Search results - CEJSH

1

FFR Level in the Period 2000-2007 and the Emergence of the Asset Price Bubble on the US Real Estate Market

100%

Karaś M.

Ekonomia. Rynek, Gospodarka, Społeczeństwo

|

2013

|

issue 33

55-77

EN

This article aims at investigating the impact of the level of the Fed funds rate in the United States in the period 2000-2007 on the emergence of the asset price bubble on the US real estate market, burst of which triggered the financial crisis in the US and globally. Rather than constructing a single theoretical or empirical model of this potential influence, a more eclectic approach is taken. The argument is structured around three fundamental questions (1) whether the Fed funds rate had been low compared to benchmarks in the given period; (2) whether low short-term rate itself had been able inflate a real estate bubble; (3) whether alternative explanations of the bubble causes were sufficient. For each of the issues a number of qualitative explanations and quantitative models is provided and analysed. Based on the gathered data, models, and arguments, the paper concludes that the influence of the Fed funds rate on the bubble’s emergence is not to be underestimated. This conclusion should be kept in mind in the context of future directions for monetary policy in the US and globally, as the extremely low interest rates applied by central banks to date might be inflating the next bubble.

2

Regionalne krzywe Phillipsa w Polsce a efektywność polityki pieniężnej

100%

Gajewski P.

Ekonomista

|

2016

|

issue 4

501-519

PL

Celem artykułu jest pokazanie związku między stopą bezrobocia na poziomie regionalnym a agregatową stopą inflacji na poziomie ogólnokrajowym. W części teoretycznej omówiono różne koncepcje krótkookresowej krzywej Phillipsa i ich znaczenie dla polityki pieniężnej. W części empirycznej podjęto próbę estymacji nieliniowych, krótkookresowych krzywych Phillipsa w polskich województwach. Wyniki estymacji opartej na danych panelowych oraz estymacje indywidualne dla poszczególnych województw skłaniają do przyjęcia hipotezy o istnieniu wklęsłej zależności pomiędzy inflacją a luką bezrobocia w większości województw. Zgodnie z koncepcją Lipseya oznacza to, że agregatowa krzywa Phillipsa w Polsce może przesuwać się do góry w okresach konwergencji regionalnej, natomiast dywergencja regionalna może prowadzić do jej przesunięć w dół. Uzyskane wyniki rodzą istotne implikacje dla efektywności krajowej polityki pieniężnej.

EN

The aim of the paper is to show the relationship between the unemployment rate at regional level and the aggregate inflation at national level. The theoretical part of the paper discusses various concepts of the short-term Phillips curve and their implications for monetary policy. The empirical part brings an attempt to estimate non-linear shortterm Phillips curves for Polish vojevodships. The results of the estimation based on panel data, as well as estimations of the curves for individual vojevodships, suggest the existence of a concave dependence between inflation and unemployment gap in most vojevodships. According to the Lipsey concept, this means that the aggregate Phillips curve in Poland can move upwards in the periods marked by regional convergence while regional divergence may shift it downwards. The results of this research have significant implications for the effectiveness of national monetary policy.

RU

В статье анализируется связь между нормой безработицы на региональном уровне и агрегатной нормой инфляции на общенациональном уровне. В теоретической части рассматриваются различные концепции краткосрочной кривой Филлипса и их значение для денежной политики. В эмпирической части делается попытка нелинейных эстима- ций краткосрочных кривых Филлипса в польских воеводствах. Результаты эстимации, сделанной на панельных данных, а также индивидуальная эстимация для отдельных воеводств, позволяют принять гипотезу о существовании вогнутой зависимости между инфляцией и безработицей в большинстве воеводств. Согласно концепции Липси это означает, что в Польше агрегатная кривая Филлипса в периоды региональной конвер- генции может передвигаться вверх, а региональная дивергенция, в свою очередь, может приводить к ее падению. Полученные результаты вызывают существенные импликации для эффективности национальной денежной политики.

3

Independence of Central Bank as a Basis for Institutional Politics of Monetary Policy

100%

Kraś I.

Polish Political Science Yearbook

|

2012

|

vol. 41

444-460

EN

The course of economic processes of economy is regulated by its products and production factors in which supply and demand are equalized. The most important role is given to money as a measurement of value (ensuring valuation), means of payment (allowing the settling the payments) as well as a means of hoarding (allowing savings). Primarily the market economy is a monetary economy. Money is used for buying and selling, for granting loans, accumulating savings. Every functional entity of the market such as enterprises, households are taking part in these processes. An important role of these processes is taken by the purchasing power of money, which has an eff ect on those participating in economy and social life. If the value of the money is constant it brings safety in life not only from the economic but also the social point of view. We can not agree more than to say that stable currency is of great social value. The central bank takes a major role to a guard keeping the currency at a stable level. Proper functioning of the central bank is strictly connected with its independence. It allows the monetary policy to be conducted properly in a country.

4

Bank Lending Channel Effectiveness – Potential Lessons For Monetary Policy

80%

Świtała F., Kowalska I., Malajkat K.

Journal of Banking and Financial Economics

|

2023

|

issue 1(19)

160-177

EN

The article supplements the research on the effectiveness of monetary policy transmission – especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan portfolios, while distinguishing between the fact that they were granted by commercial and cooperative banks. How a change in the central bank’s interest rates may determine a change in the volume of loans in the economy remains the core question of the research.

5

The Selected Aspects of Application of Monetary Policy in the Economic and Monetary Union Pre-And-Post 2008

80%

Vojtaššák M.

Creative and Knowledge Society

|

2015

|

vol. 5

|

issue 1

36-46

EN

Purpose of the article is to present in two parts the selected aspects of application of monetary policy in the euro area pre and post 2008 as well as insitutional adaptations brought by the EU legislator. Methodology/methods In order to better explain these points, the article relies partially on a comparison with the framework and application of the monetary policy by the Federal Reserve as well as on a historic method when outlining the influence of definition of financial stability from the ECB/Eurosystem towards other prominent central banks. Scientific aim The article presents selected aspects of the monetary policy in the part of the EU where single currency was introduced in order to outline state of the art governance structure as well as a certain institutional creativity in application of powers conferred upon the central banks by the Treaty on the Functioning of the European Union and Protocol on the Statute of the European System of Central Banks and of the European Central Bank. The goal is to prove (i) the hypothesis of robustness of the framework and (ii) present the limits that can only be pushed further by the legislative power. The conclusions confirm on the one hand that the framework of monetary policy based on strong institutional safeguards such as legislative power and independence is very resilient and can prove efficient and creative enough to stabilise an innovative monetary system, however, on the other hand, validate the hypothesis that certain adaptations can only be performed on the basis of a legislative adaptations.

6

Assessment of Poland's Economic Policy During the Crisis

80%

Krajewski S.

Olsztyn Economic Journal

|

2013

|

vol. 8

|

issue 3

195-210

EN

The rapid weakening of economic activity, covering most states in the world, gives rise to a lively discussion on the choice of methods to tackle the crisis, the legitimacy and effectiveness of various economic policies, the role of the state and the scope of its intervention in the economy. The paper evaluates the Polish economic policy in recent years. This refers to the situation prevailing in the EU and the USA. I conclude that the Polish economy during the crisis remained relatively stable, without having to provide the emergency aid from the outside. The development of such a situation has been affected by different reasons, including: - The benefits of the so-called "backwardness rent", which resulted, among others, in the inflow of EU funds (Poland was in 2007-2013 and in will be in 2014-2020 the biggest beneficiary of the EU budget); - The effects of decisions on changes in the tax and social security, taken for political reasons (before the crisis); - The controversial withdrawal from the funded pension system, reducing the budget deficit and public debt; - The prudent monetary policy and anti-inflation policy pursued over many years. Actions taken in Poland are primarily focused on reducing costs, which differs quite significantly from the economic policy dominant in the U.S. and the "old" EU countries which generally pursue expansionary fiscal policy and a policy of cheap money. Polish solution facilitates the achievement of short-term fiscal sustainability, but does not create favorable conditions for the development in the long-term (insufficient investment, petrification of economic structure, lack of innovation).

7

Polityka pieniężna a kredytowanie rolnictwa

80%

Kulawik J., Wieliczko B.

Zagadnienia Ekonomiki Rolnej

|

2013

|

issue 4(337)

20-40

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.

8

Introduction of the Concept of an Independent Central Bank into the Polish Political System in Light of the European Experience

80%

Chęciński R., Przychodzki M.

Roczniki Nauk Prawnych

|

2018

|

vol. 28

|

issue 3 English Online Version

5-19

EN

The article is intended to outline the development of central banking in terms of its independence, with particular emphasis on the implementation of the idea of an independent central bank in Poland, also comparison with some other countries. The idea of central-bank independence was presented from personnel, financial and functional perspectives. In the initial phase of their development, central banks were mainly established in the form of capital-based companies. Their position and importance was determined by special privileges. The Maastricht Treaty was a normative act that had a major influence on the shape of the currently dominant concept of an independent central bank, which pursues a free monetary policy at its own discretion. The Constitution of 1997 and the Act 29 August 1997 on the National Bank of Poland of were crucial in guaranteeing the strong position and independence of NBP from state authorities.

9

The Impact of Nominal Negative Interest Rates on the Economy – Literature Review

80%

Kubiczek J.

Journal of Banking and Financial Economics

|

2022

|

issue 1(17)

5-16

EN

Until recently, negative nominal interest rates of the central bank were in the sphere of theoretical considerations. In 2009, the Swedish Central Bank was the first to implement a negative interest rate policy (NIRP). Since then, the NIRP has been implemented by the National Bank of Denmark, the European Central Bank, the Swiss National Bank and the National Bank of Japan. Unfortunately, due to the large number of simultaneous factors affecting the economy, it is extremely difficult to determine the long-term effects of NIRP implementation. Furthermore, the magnitude of the impact and the global extent of the coronavirus pandemic would have a significant impact on the dilatation, so the focus was on pre-pandemic issues. This paper is a literature review and it aims to synthetize information about the impact of negative interest rates on the market – in financial and real spheres. In this paper, both the results of scientific research and the opinions of experts were used, then the impact of negative nominal interest rates on the financial and real sectors was assessed. The results show that most authors highlight an adverse impact of negative interest rates on the stability of the banking sector regardless of the country. The greatest fear of the NIRP implementation by central banks is that the potential behavior of economic entities cannot be predicted with certainty, especially when it comes to cash deposit withdrawals from banks.

10

The evolving impact of labour markets on monetary policy

80%

Sławiński A., Hausner J.

Zarządzanie Publiczne / Public Governance

|

2018

|

issue 4(46)

19-29

EN

Objectives: The aim of this paper is to address the cycle from monetary policy becoming the main instrument of macroeconomic stabilisation to the current unexpected decline in its effectiveness. Research Design and Methods: This article analyses how preventing the risk of wage-price spirals unwinding became the main task of central banks. Such a perception of monetary policy role was a natural consequence of the Great Inflation of the 1970s and the substantial costs of disinflation of the 1980s. Then this paper highlights the causes behind the recent unexpected emergence of persistently low inflation. Among the most important causes of this were structural changes which took place also in labour markets, being the outcome of the twilight of traditional manufacturing and increasing globalisation. Findings: The structural weakening of the bargaining position labour creates situation in which the period when monetary policy was focused on preventing wage-price spirals has ended. If advanced economies are entering a long period of low inflation and low interest rates, it will necessitate a reformulation of the role that central banks play in stabilisation policies. Recommendation: This paper postulates that central banks should acquire a pivotal role in the macroprudential policy. The main argument is that the independence of central banks, which they obtained when fighting inflation, would increase the effectiveness of the macro-prudential policy. Contribution: Usually success in lowering and stabilising inflation is attributed mainly to the changes in the way in which central banks have been conducting their monetary policy since the early 1980s. This article highlights the fact that the role which was played in this process by the substantial weakening of the labour bargaining position is still underappreciated.

11

The role of Germany in the eurozone crisis – pragmatic rescuer or power-hungry torturer? An „Austrian“ perspective

80%

Wandel J.

Przegląd Zachodni

|

2016

|

issue 3(360)

33-61

EN

Germany’s role in the eurozone crisis is a subject of debate. Does Europe’s largest economy act pragmatically and lend a helping hand to the crisis countries or does its fixation on austerity and structural reforms prevent their discovery? This article discusses this question using the business cycle theory of the Austrian School of Economics as normative benchmark. It is argued that Germany’s insistence on fiscal discipline and market-oriented reforms is basically in line with the normative conclusions of this theory, while the reforms suggested for the monetary system fail to adequately solve the crucial problem which is seen in the high politicization of this sector. It is shown that Germany only partially succeeded in implementing its policy preferences in the eurozone’s anti-crisis policy. This only holds for its claim for austerity and structural reforms, whereas it has not been influential enough to prevent the European Central Bank’s counterproductive ultra-loose monetary policy and its enlargement of power. It is contended that in the eurozone crisis Germany has so far performed the role of a pragmatic rescuer rather than of a merciless tormentor.

12

Maastricht Criteria of…Divergence?

80%

Paleta T.

Review of Economic Perspectives

|

2012

|

vol. 12

|

issue 2

92-119

EN

This article focuses on problematic issues of the Maastricht criteria. The possible effect of attempt to meets the criteria is confronted with its intended purpose. Each criterion is analysed generally by pointing out problematic issues, subsequently, fulfilment by Eurozone members and risks for the Czech Republic, too, are shortly analysed. It is shown that in many cases fulfilling criteria can lead to a different development than was initially intended. The analysis reveals that attempts to meet the criteria can lead to divergence from Eurozone, can cause several economic problems and can bring pain with no gain.

13

The Coming Together of Astronomy and Economics

80%

Knapowski R.

Adam Mickiewicz University Law Review

|

2019

|

vol. 10

455-476

EN

The paper is an English translation of Skojarzenie się astronomii z ekonomią by Roch Knapowski published originally in Polish in Opuscula Casimiro Tymieniecki septuagenario dedicata in 1964. The text is published as a part of a jubilee edition of the “Adam Mickiewicz University Law Review. 100th Anniversary of the Faculty of Law and Ad-ministration” devoted to the achievements of the late Professors of the Faculty of Law and Administration of the Adam Mickiewicz University, Poznań.

14

Polityka monetarna a rynek rządowych papierów dłużnych w strefie euro

80%

Panfil P.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

|

2013

|

vol. 47

|

issue 3

EN

The purpose of this article is to present the impact of monetary policy on the treasury securities market in the euro area. Struggling with the effects of the financial crisis and the debt crisis the ECB actively used monetary policy instruments. In particular, the ECB lowered interest rate and embarked on quantitative easing monetary policy. These actions, however, didn’t bring a sustained improvement on treasury securities market in the euro area. The situation changed after the implementation of the Outright Monetary Transaction. This program can be compared to given the EBC guarantees the redemption of government securities.

PL

Artykuł nie zawiera abstraktu w języku polskim

15

Nauki ekonomiczne po kryzysie

80%

Götz M.

Przegląd Zachodni

|

2013

|

issue 4(349)

127-142

EN

(Post)crisis economy becomes less orthodox and hermetic. It starts opening itself to external intellectual trends and views its own judgments with less confidence, additionally subjecting them to a growing number of reservations. This paper offers a selection of crisis related reflections.

16

Inflation Targets - What Factors Can Help to Explain Their Levels

80%

Niedźwiedzińska J.

Central European Journal of Economic Modelling and Econometrics

|

2020

|

issue 1

17

Polityka pieniężna a kryzysy finansowe

80%

Koronowski A.

Gospodarka Narodowa. The Polish Journal of Economics

|

2009

|

vol. 235

|

issue 10

33-48

EN

The paper discusses the role of monetary policy in preventing financial crises and offsetting their implications. The paper provides a critical evaluation of views on the relationship between monetary policy and financial crises. The author looks at this issue in the context of practical experiences, especially those coming from the U.S. market, where the analyzed ties seem to be the most prominent. The author concludes that a monetary policy exclusively focused on the prices of goods and services and oriented toward keeping inflation in check in the short term, may create an environment conducive to the outbreak of a financial crisis. The probability of such a situation is especially high if the financial market is heavily liberalized and poorly supervised, Koronowski says. However, the main conclusion is that a financial crisis may be prompted by an excessive, prolonged increase in the liquidity of the banking sector after a decline in financial stability or as a result of failed central bank attempts to stimulate credit expansion and economic growth. Yet another conclusion is that monetary policy must be stable not only in terms of inflation, but also in terms of the price of money, Koronowski says. This is indispensable for a healthy financial sector and robust economic growth, the author adds.

18

Polityka fiskalna wobec kryzysu finansowego. Próba oceny

80%

Lubiński M.

Gospodarka Narodowa. The Polish Journal of Economics

|

2010

|

vol. 242

|

issue 9

1-23

EN

The article aims to evaluate, in theoretical terms, the fiscal policyresponse to the international financial crisis that began in 2007. The evaluation is based on a debate on the stabilization policy conducted after World War II, and on views formulated in research reports during the latest crisis. The main conclusion is that the reaction of the authorities to the crisis contradicts previously formulated theoretical recommendations. The most visible sign was the extensive use of fiscal policy measures. Theoretical recommendations were disproved in practice, largely due to political considerations. The key drawback of fiscal intervention was the lack of an assessment of the long-term implications of the move, with uncertain short-term effects. According to Lubiński, the crisis became an excuse for an inconsiderate public policy that served politicians and private interest groups. In a dubious arrangement, financial institutions were supported at the expense of taxpayers, despite the lack of public approval. The role of the government should be to ensure the proper functioning of the financial system, instead of rescuing it in the event of difficulties, Lubiński says. Another problem is posed by unclear regulations for discretionary action.

19

Reguła Taylora i jej rozszerzenia

80%

Baranowski P.

Gospodarka Narodowa. The Polish Journal of Economics

|

2008

|

vol. 225

|

issue 7-8

1-23

EN

The paper discusses the key aspects of research on a modern monetary policy rule proposed by American economist John B. Taylor in 1993. The Taylor rule stipulates how much the central bank should change the nominal interest rate in response to divergences of actual GDP from potential GDP and divergences of actual rates of inflation from a target rate of inflation. The rule recommends a relatively high interest rate (a "tight" monetary policy) when inflation is above its target or when the economy is above its full employment level, and a relatively low interest rate ("easy" monetary policy) in the opposite situations. Baranowski discusses many aspects of the Taylor rule, including the type of interest rates subject to analysis; the need to use real-time data; additional variables that may influence interest rates; the method of measuring variables; and the stability of the analyzed parameters. The paper also shows how the Taylor rule is used in practice. The rule can be used to analyze monetary policy, make international comparisons, and forecast interest rates. It can be an important component of both theoretical and empirical economic models, the author says.

20

Kredyt handlowy a polityka pieniężna NBP

80%

Młodkowski P.

Gospodarka Narodowa. The Polish Journal of Economics

|

2008

|

vol. 222

|

issue 3

1-18

EN

The paper examines the influence of the central bank’s monetary policy on trade credit financing in Poland. The aim is to establish the nature and scope of the private sector’s response to modifications in monetary policy. An additional issue is whether there is a substitution effect between bank credit and trade credit. Both these issues are subject to formal statistical analysis. In the process, the author takes a comprehensive look at the monetary policy stance of the Polish central bank. He proposes a simple and intuitive indicator in this area based on money supply and demand data. Using a regression analysis, Młodkowski finds a strong and statistically significant relationship between monetary policy and trade credit. His findings also confirm the existence of a substitution effect between bank credit and trade credit. The author builds two regression models, one for “trade credit extended” and the other for “trade credit used.” In the case of “trade credit used,” both the scope of the relationship and its significance are stronger than in the case of “trade credit extended,” Młodkowski says. This is due to an asymmetry of statistical data subject to analysis. Poland’s Central Statistical Office only gathers data from businesses with more than 45 employees. In another conclusion involving trade credit theories, Młodkowski proves wrong a financial aid theory that suggests that enterprise size is a factor that leads to an asymmetry in the propensity to extend and use trade credit. This theory does not hold true for Poland, Młodkowski says.

Refine search results