Struktura rachunku finansowego w bilansie płatniczym a zaburzenia na rynku walutowym w Polsce w okresie 2000-2012
Structure of financial account in the balance of payments and foreign exchange market disorders in Poland in the period from 2000 to 2012

Summary/Abstract: The purpose of the article is an empirical analysis of the impact of disorders in the currency market to changes in the composition of capital flows in Poland in the years 2000- -2012. In general it can be said that the turbulences in the foreign exchange market had little impact on foreign direct investment. Portfolio capital flows were characterized by high volatility. In contrast to the dominant opinion in the literature, the equity portfolio investment was very unstable, behaving more like volatile portfolio investment in debt securities than like fairly stable direct investment. Other investments, in turn, were amortizing shocks occurring in the capital market, which would indicate more of their long-term rather than short-term nature.

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