Warunki korzystania z zewnętrznych źródeł finansowania rozwoju gospodarczego Polski w latach 1970-1990
Buczkowski, Bogdan Mirosław
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Possibilities and terme of utilizin g externa l sources of financing were in the seventies and they will be in the eighties one of significant elements of external determinants affecting Poland 's economic strategy. In the first half of the seventies, the Western creditors were displaying a relatively big readiness to extend their credits to Poland, while the terms on which these credits were granted were relatively advantageous (low interest rate, long repayment periods). The terms of obtaining credits in the capitalist countries deteriorated cons iderably in the second half of the seventies. It was caused both by a rise in the interest rate in the Western monetary and capital markets (due to in crease in inflation rate) and deterioration of Poland’s credit s tanding. Consequently, Poland was getting credit terms worse than average (higher interest rate s and shorter repaymentt ime). In the early eighties, Poland did not have any possibilities of contracting new credits in the industrialized capitalist countries (wi th the exception of insingnificant amounts of revolving credits), because the repayment of earlier credits had not been legally regulated. The private banks ceased to grant further credit s for economic reasons (big credit risk), while the government export-financing institutions had done that for political reasons. On the other hand, Poland obtained refinanced credits during this time whose terms were disadvantageous (worse than those which were stipulated in earlier credit agreements), although they did not depart from average costs of refinancing operations incurred by other debtor countries. The analysis of forecasts concerning basic economic indices in the industrialized capitalist countries for the years 1985- 1995 allows to draw a conclusion that the interest rate will be stabilzed at a relatively low level from 1986 (or it may be even further decreased). That will pave the way for reduction of costs connected with the servicing of previous debts and costs of contracting new credits in the period 1986- 1995. There is also likely to be increased the propensity of Western creditors to grant further credits to Poland as a result of increased creditreliabilityof Poland, which has been due to the country's admission to the International Monetary Fund and to its improved economic indices.