Polityka oddłużeniowa w Unii Gospodarczej i Walutowej (UGW). Wnioski dla Polski

• Autorzy: Janusz Sawicki

Warianty tytułu

Debt Reduction Policy in the European Monetary Union (EMU). Some Conclusions for Poland

• Języki publikacji: PL

Abstrakty

Celem artykułu jest ocena stosowanych instrumentów oddłużenia krajów członkowskich. Na podstawie analizy dotychczas podejmowanych decyzji od-dłużeniowych i ich skutków podjęto próbę odpowiedzi na pytanie o znaczenie zmieniającej się struktury funkcjonowania strefy euro dla polskich decyzji w sprawie przystąpienia do UGW. (fragment tekstu)

EN

The crisis, which began in the EMU in 2010 made the public and the financial system in all European Union economies act to stabilise and reduce their indebtedness. The debt restructuring commenced the overall fiscal consolidation. The internal devaluation was concurrently expected to impede the growing foreign debt, mainly in the peripheral countries. The accelerating debt, in the previous decade, was the result of the aggressive credit policy of the financial sector. It allowed for growing excess of aggregate payments over aggregate receipts. In relation to the desired changes the banking regulations and supervision are revised. The appraisal of the applied policy instrument cannot be clear-cut. Many discussed solutions are in statu nascendi. Nevertheless it is already apparent that the way the consolidation policy is being carried out hampers growth. Due to the deleveraging processes a swelling risk averse of the financial sector made the situation even more complicated. While the external equilibrium is improving, internal equilibrium is still in a bad shape. The snow ball effect keeps the public debt increasing. The capital market is stabilised only by the EBC commitment to OMT and to the accommodative monetary policy (low interest rate). In this paper some effects of the already introduced changes in the banking union and in the public debt management are examined from the point of view of their potential impact on the Polish economy when the access procedure commences. (original abstract)

Słowa kluczowe

PL

Strefa euro; Sektor publiczny; Sektor prywatny; Zadłużenie zagraniczne; Oddłużanie gospodarki; Polityka stabilizacyjna; Polityka fiskalna; Polityka proeksportowa; Regulacje bankowe

EN

Eurozone; Public sector; Private sector; Foreign debt; Debt repayment in the economy; Stabilisation policy; Fiscal policy; Proexport policy; Bank regulations

• Czasopismo: Prace Naukowe / Uniwersytet Ekonomiczny w Katowicach
• Rocznik: 2014
• Tom: Zjawiska i procesy w gospodarce światowej i jej podsystemach
• Strony: 51--63

Twórcy

autor

Janusz Sawicki

• Instytut Badań Rynku, Konsumpcji i Koniunktur w Warszawie

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