Analiza porównawcza zewnętrznej ekspozycji państw Europy Środkowo-Wschodniej jako czynnika zagrażającego bezpieczeństwu finansowemu ich gospodarek• A b s t r a k t • Gospodarki państw Europy Środkowo-Wschodniej cechują dość silne międzynarodo-we powiązania ekonomiczne i finansowe, wskazujące na ich uzależnienie od zagranicznego kapitału i koniunktury na światowych rynkach, oraz skutkujące wrażliwością na zewnętrzne szoki. Odporność gospodarek państw EŚW ograniczyło dodatkowo ich względnie szybkie i silne otwarcie się na proces globalizacji i europejskiej integracji. Wszystkie poddane analizie pań-stwa posiadają niemałe zadłużenie zagraniczne (sięgające 55-139% PKB), dość mocno ujemną międzynarodową pozycję inwestycyjną netto (stanowiącą 25-71% PKB), wysokie pasywa zagraniczne (na poziomie 85-350% PKB), wysoki stopień otwarcia (eksport oraz import towarów i usług sięgający 41-94% PKB), niemałe zaangażowanie zagranicznego ruchliwego kapitału portfelowego (nawet do 32% PKB), czy silne finansowe wsparcie z unijnego budżetu jako beneficjentów netto (ze skumulowaną wartością otrzymanych funduszy z budżetu UE w latach 2004-2015 na poziomie 21-42% PKB). Pamię-tać przy tym należy, że Litwa, Łotwa, Estonia, Słowenia i Słowacja są członkami strefy euro,
• A b s t r a c t •Central and Eastern-European countries are strongly linked to the international economic and financial systems, which results in their dependence on foreign capital and on the upturn in the global markets. This situation also makes them vulnerable to external shocks. Resilience of the economies of CEE countries was additionally diminished by their relatively quick and uncompromising opening up to the process of globalization and European integration. All the economies subject to scrutiny have quite a substantial external debt level (reaching 55--139% of GDP), their net international investment position is quite strongly in the negative (constituting 25-71% of GDP). They are also characterized by high level of foreign liabilities (85-350% of GDP), a significant degree of trade openness (export and import of goods and services amounting to 41-94% of GDP), considerable rate of foreign liquid portfolio investments (even as much as 32% of GDP). Another common feature is the strong financial support received from the EU budget, with CEE countries being its net beneficiaries (with the accumulated value of funds received from the EU
Effectiveness of monetary police depends on proper identification of changes happening in functioning of particular channels which transmit impulses of monetary policy directly into economy. Such changes sometimes limit the importance of certain channels, and sometimes they strengthen other channels, as it occurred in the recent years with risk-taking channels. Globalization, growth of competition, anchoring of low inflation in Western economies, too low economic growth when compared with the issue of unemployment, development of finance market, conscious policy of low interest rates in the USA-all of that contributed to lowering interest rates all over the world, growing the level of acceptable risk, and strengthening the negative correlation between the level of investment based on interest rates and the tendency of risk and, at the same time, operating of a risk-taking channel in the process of transmitting impulses of monetary policy into economy. The main aim of this essay is to familiarize readers with importance of the risk-taking channel in the process of transmitting monetary policy into economy and to overview research confirming growth of its importance in the recent years.
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