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Actual monetary policy independence in a small open economy: the Polish perspective

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cris.lastimport.scopus2024-02-12T19:03:32Z
dc.abstract.enThe aim of this article is to examine the actual degree of monetary policy independence in a small open economy with floating exchange rate that is integrated with the world economy. It is frequently argued that for such a country the primary cost of participation in a currency area is the loss of monetary policy independence. The article raises the question if the proposition of monetary independence provided by floating exchange rate applies to a small open economy, operating within highly liberalised capital flows and highly integrated financial markets. We examine the actual degree of monetary policy independence in Poland using a vector error correction mechanism model and the data for the years 2001–2014. We obtain evidence pointing to the lack of such independence, and we show that this result is robust to extensive changes in specification, including impulse saturation.
dc.affiliationUniwersytet Warszawski
dc.contributor.authorMycielska, Dagmara
dc.contributor.authorGoczek, Łukasz
dc.date.accessioned2024-01-24T15:38:04Z
dc.date.available2024-01-24T15:38:04Z
dc.date.issued2019
dc.description.financeNie dotyczy
dc.description.number6
dc.identifier.doi10.1007/S00181-017-1370-Y
dc.identifier.issn0377-7332
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/100215
dc.identifier.weblinkhttps://link.springer.com/article/10.1007%2Fs00181-017-1370-y
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofEmpirical Economics
dc.relation.pages499-522
dc.rightsClosedAccess
dc.sciencecloudnosend
dc.titleActual monetary policy independence in a small open economy: the Polish perspective
dc.typeJournalArticle
dspace.entity.typePublication