Search results

1

Pogłębianie integracji gospodarczej w strefie euro w świetle teorii optymalnego obszaru walutowego

100%

Znoykowicz-Wierzbicka M.

Studia BAS

|

2019

|

issue 3(59)

49-68

EN

This article discusses deepening of European integration resulting from the reforms of eurozone in the context of the Optimum Currency Areas (OCA) theory. The paper begins with an outline of the OCA theory crucial findings. The second section discusses the importance of proper selection of monetary union membership criteria. Next, the deepening of the European integration in light of the endogeneity of currency area optimality hypothesis is discussed. The final section emphasizes possible changes in the balance of costs and benefits of monetary integration for countries that have not yet fulfilled the necessary conditions for the adoption of the euro.

2

Potencjalne ryzyka związane z przystąpieniem do strefy euro – doświadczenia państw Europy Środkowo-Wschodniej

100%

Sawulski J.

Studia BAS

|

2019

|

issue 3(59)

115-129

EN

This article discusses experience of Central and Eastern European (CEE) countries which have adopted the euro. The emphasis is placed on three phenomena: an increase in inflation, a decline in competitiveness and a greater volatility of the economic growth. As the analysis shows, there was no effect of price increase due to currency conversion in all CEE countries, as well as neither loss of competitiveness nor decrease in foreign trade balance has been proved. However, CEE countries that adopted the euro experienced greater fluctuations of economic growth – both the minimum and maximum GDP growth rate was relatively high in comparison to CEE countries which kept their currencies.

3

Unia gospodarcza i walutowa w świetle teorii optymalnych obszarów walutowych – wnioski z kryzysu

100%

Adamiec D.

Studia BAS

|

2019

|

issue 3(59)

31-48

EN

The article explores the relationship between development of monetary integration within the European Union and the Optimum Currency Areas (OCA) theory, with particular attention given to lessons learned from eurozone crisis. The author begins with presenting the OCA theory, its evolution and role in the creation of Economic and Monetary Union (EMU). Next, the financial crisis in eurozone is discussed in light of the OCA theory and EMU reforms, with particular focus on financial stability, fiscal policy and financial integration. The author argues that the crisis highlighted the importance of ensuring shock absorption mechanisms, as well as turned attention to financial integration and fiscal union criterion of the OCA.

4

Skutki przyjęcia euro w Polsce w ocenach studentów

100%

Skawińska E., Brzeczek T.

Gospodarka Narodowa. The Polish Journal of Economics

|

2008

|

vol. 228

|

issue 11-12

115-124

EN

Many researchers have analyzed the benefits and costs of the planned introduction of the single European currency in Poland. But the results of these analyses have varied, depending on whether they applied to the average consumer, especially in the short term, or the economy as a whole. The paper looks at the concerns and hopes of Polish college students in the context of the planned adoption of the euro in Poland. Both full- and part-time students-representing a large and well-educated group of consumers-were asked about the costs and benefits of the move for Polish consumers. The poll covered 446 students from five university-level schools in the western city of Poznań. The authors also examined the relationship between the respondents’ knowledge and their assessment of the plan to introduce the single European currency in Poland. The answers given by students in individual schools were compared and analyzed. On the basis of their analysis the authors come up with a number of recommendations on how the government should pursue its social communication policy as far as the planned adoption of the euro in Poland is concerned. A clear position of the government is needed on the country’s preparations for adopting the euro and a concrete date of when this can happen, the authors say. It is necessary to tell the public about the benefits of introducing the euro, dispel unjustified worries involving issues such as price convergence, and counteract real threats posed by factors such as inflation stimulated by the conversion of prices and intensified economic emigration. Overall, the authors say, the analysis shows that the students are aware of the need for reforms in the Polish economy, especially with regard to the labor market.

5

Polityka fiskalna i monetarna na etapie dochodzenia do strefy euro

100%

Bąk H.

Zeszyty Naukowe PWSZ w Płocku. Nauki Ekonomiczne

|

2015

|

vol. 2(22)

59-73

EN

In the paper, constraints in the field of fiscal and monetary policy in the context of European Union's nominal convergence criteria has been analysed and confronted with theoretical view concerning the stimulating of economic growth in Mundell-Fleming model. The main thesis of the paper is to show that the meeting of the nominal convergence criteria requires restrictive monetary and fiscal policy and that is contradiction on the thesis of Mundell-Fleming model concerning the economic growth stimulating and economic balance in small open economy maintaining.

6

The debt crisis in the Eurozone. A critical review of potential solutions

100%

Zielińska K.

Ekonomia Międzynarodowa

|

2012

|

vol. 003

7

Inadequacy of the ECB’s monetary policy in the EU economies outside the eurozone

100%

Klus S., Paluszak G., Urbanowicz Z.

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

|

2019

|

issue vol. 63, nr 9

58-67

EN

The aim of the article is to estimate the extent of the inadequacy of the European Central Bank’s (ECB’s) monetary policy to the economies of those EU member states which have not joined the euro area so far. The assessment of the extent of maladjustment of the single monetary policy is based upon a counterfactual analysis and is carried out for the economies with the so-called derogation from the Economic and Monetary Union (EMU) since the ECB started to operate. The status of a derogation means that a member state is formally obliged to adopt the single currency euro and must face the consequences resulting from the single monetary policy in the context of economic macro-stabilization. The results obtained may be useful in a discussion on the moment of accession to the eurozone.

PL

Celem artykułu jest oszacowanie stopnia nieadekwatności polityki pieniężnej Europejskiego Banku Centralnego (EBC) w unijnych gospodarkach państw, które jak dotąd nie przystąpiły do strefy euro. Ocena tego niedopasowania zostanie dokonana na podstawie kontrfaktycznej analizy polityki EBC oraz wewnętrznych uwarunkowań gospodarek z tzw. derogacją Unii Gospodarczej i Walutowej (UGiW) od początku funkcjonowania EBC. Status z derogacją oznacza formalne zobowiązanie kraju członkowskiego do przyjęcia wspólnej waluty euro i konieczność stawienia czoła konsekwencjom wynikającym z jednolitej polityki pieniężnej w kontekście stabilizacji makroekonomicznej. Uzyskane rezultaty mogą okazać się przydatne w dyskusji nad momentem przystąpienia do strefy euro.

8

Dispute over European Union and Eurozone Crisis in the Light of Selected Theories of European Integration

100%

Staszczyk A.

Reality of Politics

|

2014

|

issue 5

81-94

EN

The study tackles the issue of applying respective theories of European integration to explain the processes occurring in the EU, and in particular, in the debt-wrecked eurozone. In the author’s view, the eurozone crisis revived the dispute over the shape of EU. On one hand, it is the supranational neofunctionalism and on the other, state-centric intergovernmentalism views clashing with one another. The author believes that the key theory that successfully explains the member states’ behavior in face of eurozone crisis is the intergovernmentalism theory. It assumes the primacy of nation-state and its interests in the process of European integration. This is particularly apparent in the time of crisis when supranational mechanisms typical of neofunctionalist theory serve solely the purpose of legitimizing national interests of the economically strongest EU members.

9

Rynek finansowy Unii Europejskiej – wyzwania

88%

Mikita M.

Studia BAS

|

2012

|

issue 3(31)

29-42

EN

In this article, the author focuses on two challenges that aim to increase the security of the EU’s financial market operations: namely, more effective supervision of financial conglomerates at the EU level, and improving the transparency of sovereign wealth funds (SWFs). The first part of the article presents the EU actions with regard to financial market integration; i.e., current integration activities and planned changes to European financial market regulations. The second part looks at the challenges facing financial markets in the European Union. The author concludes that the main priority for the EU should be strengthening its economic governance and ensuring stability of its operations.

10

Konkurencyjność polskiej gospodarki i jej perspektywy na tle strefy euro

88%

Wyżnikiewicz B.

Studia BAS

|

2019

|

issue 3(59)

131-151

EN

The aim of the paper is to present a forecast of the competitiveness of the Polish economy depending on whether or not Poland will adopt the euro. An assessment focuses on a comparative analysis of price and cost competitiveness and structural competitiveness of Poland and two groups of Central and East Europe countries: those which joined the eurozone and those which kept the national currencies. The author concludes that in both scenarios competitiveness of Polish economy will remain at the same level against the eurozone as it was in the period after 2010.

11

The Blundered Strategy of Euro Adoption in the Czech Republic: A ”Pre-crisis“ Retrospective

88%

Flek V.

Review of Economic Perspectives

|

2013

|

vol. 13

|

issue 3

132-145

EN

The commitment to join the eurozone in 2009-2010 was rejected by Czech Republic in 2006 at a time when signs of the eurozone crisis were not yet apparent. Nor did the prospects of failure to fulfil any of the Maastricht Convergence Criteria have any realistic basis. Real or alleged difficulties in meeting the Maastricht Convergence Criteria and attaining economic alignment with the eurozone did not serve as a mobilization factor for economic policies. Instead, these issues were perceived to offer an objective reason against euro adoption within the declared timeframe. The official stance against the euro was partly based on serious analytical and short-term forecasting errors, if not on deliberate manipulations, including an overemphasised misalignment of the Czech economy with the eurozone.

12

Polityka pieniężna Europejskiego Banku Centralnego w latach 1999–2011

88%

Kochaniak K.

Studia BAS

|

2012

|

issue 3(31)

63-86

EN

This article provides an overview of the monetary policy of the European Central Bank (ECB) in the recent years. The author begins by introducing the objectives, powers, and strategy of the ECB’s monetary policy. The next section discusses the transmission of monetary policy to the real economy through interest rates and credit channels. Next, monetary policy instruments used by the ECB are covered. The final section looks at the impact of the global financial crisis on the ECB’s operations. Finally, conclusions are drawn from empirical data that are provided by the ECB and Eurostat.

13

The risk of the increasing divergence of the eurozone and the problem of macroeconomic imbalances in a three-gap model

88%

Jacek P.

Economics and Business Review

|

2016

|

vol. 2(16)

|

issue 2

18-38

EN

The negative effects of the last financial and economic crisis as seen in the deterioration of the state of public finances of the eurozone Member States highlighted weaknesses in the present institutional system. The fact that structural reforms have stopped, as well as unfavourable demographic changes, make the convergence processes and the growth of eurozone economies slow down. Increasing divergence with regard to trade balance deficits, budget deficits, investments and private savings is a significant limiting factor here. The aim of this paper is to answer the question as to whether the present situation of the eurozone economies is of a convergent or divergent nature. For this purpose the following have been analysed and assessed: the last financial crisis' consequences for eurozone countries; basic indicators related to the EU Member States' macroeconomic situation; domestic economies convergence/divergence in the eurozone - in relation to other Member States; increased divergence of regional development within a country, the so-called regional divergence; criteria of convergence; macroeconomic factors and – as mentioned before – the listed indicators resulting from the research method adopted . The method of study in this paper was the analysis of the risk of the eurozone's macroeconomic imbalance on the basis of the three-gap model.Results of the analysis showed significant imbalances within individual economies in terms of all the above mentioned parameters. This analysis showed the increasing trend related to eurozone divergence.

14

Germany's attitude towards the enlargement of the eurozone

88%

Płóciennik S.

Economics and Business Review

|

2021

|

vol. 7

|

issue 1

47-67

EN

The purpose of this paper is to answer the question as to why Germany is cautious towards a faster enlargement of the euro area. The usual explanation focuses on concerns that some of the candidate countries are not economically ready to adopt the common currency and their membership could destabilize the monetary union. However, such an approach does not take into account other factors that may influence Germany's reluctance to speed up the enlargement process. One of them is the conviction that the existing division of integration does not translate into economic costs and a long-term political cleavage in the EU. Another argument explaining Germany's position is their doubt about the economic policy preferences of the candidates which may prove to be crucial in the upcoming reform of the euro area governance. Some of them can drift towards more interventionism and support for the debtors' positions which is at odds with German interest.

15

Rola Europejskiego Banku Centralnego w ramach instytucjonalnych uwarunkowań stabilności finansowej Unii Gospodarczej i Walutowej

88%

Machelski T.

Studia BAS

|

2012

|

issue 3(31)

43-61

EN

The aim of this paper is to discuss European Central Bank (ECB)’s powers with regard to maintaining stability in the Economic and Monetary Union (EMU)’s member states. First, the author examines key tasks of the ECB as a central bank, focusing on its special character and competencies. In the second section, the ECB’s actions during the financial crisis are outlines, as well as some legal limitations on its powers. In the final section, the author discusses issues related to currency, price stability and euro stability.

16

Polityka pieniężna Europejskiego Banku Centralnego w latach 1999–2011

88%

Kochaniak K.

Studia BAS

|

2012

|

issue 3(31)

63-85

EN

This article provides an overview of the monetary policy of the European Central Bank (ECB) in the recent years. The author begins by introducing the objectives, powers, and strategy of the ECB’s monetary policy. The next section discusses the transmission of monetary policy to the real economy through interest rates and credit channels. Next, monetary policy instruments used by the ECB are covered. The final section looks at the impact of the global financial crisis on the ECB’s operations. Finally, conclusions are drawn from empirical data that are provided by the ECB and Eurostat.

17

Instytucje shadow banking w systemie finansowym obszaru euro – cechy, zakres, kontrowersje

88%

Marszałek P.

Studia BAS

|

2018

|

issue 1(53)

25-44

EN

The article provides an overview of the shadow banking in the euro area. Shadow banking refers to the system of financial intermediation that involves entities outside of traditional banking regulations. The paper begins with the presentation of the post-crisis tendencies in the financial systems worldwide, with particular attention given to the banking sectors. In the next section, the author presents the size and dynamics of shadow banking, discusses the threats identified by the EU and the concerns regarding the risks this sector poses to the financial system.

18

Debt Reduction in the Eurozone

88%

Sawicki J.

Gospodarka Narodowa. The Polish Journal of Economics

|

2011

|

vol. 249

|

issue 7-8

1-20

EN

When the Greek crisis exploded in the spring of 2010 the eurozone countries collected funds to refinance Greece’s debt in order to stave off a banking crisis. Later Ireland and Portugal asked for similar eurozone assistance. Because refinancing (bailout) was not sufficient to enable these peripheral countries to solve their debt problems, they agreed to implement austerity programs so that they could use eurozone countries’ public funds. But these austerity measures, even if politically affordable, will not suffice. It is exceedingly possible that the peripheral countries will not outgrow their problems and will be unable to return to capital markets at their pre-crisis levels. Their debt-to-GDP as well as debt services-to-income ratios are likely to grow and additional debt reorganization programs including debt reduction (haircut) will be required. At the heart of the issue is the potential impact of a reduction of the peripheral economies’ debt on the monetary financial institutions of all European Union countries. As a result of the restructuring and partial debt reduction, banks may need to receive public support. To address these problems a new solution in the form of the European Stability Mechanism (EMS) has been proposed. It is expected to change the way in which the eurozone functions. However, the EMS idea is based on the same philosophy as the existing bailout instruments. It does not address the equal treatment and moral hazard issues, while the conditionality programs proposed so far have not softened the adverse impact of the growing debt burden on the economic performance of the debt-laden countries. The entire European Union financial system is at risk and remains vulnerable as long as the refinancing mechanisms are not supported by debt restructuring and reduction. Debt managers do not seem to know how to draw on past experience and so ad hoc measures prevail. To effectively manage that kind of debt reorganization, the European Union should create the necessary procedures to efficiently address the economic future of all heavily indebted economies. The EU should also be prepared politically to accept the costs of debt reduction or of a fundamental reorganization of the eurozone.

19

Rynek finansowy Unii Europejskiej – wyzwania

88%

Mikita M.

Studia BAS

|

2012

|

issue 3(31)

29-42

EN

In this article, the author focuses on two challenges that aim to increase the security of the EU’s financial market operations: namely, more effective supervision of financial conglomerates at the EU level, and improving the transparency of sovereign wealth funds (SWFs). The first part of the article presents the EU actions with regard to financial market integration; i.e., current integration activities and planned changes to European financial market regulations. The second part looks at the challenges facing financial markets in the European Union. The author concludes that the main priority for the EU should be strengthening its economic governance and ensuring stability of its operations.

20

Strefa euro a globalny kryzys finansowy XXI wieku

88%

Matusewicz M.

Studia BAS

|

2012

|

issue 3(31)

9-28

EN

This article examines the eurozone’s economic condition in the context of the subprime crisis and European debt crisis with particular emphasis on their negative impact on the national economies. The author first looks at the primary causes of the subprime crisis, then gauges its evolution and impact. Next, he focuses on the debt crisis that has severely affected the European Monetary Union (EMU) and the eurozone member states. The article concludes with a brief discussion of the crises implications for Poland and its forthcoming access to eurozone.

Refine search results

Pogłębianie integracji gospodarczej w strefie euro w świetle teorii optymalnego obszaru walutowego

Potencjalne ryzyka związane z przystąpieniem do strefy euro – doświadczenia państw Europy Środkowo-Wschodniej

Unia gospodarcza i walutowa w świetle teorii optymalnych obszarów walutowych – wnioski z kryzysu

Skutki przyjęcia euro w Polsce w ocenach studentów

Polityka fiskalna i monetarna na etapie dochodzenia do strefy euro

The debt crisis in the Eurozone. A critical review of potential solutions

Inadequacy of the ECB’s monetary policy in the EU economies outside the eurozone

Dispute over European Union and Eurozone Crisis in the Light of Selected Theories of European Integration

Rynek finansowy Unii Europejskiej – wyzwania

Konkurencyjność polskiej gospodarki i jej perspektywy na tle strefy euro

The Blundered Strategy of Euro Adoption in the Czech Republic: A ”Pre-crisis“ Retrospective

Polityka pieniężna Europejskiego Banku Centralnego w latach 1999–2011

The risk of the increasing divergence of the eurozone and the problem of macroeconomic imbalances in a three-gap model

Germany's attitude towards the enlargement of the eurozone

Rola Europejskiego Banku Centralnego w ramach instytucjonalnych uwarunkowań stabilności finansowej Unii Gospodarczej i Walutowej

Polityka pieniężna Europejskiego Banku Centralnego w latach 1999–2011

Instytucje shadow banking w systemie finansowym obszaru euro – cechy, zakres, kontrowersje

Debt Reduction in the Eurozone

Rynek finansowy Unii Europejskiej – wyzwania

Strefa euro a globalny kryzys finansowy XXI wieku