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Interest Rate Channel of Monetary Policy in Poland

100%
Kaźmierczak A.
Journal of Management and Financial Sciences
|
2011
|
vol. 4
|
issue 5
36-53
EN
Central bank interest rate as an instrument of monetary policy has had a very limited influence on credit activity of commercial banking sector in the last five years in Poland. The National Bank of Poland hasn't been able to shape credit volume and domestic activity applying the basic tool of monetary policy. This phenomenon was the result of classic crowding out effect stemming from huge deficit of fiscal sector and from oversupply of treasury securities in domestic financial market. Purchase of treasury debt paper was attractive, alternative form of assets allocation for banks limiting the supply of credits for non financial sector. Aversion to credit risk in financial crisis circumstances has weakened the importance of interest rate level in financial capital allocation. On the other side, demand for credit hasn't depended on interest rate level only. For businesses, very important factor shaping demand for external financing was perceived perspective of future economic situation and the level of own funds. The main prerequisite for strengthening the interest rate transmission channel of monetary policy is limiting fiscal sector deficit and limiting supply of treasury debt paper as an attractive asset for commercial banks for investment.
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Pandemia COVID-19 a popyt na pieniądz gotówkowy i zmiany w zachowaniach płatniczych w Polsce w 2020 r.

51%
Kaźmierczak A., Kotkowski R., Maciejewski K.
Studia i Prace Kolegium Zarządzania i Finansów
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2021
|
issue 182
59-76
EN
COVID-19 pandemic has become the catalyst of rapid changes taking place in social behaviour and in modus operandi of contemporary economies. Immediately after the outbreak of the pandemic was declared, in Poland and in Europe demand for cash soared. However, the studies conducted so far suggest that the increase has not been reflected in the value of cash payments made by consumers. The paper explores reasons why demand for cash grew, as well as the scale of substitution of cash by cashless instruments. To achieve this goal, the authors deployed a broad spectrum of data and analytical methods which, to the best of their knowledge, had never been used before to examine the Polish market. The obtained results have led to the conclusion that the main reason why demand for cash increased was the wish to use it to store value while, at the same time, the usage of cash in transactions during the pandemic exhibited a downward trend.
PL
Pandemia COVID-19 stała się katalizatorem raptownych zmian w zachowaniach społecznych oraz funkcjonowaniu współczesnych gospodarek. Tuż po jej ogłoszeniu, zarówno w Polsce, jak i Europie, gwałtowanie wzrósł popyt na gotówkę. Jednak dotychczasowe badania sugerują, że wzrost ten nie znalazł odzwierciedlenia w wartości płatności gotówkowych realizowanych przez konsumentów. W artykule badane są przyczyny wzrostu zapotrzebowania na gotówkę, jak również skala substytucji gotówki przez instrumenty bezgotówkowe. Do realizacji tego celu zastosowano szeroki zakres danych oraz metod analitycznych, które zgodnie z wiedzą autorów nie były dotychczas wykorzystywane dla rynku polskiego. Na podstawie uzyskanych wyników należy stwierdzić, że głównym powodem wzrostu popytu na pieniądz gotówkowy była chęć jego tezauryzacji, przy jednoczesnym spadku wykorzystania gotówki do celów transakcyjnych w trakcie pandemii.
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