The Influence of the Global Economic Crisis on the International Investment Position of European Union Member States

Abstract

In the last decades, the international flow of investments considerably grew. They increased dynamically until 2008, when the sudden decline occurred, being caused by the global economic crisis. It had a direct bearing on the structure and the proportions of the internal investment position of many countries. The present paper conducts the analysis of the changes in international investment position rating of European Union member states. With that purpose in mind, the statistical method of linear regression by Hellwig was used.

Cost channel in the mechanism of transmitting monetary policy in Poland

“… the situation and changes both on the domestic and international financial market (Redo & Siemiątkowski, 2017);  on the financial and capital account of the balance of payments (Siemiątkowski, 2016(Siemiątkowski, , 2017;  in the amount, cost and availability of capital on the domestic markets and on foreign ones (Redo, 2017);  in the structure, strength and financial-capital situation of bank sector;  in how the banks' tendency to expand credits varies depending on the changes in the central bank's interest rates;  in the fluctuations of an economic situation (Cieślik et al, 2015;Redo, 2015);  in the market interest rate and the variation therein (Redo, 2013);  in the strength, pace, completeness and asymmetry of pass-through effect of a monetary policy relative to the situation on the domestic loan market;  in the financial-capital situation of business enterprises;  in their dependence on the external sources of funding and the demand for working capital (Siemiątkowski, 2014;Siemiatkowski & Jankowska, 2013);  in their dependence on the bank credit;  in the availability of alternative sources of funding (especially short-term ones);  in the characteristic of monetary policies pursued by respective companies;  in the level of the fixity of prices and in its asymmetry;  in the regime of currency exchange and in its stability (Zablotska, 2013);  and finally, in legal regulations and in the instruments availed of by an economic policy which can either solidify or weaken the efficacy of the cost channel of a monetary policy as well as in all the other factors able to aggravate (or mitigate) the difficulties in accessing the sources of funding business enterprises and/or banks, and thereby to enhance (or weaken) the strength of the impulses of a monetary policy exerting some influence on an economy, while simultaneously decreasing its efficiency (Redo, 2016b). Due to the complexity of economic mechanisms, one is unable to pinpoint all the determining factors of the efficiency of the cost channel.…”

Model of world technological and economic efficiency frontiers

“…A similar analysis of the international trade impact is developed by Melitz & Redding (2021) and Siemiątkowski (2017). Stakanov (2020) indicates that the consequence of the digitization and robotization processes is the spread of industrialization 4.0, which is manifested in the accelerated robotization of the world economy and accelerated data exchange in global production processes.…”

Indebtedness and the pace of catching up in the CEE countries

“…Actually, they do not have to do so, because a rapid transfer of inventions occurs through the flow of trade streams or international investments, and more importantly, it takes place without high expenditures. The resources thus saved can be used by less developed countries for other purposes and contribute to increasing the dynamics of their growth and the pace of catching up with highly developed countries (Matkowski et al, 2013;Siemiątkowski, 2016).…”