Institutional Changes in Financial Systems of Poland and the Czech Republic

Over the past 23 years the financial sectors in both Poland and the Czech Republic have changed beyond recognition. The process of transformation was a tough and challenging task in both countries. There were significant differences in the initial conditions, as well as approaches to the transformation process, in Poland and the Czech Republic. It seems that according to the classification of Knell and Srholec (2005), the two countries represent different types of capitalism. In this article we try to demonstrate that the organization and development level of the financial systems in these seemingly similar countries are different as well. The primary objective of the study is to compare the path of development and today’s performance of the financial systems in Poland and in the Czech Republic.Przez ostatnie 23 lata systemy finansowe w Polsce i w Czechach zmieniły się nie do poznania. Proces transformacji był ciężkim i trudnym zadaniem w obu krajach. Pomiędzy krajami istniały znaczące różnice w warunkach początkowych jak i podejściu do procesu transformacji. Zgodnie z klasyfikacją Knell i Srholec (2005) kraje te reprezentują różne typy kapitalizmu. W artykule staramy się pokazać, że organizacja i poziom rozwoju systemów finansowych w tych z pozoru podobnych krajach są również istotnie różne. Głównym celem pracy jest porównanie ścieżek rozwoju i obecnego funkcjonowania systemów finansowych w Polsce i w Czechac

Wpływ szoków zagranicznych na polską gospodarkę

This study concerns the impact of foreign shocks on the Polish economy. We consider output shocks from China, the euro area, and the United States. We estimate structural vector autoregressive (SVAR) models with the level of foreign economic activity as an endogenous variable and foreign output shock as an exogenous variable. We identify foreign output shocks outside the model. Our results indicate that a euro-area output shock has the strongest effect on the Polish economy. Meanwhile, the spillover effects from China are similar for Poland and the euro area.W artykule zanalizowano wpływ szoków zagranicznych na polską gospodarkę – szoków popytowych pochodzących z Chin, strefy euro i Stanów Zjednoczonych. Estymowano strukturalny model wektorowej autoregresji (SVAR) z miarą aktywności gospodarczej za granicą jako zmienną endogeniczną i zagranicznym szokiem popytowym jako zmienną egzogeniczną. Szoki zagraniczne identyfikowane są na zewnątrz modelu. Otrzymane wyniki wskazują, że szok popytowy ze strefy euro najsilniej oddziałuje na polską gospodarkę. Natomiast szok popytowy z Chin podobnie oddziałuje na gospodarkę polską i gospodarkę strefy euro

The Impact of Foreign Shocks on the Polish Economy

This study concerns the impact of foreign shocks on the Polish economy. We consider output shocks from China, the euro area, and the United States. We estimate structural vector autoregressive (SVAR) models with the level of foreign economic activity as an endogenous variable and foreign output shock as an exogenous variable. We identify foreign output shocks outside the model. Our results indicate that a euro-area output shock has the strongest effect on the Polish economy. Meanwhile, the spillover effects from China are similar for Poland and the euro area

Combining Monetary and Fiscal Policy in an SVAR for a Small Open Economy

This paper combines a monetary structural vector-autoregression (SVAR) with a fiscal SVAR for Poland. Fiscal foresight, in the form of implementation lags, is accounted for with respect to both discretionary government spending and tax changes. We demonstrate the importance of combining monetary and scal transmission mechanisms. However, ignoring fiscal foresight has no statistically significant effects. We calculate an initial government spending multiplier of 0.14, which later peaks at 0.48. The tax multiplier is close to zero. We also find that monetary policy in Poland transmits mainly through the real sector, that is through real GDP and the real exchange rate

Combining Monetary and Fiscal Policy in an SVAR for a Small Open Economy

This paper combines a monetary structural vector-autoregression (SVAR) with a fiscal SVAR for Poland. Fiscal foresight, in the form of implementation lags, is accounted for with respect to both discretionary government spending and tax changes. We demonstrate the importance of combining monetary and scal transmission mechanisms. However, ignoring fiscal foresight has no statistically significant effects. We calculate an initial government spending multiplier of 0.14, which later peaks at 0.48. The tax multiplier is close to zero. We also find that monetary policy in Poland transmits mainly through the real sector, that is through real GDP and the real exchange rate