Abstract
The crisis caused by the coronavirus pandemic has prompted governments and central banks to take unorthodox measures aimed at protecting the standard of living of people and sustaining the production and service activities of companies. The policy of aggressively rising the supply of money has entailed a significant increase in the budget deficit and public debt. It is important to consider the extent of its impact on the escalation of inflation processes and to formulate suggestions regarding the economic policy. Inflation is already higher than the official indicators show it, because it is partly suppressed. The increase in the general price level does not fully reflect the actual inflation rate. We are dealing with shortageflation – the simultaneous occurrence of price inflation and repressed inflation accompanied by shortages. It is methodologically interesting to compare this current phenomenon, 3.0, with the suppression of inflation in the war economy, 1.0, and in the economies of state socialism, 2.0. Such comparisons highlight not only the similarities of these processes but also differences resulting from the specificity of responses of households and businesses. This article discusses five channels of unloading excessive savings, indicating the most beneficial ones from the point of view of sustainable economic development in the post-pandemic future. It is particularly important to prompt the conversion of compulsory savings into voluntary savings and at the same time to stimulate the transformation of the inflationary monetary reserves into the effective demand expanding the use of existing production capacities and investments creating new capacities.
Highlights
W przypadku Cypru można było obserwować przez kilka lat po wstąpieniu do strefy euro znaczący spadek produktu krajowego brutto (PKB) per capita oraz zjawisko dekonwergencji w stosunku do Unii Europejskiej i w stosunku do państw strefy euro
W rezultacie mamy średnią za 4 lata – 4,3% oraz łączny przyrost PKB w okresie 4‐letnim w wysokości 18,0%
Średnioroczny wzrost PKB uzyskany przez po‐ szczególne ekipy sprawujące rządy w Polsce w okre‐ sie 30‐lecia przedstawiono na rysunku 9
Summary
Levent ŞAHIN: Food Trade Dependency Index for EU28 Countries in the Context of Food Security. Burim GASHI: The Impact of Public Debt on Eco‐ nomic Growth: Evidence for Balkan Countries. PRZYGOTOWAŁ ZESPÓŁ W SKŁADZIE: mgr PAWEŁ ADAMCZYK prof. MARIAN GORYNIA mgr ANNA KUCHARCZYK dr hab. SKŁAD I PROJEKT OKŁADKI: GEMMA DRUK I OPRAWA: Drukarnia „Kolumb”, Chorzów NAKŁAD: 2000 egz
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