OPERACJE OTWARTEGO RYNKU W POLSCE W LATACH 1993-2002
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Date
2003
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Wydział Prawa i Administracji UAM
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OPEN MARKET OPERATIONS IN POLAND IN 1993-2002
Abstract
The paper presents Open Market Operations as the most popular and innovative monetary
policy instrument used in market economy.
On the one hand, the development of these operations and their intensive application in
the Polish money market indicates the decreasing importance o f the administrative instruments
in the state policy on market regulation o f money supply.
On the other hand, the growing scale o f the Open Market Operations, as well as the
changes in the type o f operations, point to the still existing problem o f overliquidity o f the
banking system in Poland. The presence o f these phenomena indicates that some action has
to be taken to reduce overliquidity.
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Ruch Prawniczy, Ekonomiczny i Socjologiczny 65, 2003, z. 4, s. 89-111