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An Outline History of Polish Central Banking

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An Outline History of Polish Central Banking An Outline History of Polish Central Banking Cecylia Leszczyńska WARSAW Warsaw, 2011 Reviewed by: 3DZHï:\F]DñVNL ,OOXVWUDWLRQVLQFOXGHGLQWKLVVWXG\KDYHEHHQSXEOLVKHGE\FRXUWHV\RI 7KH*UDEVNLIDPLO\DUFKLYH: ļSLFWXUHRI:ïDG\VïDZ*UDEVNL 6WDWH$UFKLYHRIWKH&DSLWDO&LW\RI:DUVDZ ļWKHHGLğFHRIWKH%DQNRI3RODQGLQ%DQNRZ\6TXDUHLQ:DUVDZ GUDZLQJE\)U\GHU\N.U]\V]WRI'LHWULFK ļSLFWXUHRIWKHHGLğFHRIWKH%DQNRI3RODQGLQ%LHODñVND6WUHHWLQ:DUVDZ ļSLFWXUHRIWKHHGLğFHRIWKH1DWLRQDO%DQNRI3RODQGLQ1RZRJURG]ND6WUHHW LQ:DUVDZ 1DWLRQDO'LJLWDO/LEUDU\ ļ.VDZHU\'UXFNL/XEHFNL GUDZLQJE\:DOHQW\¥OLZLFNLGDWHGDSSUR[ ļ+XWD%DQNRZDLQ'ÈEURZD*öUQLF]D GUDZLQJE\,JQDF\0R\FKR GDWHG 1DWLRQDO0XVHXPLQ:DUVDZ ļGHVLJQRIWKH1%3HGLğFHE\%RKGDQ3QLHZVNL 1DWLRQDO%DQNRI3RODQG 3XEOLVKHGE\ 1DWLRQDO%DQNRI3RODQG (GXFDWLRQDQG3XEOLVKLQJ'HSDUWPHQW WHOID[ ,6%1 ZZZQESSO Table of contents 7DEOHRIFRQWHQWV INTRODUCTION ............................................................................................... 4 BANK OF POLAND 1828–1886 ........................................................................ 7 POLISH NATIONAL CREDIT BANK 1918–1924 .......................................... 15 BANK OF POLAND SA 1924–1945 .............................................................. 19 Status and activities ...................................................................................... 19 Issuing and lending activity ........................................................................ 25 Wartime – Bank of Issue in the General Gouvernement ............................. 36 NATIONAL BANK OF POLAND .................................................................... 40 8QGHUWKHÀQDQFLDOV\VWHPRIVWDWHVRFLDOLVP² ........................... 40 NBP’s status and activities ...................................................................... 40 Issue and lending activity ....................................................................... 50 Under the market economy of a democratic state 1989–2008 ..................... 56 Status, tasks and activity between 1989 and 1997 ................................. 57 Status, tasks and activities of the NBP after 1997 .................................. 69 BIBLIOGRAPHY .............................................................................................. 80 LIST OF TABLES AND FIGURES .................................................................. 89 -3- INTRODUCTION 7KH RULJLQ RI FHQWUDO EDQNLQJ LQ 3RODQG ļ OLNH WKDW RI FHQWUDO EDQNV LQ PDQ\ (XURSHDQFRXQWULHVļGDWHVEDFNWRWKHHDUO\thFHQWXU\1,WVKRXOGEHQRWHGDW WKLVSRLQWWKDWWKHWHUPVĴFHQWUDOEDQNĵDQGĴEDQNRILVVXHĵXVHGLQWHUFKDQJHDEO\ WRGD\KLVWRULFDOO\PHDQWGLIIHUHQWWKLQJV$FHQWUDOEDQNFDQEHWKRXJKWRIDVDQ DJHQWRIWKHVWDWHHQWUXVWHGZLWKDVSHFLğFUDQJHRIWDVNVZKLFKYDU\GHSHQGLQJRQ KLVWRULFDO FLUFXPVWDQFHV ,QLWLDOO\WKHVH LQYROYHG PDLQO\ LVVXH RI FXUUHQF\ LH RI EDQNQRWHVFRQYHUWLEOHLQWREXOOLRQFRLQV DORQJZLWKFHUWDLQRWKHUWDVNVSHUIRUPHG RQEHKDOIRIWKHVWDWHKHQFHWKHLQVWLWXWLRQVZHUHUHIHUUHGWRDVEDQNVRILVVXH2 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