form of foreign assets. The conclusion is that the stability of the currency, as the objective - from the macroeconomic point of view - was not rational, due to its high cost.

Keywords

EN

CURRENCY STABILITY; MONETARY POLICY; MONEY MARKET EQUILIBRIUM

Discipline

• ECONOMICS: ECONOMICS

• Publisher: Komitet Nauk Ekonomicznych PAN, Polskie Towarzystwo Ekonomiczne
• Journal: Ekonomista
• Year: 2005
• Issue: 5
• Pages: 569-594
• Document type: ARTICLE

Contributors

author

Zyzynski J.

• J. Zyzynski, Uniwersytet Warszawski, ul. Krakowskie Przedmiescie 26/28, 00-927 Warszawa, Poland

Identifiers

CEJSH db identifier

06PLAAAA00641599