Search results

1

Reaction of the interest rates in Poland to the interest rates changes in the USA and euro zone

100%

Przekota G., Waściński T., Sobczak L.

Metody Ilościowe w Badaniach Ekonomicznych

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2011

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vol. 12

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issue 1

125-134

EN

Behavior of interest rates is of key importance for understanding the functioning of an open economy. The simplest models usually assume equal interest rates in individual countries, while the international arbitrage serves as a mechanism of their equalization. In our study an attempt has been made to determine whether and to what extend the interest rates in the Polish market are linked to the USA and the euro zone exchange rates. The analyses have been carried out for rates of different maturity terms, using the integration and co-integration concept.The analyses indicate that differences between the Polish interest rates, and those in the USA and the euro zone have strongly diminished. Cointegration analyses show the existence of a long-term linkages between the domestic and foreign interest rates, in particular with those in the euro zone. The nature of co-integrating relationships was different in the period 2001-2004 as compared with that after 2004, when we see a stronger impact of the euro zone rates than those of the USA. It may be assumed that the Polish accession to the EU had certain influence in the change of the above mentioned relationships.

2

Efektywność operacji ilościowego luzowania w Stanach Zjednoczonych

100%

Anna Malinowska A.

FINANSE Czasopismo Komitetu Nauk o Finansach PAN

|

2014

|

issue 1(7)

53 - 68

3

Interest rates and changes in zloty deposits of households in Poland

100%

Skikiewicz R.

Folia Oeconomica Stetinensia

|

2014

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vol. 13

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issue 1

95-107

EN

The article presents the results of analyses on the impact of interest rates on changes in zloty deposits of households. In the article a comparison was made of the effects of using the two chosen methods of extracting the cyclical component in time series and the impact on performance of interest rates as predictors of cyclical turning points of deposits. The obtained results indicate that the choice of the method influences the identification of turning points. Irrespectively of the method used to extract a cyclical component, the interest rate on new deposits performs better than the interest rate on outstanding amounts of deposits in predicting turning points of zloty deposits of households.

4

Reguła Taylora i jej rozszerzenia

100%

Baranowski P.

Gospodarka Narodowa. The Polish Journal of Economics

|

2008

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vol. 225

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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.

5

MONETARY POLICY AND INVESTMENTS IN THE POLISH ECONOMY

100%

Jędruchniewicz A.

Oeconomia Copernicana

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2015

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vol. 6

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issue 3

7-22

EN

Investments are an important source of development of enterprises and the economy. They depend on many factors. According to most of the major economic schools, an important factor influencing the level and dynamics of investment inputs is monetary policy. The main objective of the study is to investigate the influence of monetary policy of Polish National Bank on the dynamics and structure of investments in Poland. Due to the realistic theory of capital, investment changes were assessed primarily from the point of view of the Austrian school. Research methods that were used in this study include deduction and statistical analysis. In the years 2006-2013, the Polish economy has performed moderately linear relationship between the reference interest rate and the dynamics of investments. Changes in monetary policy led to a disproportionate growth of production of various goods both in periods of better and bad economic situation. Volatility of capital inputs was substantially higher than the production of consumer goods. Also, investments in industries at the early stages of the production structure changed more dynamically than those in sectors that are closest to the consumer. The obtained results confirm the theory of the Austrian School.

6

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

100%

Kubiczek J.

Journal of Banking and Financial Economics

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2022

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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.

7

Using of the VAR Model in Analysis of Interest Rates Relationship in Poland

100%

Rembeza J., Przekota G., Technical University of Koszalin I. o. E. a. M.

Acta Universitatis Lodziensis. Folia Oeconomica

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2009

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vol. 228

PL

W opracowaniu analizowano powiązania pomiędzy dziennymi, miesięcznymi, rocznymi i pięcioletnimi stopami procentowymi w Polsce. W analizie wykorzystano modele VAR, funkcje odpowiedzi na impuls oraz dekompozycję wariancji. Uzyskane wyniki wskazują, że dominuje oddziaływanie stóp długookresowych na stopy krótkookresowe. Taki charakter powiązań wskazuje na występowanie zwrotnej, wzmocnionej reakcji stóp procentowych.

EN

In this research it is examined the relationship between daily, monthly, yearly and 5-yearly interest rates in Poland. VAR model was used in analyze, the impulse response function and variance decomposition. These results indicate that there is influence of long-term interest rates on short-term rates. Such a relationship indicates the presence of feedback, an enhanced response rates.

8

Notes on some optimal monetary policy rules: the case of Poland

100%

Milo W., Bogusz D., Górajski M., Urlichs M., University of Lodz D. o. E.

Acta Universitatis Lodziensis. Folia Oeconomica

|

2013

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vol. 295

EN

The paper contains results concerning theoretical and practical utility of a simple optimal control model describing monetary policy rules. Solving this model enables to find useful forms of optimal monetary rules for the two policy scenarios. They were derived for the given form of linear VAR(s) state model describing the time evolution of deviations of logarithmic values of GDP growth rates around its HP-filtered potential counterparts, empirical CPI inflation rates around NBP-target rates and expected inflation rates around long-term trend expectations, as well as, for the two forms of J-cost functionals expressing two paths of optimal NBP target interest. Numerical values of these rates, obtained for Polish quarterly data, were the base both for calculating corresponding to them values of target inflation rates, GDP-growth rates, and also for making some remarks about their behaviour in comparison to their empirical counterparts.

PL

W artykule przestawiono wstępne wyniki badania dotyczącego zastosowania modelu optymalnego sterowania opisującego reguły polityki pieniężnej. Rozwiązanie takiego modelu umożliwiło znalezienie użytecznych form optymalnych reguł polityki pieniężnej w przypadku przyjętych dwóch scenariuszy. Reguły te zostały wyprowadzone w oparciu o liniowy model VAR(s) opisujący zmiany odchylenia logarytmów stóp wzrostu PKB od ich długookresowego trendu, odchylenia empirycznych poziomów CPI od celu inflacyjnego NBP, odchylenia oczekiwań inflacyjnych od ich długookresowego trendu, jak również w oparciu o dwie postaci funkcjonału J-pozwalające na wyznaczenie różnych trajektorii optymalnych poziomów stóp procentowych NBP. Teoretyczne wartości tych stóp, ustalone w oparciu o polskie dane kwartalne, stanowiły podstawę do określenia odpowiadających im poziomów inflacji, stóp wzrostu PKB jak również do porównania ich z rzeczywistymi stopami procentowymi NBP.

9

Mikrofinanse a oprocentowanie produktów kredytowych kierowanych do osób ubogich

89%

Adamek J.

Ruch Prawniczy, Ekonomiczny i Socjologiczny

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2014

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vol. 76

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issue 3

251-260

EN

The discussion on the condition of contemporary finance is focused on many issues among which a particular emphasis is put on the access conditions to microfinance services, including interest rates of loans and credit products. The belief that interest rates of credits offered to lowincome borrowers should be ‘attractive’ to allow them to benefit from loans stands in direct opposition to the concept that interest rates must be calculated at a level that will predominantly ensure continuity and stability of the functioning of a microfinance institution, even in a situation when it is necessary to apply high prices of financial services, frequently exceeding the levels specified for interest rates of credits/loans offered by traditional financial intermediaries. These conflicting views create space for the discussion presented in this article, the objective of which is to identify and analyse the determinants of a microloan interest rate from the theoretical as well as practical dimension, and to present the author’s own comments referring to the above subject matter.

PL

Dyskusja nad kondycją współczesnych mikrofinansów skupia się na wielu problemach, wśród których ważne miejsce zajmuje zagadnienie warunków dostępu do usług mikrofinansowych, w tym oprocentowania produktów pożyczkowo-kredytowych. Przekonaniu, że stopy procentowe kredytów udzielanych osobom ubogim powinny być dla nich na tyle „atrakcyjne”, aby produkty te mogły być wykorzystywane przez swoich beneficjentów, przeciwstawia się koncepcję, zgodnie z którą stopa ta musi być kalkulowana, przede wszystkim, na poziomie zapewniającym trwałość i stabilność funkcjonowania instytucji mikrofinansowej, nawet w sytuacji konieczności stosowania wysokich cen usług finansowych, często przekraczających poziomy wyznaczane dla oprocentowania kredytów/pożyczek oferowanych przez tradycyjnych pośredników finansowych. Te sprzeczne poglądy tworzą przestrzeń rozważań prowadzonych w niniejszym artykule, którego celem jest określenie i analiza uwarunkowań determinujących oprocentowanie mikropożyczki, zarówno w wymiarze teoretycznym, jak i praktycznym, oraz przedstawienie własnych, autorskich refleksji dotyczących powyższej problematyki.

10

Monetary policy and nominal convergence in CEE countries with inflation targeting

88%

Goczek Ł., Mycielska D.

Ekonomia. Rynek, Gospodarka, Społeczeństwo

|

2014

|

issue 38

31-44

EN

The article discusses the monetary policy in small open economies with inflation targeting and their nominal convergence to the larger monetary area. Using panel data set, the paper considers the relationship between interest rates of interbank markets in the euro area and selected Central European countries – non-euro members of the European Union that follow inflation targeting strategy. We test for panel cointegration and use two estimators: Augmented Mean Group and Random Coefficients. The empirical results show that in the long run the interest rates of non-euro EU countries follow the Eurozone interest rates. What is more important, the AMG model’s common dynamic insignificance suggests that other factors are not relevant to the nature of interest rates transmission.

11

Forecasting Yield Curves in an Adaptive Framework

88%

Chen Y., Li B.

Central European Journal of Economic Modelling and Econometrics

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2011

|

issue 4

12

Bank Risk-Taking in CEE Countries

88%

Kouretas G. P., Tsoumas C.

Central European Journal of Economic Modelling and Econometrics

|

2013

|

issue 2

13

Oprocentowanie kredytów na nieruchomości mieszkaniowe na tle innych stóp procentowych

75%

Drachal K.

Świat Nieruchomości

|

2014

|

issue 3(89)

55-60

EN

The article presents the development of housing loan rates between 2004 and 2013. The monthly data were taken. The methodology is based on cointegration analysis with the help of the Engle-Granger method. Selected interest rates cointegration is studied. It was found out that only some of the analyzed rates are cointegrated. It is only partially consistent with the previously known results from other economies. However, some of the results show significantly different behavior.

PL

W artykule zbadano kształtowanie się oprocentowania kredytów mieszkaniowych pomiędzy 2004 a 2013 rokiem. W tym celu pozyskano dane miesięczne. Metodologia pracy oparta jest o badanie występowania kointegracji wybranych stóp procentowych przy użyciu metody Engle’a-Grangera. Okazało się, że nie wszystkie analizowane stopy procentowe są ze sobą skointegrowane. Przeprowadzona analiza okazała się w części zgodna z wynikami znanymi z badań przeprowadzonych na rynkach nieruchomości w innych krajach. W części uzyskano jednak wyniki odmienne.

14

Lekcja z niskich stóp procentowych w japońskim systemie bankowym dla banków europejskich

75%

Gostomski E., Bieliński T.

Pieniądze i Więź

|

2018

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vol. 21

|

issue 1(78)

65-74

PL

Działając w otoczeniu niskich stóp procentowych i niskiej koniunktury w Japonii, banki podjęły racjonalne kroki w celu zabezpieczenia dodatniego wyniku finansowego. Świadczy o tym najbardziej wzrost zysku brutto sektora bankowego w latach 2010–2017 z 2,5 bln JPY do 3,9 bln JPY. Oznacza to, że nawet w trudnej sytuacji gospodarczej w kraju banki są w stanie zarabiać na swoim biznesie. Duże banki skompensowały spadek dochodów z operacji kredytowych większymi dochodami z obligacji państwowych i działalności na rynkach zagranicznych, a małe banki dochodami z lepszej obsługi małych i średnich przedsiębiorstw. W wyniku dużego zaangażowania się banków na rynku obligacji skarbowych, stały się one bardzo wrażliwe na wypłacalność państwa i wzrost stopy procentowej na rynku finansowym, który pociąga za sobą spadek kursu obligacji o stałym oprocentowaniu.

EN

Operating in the environment of low interest rates and the weak economic situation in Japan, banks have taken rational steps to secure positive financial results. Gross profit of the Japanese banking sector went up from 2.5 trillion JPY in 2010 to 3.9 trillion JPY in 2017. This means that even in difficult economic situation in the country, banks are able to make money on their business. Large banks offset the decline in income from credit operations with higher revenues from government bonds and operations on foreign markets, and small banks – with revenues from better service to small and medium-sized enterprises. As a result of the banks' large exposure to the government bond market, they became very sensitive to state solvency and an increase in the interest rate on the financial market, which implies a decline in the fixed-rate bond rate.

15

Asymetryczny wpływ zmiany stopy procentowej WIBOR na stopy banków komercyjnych oraz gospodarkę Polski

75%

Karp P.

Studia Prawno-Ekonomiczne

|

2015

|

vol. XCV (95)

261-287

PL

Gospodarka Polski narażona jest na oddziaływanie wielu egzogenicznych szoków, co jest cechą charakterystyczną otwartych gospodarek o małej i średniej wielkości. Wpływ zaburzeń ma charakter asymetryczny, co wymaga zastosowania odpowiednich procedur, umożliwiających testowanie hipotez ekonomicznych. W artykule analizowane są skutki zmiany stopy procentowej WIBOR. Wprowadzony impuls powoduje uruchomienie sprzężenia inflacyjnego i w konsekwencji reakcję całego systemu gospodarczego. W związku z tym odpowiednie analizy muszą być przeprowadzone na kompletnym modelu makroekonometrycznym. W tej roli został wykorzystany miesięczny model WM-1. Wyniki analiz symulacyjnych wskazują na zróżnicowanie oferty banków komercyjnych w zależności od kierunku zmiany. Pomimo iż impuls płynie ze strony sfery nominalnej, zmiany dotyczą także procesów produkcji, inwestycji i zatrudnienia, a więc sfery realnej, i utrzymują się przez okres znacznie dłuższy niż okres oddziaływania samego impulsu.

EN

The Polish economy is influenced by many exogenous shocks, which is characteristic of small and medium-sized open economies. The impact of these impulses is asymmetric what requires the application of appropriate procedures to test economic hypotheses. The article analyze the effects of changes in the WIBOR interest rate. The impulse initiates the inflation loop and consequently the reaction of the whole economic system. Therefore the relevant analysis must be done on a complete macroeconometric model such as monthly model of the Polish economy WM-1. The results of the simulation analyzes shows the variability of interest rates offered by commercial banks depends on the direction of change. Although the initial impulse directly affects the nominal economy its impact influences the real economy as well (production, investment or employment).

16

Stopy procentowe jako czynnik determinujący dynamikę inwestycji w gospodarce polskiej w latach 2004–2012

75%

Barczyk R.

Przegląd Zachodniopomorski

|

2013

|

issue 3/1

37-50

EN

In the present times changes in nominal categories play an increasingly signifi cant role in shaping business activity in the real sphere. The related literature analyses various channels of primary transmissions or secondary monetary impulses and their infl uence on decisions of individual economic entities. In these considerations particular attention is paid to cyclical fl uctuations in effective demand, above all for investment means, due to changes in interest rates of the central bank and commercial banks. The aim of this article is to examine the character of the infl uence of primary and secondary changes in interest rates on business activity related fl uctuations in effective demand for investment means in the Polish economy in the years 2004 – 2012. The presented analysis will be of theoretical and empirical nature. An indirect mechanism of the transfer of monetary impulses and their infl uence on fl uctuations in the dynamics of investments will be shown by the so-called credit (streaming) approach. A detailed subject of the analyses will be the time series which show investment expenditures in the Polish economy and interest rates of the central bank and commercial banks, determining interest on deposits of enterprises and investment credits incurred by them. Statistical data will appear in the quarterly profi les and selection of the period from quarter I 2004 to quarter IV 2012 was dictated by access to comparable time series in our country.

17

The Reaction of Private Spending and Market Interest Rates to the Changes in Public Spending

75%

Przekota G., Lisowska A.

Foundations of Management

|

2016

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vol. 8

|

issue 1

203-210

EN

Expansionary fiscal policy is mired in controversy. Its proponents suggest that during recession, it stimulates investors’ activity and has a stabilizing effect on economic growth. However, its opponents point to the costs associated with the budget deficit and public debt handling. Increased public spending may result in an increase in the interest rates, which may, in turn, hinder private investment and weaken the multiplier effect of public spending. The following study examines how private spending and market interest rates reacted to changes in public spending in Poland. The study has shown that public spending stimulates private spending, which is consistent with the Keynesian model, but it also leads to an increase in market interest rates, which is consistent with the neoclassical model.

18

Niskie stopy procentowe a zmiana struktury dochodów banków w krajach UE

75%

Kozak S.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

|

2018

|

vol. 52

|

issue 1

EN

The relaxed monetary policy of central banks conducted after the global financial crisis has led to the establishment of zero or even negative interest rates. Based on data from the ECB and central banks of the EU Member States for the years 2008–2016, it has been noted that the long-term maintenance of ultra-low interest rates contributes to a reduction in net interest margin and interest income, particularly in smaller banks and retail banks. Banks systematically increase the share of non-interest income in the structure of income from banking activity. The largest category of such income is fees and commissions, largely related to the performance of deposit and credit activities. The second sources of non-interest income are the bank trading activities. That income is characterized by the highest volatility, which makes it a source of risk and cannot be treated as a stabilizer of banks’ income during times of economic downturn and slowing down in lending.

PL

Luzowanie polityki monetarnej banków centralnych, prowadzone od momentu wybuchu globalnego kryzysu finansowego, doprowadziło do ustanowienia zerowych lub nawet ujemnych stóp procentowych. Analiza danych EBC i banków centralnych państw członkowskich UE za lata 2008–2016 wskazuje, że długoterminowe utrzymywanie bardzo niskich stóp procentowych przyczynia się do obniżenia marży odsetkowej netto i przychodów odsetkowych, zwłaszcza w mniejszych bankach i bankach detalicznych. Banki systematycznie zwiększają udział w dochodach nieodsetkowych w strukturze dochodów z działalności bankowej. Największą kategorią takich dochodów są opłaty i prowizje, w znacznej mierze wynikające z realizacji operacji depozytowych i kredytowych. Drugim źródłem dochodów nieodsetkowych są operacje handlowe banków. Dochód ten charakteryzuje się jednak najwyższą niestabilnością, co sprawia, że jest źródłem ryzyka i nie może być traktowany jako stabilizator dochodów banków w okresach spowolnienia gospodarczego i ograniczenia akcji kredytowej.

19

Dylematy Rady Polityki Pieniężnej

75%

Jaworski W. L.

FINANSE Czasopismo Komitetu Nauk o Finansach PAN

|

2015

|

issue 1(8)

33-42

EN

The aim of this paper is to present views regarding the contemporary role of the Polish Monetary Council in the process of development of the Polish economy. The Author’s criticism is related to the aim and competence of this body as well as the role of monetary policy in the economic growth. The stance presented in this article determines a stand on ongoing global debates concerning the role of the zero bound policy. Hence, the Author draws the Readers’ attention to many key issues that have not been eagerly raised among politicians and economists so far.

20

How Do Savings of Different Sectors Respond to Interest Rate Change?

75%

Gradzewicz M.

Central European Journal of Economic Modelling and Econometrics

|

2019

|

issue 1

Refine search results

Reaction of the interest rates in Poland to the interest rates changes in the USA and euro zone

Efektywność operacji ilościowego luzowania w Stanach Zjednoczonych

Interest rates and changes in zloty deposits of households in Poland

Reguła Taylora i jej rozszerzenia

MONETARY POLICY AND INVESTMENTS IN THE POLISH ECONOMY

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

Using of the VAR Model in Analysis of Interest Rates Relationship in Poland

Notes on some optimal monetary policy rules: the case of Poland

Mikrofinanse a oprocentowanie produktów kredytowych kierowanych do osób ubogich

Monetary policy and nominal convergence in CEE countries with inflation targeting

Forecasting Yield Curves in an Adaptive Framework

Bank Risk-Taking in CEE Countries

Oprocentowanie kredytów na nieruchomości mieszkaniowe na tle innych stóp procentowych

Lekcja z niskich stóp procentowych w japońskim systemie bankowym dla banków europejskich

Asymetryczny wpływ zmiany stopy procentowej WIBOR na stopy banków komercyjnych oraz gospodarkę Polski

Stopy procentowe jako czynnik determinujący dynamikę inwestycji w gospodarce polskiej w latach 2004–2012

The Reaction of Private Spending and Market Interest Rates to the Changes in Public Spending

Niskie stopy procentowe a zmiana struktury dochodów banków w krajach UE

Dylematy Rady Polityki Pieniężnej

How Do Savings of Different Sectors Respond to Interest Rate Change?