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NBP, baza monetarna i stagnacja polskiej gospodarki
National Bank of Poland, Monetary Base and Stagnation of Polish Economy
Prace Naukowe Akademii Ekonomicznej we Wrocławiu. Ekonomia i Międzynarodowe Stosunki Gospodarcze (11), 2005, nr 1077, s. 21-27, bibliogr. 5 poz.
Gospodarka, Rozwój gospodarczy, Baza monetarna, Podaż pieniądza
Economy, Economic development, Monetary base, Money supply
W artykule przedstawiono rolę NBP i rządu w spowodowaniu i podtrzymywaniu bardzo niskiego tempa wzrostu polskiej gospodarki. Celem publikacji jest wprowadzanie do rozważań na ten temat nowych elementów, dotychczas prawie niezauważonych (są nimi zmiany w strukturze podaży pieniądza).

A thesis that intentional decreasing of monetary base by NBP was one of important factors responsible for slowing down of Polish economy in the years 2001-2002 is formulated and verified in the article. To keep the money supply dynamics and inflation inside a stated target, NBP decided to shrink the monetary base. Unfortunately, a big part of Polish economy uses bank money only in limited amounts and dominated by cash as medium of exchange. It is why NBP policy touched countryside, small towns and small and medium enterprises most. The author tries to prove that not only aggregates money supply is important for the economy, but also its structure. The analysis of data for chosen developed economies indicated as well, that the absolute decrease in monetary base was a rare event and was accompanied by unpleasant consequences in the form of increase in unemployment and slow down of the growth. (original abstract)
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  1. Czechowska I.D., Obligatory Reserves Ratio and Open. Market Operations as The Instruments of The National Bank of Poland, "Argumenta Oeconomica" 1-2 (9) 2000.
  2. Friedman M., The Role of Monetary Policy, American Economic Review, March 1968. IMF Financial Statistics Yearbook 2001.
  3. Kydland F.E., Prescott E.C., Rules Rather Then Discretion: The Inconsistency of Optimal Plans, Journal of Political Economy, t. 87 (June 1977).
  4. Rocznik Statystyczny GUS 2001.
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