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EN
Researchers have been working on the topic of the XIX century Polish currency for decades now. They have been interested in both notes and coins. The complicated fate of Poland – which either did not exist on the map of Europe of that period or was shown as a quasi-state of the Duchy of Warsaw (1807–1815), the Kingdom of Poland (1815–1830) – till the November Uprising, the episode of the Free City of Cracow (1815–1846) and later as partition zones – was reflected in notes and coins. Those issued during Polish national uprisings played a special role. They influenced attempts to introduce and restitute currencies by state authorities that were then coming into being. This ideological trend includes the project of establishing currency for “New Poland” by the conspirator, socialist-utopist Rev. Piotr Ściegienny (1801–1890). It is worth mentioning that he was not only the hero of uprising or national liberation addresses, but also the author of a unique at that time (mid-XIX c.) vision of social, religious, economic changes in the Polish society. The face values of the designed coins were to be similar to those used earlier in the territory of the Kingdom of Poland. Due to the disintegration of the organization “Związek Chłopski” and lack of a possibility of starting a new uprising, Piotr Ściegienny’s currency for the utopian “New Poland” was never issued.
EN
The possibilities of Poland, Latvia and Lithuania to adopt the euro, which is one of most important task of the economic policy in these countries is analyzed in the article. The international importance of the euro, the advantages and disadvantages of the single currency are discussed. Experience of Germany in adopting of the euro is analyzed. The strategy of the adoption of the euro in Lithuania is presented. The analysis based on the data of Eurostat database shows that Poland is the country with most possibilities to adopt the euro. However both Lithuania and Latvia may become the euro zone member states, too, if they firstly will cope with financial problems of the government and will revitalise and develop their internal market.
EN
The dilemma which is presented in this article is connected with problem of excessive for a currency. The discussion is based on South Eastern European country case, which is the Albania and its currency - Lek. This currency has a very low marketability outside Albania and a pretty short history in the currency exchange market, during which it had experienced high fluctuations. But we should accept that after the 2000's, our national currency began to reach relatively constant ratios with the main currencies on the exchange market. This stability has fulfilled the normalization picture of the macroeconomic parameters, which were so much unstable during the fast essential changes that happened in the first years of transition. In this article we will try to present the real position of the Albanian currency in the Albanian exchange market.
EN
An explanation of short-run fluctuations in foreign direct investment (FDI) flows by exchange rate movements is based on a belief that investing foreign companies can buy another country's assets and technologies cheaply when its currency is weak. The idea of a simple model of FDI depending on higher moments of exchange rates is completed by evidence of the dynamic effects of the process in question. Relevant panel data techniques are briefly recapitulated and then applied. Data of four central European countries show results which confirm the proposed theory.
EN
The paper investigates the motives for deposit and credit euroization in Eastern Europe employing Bayesian empirical methodology. We analyse an extensive dataset of macroeconomic fundamentals, perception surveys and institutional quality indicators, and deal with the uncertainty in the model by Bayesian model averaging. Apart from traditional fundamental macroeconomic factors, strong institutions are found to be an important driver of both credit and deposit euroization. Business regulation, perception of corruption, quality of political arrangement and trade restrictions impact borrowing and saving behaviour in the euro and should be reflected in designing economic policies in the region.
EN
We have adopted Rodrik’s “undervaluation” hypothesis to verify the conjecture that innovative firms in Poland opt for a weak currency because they face obstacles in the labour and financial markets. We do it by exploring a new database on Polish manufacturing exporters in order to find some interrelations between the exchange rate level and innovation activity. Our findings suggest that a weak Zloty is preferred by exporting firms that have carried out product and process innovations and registered a trademark, patent or claimed a copyright. We confirmed that financial constraints and labour market regulations were important factors preventing the growth of innovative firms. Based on the research on Polish firms, we claim that although innovative companies use technology to gain competitive advantage, their success and innovation activity also hinge on prices in general and on a weak exchange rate in particular because it helps to overcome market imperfections related to financial and labour resources.
EN
In the article are examined current trends of the world monetary system in the context of the growing impact of globalization as the highest level of internationalization of the international economic relations and are determined the root principles to its reform in connection with the global economic crisis.
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