Challenges for Policy mix in the Context of the Financial Crisis – the Case of Poland

Autor

  • Joanna Stawska Centre of Central Banking and Financial Intermediation, Finance Institute, Economics and Sociology Faculty, University of Lodz
  • Lena Grzesiak Economics and Sociology Faculty, University of Lodz

DOI:

https://doi.org/10.18778/2391-6478.1.4.11

Słowa kluczowe:

policy mix, monetary policy, fiscal policy, coordination, financial crisis

Abstrakt

The aim of this article is to present the essence of policy mix and the extraordinary actions undertaken by the monetary and fiscal authorities in Poland in response to the recent financial crisis. In the article, the hypothesis has been put forward that the challenges faced by monetary and fiscal authorities have contributed to carrying out coordinated actions, especially in support of economic growth during the recent financial crisis. As a result, in Poland during the last financial crisis, it seemed to observe greater cooperation between monetary and fiscal authorities.

Pobrania

Brak dostępnych danych do wyświetlenia.

Bibliografia

Beetsma R., Debrun X., 2004, The Interaction between Monetary and Fiscal Policies in Monetary Union: A Review of Recent Literature, [in:] R. Beetsma et. al., Monetary Policy, Cambridge.
Google Scholar DOI: https://doi.org/10.1017/CBO9780511492389.006

Bennett H., Loayza N., 2001, Policy biases when the monetary and fiscal authorities have different objectives, „Central Bank of Chile Working Papers”, no. 66.
Google Scholar

Cendal M., 2006, Wpływ instrumentów polityki pieniężnej NBP na poziom i zmienność krótkoterminowych stóp procentowych, [in:] Ład instytucjonalny w gospodarce, „Ekonomia i Prawo”.
Google Scholar

Christiano L. J., Eichenbaum M., Evans Ch., 1994, The Effects of Monetary Policy Shocks: Some Evidence from the Flow of Funds, NBER Working Paper, no. 4699, Cambridge.
Google Scholar DOI: https://doi.org/10.3386/w4699

Ciak J., 2002, Polityka fiskalna a polityka monetarna – problematyka koordynacji i niezależności, „Bank i Kredyt”, lipiec.
Google Scholar

Claeys P., 2006, Policy mix and debt sustainability: Evidence from fiscal policy rules, „Empirica”, vol. 33, issue 2–3.
Google Scholar DOI: https://doi.org/10.1007/s10663-006-9009-9

Clarida R., Galí J., Gertler M., 2000, Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory, „Quarterly Journal of Economics”.
Google Scholar DOI: https://doi.org/10.1162/003355300554692

Cukierman A., 2005, Central Bank Independence and Monetary Policymaking Institutions – Past Present and Future, CEPR, September.
Google Scholar

Cukierman A., 1992, Central bank strategy, credibility, and independence, MIT Press, Cambridge.
Google Scholar DOI: https://doi.org/10.1515/jeeh-1992-0410

Dornbusch R., Fischer S., 1990, Macroeconomics, Edition 5, McGraw–Hill.
Google Scholar

Działo J., 2012, Dlaczego trudno jest prowadzić „dobrą” politykę fiskalną, „Gospodarka Narodowa”, rok LXXX/XXI, styczeń–luty.
Google Scholar

Foley D. K., Shell K., Sidrauski M., 1969, Optimal Fiscal and Monetary Policy and Economic Growth, „Journal of Political Economy”, vol. 77/4.
Google Scholar DOI: https://doi.org/10.1086/259558

http://www.nbp.pl
Google Scholar

Informacja o sytuacji społeczno-gospodarczej kraju w 2013, 2014, GUS, Warsaw.
Google Scholar

Flanagan K., Uyarra E., Laranja M., 2011, Reconceptualising the policy mix for innovation, [in:] www.imf.org, access on 13.08.2014.
Google Scholar

Jasiniak M., 2014, Bezpośrednie inwestycje zagraniczne w Polsce w warunkach międzynarodowego kryzysu gospodarczego, „Zeszyty Naukowe Uniwersytetu Szczecińskiego no. 804: Finanse, Rynki Finansowe, Ubezpieczenia”, no. 67, Wydawnictwo Naukowe Uniwersytetu Szczecińskiego, Szczecin.
Google Scholar

Knakiewicz Z. (ed.), 2006, Współczesny pieniądz w teorii i praktyce, Akademia Ekonomiczna w Poznaniu, Poznań.
Google Scholar

Koniunktura gospodarcza w wybranych krajach w okresie kryzysu finansowego, 2011, Ministerstwo Gospodarki, Warsaw, no. 1.
Google Scholar

Kopits G., Symansky S., 1998, Fiscal policy rule, International Monetary Fund, Washington DC.
Google Scholar DOI: https://doi.org/10.5089/9781557757043.084

Kuttner K. N., 2002, The Monetary – Fiscal Policy mix: Perspectives from the U. S., „Bank i Kredyt ”, no. 11–12.
Google Scholar

Leeper E. M., 1991, Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies, „Journal of Monetary Economics”, vol. 27.
Google Scholar DOI: https://doi.org/10.1016/0304-3932(91)90007-B

Loyo E., 1999, Tight monetary paradox on the loose: A fiscalist hyperinflation, June, http://faculty.wcas.northwestern.edu/~lchrist/papers/Tight%20Loose.pdf
Google Scholar

Marszałek P., 2006, Trudności koordynacji polityki pieniężnej i polityki fiskalnej we współczesnej gospodarce, „Gospodarka Narodowa”, no. 9.
Google Scholar

Mishkin F. S., 2007, Monetary Policy Strategy, Massachusetts Institute of Technology.
Google Scholar DOI: https://doi.org/10.7551/mitpress/7412.001.0001

Nier E. W., 2009, Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis, IMF Working Paper, WP/09/70, International Monetary Fund.
Google Scholar DOI: https://doi.org/10.5089/9781451872170.001

Owsiak O., 2012, O instytucjonalnych przesłankach trudności w koordynacji polityki monetarnej z polityką fiskalną, „Zeszyty Naukowe PTE”, nr 12, Polskie Towarzystwo Ekonomiczne, Kraków.
Google Scholar

Padoa-Schioppa T., 2002, Accession Countries on the Way to Euro: A Central Banker's View, speech at the conference on „Economic Policy Directions in the OECD Countries and Emerging Markets: Analysing the Experiences”, Warsaw, 21.03.2002.
Google Scholar

Raport roczny 2008, 2009, NBP, Warsaw.
Google Scholar

Raport roczny 2009, 2010, NBP, Warsaw.
Google Scholar

Raport roczny 2010, 2011, NBP, Warsaw.
Google Scholar

Raport roczny 2011, 2012, NBP, Warsaw.
Google Scholar

Raport roczny 2012, 2013, NBP, Warsaw.
Google Scholar

Sargent T. S., Wallace N., 1981, Some Unpleasant Monetarist Arithmetic, „Quarterly Review”, vol. 5, no. 3.
Google Scholar DOI: https://doi.org/10.21034/qr.531

Stawska J., 2012, The impact of the monetary – fiscal policy mix on investments of euro area countries in the context of the financial crisis; Science and Studies of Accounting and Finance: Problems and Perspectives, Scientific Journal, no. 1(8), Akademija, Kaunas district, Lithuania.
Google Scholar DOI: https://doi.org/10.15544/ssaf.2012.32

Taylor J. B., 1997, The Policy Rule Mix: A Macroeconomic Policy Evaluation, prepared for the R. A. Mundell Festschrift Conference, organized by G. Calvo, R. Dornbusch, and M. Obstfeld and held at the World Bank, Washington, D.C., October 24.
Google Scholar

Taylor J. B., 2013, The Effectiveness of Central Bank Independence versus Policy Rules, Prepared for the session „Central Bank Independence: Reality or Myth?”, American Economic Association Annual Meeting San Diego, California.
Google Scholar DOI: https://doi.org/10.1057/be.2013.15

The Treaty on European Union, Maastricht 7 February 1992, 104c-th Article.
Google Scholar

Ustawa z dnia 29 sierpnia 1997 r. o Narodowym Banku Polskim, DzU 2013, poz. 908, z późn. zm.
Google Scholar

Wernik A., 2002, Problemy polityki fiskalnej w kreowaniu policy mix, XXII konferencja naukowa NBP – NBP: reformy strukturalne a polityka pieniężna, Falenty.
Google Scholar

Opublikowane

2014-12-30

Jak cytować

Stawska, J., & Grzesiak, L. (2014). Challenges for Policy mix in the Context of the Financial Crisis – the Case of Poland. Finanse I Prawo Finansowe, 1(4), 137–150. https://doi.org/10.18778/2391-6478.1.4.11

Numer

Dział

Artykuł

Inne teksty tego samego autora

1 2 > >>