The impact of terms of trade on economic growth in Poland
DOI:
https://doi.org/10.33119/SIP.2022.185.1Keywords:
terms of trade, factors of economic growth,, social welfare, Törnqvist index, decomposition methodAbstract
The terms of trade have a significant impact on the balance of foreign trade turnover, the structure of GDP distribution, and social welfare. The article examines the impact of terms of trade on economic growth in Poland in welfare terms. The theoretical basis of the issue, simple indicators for measuring the impact of terms of trade on GDP, and the decomposition method of U. Kohli used in the study were discussed. The empirical part presents the results of calculations, compared to other factors of production, of the impact of terms of trade on the rate of Polish economic growth in the years 1995–2020. The clearly positive contribution of the terms of trade to growth in the period following Poland’s accession to the European Union was found.
Downloads
References
Budnikowski A. [2020], Ekonomia międzynarodowa, PWE, Warszawa.
Chojna J. [2014], Makroekonomiczne efekty zmian światowych cen surowców dla gospodarki Polski, w: Ceny w handlu zagranicznym Polski. Aspekty makro- i mikroekonomiczne, red. K. Marczewski, D.W. Elipsa, Warszawa.
Diewert W.E., Morrison C.J. [1986], Adjusting Output and Productivity Indexes for Changes in the Terms of Trade, „Economic Journal”, vol. 96.
Dmowski Z., Foltyński Z. [1982], Ekonomika handlu zagranicznego Polski, PWN, Warszawa.
Doebeli B., Kolasa M. [2005], Rola zmian cen dóbr handlowych we wzroście dochodu krajowego Polski, Czech i Węgier, „Gospodarka Narodowa”, nr 5.
Eurostat [2013], European System of Accounts ESA 2010, Luxembourg.
Główny Urząd Statystyczny [2022], Handel zagraniczny. Ceny w handlu zagranicznym, Warszawa.
International Monetary Fund [2009], Export and Import Price Index Manual: Theory and Practice, Washington D.C.
Kohli U. [2003], Growth Accounting in the Open Economy, International Comparisons, „International Review of Economics and Finance”, vol. 12.
Kohli U. [2004], Real GDP, Real Domestic Demand and Terms of Trade Changes, „Journal of
Komisja Europejska, AMECO database, https://economy-finance.ec.europa.eu/economicresearch-and-databases/economic-databases/ameco-database_enOddziaływanie terms of trade na wzrost gospodarczy w Polsce 21
Marczewski K. [2014], Analiza kształtowania się terms of trade w polskim handlu zagranicznym, czynników je objaśniających oraz ich wpływu na dobrobyt społeczny, w: Ceny w handlu zagranicznym Polski. Aspekty makro- i mikroekonomiczne, red. K. Marczewski, D.W. Elipsa, Warszawa.
Mora M. [2006], Terms-of-trade Effects in Catching-up Countries: The Case of the Czech Republic, „ECFIN Country Focus”, vol. III, iss. 4.
Stiglitz J., Fitoussi J.P., Durand M. (red.) [2019], For Good Measure: An Agenda for Moving Beyond GDP, The New Press, New York and London.
United Nations [2009], System of National Accounts 2008, New York.
World Bank, Commodity Price Data, https://databank.worldbank.org/databases/commodity-price-data
Downloads
Published
Versions
- 2024-05-22 (2)
- 2023-01-13 (1)
How to Cite
Issue
Section
License
Copyright (c) 2022 Studies and Work of the Collegium of Management and Finance
This work is licensed under a Creative Commons Attribution 4.0 International License.
