Globalization and the Transformation of Foreign Economic Policy (Transition and Development)

The fifth Chapter, linked with the fourth is devoted to the major institutional aspect of economic transformation: The aim of the sixth Chapter is twofold. The first is to empirically assess the macroeconomic performance of the Polish consecutive democratic accountability terms against the background of economic results achieved in CECs and SECs in The second aim, referring to findings of Chapter three, is empirical evaluation and comparison of economic performance of Poland and CECs and SECs during the Asian and global financial crises.

The book is closed with Conclusions. A Reappraisal, Journal of Political Economy, vol. A New Database, Working Paper, no. Theory and Evidence, http: Growth in Transition, November.

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A Report to the President. Director-General for Internal Policies. Corporate Governance in Central and Eastern Europe. Success or Failure, Contemporary Economics, vol. A Tale of Two Republics: Mechanizmy i wyzwania, PWE, Warszawa. Efficiency and Stability of the Polish Banking Sector, in: Shifts in Competitiveness of Member States, in: What Is There to Learn?

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Histories of Globalization, New Global Studies, vol. The Rise and Decline of Nations since , in: Primacy of Institutions, Kyklos, vol.

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Business investment should remain strong, as Polish businesses continue to modernise and foreign investors bring in more capital. With the revival of activity in the European Union, exports should reach double-digit growth rates. An encouraging performance, but to stay on track Poland will have to deal firmly with two macroeconomic challenges, the first of which is to keep inflation under control. Until recently, the monetary authorities had been successful in reducing inflation to a single digit level.

Chad Broughton: From Boom to Bust: The True Cost of Globalization

They responded to an overheating economy with preemptive interest-rate hikes and then dealt successfully with the contagion effect of the Russian financial crisis by aggressively easing monetary policy. If accompanied with an appropriate monetary stance, this new framework should put Poland back on a path of gradually decelerating inflation. The deficit has widened in the last few years because of higher imports, a reflection of strong domestic demand.

Exports have also been growing, but not fast enough to prevent the trade deficit from widening. Financial markets do not feel comfortable about economies with large external deficits and they need to be reassured that the authorities are committed to the right macroeconomic and structural policies.



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That includes maintaining a business-friendly environment that encourages further FDI. Sweeping structural reforms are under way, covering decentralisation, taxation, healthcare, pensions, privatisation, labour, and education, but not all of them have been successful. A recent proposal to reform the tax system has, for instance, met with stiff political opposition, and the authorities have been forced to drop some of their most innovative initiatives.

And in healthcare, reform efforts have been lagging. Though not yet a member, Poland already enjoys a high degree of integration with the EU.

Globalization and the Transformation of Foreign Economic Policy - Paweł Bożyk - Google Книги

Two-thirds of its foreign trade is with the Union. In fact, Poland has a larger share of its trade with the EU than either Greece or Italy, and most of its direct investment flows come from west European countries. The European Commission regards Poland as a functioning market economy, able to cope with the competitive pressures and market forces which being a full Union member will undoubtedly bring. So where are the weak points?