Od stereotypów do praktycznych aspektów prowadzenia współczesnej polityki pieniężnej

• Autorzy: Adam Kot , Marek Rozkrut

Warianty tytułu

From Stereotypes to Practical Aspects of Modern Monetary Policy

• Języki publikacji: PL

Abstrakty

W opracowaniu podjęto próbę krytycznej oceny argumentacji opartej na najczęstszych nieporozumieniach, prowadzących do nieodpowiedniego formułowania ocen stopnia restrykcyjności polityki pieniężnej oraz takich zaleceń dotyczących sposobów ożywienia akcji kredytowej, których zastosowanie prowadziłoby do destabilizacji polskiej gospodarki. Wskazano na te argumenty poddające krytyce politykę pieniężną w Polsce, które wynikają z niedostatecznej znajomości praktyki bankowości centralnej, ale wielokrotnie powtarzane stają się "prostymi receptami" na uzdrowienie polskiej gospodarki.

EN

The paper presents some arguments raised by critics of Polish monetary policy which, according to the authors, reflect insufficient expertise in central banking practices. These often repeated arguments become "common truths" or "perfect recipes" for an effective monetary policy. They lead to the misassessment of monetary policy restrictivenessand the formulation of guidelines for the extension of lending business which could actually lead to destabilisation of the Polish economy if implemented. The study points out reasons why, in the present situation, the proposal to equalise real interest rates in Poland with those in highly developed countries is unfounded. By expounding on lending determiners the authors show why the purchase of T-bonds, which absorbs available funds in the banking sector, does not constitute a barrier for the continuation of its lending activities. The paper emphasises the role of the interest rate as a key operational objective in modern central banking and criticises the view advocating control over monetary aggregates as an objective of monetary policy. While discussing the concept of the endogenous nature of money, the authors point out practical difficulties arising from attempts to assess the level of monetary policy restrictiveness on the basis of monetary aggregates. It also discusses very serious consequences which may result from the discontinuation of open market transactions and abandoning the central bank's reference interest rate -actions which are being advocated by certain authors as a recipe for the enhancement of loan facilities and of economic growth in Poland. It also enumerates some consequences of implementing a postulate to support a lenient fiscal policy with an expansionist monetary policy, which are often ignored or passed over. (original paper)

Słowa kluczowe

PL

Polityka pieniężna; Stopa procentowa; Polityka podatkowa

EN

Monetary policy; Interest rate; Tax policy

• Czasopismo: Bank i Kredyt
• Rocznik: 2004
• Numer: nr 3
• Strony: 37--49

Twórcy

autor

Adam Kot

autor

Marek Rozkrut

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