Balance sheet effect in the Polish economy
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)
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