РОЛЬ МОНЕТАРНОЇ ПОЛІТИКИ У ФОРМУВАННІ МАКРОЕКОНОМІЧНОЇ СТАБІЛЬНОСТІ ПОЛЬЩІ

Kyrylo Barkar; Halyna Alekseievska

doi:10.32782/2524-0072/2025-73-31

Kyrylo Barkar Odesa I.I. Mechnikov National University https://orcid.org/0009-0005-0966-4078
Halyna Alekseievska Odesa I.I. Mechnikov National University https://orcid.org/0000-0002-6708-0098

DOI: https://doi.org/10.32782/2524-0072/2025-73-31

Keywords: monetary policy, GDP, inflation, fiscal policy, interest rates, crisis, economic growth, quantitative easing, financial stability, macroeconomic stability

Abstract

The article is devoted to a comprehensive study of the impact of monetary policy on the socio-economic development of Poland. The study used both theoretical and empirical methods, in particular analysis and synthesis - used to study the main macroeconomic and monetary indicators of Poland; comparative, statistical, and graphical methods - included processing macroeconomic data on changes in GDP, inflation, interest rates and other indicators for 1999–2023 and their visualization and analysis of the NBP policy during various economic crises, in particular the global financial crisis of 2008–2009, the COVID-19 pandemic and the inflationary surge of 2021–2023. The role of the National Bank of Poland (NBP) in the formation of monetary strategy and its response to global financial crises is studied in this paper, including the crisis of 2008–2009, the COVID-19 pandemic and the consequences of the inflationary surge of 2021–2023. Changes in the NBP's approaches to monetary policy management are studied, particularly in the use of both traditional and non-traditional instruments. The effectiveness of such measures as the low interest rate policy, mechanisms for refinancing the banking system, and the implementation of quantitative easing programs is analyzed. It is proved that the NBP's monetary policy in response to financial crises was sufficiently flexible and it is shown that the flexibility and predictability of monetary policy in Poland contributed to the creation of a favorable macroeconomic environment, increased investor confidence, and the stability of the financial system. At the same time, the study demonstrates that the use of monetary policy instruments had both positive and negative consequences for the long-term socio-economic development of the country. The article focuses on the challenges faced by the Polish economy in the context of global economic crises. In particular, the policy of low interest rates in the post-crisis period stimulated economic growth but, at the same time, created the prerequisites for rising inflation in 2021–2023, which required increased monetary policy tightening.

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