Determinanty salda rachunku obrotów bieżących Polski
The Determinants of Poland’s Current Account Balance

Summary/Abstract: This paper tries to identify empirically the main determinants of the current account balance (CAB) to GDP ratio in Poland. It shows that an increase of the CAB to GDP ratio was supported by the process of real economic convergence and a rise in the general government balance to GDP ratio. In turn, an appreciation of the real effective exchange rate of the Polish zloty, an increase in the foreign direct investment inflow to Poland as a ratio to GDP, a rise in the share of sum of goods exports and imports in GDP (a proxy for trade openness) and an increase of the CBOE VIX index led to lower CAB to GDP ratio. Paradoxically, an increase of uncertainty (approximated by the VIX index) probably was not conducive to higher precautionary savings.

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