Warianty tytułu
Języki publikacji
Abstrakty
The capital market becomes an important source of financing corporate assets. Stabilising the conditions of its fuctioning is a necessary condition for prevention of financial crises. Speculative fluctuations of share prices adversely affect the process of correct capital raising for firms. Therefore, the policy of preventing occurrence of speculative bubbles is an important element of rational allocation of capital within the economy. In Poland, changes of market equity prices influence real investment activity of companies. The stock exchange operation influences the actual economic operation. Furthermore, the changes of direction of monetary policy have a certain effect upon the changes of the level of the WIG. The wealth channel of monetary policy in Poland works. Its existence justifies the need to apply monetary policy in stabilising capital market functioning. The possible financial instruments include the changes of basic interest rates, and changes of money supply. A new function of the central bank has emerged - stabilisation of conditions of operation of the capital market. Its implementation may facilitate correct capital raising for companies and improve the level of investment within the economy. (author's abstract)
Słowa kluczowe
Rocznik
Numer
Strony
9--19
Opis fizyczny
Twórcy
autor
- Szkoła Główna Handlowa w Warszawie
Bibliografia
- Czeka J., Uwarunkowania Polityki Pieniężnej, w: Nauki Finansowe Wobec Współczesnych Problemów Gospodarki Polskiej, Kraków, AE, 2004.
- Detken C., Smets F., Asset Price Booms and Monetarny Policy, European Central Bank 2004, Working Papers, No. 364.
- Mishkin F. S., The Economics of Money, Banking and Financial Markets, Addison Wesley Longman, 2000.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171332383
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