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Begin New Search Political Geography Eastern Europe Author Stefan Kawalec

1. Is a bubble inflating on Poland’s housing market?

Author:
Adam Czerniak and Stefan Kawalec
Publication Date:
03-2020
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The year 2019 brought double-digit growth in Polish housing prices, for both new and existing homes. In some cities, real prices for residential real estate have reached the highest levels in history, even higher than at the peak of the boom in 2008. As a result, some are saying that there is a growing price bubble. But thus far no research has been produced that would comprehensively verify this hypothesis on the basis of data from 2006-2019. This work aims to fill that gap. This is exceptionally important, because assessing the likelihood that a housing price bubble is emerging is key for the conduct of monetary and macroprudential policy in Poland. Because if we’re really dealing with growth in macroeconomic imbalances, then taking pre-emptive action to limit further price growth and prepare the economy (including the financial sector) for a potential collapse in housing prices is essential for limiting fluctuations in growth.
Topic:
Markets, Economic Growth, Trade, and Housing
Political Geography:
Eastern Europe and Poland

2. Introduction to the Round Table on Building a Modern and Robust Banking System: Poland’s Experience after 1989

Author:
Stefan Kawalec
Publication Date:
01-2019
Content Type:
Journal Article
Journal:
Warsaw East European Review (WEER)
Institution:
Centre for East European Studies, University of Warsaw
Abstract:
Poland was the first country of the Soviet bloc in which a non-communist government was created following the period of the cold war. This was the government of Tadeusz Mazowiecki called into being on September 12, 1989. The government announced imme- diately that the economic system would be changed. The government did not propose a third way. It said that a market economy would be introduced, based on private ownership with a freely exchangeable currency. After this transformation of the socialist economy into a capitalist economy was announced, the government acted very quickly to realize this goal. The change of the economic system entailed a great undertaking, consisting of the creation of a banking system adapted to the needs of a market economy. In the socialist economy, there was no money in the true sense of the word. Money served only a certain limited purpose related to the distribution of consumer goods, but not for all such goods. A significant portion of consumer goods were distributed through the use of ration cards, special coupons or through informal channels such as sales made under the counter. En- terprises had their inputs and outputs rationed. The simple fact that an enterprise had złotys on its account did not give the enterprise the right to buy the necessary goods, if the rights to obtain such goods were not included in the appropriate distribution list. Having złotys was also insufficient for purchasing goods from abroad. For that one needed foreign currency -- which also was rationed in accordance with the distribution lists.
Topic:
Communism, Democracy, Finance, and Banking
Political Geography:
Europe, Eastern Europe, and Poland