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Balance sheet effect in the Polish economy


  • Szymon Grabowski

    (Warsaw School of Economics)


Paper refers to the relations between real economic activity and the state of nancial sys- tem. It presents how the balance sheet e ect works and how it in uences the real economic activity and the e ectiveness of the monetary policy. The empirical part of the paper presents the theoretical model, which is derived from classic assumptions. On the basis of this model, the balance sheet e ect in the Polish economy is verifed. The verifcation process is conducted on the basis of individual fnancial statements of 27 730 Polish companies encompassing period between 2002-2007.

Suggested Citation

  • Szymon Grabowski, 2011. "Balance sheet effect in the Polish economy," Working Papers 55, Department of Applied Econometrics, Warsaw School of Economics.
  • Handle: RePEc:wse:wpaper:55

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    CCAPM; economic growth; nancial markets; term spreads; expectations;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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