The Nature of Fiscal Crisis in Transition Economies

Fiscal stance is at the center of economic debate all over the post socialist countries. The most important issues that are more or less realized seem to be following. 1. To what extend will public sector budget deficits be monetized in the future i.e., do they eventually spell inflation?. 2. How can one reconcile the "twin deficits" i.e. the current account and budget deficit with the need for long run growth and the need for servicing the external debt. 3. Is it true, as argued by M. Friedman and R. Barro that the only relevant aspects of the budget are the volume and composition of public spendings on goods and services and that the choice of financing method is irrelevant? 4. Is a financial crowding out of private saving an issue of concern? 5. How do we assess the solvency of a government i.e. how do we evaluate the consistency of the government's spending and revenue plans with its outstanding debt obligations and its inflation objectives? 6. What are the structural and distributional effects of budget deficits? It is not easy to solve these or similar problems in mature developed market economies. Trying to answer to these questions with regards to transition economies appears to be very hard work. Specially if these problems are to be placed within the framework of fiscal crisis. Therefore it seems sensible to start the analysis with describing the nature of fiscal stance in post socialist countries and then use the concept as a background for further more detailed questions.economic transition, fiscal crisis, Central Eastern Europe

Estonian Way to Liberal Economic System

Estonia has adopted the one of the most radical programs of stabilization and transformation amongst not only the former Soviet Union countries but among previously centrally planned economies as well. The commodity and service markets were balanced mainly through the price liberalization and introduction of the internally convertible national currency. This was supplimented with the austerity in public consumption and surpluss in the state budget. The changes were also associated with a radical shift in the foreign trade rearientation. The economy that previously was oriented to almost costless recources from the former Soviet Union and work mostly for the Soviet "markets" seems to be very well adjusted to western markets and broad participation in the world economy.Estonia, liberal economy, transition economy

Monetary Policy and Polish Labour Market in the years 1999 - 2008

This article sets out to analyse how the monetary policy pursued by the National Bank of Poland (NBP) determined the labour market situation in the country in the decade 1999-2008. The article consists of introduction as well as five sections. Section one discusses NBP's strategy of monetary policy in the defined period against monetary strategies implemented in other countries. Section two uses the growth rates of money supply and of real GDP to verify whether the primary purpose of monetary policy, i.e. the inflationary target, was achieved. Section three generally characterises the country's labour market using the levels and dynamics of employment and of unemployment. Section four discusses major instruments of NBP's monetary policy, mainly analysing changes in the central bank's interest rates and their effect on the economic situation and on the labour market. The article concludes with a summation providing synthetic conclusions.Celem artykułu jest analiza wpływu polityki monetarnej Narodowego Banku Polskiego (NBP) na sytuację na rynku pracy w Polsce w ciągu dekady obejmującej lata 1999-2008. Opracowanie składa się z wprowadzenia oraz pięciu części. W pierwszej z nich omówiona została strategia polityki monetarnej NBP w badanym okresie wraz z porównaniem ze strategią przyjmowaną w innych krajach. W części drugiej sprawdzono, czy realizowany był podstawowy cel polityki monetarnej, czyli cel inflacyjny, w kontekście kształtowania się stóp wzrostu podaży pieniądza oraz realnego PKB. W punkcie kolejnym ukazana została ogólna charakterystyka rynku pracy na podstawie kształtowania się poziomu i dynamiki zatrudnienia oraz bezrobocia. W części czwartej omówiono podstawowe instrumenty polityki pieniężnej NBP. Uwaga skoncentrowana została głównie na analizie zmian stóp procentowych banku centralnego oraz ich wpływu na sytuację gospodarczą i rynek pracy. Całość zamknięta została podsumowaniem, w którym zawarto syntetyczne wnioski końcowe

master thesis project LING4190

components used and data collected during the master thesis projec

Cyclical Consequences of Phases in Poland's Economic Development. Model Approach

The article is focussed on the so-called traditional system of functioning of the socialist economy discussed against the background of data concerning the Polish economy. The performed analysis of empiric al data about Poland's economic development over the years 1950-1980 has al lowed to determine the elements which behaved in a very specific way in the period under study. Division of the analyzed three decades into particular phases, according to trends in the shares of production investments in the national income, reveals that other magnitudes, and primarily growth rate of capital stock and its productivity, as well as labour productivity, were also behaving in a way specific for them in these subperiods. The author makes an attempt to explain this cyclical feature on the basis of interrelationships between the system of the economy's functioning and the economic polic of the central organs. Mutual impact of these two elements on each other may generate different types of the economic development. However, the cyclical development appears to be most probable, which was fully confirmed by the experience of the thirty years.Zadanie pt. „Digitalizacja i udostępnienie w Cyfrowym Repozytorium Uniwersytetu Łódzkiego kolekcji czasopism naukowych wydawanych przez Uniwersytet Łódzki” nr 885/P-DUN/2014 dofinansowane zostało ze środków MNiSW w ramach działalności upowszechniającej naukę

The transition programme of the Polish banking system

Rev. paper from the Workshop on Financial Reform in Poland and the Evolution of a Single EC Banking Market held Birmingham (GB), 30 Apr - 2 May 1992Available from British Library Document Supply Centre- DSC:9104.31185(BU-IFG-WP--92-12) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo

A statistical analysis of changes in the Polish banking system

Rev. paper from the Workshop on Financial Reform in Poland and the Evolution of a Single EC Banking Market held Birmingham (GB), 30 Apr - 2 May 1992Available from British Library Document Supply Centre- DSC:9104.31185(BU-IFG-WP--92-13) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo