Business Fluctuations and Changes on the Money Market in the Polish Economy under Transition

  • Michał Kruszka
Conference paper
Part of the Contributions to Economics book series (CE)


Changes in the level of economic activity depend on various economic, institutional, political and social factors. Among those factors money phenomena play a significant role. Concepts referring to the impact of money on business fluctuations are relatively well developed, although they generally refer to mature market economies. In the modern economic thought the representatives of the neoclassical trend (particularly in the approach of monetarism and the equilibrium model of the business cycles) opt for the money determination of business processes; their opponents are generally supporters of the Neo-Keynesian school (see: Snowdon, Vane, Wynarczyk 1998). However, a similar area of research covering a system under transformation is still insufficiently recognised. Particular importance attached in Poland to restoring the position of money indicates that it is necessary to assess how money phenomena determine business fluctuations in the Polish economy under transition.


Interest Rate Business Cycle Unit Root Money Supply Money Market 
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© Springer-Verlag Berlin Heidelberg 2002

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  • Michał Kruszka

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