Show simple item record

dc.contributor.authorStawska, Joanna
dc.descriptionCoordnation of both policies allows to avoid crisis situations having destibilizing effect on economy. Cooperation between central bank and government is quite difficult due to preclusive aims of fiscal and monetary policies. Financial crisis in 2008 had a profound impact on many changes in governance of monetary and fiscal policies in the euro area. It revealed significant economic decline and problems related to public finances (increase in debt obligations) in the euro area. In reaction to the crisis in the euro area, the monetary authorities introduced many changes. An increase in expansionary monetary policy speaks volumes about an attempt to utilize the transmission channel of the monetary policy to improve economy. This paper focuses on highliting the changes ocurred in monetary policy and fiscal policies that were the consequence of the financial crisis in the euro area. The article verifies the hypothesis that the increased level of the coordination of monetary policy and fiscal polices caused by the financial crisis contributed to deepening the crisis in its early stage in the euro area (in the period of 2008-2009). To verify the hypothesis the following research methods were used: review of scientific literature, statistical research methods and graphic presentation of economic events.pl_PL
dc.description.abstractThe financial crisis started in 2008 has contributed to many changes in the conduct of monetary and fiscal policy in the euro area. In the euro area significant decline in economic growth and problems of public finance (debt growth countries) is noticeable as a result of the crisis The aim of this article is to highlight the changes in monetary and fiscal policy in the euro area, which emerged in the aftermath of the crisis. The article verifies the hypothesis that during the financial crisis the coordination of monetary policy and fiscal policy weakened the deepening of the crisis in its early stages in both the euro area.pl_PL
dc.publisherHradec Kralove: MAGNANIMITASpl_PL
dc.relation.ispartofseriesInternational Masaryk Conference for Ph.D. Students and Young Researchers 2014;Vol. V. 2014
dc.rightsUznanie autorstwa 3.0 Polska*
dc.subjectpolicy mixpl_PL
dc.subjectmonetary policypl_PL
dc.subjectfiscal policypl_PL
dc.subjectfinancial crisispl_PL
dc.subjectpolityka pieniężnapl_PL
dc.subjectpolityka fiskalnapl_PL
dc.subjectkryzys finansowypl_PL
dc.typeBook chapterpl_PL - 953pl_PL
dc.contributor.authorAffiliationCentre of Central Banking and Financial Intermediation, Institute of Finance, Faculty of Economics and Sociology, University of Lodzpl_PL
dc.referencesAnnual Report 2007, European Central Bank, Frankfurt n. Menem, 2008.
dc.referencesAnnual Report 2008, European Central Bank, Frankfurt n. Menem, 2009.
dc.referencesAnnual Report 2011, European Central Bank, Frankfurt n. Menem, 2012.
dc.referencesAnnual Report 2012, European Central Bank, Frankfurt n. Menem, 2013.
dc.referencesAnnual Report on the Euro Area 2009, European Economy 6/2009, European Commission, Luxembourg, 2009.
dc.referencesBadarau C., Levieuge G., 2011, Which policy-mix to mitigate the effects of financial heterogeneity in a monetary union?, “LAREFI Working Paper” no. CR11-EFI/09.
dc.referencesBennett H., Loayza N., 2001, Policy biases when the monetary and fiscal authorities have different objectives, „Central Bank of Chile Working Papers”, no. 66.
dc.referencesButi M., Sapir A., Economic Policy in EMU, Clarendon Press-Oxford 1998.
dc.referencesClarida, R., Galí J.,Gertler M., Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory, “Quarterly Journal of Economics”, 2000.
dc.referencesFlanagan K., Uyarra E., Laranja M. (2011) Reconceptualising the ‘policy mix’ for innovation, [in:] (access on 13.10.2014).
dc.referencesGierałtowski P.P., Polityka pieniężna w uni walutowej [w:] Mechanizmy funkcjonowania strefy euro, red., Kowalewski P., Koziński W., NBP, Warszawa 2010.
dc.referencesJacquet P., Pisani-Ferry J., Economic policy co-ordination in the euro-zone. What has been achieved?. What should be done?, “Sussex European Institute Working Paper” 40/2001.
dc.referencesKot A., Metody 􀀃kwantyfikacji restrykcyjności monetarnej, fiskalnej i Policy – mix w krajach akcesyjnych, „Bank i Kredyt” 06/2003.
dc.referencesMarszałek P., Zastosowanie teorii gier do badania koordynacji polityki pieniężnej i 􀀃 polityki fiskalnej [w:] W. Przybylska-Kapuścińska􀀃 )􀀋red.􀀑􀀌􀀏􀀃) Studia bankowości centralnej, „Zeszyty naukowe Akademii Ekonomicznej w Poznaniu”, 56/2005.
dc.referencesThe Monetary Policy of the ECB, European Central Bank, Frankfurt n. Menem 2004.
dc.referencesOchrymiuk M., Rogut A., Konwergencja nominalna w strefie euro. Implikacje dla Polski, NBP, Warszawa 2010.
dc.references􀀃Skrzypczyńska J., Koordynacja polityki fiskalnej i pieniężnej strefy euro w obliczu kryzysu finansowego, „Rocznik Integracji Europejskiej” 6/2012.
dc.referencesStawska J., The impact of the monetary - fiscal policy mix on investments of euro area countries in the context of the financial crisis, “Science and Studies of Accounting and Finance: Problems and Perspectives”, Scientific Journal No 1(8), Lithuania 2012.
dc.referencesSvensson L. E., How Should Monetary Policy Be Conducted in an Era of Price Stability, “NBER Working Papers”, 2000.
dc.referencesWoroniecka – Leciejewicz I., Analiza policy-mix z uwzględnieniem interakcji decyzyjnych między bankiem centralnym a rządem ich priorytetów, Zeszyty Naukowe Wydziału Informatycznych Technik Zarządzania Wyzszej Szkoły Informatyki Stosowanej i Zarządzania” 1/2011.
dc.referencesVlad O., The use of the monetary policy instruments by central banks under globalization, Alexandru Ioan University, Iasi–Romania 2008.

Files in this item


This item appears in the following Collection(s)

Show simple item record

Uznanie autorstwa 3.0 Polska
Except where otherwise noted, this item's license is described as Uznanie autorstwa 3.0 Polska