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Reaction of the National Bank of Poland to the Impact of the COVID-19 Pandemic

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  • Malgorzata Zaleska

Abstract

Purpose: The aim of this article is to analyse the actions taken by the National Bank of Poland (NBP) in view of the impact of the COVID-19 pandemic during first two years since its outbreak. Design/methodology/approach: This paper primarily focuses on the implementation of new tools; it also looks at the change in the previous instruments and in the parameters of the NBP’s monetary policies. Findings: The NBP’s stance on the transformation in the field of central bank currency digitalisation and on the need to keep traditional money in circulation is also outlined. Practical implications: Results of this study could be employed to alleviate the effects of future financial crises and to ensure a balance between the Central bank traditional and digital currency. Originality value: This article presents one of the first evaluation studies of the operations carried out by the Polish Central bank during the first two years of the COVID-19 pandemic and outlines the consequences of economic interventionism.

Suggested Citation

  • Malgorzata Zaleska, 2022. "Reaction of the National Bank of Poland to the Impact of the COVID-19 Pandemic," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 938-954.
    • Handle: RePEc:ers:journl:v:xxv:y:2022:i:1:p:938-954
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    References listed on IDEAS

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    1. Claudio Borio & Leonardo Gambacorta & Boris Hofmann, 2017. "The influence of monetary policy on bank profitability," International Finance, Wiley Blackwell, vol. 20(1), pages 48-63, March.
    2. Ryan Niladri Banerjee & Boris Hofmann, 2018. "The rise of zombie firms: causes and consequences," BIS Quarterly Review, Bank for International Settlements, September.
    3. David-Pur, Lior & Galil, Koresh & Rosenboim, Mosi, 2020. "To decrease or not to decrease: The impact of zero and negative interest rates on investment decisions," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 87(C).
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    Cited by:

    1. Cyprian Chwiałkowski & Adam Zydroń & Dariusz Kayzer, 2022. "Assessing the Impact of Selected Attributes on Dwelling Prices Using Ordinary Least Squares Regression and Geographically Weighted Regression: A Case Study in Poznań, Poland," Land, MDPI, vol. 12(1), pages 1-20, December.

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    More about this item

    Keywords

    Central bank; monetary policy; quantitative easing; COVID-19 pandemic; cash; Central bank digital currency.;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F64 - International Economics - - Economic Impacts of Globalization - - - Environment

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