THE ECONOMIC CRISIS – ITS CAUSES AND RESULTS AND THE LIMITING VENTURES ( SELECTED ASPECTS

Economic crisis, which took place in the years 2008–2009, was one of the biggest crises, which affected the world’s economy. It began in the United States, and then it moved through most countries in the world, especially the highly developed, and the effects of this crisis have been very painful for the entire global economy. It should be stressed that the framework of the economic crisis include the period 2008–2010, although its roots go back to an earlier period than 2008, and its consequences


Introduction
A characteristic feature of each country's economy is its cyclicity and con--Globalization has led to very open economies, which results in the transrelations, as well as (or perhaps most importantly) the panic on the markets, are responsible for this process.History shows that it is not the lack and speculations.
tries, especially well-developed.The effects of the crisis were very severe for be the most extensive in the post-war period.
economic crisis (The United States, Poland) on the consumers' behavcommercial banks.

Economic crisis in the United States and in Europe
emerging economies ---In case of normal economic cycle in such conditions the slowdown of economic development takes place, followed by the return to the dynamics adequate to the economic potential.However, a serious imbalance on the real estate market, which appeared in that period of time, destabilized the crisis, excessive risk appetite is mentioned, which was connected with the investors.
real estate was boosted by the relaxation of the assessment criteria on the terest rates, which increased dynamically upon the expiry of the preliminary which initiated the phenomenon of securitization (Owsiak, 2003, p. 744) 3 of risk from the lender to the investor.
ed States with the simultaneous fall of the prices of residential properties particular problems with the settlement of the raised loan liabilities as they were overwhelmed by the interests (Prosser, 2008).
the second half of 2007 when the bubbles started to inform about the in-3 tions and banks to raise capital.The name of the operations is derived from the word securities.It is a conversion of liabilities into securities.It is used when within the framework of crediinto securities (shares) or debt (commercial papers, bonds), but those that are more easily tentially at risk of bankruptcy and thus they were recapitalized by the State.
the State.
cided to make further interventions.In October 2008, a so called Paulson's plan 4 -2008, 2.6 million people lost their jobs and it has been the worst result since of the world in 2008 and unfavorable forecasts for the future there was a decline in commodity prices, especially crude oil and copper.The prices of smaller, as these estimates referred to the then market value of loans, rather than to actual losses.
to the American market, and their decision to make investments in other -- In 2009 in connection to the unsatisfactory effects of corrective actions the American Recovery and Reinvestment Act, so called ARRA, was adopted with the repayment of their loans.Help was based on the alleviation of the conditions of repayment of loans, as well as the reduction of the auctions of houses seized by banks for unpaid loans.
uled.In 2009 there was the decrease in consumption by the Americans which was connected with the employment reduction, as well as their serious --nomic situation of countries of Western Europe seemed to be relatively fa-European banks, in comparison to their American counterparts, led in the past a bit more responsible policy, thanks to which they survived the hard---The most serious effects of the crisis reflected themselves in the real countries most acute decline in domestic production was recorded in Ice--Of all the countries of Western Europe the most drastic consequences of cit.At the time of accession of Greece to the euro zone it was noted, that this the political authorities and the concealment of the true state of the Greek Sytuacja gospodarcza --Sytuacja gospodarcza It should be noted that the Greek economy has functioned in the recent the additional destructive factor for the Greek economy was the fact that the prepared to resist, which led to the cumulation of the country's problems.
market, which in the recent years has been very similar to the real estate market in the United States.The total value of investments in real estate in Since the bubble burst, on the real estate market in 2007 there was a deof new investment, dynamic increase of unemployment and drop in tax rev--Iceland, whose population is only 320 thousand people, for many years was considered an oasis of prosperity, one of the richest countries in the -such a small scale country.Icelandic banks were not able to continue its (Sytuacja gospodarcza Secondly: the period of participation in ERM II 5 should be short, which would move towards the moment of adoption of the common currency and would increase the credibility of the current level of parity as a reference all the formal conditions for membership in the euro area.

Economic crisis in Poland
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Plan for Development and Consolidation of Fi-
As you can see, the room for manoeuvre of economic policy in Poland has 5 Exchange Rate Mechanism rencies of the Member States of the European Economic Community.ERM II is a system that combines the euro currency with the currencies of EU countries outside the euro area.The fact that the products of one of the countries would become more competitive only because than in many other economies.However, there were also voices that the -employment: labour costs may be reduced, and thus the financial situation of busi-employment levels, and therefore readiness to take up the activities for the improvement of the economic situation, will be maintained and competitiveness of business will be maintained.
The idea was to allow the use of payment period for the adjustment of -2) privatization, 3) --

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manner resulted in a period of economic troubles of Poland manifested by -Table 1. Actions important because of the crisis on the domestic market National Bank of Poland Ministry of Finance limitation of the dynam-drastic effects of the crisis (Polski rynek currencies (Program konwergencji at, in particular, reduction of the liquidity risk of banks and their currency risk.Then, in order to stimulate economic activity, Monetary Policy Council Polska wobec nomic situation on April 27th 2009 the Conditions of the implementation of the next stages of the Roadmap for Euro Adoption in Poland.This document (Uwarunkowania ...).
The main element of anticrisis measures in Poland was the Plan of Stabilth second case, the actions taken were of clearly preventive nature.