PL EN


2013 | 3/1 | 37-50
Article title

Stopy procentowe jako czynnik determinujący dynamikę inwestycji w gospodarce polskiej w latach 2004–2012

Authors
Content
Title variants
EN
Interest rates as a factor determining dynamics of investment in the Polish economy in the years 2004–2012
Languages of publication
PL EN
Abstracts
EN
In the present times changes in nominal categories play an increasingly signifi cant role in shaping business activity in the real sphere. The related literature analyses various channels of primary transmissions or secondary monetary impulses and their infl uence on decisions of individual economic entities. In these considerations particular attention is paid to cyclical fl uctuations in effective demand, above all for investment means, due to changes in interest rates of the central bank and commercial banks. The aim of this article is to examine the character of the infl uence of primary and secondary changes in interest rates on business activity related fl uctuations in effective demand for investment means in the Polish economy in the years 2004 – 2012. The presented analysis will be of theoretical and empirical nature. An indirect mechanism of the transfer of monetary impulses and their infl uence on fl uctuations in the dynamics of investments will be shown by the so-called credit (streaming) approach. A detailed subject of the analyses will be the time series which show investment expenditures in the Polish economy and interest rates of the central bank and commercial banks, determining interest on deposits of enterprises and investment credits incurred by them. Statistical data will appear in the quarterly profi les and selection of the period from quarter I 2004 to quarter IV 2012 was dictated by access to comparable time series in our country.
Year
Issue
3/1
Pages
37-50
Physical description
Contributors
References
  • Barczyk R., Wydatki konsumpcyjne gospodarstw domowych jako konsekwencja zmian stóp procentowych w Polsce, referat wygłoszony w czasie konferencji pt. Zachowania gospodarstw domowych w warunkach zmian koniunktury, UE Poznań (11.04.2012)Bartkowiak R., Historia myśli ekonomicznej, PWE, Warszawa 2003Davis S., Allocative disturbances and specifi c capital in real business cycle theory, „The American Economic Review” 1987, vol. 77Friedman M., Die Quantitätstheorie des Geldes: eine Neuformulierung, w : Die optimale Geldmenge und andere Essays, red. M. Friedman, München 1970Górski J., Sierpiński W., Historia powszechnej myśli ekonomicznej 1870–1950, PWN, Warszawa 1975Hall R.E., Taylor J.B., Makroekonomia. Teoria, funkcjonowanie i polityka, Wydawncitwo Naukowe PWN, Warszawa 1999Hamilton J.A., Neoclassical model of unemployment and the business cycle, „Journal of Political Economy” 1988, vol. 96 Hayek F.A., Monetary theory and the trade cycle, Augustus M. Kelley, New York 1966Keynes J.M., Ogólna teoria zatrudnienia, procentu i pieniądza, Wydawncitwo Naukowe PWN, Warszawa 2011King R., Plosser Ch.I., Money. Credit and prices in a real business cycle, “The American Economic Review” 1984, vol. 74Kydland F.E., Prescott E.C., Time to build and aggregate fl uctuations, “Econometrica” 1883, vol. 50, nr 60Lucas R.E., An equilibrium model of the business cycles, w: Studies in business cycle theory, Oxford 1981Marszałek P., Pieniądz w teoriach szkoły austriackiej, „Ruch Prawniczy, Ekonomiczny i Socjologiczny” 2011, r. L XXIII, vol. 4Mises L., The theory of money and credit, Foundation for Economic Education, New York 1971Pätzold J., Stabilisierungspolitik. Grundlagen der nachfrage- und angebotsorientierten Wirtschaftspolitik, Bern–Stuttgart 1991Przybylska-Kapuścińska W., Mechanizm i kanały transmisji polityki pieniężnej, w: Współczesna polityka pieniężna, red. W. Przybylska-Kapuścińska, Difi n, Warszawa 2008Uwagi metodyczne, „Biuletyn Informacyjny” nr 6, NBP, Warszawa 2012
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.desklight-69e966b8-354a-43c5-97bc-357dd7213f33
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