Międzynarodowy system monetarny a globalny kryzys finansowy: wnioski dla polityki makroekonomicznej w krajach rozwijających się
International Monetary System and Global Financial Crisis: Lessons for Macroeconomic Policy in the Developing Countries

Summary/Abstract: The paper shows that the basic causes of the recent global financial crisis, e.i. low interest rates in major developed economies combined with surplus savings in the developing countries, may be linked with the deficiencies inherent in the international monetary system. The authors argue that these deficiencies have amplified as the result of the crisis. This conclusion serves to project the probable design of macroeconomic policies to be performed in the developed and developing countries. The authors point at high costs of the macroeconomic policy performed by the major developed countries in their reaction to the crisis, which are reflected mainly in the delayed restructuring of the economies. Then the authors discuss the threats that arise from this reaction for the development of the emerging economies. In their opinion, this situation may justify a deliberate policy of a slower revival. The more disciplined fiscal and monetary policy may be supported by some precautionary regulations.

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