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2013 | 4(337) | 20-40

Article title

Polityka pieniężna a kredytowanie rolnictwa

Content

Title variants

EN
Monetary policy versus credits to agriculture

Languages of publication

PL

Abstracts

EN
Nowadays the agricultural credit constitutes a necessary source of bor-rowed capital. Its creation takes place in the banking system, which since 2008 is in a difficult position in the majority of the countries worldwide. Public au-thorities were forced to intervene, sometimes using nonstandard solutions, when on the one hand, the economies found themselves in the liquidity trap, and on the other they had to stop the threat of deflation. This helped to stabilise the economies, financial sectors and credit markets. However, the period of expan-sive monetary policy and most often the same fiscal policy must end someday. It is hard to predict how economies will react to such change in the direction of macroeconomic policy. The relations of agricultural credit, monetary policy and the national economy are complex and, at the same time, two-way. They are modified simul-taneously by the use of preferential credit for farmers in certain countries. In quantitative terms, the agricultural credit, in general, has a minor impact on the monetary policy, economic growth and socio-economic development. This aris-es mainly from the small share of agriculture in total supply and demand for credit. On the other hand, the preferential credits can contribute, to a small de-gree, to the imbalance of public finances. Finally, the multiplier-accelerator mechanism explains the slight, almost negligible impact of the agricultural credit on the economic fluctuations in the national economy.

Contributors

author
  • Instytut Ekonomiki Rolnictwa i Gospodarki Żywnościowej - PIB, ul. Świętokrzyska 20, 00-002 Warszawa, Poland
  • Instytut Ekonomiki Rolnictwa i Gospodarki Żywnościowej - PIB, ul. Świętokrzyska 20, 00-002 Warszawa, Poland

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Document Type

Publication order reference

Identifiers

YADDA identifier

bwmeta1.element.desklight-f8e0313d-4cc3-4870-8d5e-c933c184e767
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