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Is public debt a source of inflation? The data does not confirm it
Leon PodkaminerIn conditions of a global recession caused by the coronavirus pandemic, massive fiscal deficits and rising public debt levels have become unavoidable. However, the size of those deficits may prove insufficient – also...
World Bank: The recovery in Central Europe in 2021 will be underpinned by, among others, interest rate policy in Poland
Maciej DanielewiczThe recovery in Central Europe will be supported by a rebound in global trade and activity in the euro area, and by exceptional policy accommodation throughout 2021, including near-zero policy interest rates in Poland –...
Benefits and risks of central bank digital currency
Piotr Szpunar, Piotr ŻukThe concept of a central bank digital currency (CBDC), i.e. publicly available electronic money issued by a central bank, has become a hot topic for economists in recent years.
World Bank: NBP’s response – swift, large and effective in limiting the economic scarring effects of the pandemic
Maciej DanielewiczThe policy response of Narodowy Bank Polski has been swift and large and effective in limiting the economic scarring effects of the pandemic – adequate liquidity provision remains critical in the short-term. The...
Historically pandemics had a positive impact on GDP per capita
Maciej StefańskiFor a sample of 33 countries with data stretching back to the 13th century, a pandemic killing 1% of the population raises GDP per capita by 0.3% after almost 20 years.
Interview with the President of NBP summing up the year 2020 for Obserwator Finansowy
Maciej DanielewiczSince mid-December 2020, the NBP Management Board has been purchasing foreign currencies on the FX market in order to strengthen the impact of NBP’s monetary policy easing on the economy, said the President of NBP, Prof....
Historically high surplus in Poland’s foreign trade
Wojciech MroczekPoland’s foreign trade surplus is strengthening. However, the value of the trade exchange surplus recorded in the second quarter of 2020 is probably a one-off phenomenon, as it was driven by a strong decline in oil prices...
In 2020, we have sought security in cash
Marek PielachThe supply of banknotes and coins to the economy is currently continued without any disruption. Everything goes as usual, with no tensions of the kind we were subject to in March and April. We can therefore begin to work on...
President Glapiński: we are starting work on a national cash security strategy
Maciej Danielewicz“The measures undertaken by NBP during the pandemic have helped to limit the fall in GDP in Poland this year and will support the recovery in activity in 2021. According to NBP experts the easing of monetary policy will...
The great exodus from Central and Eastern Europe
Krzysztof KutwaThe population of the “new” member states of the European Union has shrunk by as many as 2.1 million people since 2004. During the analyzed period of 16 years, approximately 80.4 million people from the countries of...