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EN
The paper concentrates on searching an answer to the question whether correcting the market in the scope of the medium-term economic processes is purposeful and whether it has the real chances to succeed. The author pays special attention to potential benefits resulting from smoothing out a cycle and the links between a trend and a cycle. The review and the critical evaluation of the literature connected with this field leads the author to a conclusion that although theoretical views are far from being unambiguous, there exist more and more arguments against excessive activity of the state in smoothing out business cycle. Stabilization policy does not necessarily lead to the rise in the social welfare and accelerating the general dynamics of growth.
EN
The aim of the article is to present the relationship between the overall economic situation and the situation on the financial markets, and the consequences for the financial markets arising from it. First of all, the concept of financial instability is explained and main theories accounting for its origins are discussed. On the basis of that theoretical reflection, the author outlines the observed relation between the overall economic situation and the state of financial markets. Finally, he describes problems which economic authorities face in case of speculation bubbles' appearance.
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