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Ciżkowicz Piotr (Szkoła Główna Handlowa w Warszawie), Rzońca Andrzej (Szkoła Główna Handlowa w Warszawie; Narodowy Bank Polski)
Międzynarodowy system monetarny a globalny kryzys finansowy : wnioski dla polityki makroekonomicznej w krajach rozwijających się
International Monetary System and Global Financial Crisis: Lessons for Macroeconomic Policy in the Developing Countries
Ekonomista, 2013, nr 5, s. 625-645, bibliogr. 75 poz.
Międzynarodowe systemy monetarne, Kryzys finansowy, Polityka makroekonomiczna, Kraje rozwijające się
International monetary systems, Financial crisis, Macroeconomic policy, Developing countries
summ., rez.
Niniejszy artykuł pokazuje, że zasadnicze przyczyny ostatniego globalnego kryzysu finansowego, tzn. niskie stopy procentowe w głównych krajach wysoko rozwiniętych oraz nadwyżkowe oszczędności w krajach rozwijających się, można wiązać z ułomnościami międzynarodowego systemu monetarnego. Autorzy twierdzą, że ułomności te nasiliły się na skutek kryzysu. Wniosek ten służy do zarysowania prawdopodobnego kształtu polityki makroekonomicznej w głównych krajach wysoko rozwiniętych oraz w krajach rozwijających się. Autorzy zwracają uwagę na koszty polityki makroekonomicznej prowadzonej przez główne kraje wysoko rozwinięte w reakcji na kryzys, które wyrażają się przede wszystkim w opóźnianiu restrukturyzacji. Następnie omawiają zagrożenia, jakie reakcja ta rodzi dla krajów rozwijających się. W opinii autorów zagrożenia te uzasadniają prowadzenie polityki makroekonomicznej w sposób wydłużający okres dochodzenia do wysokiej aktywności gospodarczej. Wsparciem dla zdyscyplinowanej polityki makroekonomicznej mogą być pewne regulacje makroostrożnościowe. (abstrakt oryginalny)

The paper shows that the basic causes of the recent global financial crisis, e.i. low interest rates in major developed economies combined with surplus savings in the developing countries, may be linked with the deficiencies inherent in the international monetary system. The authors argue that these deficiencies have amplified as the result of the crisis. This conclusion serves to project the probable design of macroeconomic policies to be performed in the developed and developing countries. The authors point at high costs of the macroeconomic policy performed by the major developed countries in their reaction to the crisis, which are reflected mainly in the delayed restructuring of the economies. Then the authors discuss the threats that arise from this reaction for the development of the emerging economies. In their opinion, this situation may justify a deliberate policy of a slower revival. The more disciplined fiscal and monetary policy may be supported by some precautionary regulations. (original abstract)
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