Browsing by Subject "Puola"

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  • Kauppila, Tarja (2002)
    BOFIT Online 2002/9
  • Komulainen, Tuomas (2003)
    BOFIT Online 11/2003
  • Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; Kozłowski, Łukasz (2014)
    BOFIT Discussion Papers 2/2014
    Published in Communist and Post-Communist Studies, Volume 50, Issue 4, December 2017, Pages 245–261
    This study investigates the relationship between politically connected firms and their access to bank financing in a post-communist eras in Poland. Overall, it finds that "recent" political connections do influence access to bank financing and the value of such connections increased during the financial crisis. However, it also observes that the positive relationship mentioned above is substantially weaker in Poland relative to other emerging countries and we attribute this phenomenon to the instability of the Polish political climate. Keywords: political connections, bank financing, global financial crisis JEL: GO1, G18, G32
  • Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; Kozlowski, Lukasz (2017)
    Communist and Post-Communist Studies 4
    Published in BOFIT DP 2/2014.
    This paper characterizes politically connected firms and their access to bank financing. We determine that the relationship between political connections and access to long-term bank loans is weaker in Poland than in other emerging economies. The most probable explanation for this result is related to the instability of the political climate in Poland. We find that only certain kinds of political connections, such as recent connections, positively influenced access to bank financing during the sample period from 2001 to 2011. Moreover, we obtain also some evidence that the value of political connections increased during the 2007 crisis period and onward.
  • Kauppila, Tarja (2001)
    BOFIT Online 2001/12
    Puolan 1990-luvun toisen puoliskon talouskasvua on usein luonnehdittu jopa vaikuttavaksi.Viimeisen vuoden ajan maan talouden kasvu on kuitenkin hidastunut selkeästi, ja tälle vuodelle ennustetaan enää noin kahden prosentin vuosikasvua.Hitaan kasvun taustalla on pääasiassa kotimaisen kysynnän heikentyminen. Ainoastaan vientikysyntä on pönkittänyt kasvua.Inflaatio hidastui alkuvuonna huomattavasti.Vaikka korkotasoa on laskettu tänä vuonna jo neljästi, reaalikorko on kuitenkin yhä yksi Euroopan korkeimpia. Lisäksi työttömyysaste on kivunnut takaisin 90-luvun alkupuolen noin 16 prosenttiin.Lisähuolta uudelle vasemmistojohtoiselle hallitukselle tuo valtion budjetti, joka on sekä tälle että ensi vuodelle reilusti alijäämäinen.Budjetin vakauttamisen lisäksi uuden hallituksen keskeisenä tehtävänä on maan EU-jäsenyysneuvotteluiden edistäminen.Puolan tavoitteena on saattaa neuvottelut päätökseen ensi vuoden loppuun mennessä ja liittyä EU:n jäseneksi ensimmäisten uusien maiden joukossa. Asiasanat: Puola, talouskehitys, talouspolitiikka, EU
  • Granlund, Peik (2008)
    Bank of Finland Research Discussion Papers 1/2008
    Published in Journal of Banking Regulation, 11, December 2009: 6-30
    In financial market studies, public supervision has rarely been found to have any effects on financial market development. This is true, even though the primary objective of supervisory legislation is the limitation of market failures and externalities. Studies conducted by eg the World Bank and La Porta & al imply that whereas private enforcement contributes to financial market development, there is limited evidence that public supervision does the same. The objective of the paper is to empirically investigate the relation between public supervision and financial market development. This is done by focusing on major legislative features directing the supervisor and hence affecting market participant activities. The markets investigated comprise banks, investment firms, investment fund companies and listed companies in the United States, United Kingdom, Sweden, Finland, Poland and Estonia for the years 1996 to 2005. The results suggest that certain features of public supervision correlate with financial market development. Strong legal obligations for the supervisor to develop legislation correlate significantly with higher company market values. Emphasizing economic aspects in the formulation of supervisory objectives corresponds with higher market profitability. Furthermore, severe monetary sanctions applicable to company directors correlate negatively with market growth. Unexpectedly, the same is true for a high degree of supervisory independence. The results imply links between public supervision and financial market development in a manner not always in line with previous research. Why this is the case, requires further investigation. One possible explanation may be methodological, based on the fact that in the present study legislative features are perceived in a conceptual rather than a technical manner. Keywords: financial institution, regulation, supervision, utility JEL classification numbers: G28, K23, O16
  • Korhonen, Iikka (2002)
    BOFIT Online 10/2002
    The paper estimates the Monetary Condition Indices (MCIs) for three EU accession countries: the Czech Republic, Poland and Slovakia and assesses the relative importance of interest rates and of the exchange rate in the transmission of monetary policy.The calculated MCI ratios indicate that the exchange rate has surprisingly little influence on the Slovakian economy.The MCI ratio for the Czech Republic is very much comparable to that of small EU countries.Poland seems to be extremely sensitive to changes in the exchange rate.However, estimations appear to be quite sensitive to different specifications, and therefore should be treated with caution. Key words: Monetary policy, Monetary Condition Index, the Czech Republic, Poland, Slovakia
  • Koskinen, Juha-Pekka; Koivu, Tuuli; Chowdhury, Abdur (2004)
    BOFIT Discussion Papers 16/2004
    This paper seeks to fill a gap in the literature by analyzing inflation in Poland, one of only two transition economies that have adopted a strict inflation-targeting policy.The paper also introduces a new method for selecting inflation indicators. Consistent with the earlier literature, empirical results find a strong link between the producer price index and consumer price index in Poland.This shows the importance of the manufacturing sector in determining the price level in the country.Overall, wages, broad money supply and the exchange rate are good indicators of inflation.Key words: inflation, Poland, MCL method
  • Blaszkiewicz, Monika; Konieczny, Jerzy; Myslinska, Anna; Radziwil, Artur; Przemyslaw, Wozniak (2002)
    BOFIT Discussion Papers 16/2002
    We analyse welfare effects of the interactions between the tax system and inflation in Poland and in Ukraine, using the framework developed by Feldstein (1997, 1999).This approach stresses the fact that inflation increases distortions created by the tax system, in particular distortions to intertemporal saving decisions.We find that the effects are much smaller in the two transition countries than in developed marketeconomies.The reason is that taxation of investment returns is much more limited.Our results suggest that taxes on investment returns should be avoided in any future redesign of the tax system.
  • Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; Kozłowski, Łukasz (2019)
    Regional Studies 5
    This study analyzes the economic consequences of changes in the local bank presence. Using a unique data set of banks, firms and counties in Poland over the period 2009–14, it is shown that changes strengthening the relationship banking model are associated with local labour market improvements and easier small and medium-sized enterprise access to bank debt. However, only the appearance of new, more aggressive owners of large commercial banks stimulates new firm creation.
  • Winiecki, Jan (2001)
    BOFIT Discussion Papers 12/2001
    Published in Problems of Economic Transition vol 45, no 11 (2003), pp. 6-38
    The central theme of this paper is the role of the new, entrepreneurial private sector, established after the fall of communism, in output recovery, and, more generally, in economic expansion of post-communist economies.This role is considered specifically in the context of the successes in Poland, the Czech Republic, and Hungary.The author notes a substantial difference between the performance of the new private sector and the privatized sector in the short to medium run (3-7 years) from the start of privatization.New private firms typically enter the economic game with well-established de jure and de facto property rights and with industrial relations based on market economy rules. Unlike the public sector or privatized firms, the labor force of these firms is not demoralized by the change to market-economy rules.As a result, they often perform better and are quick to increasing their share of aggregate output.This also helps the economy as a whole emerge earlier from transitional recession.The author discusses two hypothetical paths of recovery and expansion; one with and one without a dynamic new private sector.The determinants for establishing and growth of new private firms are considered.In addition to the specific rules and general framework of transition, the study concludes that broad institutional fundamentals of political liberty, law and order, and trust contribute to the successful emergence of this new entrepreneurial sector.Key words: new private sector, transition, growth, Poland
  • Lehtonen, Katri (1997)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 6/1997
    This article examines the theory of economic reform in light of the actual experience Poland.Its main themes are liberalisation and stabilisation.Liberalisation in the case of transition economies implies decontrol of domestic prices and foreign trade. Liberalization may be gradual (gradualism), or immediate (shock therapy).Here, we compare the effects of these strategies using Swedar van Wijnbergen's intertemporal speculation model, taking into account the question of currency convertibility. According to monetarist theory, budget deficits are the main cause of inflation in closed economies.Thus, stabilisation programs usually start with budget balancing.Implementation of nominal anchors for economic reform is also an important issue, because nominal anchors can help eliminate demand pressure and build credibility.Three nominal anchors, i.e. wage tax, fixed exchange rate and high interest rate are closely examined.In addition, the non-trivial task of sequencing the phases of reform is discussed. Obviously, an unsuccessful stabilisation has a strong influence on, e.g. real exchange rates and export opportunities, so how does one time the phases of reform for successful results? Poland's "Big Bang" reform is an example of a monetarist economic reform.This analysis covers the main features of the reform, applying the credit market model of Guillermo Calvo and Fabrizio Coricelli.Calvo and Coricelli have studied the influence of tight credit on output from their empirical results, which is of particular interest in discussion of the Polish case.The paper ends with a summary of the reform outcomes to date. Keywords: Poland, liberalisation, stabilisation, credit market
  • Fedorova, Elena (2011)
    BOFIT Discussion Papers 24/2011
    With the rise of interconnected global financial systems, there is an increased risk that a financial crisis in one country may spread to others. The contagion effects of the 2008 global financial crisis hit advanced economies fast and hard while sparing less developed and less integrated financial systems. The present study focuses on the contagion effects at Eastern European stock markets and changes in their interconnections after EU accession in 2004. Specifically, we investigate the relationship among the stock market sectors of Poland, Hungary and the Czech Republic during 1998-2009 and their exposure to on-shored financial risk. The evidence suggests direct linkages between different stock market sectors with respect to returns and volatilities with increased equity-shock transmission between markets after EU accession in 2004. Of particular note is the intra-industry contagion in emerging Europe. Our findings have implications for asset pricing and portfolio selection for international financial institutions and financial managers.
  • Korhonen, Iikka; Peresetsky, Anatoly (2013)
    BOFIT Discussion Papers 4/2013
    Published in Emerging Markets Finance and Trade, Volume 52, Issue 5, 2016: 1210-1225 as "What Influences Stock Market Behavior in Russia and Other Emerging Countries?"
    We empirically test the dependence of the Russian stock market on the world stock market and world oil prices in the period 1997:10-2012:02. We also consider three Eastern European stock markets (Poland, the Czech Republic, and Hungary), as well as two markets outside Europe (Turkey and South Africa). We apply a rolling regression to identify periods when oil prices or stock indices in the US and Japan were important. Surprisingly, oil prices are not significant for the Russian stock market after 2006. A TGARCH-BEKK model is employed to assess the degree of correlation between markets, taking into account the global market stochastic trend. We find that correlation between markets increased between 2000 and 2012. Growth was especially high in Eastern European markets during 2004-2006, which is likely connected with the EU accession of these countries in 2004. Key words: Russian stock market, oil, financial market integration, stock market returns, news, emerging markets, transition economies. JEL: G10, G14, G15, C5.
  • Lainela, Seija; Sutela, Pekka (1991)
    Bank of Finland Research Discussion Papers 9/1991
    Tämä raportti tarkastelee yksityistämisen asemaa siirtymässä sosialistisesta suunnitelmataloudesta kohti markkinataloutta. Se koostuu kolmesta osasta. Ensiksi tarkastellaan omistusoikeuksien luonnetta ja markkinatalousmaissa saatuja yksityistämiskokemuksia alan läntisen kirjallisuuden valossa. Toisessa osassa valotetaan niitä periaatevalintoja, jotka kohdataan siirtymäpolitiikkaan kuuluvassa yksityistämisessä. Lopulta kuvataan yksityistämisen nykytilannetta Puolassa, Unkarissa ja Tsekkoslovakiassa sekä lyhyesti yksityistämisestä Neuvostoliitossa käytyä keskustelua. Raportin tarkoituksena on antaa perusteet sen ymmärtämiselle, miksi yksityistämistä pidetään itäisessä Euroopassa siirtymäpolitiikan ytimenä.