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  1. 5 Zyzynski J.

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1

Tax Rate as a Consequence of Economic Structure

100%
Zyzynski J.
Ekonomista
|
2008
|
issue 3
357-379
EN
The author addresses the issue of the influence of tax rate on income and consumption level within the scale of the whole economy as well as the degree to which it defines the scale of the budget. It is shown that tax rate does not influence the overall volume of revenues. It is stipulated that tax rate should be made dependent on the structure of the economy. The article demonstrates that personal income tax is a burden that differently affects various groups: those with the lowest incomes pay the taxes at the expense of consumption, for middle income groups taxes reduce consumption and savings while for the richest they only affect savings. Given this mechanism reductions in income tax rates differently affect different groups of tax payers. The analysis of the extent to which the income tax influences net incomes in Poland enables the author to state that the introduction of linear taxes would inflict losses on consumption goods market valued several billions euro, while the financial sector would record higher profits.
2

GLOBALIZATION - ILLUSIONS, HOPES, RESERVATIONS AND CHANCES

100%
Zyzynski J.
Ekonomista
|
2004
|
issue 1
9-37
EN
The author attempts to answer several questions: what is the essence of globalization, what outcomes it brings about, what follows from its inevitability, what can be done to stave off its negative results? It is demonstrated that globalization should not be perceived in a narrow sense, as a vehicle to equalize the levels of economic development but, rather as a process by which the world market is formed. Three dimensions of globalization should be analyzed: economic, social and political. The author points to the results that neoliberal principles evoke when applied under global conditions in the world economy which is dominated by supranational corporations and when the doctrine of the 'new economy' is being implemented. The article is concluded with an appeal that the old paradigm of thinking about the economy should be changed, that the neoliberal principles should be discarded and that new, world-wide rules for policy making should be formulated and that these rules should be followed by international institutions.
3

Models and the Decision Making Mechanism in Monetary Policy

100%
Zyzynski J.
Ekonomista
|
2006
|
issue 2
169-183
EN
The basic question posed in the article pertains the monetary policy: should it be discretional in character or should it rely on some sound rules? The author discusses certain decision making rules (active and passive as well as instrumental and goal oriented) with the reference to models suggested by Taylor and Svensson and postulates that the potential output in these models be derived on the basis of production generated by full employment and not on the long term trend. Such a change would help the formulation of full employment policies. It is stressed that monetary policy, during the process of integration with the EU, should distinguish itself by a select character, since the standard rules for setting targets and implementing monetary policy decisions do not take the adjustment conditions into account. In effect of present day practice interest rates are set at too high levels. The article is concluded with the assessment of the results of high interest rates' policies as well as with the conclusions that address the mechanism of decision making.
4

Financial System and the Real Economy: Between Ancillary Functions and Alienation

100%
Zyzynski J.
Ekonomista
|
2006
|
issue 4
527-549
EN
The relation between the financial sector and the real economy constitutes the decisive factor that governs the way savings and investments create new physical assets and work opportunities. It is shown how the split of savings flow into primary market investments, allocations into secondary markets and to purchases of privatized companies leads to sui generis waste of savings. The author develops the thoughts contained in the book by J. Toporowski (Theories of Financial Disturbance) that had recently been published by Edward Elgar. He reviews, in direct reference to mutual interrelationships between the financial sector and the real economy, the progress made by economic theory since the classics until the recent works by economists of the end of the 20th century. The discussion of the Toporowski's theory of capital market inflation ends the article.
5

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

100%
Zyzynski J.
Ekonomista
|
2005
|
issue 5
569-594
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.
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