One of the most significant factors which influences the level of banking sector liquidity is Currency in Circulation. Although the central bank is in charge of distribution of the currency it can't assess the demand for the currency, as that demand is generated by the customers of commercial...

One of the most significant factors which influences the level of banking sector liquidity is Currency in Circulation. Although the central bank is in charge of distribution of the currency it can't assess the demand for the currency, as that demand is generated by the customers of commercial...

The sharp worsening of fiscal positions in the aftermath of the global economic crisis has brought the issues of fiscal sustainability to the fore of economic policy debate. This has focused the attention of policymakers on the broader implications of unsustainable fiscal positions, including...

Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronization of business cycles across...

The significant depreciation of the Polish zloty in the second half of 2011, difficult to explain by fundamentals, was accompanied by a large increase in exchange rate volatility. The foreign exchange interventions carried out by the National Bank of Poland at that time were aimed at reducing...

The accommodative monetary policy of major central banks has resulted in strong capital inflows into emerging economies. We investigate the extreme dependence – effectively, contagion – between long-term interest rates in core markets and those of Poland in recent years. The issue is...

The paper describes the phenomenon provoked by fast decline in the price rise pace in Poland over the years 2001–2002. A rapid disinflation acts similarly to devaluation of the domestic currency, which means improvement in the export conditions and, as a result, should lead to acceleration of...

The article contains a critical discussion of the presently applied rate of exchange policy consisting of the complete lack of control over the rate of exchange of the zloty. Its effect is either the weakening of the export ability of the Polish economy or the arousing of inflation leading to...

The article concerns the aspects of decisions and their effects connected with the activities of the monetary Policy Council of the National Bank of Poland. The author proves that since the institutional task of the National Bank of Po-land is responsibility for the value of the Polish money,...