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Autor
Gierałtowski Paweł (University of Warsaw, Poland)
Tytuł
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
Źródło
Emergo. Journal of Transforming Economies and Societies, 2004, vol. 11, no. 1, s. 69-86, tab., rys. bibliogr. 30 poz.
Słowa kluczowe
Polityka pieniężna, Kurs walutowy, Równowaga pieniężna, Rola banku centralnego w gospodarce
Monetary policy, Exchange rates, Monetary equilibrium, Central bank's role in the economy
Abstrakt
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)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
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  7. Gomułka, S. (1997) "Managing Capital Flows in Poland, 1995-98". CASE-CEU Working Paper No. 7
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  19. Pesaran, M. and Shin, H. (1998) "Generalized Impulse Response Analysis in Linear Multivariate Models". Economics-Letters 58 (1)
  20. Pollard, S. (1999) "Foreign Exchange Market Pressure and Transmission of International Disturbances: The Case of Barbados, Guyana, Jamaica, and Trinidad and Tobago". Applied-Economics-Letters 6 (1)
  21. Rosati, D. (1999) "Dylematy polityki pieniężnej w warunkach swobody przepływu kapitału" [The dilemmas of monetary policy under the conditions of free capital flows]. Bank i Kredyt 7-8
  22. Sarno, L. and Taylor, M. (2001) "Official Intervention in the Foreign Exchange Market: Is It Effective and, if So, How Does It Work?". Journal of Economic Literature 39 (3)
  23. Sławiński, A. (1999) "National Bank of Poland Monetary Policy and Capital Flows". Warsaw: National Bank of Poland
  24. Spolander, M. (1999) "Measuring Exchange Market Pressure and Central Bank Intervention". Bank of Finland
  25. Takagi, S. (1991) "Foreign Exchange Market Intervention and Domestic Monetary Control in Japan, 1973-89". Japan and the World Economy 3
  26. Tanner, E. (2001) "Exchange Market Pressure and Monetary Policy: Asia and Latin America in the 1990s". IMF Staff Papers 47 (3)
  27. Taylor, M. (1987) On Granger Causality and the Monetary Approach to the Balance of Payments. Journal of Macroeconomics 9 (2)
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Cytowane przez
Pokaż
ISSN
1233-3115
Język
eng
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