Torun International Studies

9

Authors: Magdalena Redo

Effectiveness of monetary police depends on proper identification of changes happening in functioning of particular channels which transmit impulses of monetary policy directly into economy. Such changes sometimes limit the importance of certain channels, and sometimes they strengthen other channels, as it occurred in the recent years with risk-taking channels. Globalization, growth of competition, anchoring of low inflation in Western economies, too low economic growth when compared with the issue of unemployment, development of finance market, conscious policy of low interest rates in the USA – all of that contributed to lowering interest rates all over the world, growing the level of acceptable risk, and strengthening the negative correlation between the level of investment based on interest rates and the tendency of risk and, at the same time, operating of a risk-taking channel in the process of transmitting impulses of monetary policy into economy. The main aim of this essay is to familiarize readers with importance of the risk-taking channel in the process of transmitting monetary policy into economy and to overview research confirming growth of its importance in the recent years.

9

Authors: Ewa Jankowska

This paper provides an introduction to the enhanced study of the relationships occurring between the choice of the country, to which Polish citizens emigrate, and the level and quality of life in the country of emigration. In the first part of the article the author focused on the major causes of departures of Poles out of the country and the effects of emigration for Poland. Next, the directions of departures of Poles to the EU countries for a temporary stay longer than three months in the period 2004–2012 have been analyzed. In the last part of the paper the author made the preliminary analysis of the relationship between the number of people emigrating to a given country and its level of the socio-economic development. In order to determine the level of the development the Human Development Index has been used.

11

Authors: Piotr Siemiątkowski

This article analyzes outflow of foreign direct investment from the United Kingdom, with particular emphasis on the period of the global financial crisis (2007 +). Examined both flows and resources of British FDI in terms of industry and geography. In the final part of the article analyzes British transnational corporations profits from investments abroad.