World Bank2014-10-162014-10-162014-06https://hdl.handle.net/10986/20441The recent financial crisis has emphasized the role of national saving for rising economic growth and promoting development. Since the crisis began, global markets have experienced deteriorating public finances, household deleveraging, differing speeds of recovery, and eroding confidence in financial systems, all of which have deterred long-term investments. In the context of this new growth agenda, the present report analyzes the trends and determinants of domestic saving in Poland and provides policy options for increasing saving, particularly over the long term. Improved national saving provides funding for a country to take advantage of more investment opportunities. From the microeconomic perspective, increasing national saving will support incomes in an aging society, helping address the issue of the adequacy of retirement incomes. However, increasing national saving involves also some costs, which should be carefully balanced against the potential benefits. In this context, the report is divided into seven chapters. Chapter one gives introduction. Chapter two presents recent trends and determinants of growth in Poland, as well as challenges for its long-term prospects. Chapter three discusses the determinants of and influences on the level of private saving. Chapter four complements this discussion by portraying the government's role in determining the level of saving in the economy. Chapter five discusses the importance of saving for the financial sector, its ability to promote saving, and instruments that may be promoted to meet the needs of Polish savers. Chapter six quantifies the impact of potential changes to the main determinants of saving on performance of saving and economic growth in Poland. Finally, chapter seven focuses on policy analysis.en-USCC BY 3.0 IGOACCESS TO CREDITACCOUNTINGADDITIONAL SAVINGSADEQUATE INCOMEAGING COUNTRYASSET ACCUMULATIONAUTOMATIC ENROLLMENTBALANCE OF PAYMENTSBALANCE SHEETSBANK FUNDINGBANK LENDINGBANKRUPTCYBANKSBOND MARKETBONDSBORROWINGCALCULATIONCALCULATIONSCAPITAL ACCUMULATIONCAPITAL FLOWSCAPITAL GAINSCAPITAL INFLOWSCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKETSCAPITAL STOCKCASH FLOWCOLLATERALCONSUMERSCONTRIBUTIONCONTRIBUTIONSCORPORATE BEHAVIORCORPORATE BONDCORPORATE TAXCREDIT RISKCURRENCYCURRENT ACCOUNTCURRENT PRICESDEBTDEBT CRISISDEFERRED ANNUITIESDEFERRED ANNUITYDEFINED CONTRIBUTION PENSIONDEMOGRAPHICDEPOSITDEPOSITSDEREGULATIONDEVELOPING COUNTRIESDIRECT INVESTMENTDISABILITYDISPOSABLE INCOMEDIVERSIFICATIONDIVIDENDSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC CONSUMPTIONEARNINGSECONOMIC ACTIVITIESECONOMIC LIBERALIZATIONECONOMIC MANAGEMENTECONOMIC PERFORMANCEEMERGING MARKETSEMPLOYER CONTRIBUTIONEMPLOYER CONTRIBUTIONSEXCHANGE RATEEXPORT MARKETSEXPOSUREEXTERNAL FINANCINGEXTERNAL SHOCKSFERTILITY RATESFINANCESFINANCIAL BEHAVIORFINANCIAL CRISISFINANCIAL EDUCATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL LITERACYFINANCIAL LITERACY CAMPAIGNSFINANCIAL MARKETFINANCIAL MARKET DEVELOPMENTFINANCIAL MARKETSFINANCIAL POLICYFINANCIAL POSITIONSFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL STABILITYFINANCIAL SYSTEMFINANCIAL SYSTEMSFISCAL DEFICITFISCAL POLICYFISCAL SUSTAINABILITYFOREIGN ASSETSFOREIGN BANKSFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE RISKFOREIGN FINANCINGFUND INVESTMENTGLOBAL FINANCIAL MARKETSGROSS DOMESTIC PRODUCTGROWTH RATEGROWTH RATESHEALTH SPENDINGHOUSEHOLD INCOMEHOUSEHOLD SAVINGHOUSEHOLD SAVINGSINCOME LEVELINCOME LEVELSINCOME TAXINCOMESINDIVIDUAL FIRMSINDIVIDUAL PENSIONINDIVIDUAL PENSION ACCOUNTSINDIVIDUAL PENSIONSINDIVIDUAL SAVINGINFLATIONINTEREST PAYMENTSINTEREST RATESINTERNATIONAL MARKETSINTERNATIONAL TRADEINVESTINGINVESTMENT DECISIONSINVESTMENT GUIDELINESINVESTMENT OPPORTUNITIESINVESTMENT PROGRAMSINVESTMENT STRATEGIESJOB TRAININGLABOR FORCELABOR MARKETLABOR MARKETSLIFE EXPECTANCYLIQUIDITYLIVING STANDARDSLOANLOCAL CURRENCYLONG-TERM CARELONG-TERM INVESTMENTLONG-TERM SAVINGLOW INTEREST RATESLOWER INTEREST RATESMARKET ECONOMIESMARKET ECONOMYMARKET INFORMATIONMINIMUM PENSIONMINIMUM PENSIONSMODERN BANKINGMONEY MARKETSMORTGAGEMORTGAGESMUNICIPAL BONDSNATIONAL BANKOLDER WORKERSOUTPUTPASSIVE SAVINGPENSION FUNDSPENSION REFORMPENSION REFORMSPENSION SAVINGSPENSION SCHEMEPENSION SCHEMESPENSION SPENDINGPENSION SYSTEMPENSION SYSTEMSPENSIONERPENSIONERSPRIVATE PENSIONPRIVATE PENSION FUNDSPRIVATE PENSION PLANSPRIVATE SAVINGPRIVATE SAVINGSPRIVATIZATIONPRODUCTIVITYPROSPERITYPUBLIC DEBTPUBLIC FINANCESPUBLIC INVESTMENTPUBLIC PENSIONPUBLIC PENSIONSPUBLIC POLICYPUBLIC SAVINGPUBLIC SAVINGSPURCHASESRATES OF RETURNREAL ESTATEREGRESSION ANALYSISREPLACEMENT RATEREPLACEMENT RATESRESEARCH ASSISTANCERETIREDRETIREMENTRETIREMENT INCOMERETIREMENT INCOMESRETIREMENT PENSIONRETIREMENT SAVINGRETIREMENT SAVINGSRETURN ON SAVINGSALARYSAVERSAVERSSAVING BEHAVIORSAVINGS INSTRUMENTSSAVINGS RATESSECURITIESSENIORSKILLED WORKERSSMALLER FIRMSSOCIAL SECURITYSOCIAL SECURITY CONTRIBUTIONSSOVEREIGN DEBTSTATE PENSIONSSTOCK MARKETTAX RATESTAX SYSTEMTERMINATIONTOTAL SAVINGTRANSACTIONUNEMPLOYMENTVALUABLEWAGEWAGE GROWTHWAGESWITHDRAWALWORKING AGEWORKING AGE POPULATIONWORKING LIFEWORTHYOUNG PEOPLEYOUNGER COHORTS10.1596/20441