MAIN DETERMINANTS OF THE TRADE BALANCE IN POLAND (Glówne detrminanty bilansu handlowego w Polsce)
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The paper deals with short- and long-run relationship between trade balance and exchange rate, national income and money supply in Poland. The elasticity, absorption and monetary approaches to the balance of payments of Poland are verified by using the Vector Autoregression Model (VAR). The results of this investigation show that national income and money supply played crucial role as determining factors in the trade balance of Poland in the period 1997-2008. Moreover, a weak relationship was found in the Polish economy between the trade balance and the real effective exchange rate.
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