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Rola interwencji walutowych na polskiej ścieżce do euro

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Michalczyk W., Uniwersytet Ekonomiczny we Wrocławiu; Wydział Nauk Ekonomicznych; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
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2010
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vol. 238
EN
In the article, the author attempts to outline the importance of foreign exchange interventions on Polish road to the euro. He analyses main goals for intervention and shaping the zloty’s exchange rate, as well as their significance for determining the central rate within the ERM2 system. He also indicates the basic theoretical background of foreign exchange interventions as a fundamental tool for influencing the exchange rate and tries to define Poland’s position on the path to the euro. As a research method, an analysis of literature and statistical data was employed. Basic conclusion drawn from the considerations is that under present conditions, it is very difficult to determine the long-term equilibrium exchange rate of the zloty, and that the intervention of April 2010, made after a pause longer than ten years, does not necessarily mean a fundamental change in the approach to exchange rate policy.
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The Euro as a Reserve Currency

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Adamczyk M., Uniwersytet Ekonomiczny we Wrocławiu; Wydział Nauk Ekonomicznych; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
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2010
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vol. 239
EN
There has been an unusual accumulation of foreign exchange reserves in recent years. Central banks have to diversify their reserves away from the US dollar, especially towards the euro. The same situation is in a private sector, where investors reduce the share of dollar denominated assets. This process has progressed gradually, but it is possible that the euro’s role as a reserve currency will continue to increase. The purpose of this article is to define an international currency and its functions, first of all as a reserve currency. Furthermore, this paper shows factors which, influence on country’s choices between specific currencies as their reserve assets. The US dollar holdings position is still much stronger than the euro’s one, and the aim of this article is to present how great this difference is.
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Specyfika dywergencji stóp procentowych w Unii Europejskiej

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Michalczyk W., Uniwersytet Ekonomiczny we Wrocławiu; Wydział Nauk Ekonomicznych; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
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2012
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vol. 273
EN
The global economic crisis, together with the related crisis of the euro area, influenced significantly many of economic processes in the world. One of the dimensions, which was strongly affected by the recession tensions in the global and European economy, is the level of interest rates’ convergence. Their value is in fact highly correlated with condition of public finance and with business cycle, and crisis phenomena could be observed in these two areas with particular intensity. Therefore, the issues connected with still occurring, and in recent years even deepening, divergence in interest rates in EU member states, constitutes an important research area. The objective of this paper is to try to indicate key trends in this context, both in terms of long- and short-term interest rate. Ten-year bonds’ yields and three-month money market interest rate were adopted respectively as their measures. The nature of the connection between these rates and the exchange rate was also indicated, because it may be important to explain the trends. As a basic research method, the statistical analysis was used and the data collected and published by the Eurostat were the source material. To some extent, the literature analysis was also performed.
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