The title of the article may suggest that it presents issues important to the global economy, and not to a district, city, region or university. This is not the case, however, because the process of globalisation of production, services,... more
The title of the article may suggest that it presents issues important to the global economy, and not to a district, city, region or university. This is not the case, however, because the process of globalisation of production, services, investments, finance, the labour market and ...
Abstract: During the last decade, derivatives markets became an asset class of their own and influenced the financial landscape strongly. While the financial sector contributes positively to overall economic growth in many studies up to... more
Abstract: During the last decade, derivatives markets became an asset class of their own and influenced the financial landscape strongly. While the financial sector contributes positively to overall economic growth in many studies up to the mid nineties, a positive ...
The results of empirical research confirm that a well-functioning and developed financial sector fosters economic growth. Additionally, financial deepening has a significantly larger impact on the poorest parts of societies, thus playing... more
The results of empirical research confirm that a well-functioning and developed financial sector fosters economic growth. Additionally, financial deepening has a significantly larger impact on the poorest parts of societies, thus playing a critical role in reducing income inequality and poverty. In many countries, however, the level of financial development is very low due to severe consequences arising from asymmetric
We investigate how the stringency of government anti-pandemic policy measures might affect economic policy uncertainty in countries with different degrees of press freedom, various press reporting styles and writing conventions. We apply... more
We investigate how the stringency of government anti-pandemic policy measures might affect economic policy uncertainty in countries with different degrees of press freedom, various press reporting styles and writing conventions. We apply a text-based measure of uncertainty using data from over 400,000 press articles from Belarus, Kazakhstan, Poland, Russia, Ukraine, the UK and the USA published before the wide-scale vaccination programmes were introduced. The measure accounts for pandemic-related words and negative sentiment scores weight the selected articles. We then tested the dynamic panel data model where the relative changes in these measures were explained by levels and changes in the stringency measures. We have found that introducing and then maintaining unchanged for a relatively long time a constant level of anti-pandemic stringency measures reduce uncertainty. In contrast, a change in such a level has the opposite effect. This result is robust across the countries, despi...
We propose an extension to the inflation targeting regime currently pursued by Poland. It incorporates the exchange rate stability constraints as imposed by the obligatory participation in the ERM2 that Poland needs to satisfy prior to... more
We propose an extension to the inflation targeting regime currently pursued by Poland. It incorporates the exchange rate stability constraints as imposed by the obligatory participation in the ERM2 that Poland needs to satisfy prior to adopting the euro. The modified policy is based on the forward-looking inflation targeting supplemented with the exchange rate stability objective. Its effective implementation depends on the determined long-term equilibrium exchange rate and the observed degree of exchange rate volatility. Both are empirically estimated by employing the Johansen cointegration tests and the threshold generalized autoregressive heteroscedasticity model with the in-mean extension and generalized error distribution (TGARCH-M-GED)
