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Oddziaływanie akumulacji rezerw dewizowych na wzrost gospodarczy w krajach na średnim poziomie rozwoju

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  • Marek A. Dąbrowski

Abstract

Celem artykułu jest zbadanie, czy akumulacja rezerw dewizowych była czynnikiem sprzyjającym procesom konwergencji i wzrostu gospodarczego w gospodarkach wschodzących. Realizację tego badania podzielono na dwa zadania badawcze: sformułowanie wiarygodnego wytłumaczenia relacji zachodzącej między akumulacją rezerw a konwergencją i wzrostem gospodarczym oraz przedstawienie mocniejszych dowodów empirycznych niż te oparte na prostej analizie korelacji i regresji. Zidentyfikowano cztery główne kanały oddziaływania akumulacji rezerw na wzrost PKB per capita: Keynesowski kanał pobudzania inwestycji, kanał podtrzymywania konkurencyjności międzynarodowej (związany z hipotezą o rekonstrukcji systemu z Bretton Woods), kanał oszczędnościowo­‑inwestycyjny (związany z ograniczonym dostępem do funduszy pożyczkowych) i kanał łagodzenia niekorzystnego wpływu słabości instytucjonalnych i niesprawności rynku na wzrost gospodarczy. Empiryczna analiza relacji między rezerwami dewizowymi a wzrostem PKB per capita pozwoliła sformułować trzy wnioski. Po pierwsze, akumulacja rezerw sprzyjała procesom konwergencji i wzrostu gospodarczego, niezależnie od przyjętego w analizie miernika rezerw. Po drugie, stwierdzono, że relacja ta była silniejsza w grupie krajów na wysokim i średnim poziomie rozwoju niż w grupie obejmującej wszystkie kraje. Po trzecie, ustalono, że akumulacja rezerw oddziaływała na wzrost gospodarczy nie tylko bezpośrednio przez podtrzymywanie konkurencyjności międzynarodowej, ale także innymi kanałami.

Suggested Citation

  • Marek A. Dąbrowski, 2014. "Oddziaływanie akumulacji rezerw dewizowych na wzrost gospodarczy w krajach na średnim poziomie rozwoju," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 5, pages 81-111.
    • Handle: RePEc:sgh:gosnar:y:2014:i:5:p:81-111
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    References listed on IDEAS

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    Cited by:

    1. Marek A. Dąbrowski, 2015. "Jakość danych o rezerwach dewizowych a kryzysy finansowe w gospodarkach wschodzących," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 3, pages 49-78.
    2. Dariusz Urban, 2016. "Gromadzenie aktywów rezerwowych a motyw naśladownictwa - doświadczenia wybranych krajów z państwowymi funduszami majątkowymi," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 3, pages 127-143.

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    More about this item

    Keywords

    rezerwy dewizowe; konwergencja i wzrost gospodarczy; gospodarki wschodzące; merkantylizm;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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