Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2011 | nr 6 | 17
Tytuł artykułu

Balance sheet effect in the Polish economy

Treść / Zawartość
Warianty tytułu
Języki publikacji
Paper refers to the relations between real economic activity and the state of financial system. It presents how the balance sheet effect works and how it influences the real economic activity and the effectiveness of the monetary policy. The empirical part of the paper presents the theoretical model, which is derived from classic assumptions. On the basis of this model, the balance sheet effect in the Polish economy is verified. The verification process is conducted on the basis of individual financial statements of 27 730 Polish companies encompassing period between 2002-2007. (original abstract)
Opis fizyczny
  • Warsaw School of Economics, Poland
  • Akerlof G. (1970), The market for lemons: Quality uncertainty and the market mechanism, Quarterly Journal of Economics, Vol. 84.
  • Arellano M., Bond S. (1991), Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, Review of Economic Studies, Vol. 58, No. 2.
  • Bernanke B., Gertler M., Gilchrist S. (1998), The financial accelerator in a quantitative business cycle framework, Working Papers, No. 6455, National Bureau of Economic Research, Cambridge.
  • Bester H., Hellwig M. (1987), Moral hazard and equilibrium credit rationing: An overview of the issues, Discussion Paper, No. 125, University of Bonn, Germany.
  • Butzen P., Vermeulen P., Fuss C. (2001), The interest rate and credit channels in Belgium: an investigation with micro-level firm data, Working paper, No. 107, EBC, Frankfurt.
  • Chmielewski T. (2005), Bank risks, risk preferences and lending, Working paper, University Library of Munich, Germany, Munich.
  • Chatelain J.B., Generale A., Hernando I., von Kalckreuth U., Vermeulen P. (2001), Firm investment and monetary transmission in the euro area, Working paper, No. 431, Bank of Italy, Rome.
  • Eisner R., Nadiri M. (1968), Investment behaviour and the neo-classical theory, The review of economics and statistics, No. 50.
  • Gertler M., Karadi P. (2009), A model of Unconventional Monetary Policy, Working Paper, New York University, New York.
  • Łyziak T., Przystupa J., Wróbel E. (2008), Monetary policy transmission in Poland: a study of the importance of interest rate and credit channels, Working Paper, No. 1, SUERF - The European Money and Finance Forum.
  • Lunnemann P., and Matha T. (2001), Monetary transmission: empirical evidence from Luxembourg firm level data, Working Paper, No. 111, European Central Bank, Frankfurt.
  • Pawłowska M., Wróbel E. (2002), Monetary transmission in Poland: some evidence on interest rate and credit channels, Materiały i studia, No. 24, NBP, Warszawa.
  • Roodman D. (2008), A note on the theme of too many instruments, Working Paper, No. 125, Center for global developement, Washington D.C.
  • Stiglitz and Weiss (1981), Credit Rationing in Markets with Imperfect Information, American Economic Review, Vol. 71, No. 3.
  • Townsend R. (1979), Optimal contracts and competitive markets with costly state verication, Federal Reserve Bank of Minneapolis, Minneapolis.
  • Valderrama M. (2001), Credit channel and investment behaviour in Austria: a microeconometric approach, Working Paper, No. 108, EBC, Frankfurt.
  • Windmeijer F. (2005), A finite sample correction for the variance of linear two-step GMM estimators, Journal of Econometrics, Vol.126, No. 1.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.