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Korzyści związane z przystąpieniem Polski do strefy euro w perspektywie krótko- i długookresowej

100%
Kuder D.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2012
|
issue 888
107-119
EN
The aim of this paper is to specify and evaluate the opportunities and benefits of Polish membership in the euro area. There are two basic groups of benefits, direct and indirect. The first type includes those aspects Poles should feel in the short term as a result of changes in the prevailing business conditions thanks to Eurozone accession. The second group includes all the positive effects resulting from the introduction of the euro, which will appear in the medium and long term. However, these benefits will be conditional in nature – their appearance depends primarily on the occurrence of the direct benefits from the adaptability of Polish businesses in adopting the new currency and the degree to which they are prepared for this process, and the quality of the country’s macroeconomic policies. The analysis showed that the act of Polish accession to the euro area should be treated as an investment, which first involves incurring costs (short term), but over time will bring about more benefits and become profitable (long term).
2

MONOPOLISTIC MARKET POSITION NAD LOSSES FORM MONETARY INTEGRATION (Uprzywilejowana pozycja rynkowa i straty z tytulu integracji monetarnej)

80%
Mlodkowski P.
Contemporary Economics
|
2009
|
issue 4(12)
53-63
EN
The objective of the paper is to show how a market position influences company's gains and losses from monetary integration. The literature on monetary integration already features cost and benefit analysis. However the proposed examples of both results (negative and positive) are not offered for different market structures and most often are macroeconomic in nature. The paper develops an idea that a monopolistic enterprise might be worse off because of monetary integration. The case discussed, shows that prior to monetary integration, a specific solution regarding pricing of imported goods allowed the company for: (1) hedging effectively from exchange rate risk, (2) benefiting from long-term appreciation trend of the domestic currency against the euro. Both goals were achieved due to privileged market position (legal monopoly) of the company. The monetary integration and the expected full EMU accession is going to remove the need for hedging but simultaneously it will result in loosing the ability to achieve extra profits extracted so far. This is a basis for a claim that costs and benefits flowing from monetary integration could depend on market structure an entity operates in. We conclude that in a more monopolized economies, the microeconomic benefits achieved by households are at the cost of firms, while in a perfect competition gains are uniformly distributed across agents at supply and demand sides of markets. Therefore, producers in monopolized economies could be less prone to join a monetary union. The opposite hypothesis might also be true. In economies with fewer monopolies there are fewer incentives to oppose monetary integration. The comparison of the two extreme settings allows posting a hypothesis that the perfect competition is monetary integration-neutral and the monopoly is monetary integration-averse market structure. Data for the paper and the studied case are originating from one of the largest legal monopolists in Poland that utilizes privileged market position. Despite the mechanism discussed is a real-life one, the particular numbers are adjusted to protect company-specific solutions.
3

THE EURO ZONE AS THE EFFECT OF MONETARY INTEGRATION. ITS FUNCTIONING IN THE REALITY OF MONETARY AND BUDGET POLICIES

80%
Oreziak L.
Myśl Ekonomiczna i Prawna
|
2006
|
issue 2(13)
176-207
EN
The aim of the paper is to examine the experiences of the euro zone functioning over the last few years. The authoress is considering the importance and effectiveness of using the convergence criteria in preparing the EU countries for participation in the euro zone.She then moves on to institutional and legal solutions concerning a single monetary policy in the euro zone and decentralized budget policy of the member states. In particular, she analyses the practical functioning of solutions disciplining a budget policy as included in the Pact of Stability and Rise. The conducted research indicates that the public finance regulations have not been able to efficiently reduce too high budget deficits. The new member states of the EU preparing for entering the euro zone should immediately start the reform of their public finance which would enable them to reduce the risk of too high budget deficits that might arise after replacing their national currencies with the euro.
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