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EN
According to the theory of regional integration pioneered by J. Viner, geographically discriminatory trade liberalisation taking part in a regional integration grouping gives rise to two trade effects: trade creation and trade diversion. The author asks if it is the case as far as the Poland's association with the European Union having the form of a free trade area in industrial goods is concerncd. Next, the author looks into budgetary consequences of tariff removal in trade between Poland and the EU. Finally, the author focuses on the potential trade effects of Poland’s participation in the Single Market after having become an EU member.
EN
On 21 April 1991 Poland signed in Paris an agreement with 17 countries (grouped in the Paris Club) on a reduction of its guaranted debt amounting to 33 USD billion. The agreement reduces this debt by 50%. Poland’s agreement with the Paris Club is the crowning achievement of not only long and sophisticated negotiations, but also the effect of consistent implementation of economic reforms in Poland and their high evaluation by the Paris Club, the International Monetary Fund and the World Bank. The agreement seemed to be historic and one of the most important positive moments since the undertaking of radical, political and economic reforms in Poland. The greatest significance of the agreement lies in the normalization of financial relations with countries which play a key role in trade and international capital movement. It will extend Poland’s access both to credits and foreign capital.
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Instytucje rynku kapitałowego

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The main aim of the article is analysis of the functioning of institutions on capital market in Poland. The first part of the article contains presentations of the controling institutions: the Securities and Exchange Commission and the National Deposit of Securities. In the second part the author has presend the market institutions: the Warsaw Stock Exchange and the polish over-the-counter-market. The article ends presentation of the servicing institutions: broker offices, investment banking and investment funds.
EN
The main aim of the article is to present of changes in volume and structure of foreign direct investments in Polish economy against of background of changing law, and economic conditions taking into account Łódź Special Economic Zone. This paper consists of some parts. It characterises some selected aspects of the inflow of foreign direct investments to Poland, namely: - the evolution of legal conditions for the inflow of foreign capital to Poland, - the main motives of the inflow of foreign direct investments to our country, - volume and structure of foreign capital in Poland at the end of 1999, - significance of Łódź region for foreign investors. The last part of this article presents Łódź Special Economic Zone which was created on 15 April 1997 for the period of 20 years and also benefits and privileges for foreign investors.
EN
One of the prerequisites for Poland’s full-right European Union membership is participation in the EU Common Agrarian Policy (CAP). A necessary condition for integration in this field is an approximation of financing system of the agricultural scctor to the concept realised within the CAP. The purpose of this article is to analyse news and theories financing of the agricultural sector, on the example of Poland. This is an attempt to evaluate the process of transformation with respect to Poland’s future EU membership. The article is divided into three parts. The first one describes theory of financing of the agriculture a sensitive sector of economy and evolution of news concerning this field. The second part characterises Poland’s agriculture financing system including main institutions controlling the agricultural market. The last part of the article presents new concept of financing of EU Common Agrarian and possible results of the transitions taking place in Poland
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There is the increasing importance of understanding the link between competition and trade policy and of exploring the gaps and problems that at present exist in the application of these policies. Trade and competition policies are closely related. Competition policy is aimed at ensuring the efficient functioning of markets by the removal or control of restrictive business practices. Trade liberalisation serves to sharpen competition in the domestic markets while barriers to trade which shelter particular domestic industries may have anti-competitive effects on national markets. It has become apparent how closely trade problems are linked with domestic industrial, regional or even macro-economic policies with which competition policy is also concerned. The purpose of this article is to examine both conditions of conflict and conditions of synergy between competition policy and the various instruments of trade policy. The article is organised in three parts. The first one discusses a range of trade policy measures, in particular non-tariff barriers from the perspective of competition policy. The second part is concerned with trade-related competition issues, i.e. those practices by enterprises or, as appropriate, by governments in their commercial activities which fall within the scope of competition policy and which have implications for international trade. The last part deals with the development of international competition policy and the pressure for and against it. It briefly examines the past efforts to reach international understandings on this issue and summarises some of the main existing laws and procedures.
EN
Mutual funds’ market is the most expanded sector of financial services in United States. Nowadays there are more than 7300 mutual funds representing a wide variety of investment objectives, from conservative to aggressive and investing in a wide range of securities. At the end of 1998, total net assets of mutual funds amounted to 5,5 trillion USD, the greater part of which (54%) was invested in stock funds. Expansion of mutual funds influences evolution of financial and capital market and in great part contributes to investment development of whole American economy. It could be impossible without confidence, which is expression of consciousness of advantages and benefits flowing from this form of investing.
EN
The aim of the article is to prove that the question of the optimal monetary strategy is still open. In the first section, the author offers a full presentation of various monetary strategies. There are two approaches to the question. The first one assumes that the final goal (low inflation) can be reached through achieving indirect and operational goals. The second approach may be called a model - optimizing one. This approach is reflected in a direct anti-inflation strategy. The analysis leads to a conclussion that it is not possible to find an effective monetary strategy without considering institutional and economic realia. The second section is an attempt to analyze the National Bank of Poland (NBP) experience within the monetary policy pursued in 1990-1998 and after 1998, when a new body of the central bank - the Monetary Policy Council - was appointed. In the conclusion section the author emphasizes the fact that the adoption of direct inflation targeting means a necessity to pursue more transparent, flexible and more reliable monetary policy.
EN
The transformation of Guinea’s economy started after the coup d’etat in 1984. The previous centralized system of the planned economy has been repleced by the market one. The author presents basic directions of system transformation in Guinea as well as problems the authorities encounter on their way. The author appraises the effects of the new development strategy.
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One of the most controversial matters that have been placed on the list of subjects for negotiations in the Uruguay Round is the problem of trade in services. So far the negotiations taking place within the framework of GATT were limited to easing restrictions in the international trade in goods. Now the same process is to be under way with respect to international trade in services. The inclusion of services into the Ministerial Declaration Trom Punta del Este (Uruguay) - the site of September 1986 ministerial session of GATT member-states opening the next round of multilateral trade negotiations - does not mean that the views of major parties in international trade over the liberalization of service transactions are convergent. On the contrary, there exist significant differences in positions especially between the developed market-economy countries - on the one hand, and the majority of the developing countries - on the other. These differences refer to such fundamental problems as the purpose of such negotiations, techniques of their conduct, the extent of posible reductions of restrictions in trade in services, the problem оГ ensuring reciprocal concessions etc The aim of this paper is to present the most important reasons for many countries' interest in liberalization of international trade in services and the positions of main groups of countries over that matter as well as the difficulties connected with easing the restrictions in the sphere of international economic relations.
EN
Coordination of the monetary policy on the international and regional scale was analyzed by the author against the background of the operation of the international monetary system and the accoopllshMent of goals of the economic policy pursued by the member countries of the International Monetary Fund and the European Economic Community. The framework for coordination of ehe monetary policy on the International scale is provided by the provisions of the agreement on the IMF, especially rules concerning concerning currency exchange rates and supervision of the Fund over the monetary policy of its members. On the other hand, the rules for coordinating the monetary policy of the EEC countries are contained In relevant provisions of the Treaty of Нов» and the principles of operation of the European Monetary System. The article discusses main forms and methods of coordinating the monetary policy and their implications for the monetary policy of the member countries of the IMF and the EEC. There was also performed some evaluation of the effectiveness of this coordination. In particular. It was pointed out that it was easiest to coordinate the monetary policy within the EEC. The coordination of the monetary policy at the IMF level prevented monetary crises and it was contributing to a bigger order in the International monetary relations. Within the EEC, the most effective form of coordination of the monetary policy proved tp be the currency exchange and Credit mechanism of the European Monetary System. Its legal functioning is safeguarded by the central banks in the EEC countries. Since 1985 a new form of coordinating the monetary policy on the international scale have been periodical meetings of the countries belonging to Croup 5 and Group 7. There should be noted the agreement reached by Croup 5 in September 1985 concerning the lowering of the US dollar exchange rate and the agreement of Group 7 from February 1987 about fixing admissible margins of deviations of the exchange rates of the main convertible currencies, as well as Joint interventions undertaken on the money markets during the periods of tensions on them. The decisions concerning the coordination of the monetary policy taken by the countries belonging to Group 7 strengthen the position of these countries in the international monetary relations.
EN
The above paper aims at discussing main principles of the US-Canada FTA and evaluation of its functioning from the point of view of the Canadian part. The agreement was presented on the background of current trade policy tendencies in the world economy. The paper consists of three parts. The first on which is in fact the general introduction, presents the notion of a trading bloc. The next part introduces the trade policy of the 80’s and the 90’s pointing at the tendency of emergence of new economic and political regions. This is folloved by the presentation of the US-Canada FTA as such and its functioning. It is worth adding that the appraisl of the agreement is a subjective one.
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Europejski Obszar Gospodarczy

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EN
The article deals with a new phenomenon in the international economic relations, namely with the European Economic Area (the EEA) which is to come into force by virtue of the Agreement of association signed in 1992 by the European Communities and the EFTA states. There are mainly economic reasons which underlie the Agreement of association: traditional economic links between the EC and the EFTA states as well as their aiming at an optimal integration area to cope with the challenges of modem economy and international competition. The EEA means a free trade zone applying to manufactures (with limited liberalization of agricultural trade) accompanied by free movement of persons, services and capital. The introduction of ’the four freedoms’ will be connected with setting up of a system ensuring that competition is not distorted. The EEA may be looked upon in two ways: as a stage on the way to full membership of the EFTA stales in the EC or - as an alternative to this membership. There are strong indications for the first option but still the other cannot be excluded
EN
This article presents Poland’s co-operation with the main financial institution - the International Monetary Fund, first after the second world war to 1950 when Poland have left the IMF and next after our comming back to this institution in 1986. The main attention of the authoress is focussed on difficulties in obtaining of Fund credits. The general principle is to submit a programme of structural adjustment aiming at elimination of deficit in the balance of payments, obtain acceplancc of such a programme by the IMF and make a commitment by an interested country to implement this programme. 'Ihe authoress emphasizes that reaching an agreement with the IMP’ allows to gain many other benefits such as the reduction of our debt, the new credits from other financial institutions and using of the Stabilization Fund.
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The Western countries dominate in the world production and trade of carpet products. In the last decade there have not been any major changes in this field. The USA which is the biggest carpet producer sells most of its output in the domestic market. However, Belgium, the leading exporter of carpets maintains its position due to certain stimulating activities. Germany has lately become one of the main exporters of carpet goods, being simultaneously the bigger importer. In the 90’s one should expect growing demand in this sector especially in the NICS and the South and Western European countries
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The main aim of the above analysis is the evolution of monetary relations between the USA and Europe. The author characterizes the period of the absolute dollar’s domination in international finance. Then he presents the perspectives of a bipolar monetary system as the consequence of the development of monetary integration within the EЕС.
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The article presents the structure, instruments and tasks o f EBC, that is an institution o f central banking operating within the framework o f European Monetary Union (EMU). As the article was written after only a year after launch o f EMU, it was too early to make any long-term conclusions. However, the author tries to point out controversies that arise around monetary policy in EMU.
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