NIESPÓJNY CZWOROKĄT ROZWIĄZAŃ SYSTEMOWYCH W POLSKIEJ POLITYCE STABILIZACYJNEJ
AN INCONSISTENT QUADRANGLE OF SYSTEM-SOLUTIONS IN THE POLISH STABILISATION POLICY

Summary/Abstract: The requirements set by the inconsistent quadrangle of system solutions in the Polish stabilization policy were met as follows: 1. In the first half of the nineties, transactions with foreign countries were liberalised, with the exception of the short-term capital circulation. Due to that, it was possible to combine the exchange rate control with the money supply control. 2. In the second half of the nineties, the gradual surrendering of restrictions in short-term capital circulation was accompanied by a growth in the implementation costs of the anti-inflation stabilisation policy and by a deepening external instability. In 2000, it was decided to surrender the exchange rate control.

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