Polityka pieniężna w warunkach ekspansywnej polityki fiskalnej

• Autorzy: Andrzej Kaźmierczak

Warianty tytułu

Monetary Policy vs. Expansionist Fiscal Policy

• Języki publikacji: PL

Abstrakty

Omówiono wpływ deficytu budżetowego na banki komercyjne i politykę pieniężną. Przybliżono regułę Taylora będącą próbą wyznaczenia optymalnego poziomu stopy procentowej rynku międzybankowego. Podkreślono konieczność podjęcia bardziej odważnej polityki dynamizacji polskiej gospodarki. Służyć temu może przejściowe powiększenie deficytu budżetowego.

EN

The paper presents relations between monetary and fiscal policy (policy mix) in the current economic situation in Poland. The impact of the budget deficit on interest rates, on loan facilities of commercial banks, on the financial stability of the country as well as on global demand is discussed. It analyses further developments in Polish monetary policy in the context of negative tendencies in the real sphere. The current economic activity calls for a more expansionist monetary policy. The central bank has at its disposal a number of tools for the implementation of this policy. Monetary policy cannot be discussed only in terms of interest rate policies. Various solutions are presented, which may serve as incentives for commercial banks to expand the loan facilities for enterprises and households. The crucial issue is the maintenance of excess liquidity in the banking sector. The author even opts for the purchase of T-bonds by the central bank. Expansionist monetary policy should be the crucial step towards the stimulation of business activity. Should this prove insufficient, temporary fiscal expansion should be considered. The author intends to prove that the combination of both fiscal and monetary expansion does not necessarily pose a threat to the country's financial stability. In the context of high unemployment, productive capacity which is not fully used and the low inflation rate this should not threaten the internal balance. Just the opposite, an economic revival achieved in this way should have a positive effect on budget revenues in the mid-term perspective. (original abstract)

Słowa kluczowe

PL

Polityka pieniężna; Polityka podatkowa; Deficyt budżetowy; Stopa procentowa

EN

Monetary policy; Tax policy; Budget deficit; Interest rate

• Czasopismo: Bank i Kredyt
• Rocznik: 2004
• Numer: nr 3
• Strony: 31--37

Twórcy

autor

Andrzej Kaźmierczak

Bibliografia

• L. Catao, M. E. Terrones: Fiscal deficits and inflation. IMF Working Paper, kwiecień 2003, s. 26.
• F. S. Mishkin: The economics of money, ranking and financial markets. Wyd. Addison Wesley 2001, s. 474.