Expansionary Monetary Policy and Its Side Effects

• Autorzy: Jacek Tomkiewicz

Warianty tytułu

Ekspansywna polityka pieniężna i jej skutki uboczne

• Języki publikacji: EN

Abstrakty

EN

The goal of this paper is to show that, although a non-standard monetary policy conducted by the major central banks is quite efficient in stabilising the post-crisis economy, there are a few important side effects of such policy. One of the most important side effects of a super-expansionary monetary policy is creating an economic environment that favours the financial sector and capital owners over the working class, leading to higher income inequalities. The low level of the central bank's interest rate does not mean that every economic unit has access to cheap capital. The ultra-low cost of capital can be experienced by only the few selected players - financial institutions and strong corporations. The same can be said about the financing borrowing needs of the state - only a few governments are able to borrow very cheaply and others have to face the huge power of the financial market, which leads to a growing income gap between societies. The text has a mainly descriptive character but a few statistics are provided to support main paper's thesis. (original abstract)

Celem tekstu jest wskazanie, że polityka pieniężna wdrożona przez banki centralne w następstwie kryzysu finansowego osiągnęła swoje zasadnicze cele głównie w zakresie stabilizacji makroekonomicznej, ale coraz wyraźniej widać skutki uboczne tej polityki. Jednym z najważniejszych skutków ubocznych ekspansywnej polityki pieniężnej jest stworzenie warunków, które sprzyjają sektorowi finansowemu i właścicielom kapitału osłabiając pozycję przetargową pracowników, co w sumie pogłębia nierówności dochodowe. Ekspansja monetarna w dużej mierze ogranicza się do zwiększania płynności w sektorze finansowym, a tylko w małym stopniu w sferze realnej. Taka sytuacja oznacza zwiększenie popytu na instrumenty finansowe, co prowadzi do szybkiego wzrostu ich cen, na czym zyskują przede wszystkim właściciele kapitału. (abstrakt oryginalny)

Słowa kluczowe

EN

Monetary policy; Macroeconomic policy; Financial crisis; Social cohesion

PL

Polityka pieniężna; Polityka makroekonomiczna; Kryzys finansowy; Spójność społeczna

• Czasopismo: Nierówności Społeczne a Wzrost Gospodarczy
• Rocznik: 2019
• Numer: z. nr 60
• Strony: 64--73

Twórcy

autor

Jacek Tomkiewicz

• Kozminski University, Poland

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Identyfikatory

DOI

10.15584/nsawg.2019.4.4