Podstawowe problemy współczesnej inflacji polskiej
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Date
1990
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Wydział Prawa i Administracji UAM
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Basic problems of contemporary Polish inflation
Abstract
The article discusses the methods of curbing contemporary Polish inflation.
Because of nominal character of zloty and the presence of directives, inflation
was inflicted by non-monetary factors. A doctrinal policy of giving preference to
political and defence interests of the state and separating the processes of growth
from the requirements of consumption created the structure of production which
made it impossible to satisfy the consumption needs of the population. It gave
rise to inflation originating in the organic lack of coherence between monetary
and material processes of distribution. A directival system of management made
Polish economy inefficient. This is yet another source of inflation. It is caused by
non-rational growth of production costs and prices and the lack of competitiveness
of Polish economy in world markets with resulting foreign trade deficits. The
deficits, including the one resulting from limited debt service capacity, increase
the inflation pressure on the domestic market.
Anti-inflation policy should consist in creating relatively balanced commodity
market which could constitute evaluations independently of producers and stimulate
long- and short term supply and demand adaptation processes. It is also necessary
to rebuild capital markets which could constitute interest rates stimulating capital
supply and demand adaptation processes. The core of such a policy should be the
elimination of sources of inflation. It would lead to gradual increase of supply.
Initially, with producers deciding about prices and monetary measures ineffective,
inflation will have to be eliminated, by means of non-monetary instruments.
However, with reconstructed markets capable of influencing the prices, it will
be possible to fight inflation by means of hard budgetary policy and hard money
policy together with the exchange of depreciated zloty. In this way the conditions
necessary for efficient capital market will be met.
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Digitalizacja i deponowanie archiwalnych zeszytów RPEiS sfinansowane przez MNiSW w ramach realizacji umowy nr 541/P-DUN/2016
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny, 52, 1990, z. 2, s. 135-145