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The Impact of Foreign Shocks on the Polish Economy

100%
Sznajderska A.
Gospodarka Narodowa. The Polish Journal of Economics
|
2021
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vol. 305
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issue 1
33-52
PL
W artykule zanalizowano wpływ szoków zagranicznych na polską gospodarkę – szoków popytowych pochodzących z Chin, strefy euro i Stanów Zjednoczonych. Estymowano strukturalny model wektorowej autoregresji (SVAR) z miarą aktywności gospodarczej za granicą jako zmienną endogeniczną i zagranicznym szokiem popytowym jako zmienną egzogeniczną. Szoki zagraniczne identyfikowane są na zewnątrz modelu. Otrzymane wyniki wskazują, że szok popytowy ze strefy euro najsilniej oddziałuje na polską gospodarkę. Natomiast szok popytowy z Chin podobnie oddziałuje na gospodarkę polską i gospodarkę strefy euro.
EN
This study concerns the impact of foreign shocks on the Polish economy. We consider output shocks from China, the euro area, and the United States. We estimate structural vector autoregressive (SVAR) models with the level of foreign economic activity as an endogenous variable and foreign output shock as an exogenous variable. We identify foreign output shocks outside the model. Our results indicate that a euro-area output shock has the strongest effect on the Polish economy. Meanwhile, the spillover effects from China are similar for Poland and the euro area.
2
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FOREIGN EXCHANGE RATES IN CENTRAL EUROPEAN ECONOMIES: NONLINEARITIES IN ADJUSTMENT TO INTEREST RATE DIFFERENTIALS

100%
Sznajderska A.
Metody Ilościowe w Badaniach Ekonomicznych
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2013
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vol. 14
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issue 2
229-239
EN
The aim of the paper is to examine the relation between foreign exchange rates and interest rate differentials in Poland, the Czech Republic, and Hungary. The exchange rate equations are inspired by the uncovered interest rate parity (i.e. the UIP condition). The results of empirical studies are usually contrary to the UIP condition. One of the explanations of this puzzle is the existence of certain nonlinearities. The nonlinearities appear because of transaction costs, central bank interventions, limits of speculations, hysteresis, or changes in risk perception. I estimate smooth transition autoregressive models. The threshold variable is an interest rate differential or a level of economic activity. I examine the exchange rates of USD and EUR and 1-, 3- and 6- months and 5- years interest rates. I also test various proxies for risk premium.
3
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Institutional Changes in Financial Systems of Poland and the Czech Republic

63%
Romaniuk J., Sznajderska A.
Comparative Economic Research. Central and Eastern Europe
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2013
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vol. 16
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issue 1
123-142
EN
Over the past 23 years the financial sectors in both Poland and the Czech Republic have changed beyond recognition. The process of transformation was a tough and challenging task in both countries. There were significant differences in the initial conditions, as well as approaches to the transformation process, in Poland and the Czech Republic. It seems that according to the classification of Knell and Srholec (2005), the two countries represent different types of capitalism. In this article we try to demonstrate that the organization and development level of the financial systems in these seemingly similar countries are different as well. The primary objective of the study is to compare the path of development and today’s performance of the financial systems in Poland and in the Czech Republic.
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