Macroeconomic policy regime in Poland

Arbeitspapier

The goal of this paper is to analyse the economic development of Poland using the concept of macroeconomic policy regimes (MPRs). Six elements of a MPR will be identified: foreign economic policy, industrial policy, the financial system, wage policy, monetary policy and fiscal policy. Examining the functionality of the development of these elements applied to Poland is a further aim of this paper. The functionality of the development of the MPR elements will be analysed on the basis of the fulfilment of the objectives, as well as the use of the proposed instruments and strategy assigned to every element of MPR. Due to space limits, we are going to focus on the former in this paper. Taking into consideration that Poland is an emerging and a relatively open economy, foreign economic policy and industrial policy play very significant roles in restructuring of the economy towards production and exports of high value-added products, which would enable the country to follow a growth path consistent with an external balance. The financial needs of the manufacturing sector and particularly of the producers and/or exporters of high-end products need to be satisfied by the financial system, whose stability needs to be secured with the help of monetary policy. The latter is, moreover, in charge of providing low-cost finance and maintaining the stability of the exchange rate. Stabilising the inflation rate would be given to wage policy. Fiscal policy's main tasks would be to correct aggregate demand shocks and reduce income inequality.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Institute of Economic Research Working Papers ; No. 59/2015

Classification and Topics

• Classification: Wirtschaft ; Institutions and the Macroeconomy ; Central Banks and Their Policies ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; Open Economy Macroeconomics ; Economic Growth of Open Economies
• Subject: Macroeconomic regime ; open economy policies ; emerging countries ; industrial policy ; Poland

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Kazandziska, Milka
• Event: Veröffentlichung
• (who): Institute of Economic Research (IER)
• (where): Toruń
• (when): 2015

Further information

• Handle: http://hdl.handle.net/10419/219675
• Last update: 10.03.20252025, 5:43 AM CET