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The comparative analisys of Polish monetary policy with the monetary rule for the years 1995-2007
No full textPoland?s monetary policy and the monetary rule are very similar according to the research and econometrical model. Both strategies result in the same outcomes in many fields. Both aim to guarantee low inflation and long-term economic growth. The difference is that in Poland, the control of supply of money is carried out by controlling inflation instead of direct control of monetary aggregates as in monetary rule. Summarazing, there is no need to separate control of money?s supply in the targeting inflation system, as it is done as a ?side effect?
Monetary policy of the National Bank of Poland in period 1999?September 2008
No full textAt present, the basic and the most important final aim for central banking is to achieve and maintain stable, low inflation. During the last several years BCI conception gained considerable popularity, which is reflected in the growth of number of central banks leading monetary policy according to that strategy. The aim of this paper is to review the realization of the monetary policy in Poland in years 1999?2008 as well as in long-term perspective. The reason of non-achieving the inflationary aims are situated in supply factors (such as changes of controlled process, fluctuation of food process or changes of raw materials prices), fluctuation of economic situation in world economy, dynamics of internal and external demand and expansive fiscal policy
Central banks interventions in the foreign exchange markets
No full textThe paper aims at presenting objectives and kinds of foreign exchange interventions which are presently conducted by central banks. On the basis of literature and experience of selected countries one described here channels of influence of interventions on the foreign exchange rates. One has also presented here various kinds of market instruments utilized by central banks to conduct the interventions
Selected alternative methods of measuring economic development
No full textThe traditional economic growth measures based on SNA are not precisely as welfare indicators. The economists have tried to construct indicator that include both quality and quantity aspects of economic development. Achieving a balance between three board objectives of sustainable development ? maintenance of economic growth, social progress, and protection of environment - the new challenge for statisticians is to develop a package of indicators that can monitor and report progress towards the concept of sustainable development. The aim of this article is to present some different and less popular approaches to alternative measurement of welfare are discussed. The paper does not decide which indicator describes the level of sustainable development most precisely, but tries to present advantages and defects of each method. Concluding, the sustainable indicators are more precise than traditional ones in estimating welfare. The main difficult in calculating these measures is the requirement of data which can not be gathering easily
Conformable econometric model for the exchange rate EUR/PLN in 2000-2006
No full textThe main target of this paper was to identify crucial factors of average exchange rate EUR/PLN and analyze their impact on fluctuation of this exchange rate in particular quarters in 2000-2006. That study was based on both conformable econometric model?s conception and open economy?s theory. Conducted research has led to the conclusion that the most important bearing on average exchange rate EUR/PLN in 2000-2006 had polish reference rate, financial account of polish balance of payments and previous average exchange rate EUR/PLN. Moreover, estimated conformable econometric model was used to forecast average exchange rate EUR/PLN for particular quarters in 2007 and gave satisfactory results
The main directions of granting of state aid in Poland and its influence on competition
No full textThe purpose of this paper is to identify and evaluate major diversion of state aid in Poland in recent years. On this ground there have been formulated proposals for better targeting and using of state aid in Poland in the future. The structure of this article includes: comparative analysis of state aid in Poland and European Union, characteristic of area of support with an indication on the importance of state aid for social and economic development of Poland. It especially took into consideration largeness, forms and allocations of state aid. There have been also evaluate the effectiveness of the actions and effects of state aid granted in the sphere of competition