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Gierałtowski Paweł (University of Warsaw, Poland)
Exchange Rate Market Pressure, the Degree of Exchange Rate Control and the Impact of Monetary Policy on Exchange Market Equilibrium in the Second Half of the 1990s in Poland
Emergo. Journal of Transforming Economies and Societies, 2004, vol. 11, no. 1, s. 69-86, tab., rys. bibliogr. 30 poz.
Polityka pieniężna, Kurs walutowy, Równowaga pieniężna, Rola banku centralnego w gospodarce
Monetary policy, Exchange rates, Monetary equilibrium, Central bank's role in the economy
The second part of the 1990s was an extraordinarily interesting period in the history of Polish exchange rate and monetary policy. This stems from the fact that in this period massive capital inflows to Poland occurred and at the same time the National Bank of Poland (NBP) tried to retain at least partial exchange rate control and an independent monetary policy. To keep some monetary independence, the NBP was forced to decrease the degree of exchange rate control and increase capital mobility (up to the total free float at the beginning of 2000). It is worth emphasising that the changes in real exchange rate control were not always parallel to official regime changes. Therefore, the main purpose of this article is to examine the evolution of the real degree of exchange rate control. This will be pursued through an assessment and decon-struction of exchange rate market pressure. Additionally, in the final part, the article attempts to determine the impact of domestic monetary policy changes on the exchange market situation. (fragment of text)
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