THE IMPACT OF THE POLICY MIX ON FUNCTIONING OF COMPANIES IN POLAND DURING THE FINANCIAL CRISIS

The financial crisis is a phenomenon affecting monetary and fiscal policy significantly influences on the real economy, including the functioning of the enterprises (Stawska 2012: 229). In the response to the first symptoms of recession, the decisions of the monetary authorities regarding, inter alia, changes in interest rates have often been distorted by negative information about the state of the economy and its prospects, to such an extent that monetary policy impulse to the real economy was considerably weakened. The financial crisis that emerged in mid-2007, mainly in the economies of the industrialized countries, which began on the subprime credits market is an example of recession, in which the impact of decision of the economic authorities on the real economy was very difficult. As a result of perturbations in the mortgage market many financial institutions particularly in the United States and Great Britain had serious solvency problems. In order to avoid paralysis of the banking sector from the Great Depression times, it was decided to use the tools of economic policy to in part prevent the situation of the financing constraints of the real sector of the economy by banks. Central banks sought to protect the liquidity of the banking sectors and to provide the money to economies at the lowest possible cost. During the financial crisis were introduced an unprecedented policy changes refinancing of central banks and at the same time were lowered interest rates. The result of these actions was a substantial increase in the money supply (Taylor, 2010, pp. 7 - 79). At that time, has also seen an increase in the expansionary fiscal policy. The aim of the paper is to present the anti-crisis measures of the central bank and the government affecting the functioning of enterprises in Poland in response to the financial crisis in the context of coordination of monetary and fiscal policy. Article verifies the hypothesis that the common anti-crisis actions of the economic authorities had a significant impact on the functioning of enterprises on which has greatly influenced higher degree of coordination of monetary and fiscal policy. To verify the hypothesis used the following research methods: a review of the scientific literature, statistical reports and graphical presentation of economic phenomena.The aim of the paper is to present the impact of the Central Bank of Poland and the Government anti-crisis actions on functioning of enterprises in Poland in response to the financial crisis. Article verifies the hypothesis that the common anti-crisis actions of economic authorities had a significant impact on the functioning of enterprises on which greatly has influenced higher degree of coordination of monetary and fiscal policy. To verify the hypothesis were used the following research methods: a review of the scientific literature, statistical reports and graphical presentation of economic phenomena. Coordination of monetary and fiscal policy had a significant impact on the functioning of enterprises in Poland, resulting in reduction of the first negative symptoms of the financial crisis and in the finally to improve the financial situation of enterprises in the coming years. Coordination of policy mix took place during the recent financial crisis, which reached also to Poland. Economic authorities in order to avoid the consequences of this crisis, decided to take crisis measures that were redesigned to not only to achieve its main objectives, although primarily to prevent an economy from the effects of the upcoming financial crisis