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Treasury Department

The Department, established in 1992, is managed by Professor Bogusław Pietrzak.

Within the past years Treasury Department has formed its internal structure which comprises two Sections: Public Finance and Securities’ Market.

The wide profile of the departmental team members’ interests covers the sphere of contemporary financial system in particular public finance system and its connection with market financial system.

The Department offers a wide range of classes (lectures, seminars and exercises) in all types of studies.

Research activity of the Department is reflected also in publications which are among other things a result of conference and seminar articles.

Structure of the Department

Section of Public Finance

Director – Prof. dr hab. Boguslaw Pietrzak

Research area: contemporary financial system – in particular banking system (commercial banking and central banking) and also monetary policy.

Theoretical skills were successfully used while working for many years in National Bank of Poland also as a top level official. He conducted research periodical “Bank i Kredyt” published by National Bank of Poland and had content-related care about “Materiały i Studia”. Professor is the author of wide range of publications – both articles and books.

For the achievement in the area of educational-teaching and research he was repeatedly rewarded by the Minister, in 2004 he received also a distinction “Services for the polish banking”. He is a member of “Komitet Nauk o Finansach” (Committee of Finance Science) in Polska Akademia Nauk and a member of Polskie Stowarzyszenie Finansów i Bankowości (Polish Associationof Finance and Banking).

Professor is a form tutor of many experts in the field of finance and banking, who conduct top level positions in all kind of institutions, also research institutions.

Prof. zw. dr hab. Andrzej Kierczyński

Research area: theory and practice of finance. For many years Proffesor A. Kierczyński has been teaching at Warsaw School of Economic enterprise finance, capital group finance, national budget and insurance. At Postgraduate Studies he leads courses on taxes and finance policy.

Lectures

Enterprise Finance, Finance basics

Prof. dr hab. Bazyli Samojlik

Prof. dr hab. Agnieszka Alińska
Ph.D., Economics, she has been working at Warsaw School of Economics since 1992 and at Treasury Department since 1999.

Research area: scientific interest includes co operative banking sector and communal finance. The latest research involved the development of micro financial institutions in Poland.

Dr Joanna Marczakowska-Proczka

Research area: works for the Public Finance Section in the Treasury Department of Warsaw School of Economics. She deals with a board scope of public finance. She specializes in research on the state budget, local government budgets, public debt, the tax system in PolandEurope and all over the world. She is the aufhor of many publications on the issues mentioned obove. She presents the findings of her research at various conferences, lectures and seminars for students. Since 1995 she has been in charge of the Post-graduate Studies in Corporate Finance Management at the Public Finance Section. Since 2003 she has been the Vice-Dean at the Master’s Studies of Warsaw School of Economics. and the EU budget as well as the comparison of tax systems in

Dr Barbara Woźniak

Ph.D., Economics, 1977 from WarsawSchool of Economics.

Teaching and research area: Public Finance, State Aid in European Union, Banking – credit operations; financing small and medium enterprises.

She is working in the Treasury Department from its foundation in 1992. From 1997 she has been doing investigation on economic aspects of state aid (as defined in EU). The main publications on this topic were pioneering in Poland. Her researches in the field of public finance are concentrated on Polish public funds functioning and institutional reform of Polish general government sector. Her business experience includes work in PKO Bank Polski as an expert during ninetieth of the previous century. In this transient period, so important for Polish banking system reconstruction, she has managed elaboration of banking rules and methods of credit capacity and credit risk evaluation. Occasionally she is acting as an expert for various commissions of Sejm (Polish Parliament). She is a co-editor (with Bogusław Pietrzak and Zbigniew Polański) and one of the authors of the monograph “System finansowy w Polsce” (The Polish Financial System), 2nd revised ed., WN PWN 2008, an informative publication for Polish economists.

Member of Polskie Stowarzyszenie Finansów i Bankowości (Polish Finance and Banking Association).

Dr Katarzyna Wasiak

Research area: monetary policy and fiscal policy, coordination of both policies and relations between them, banking system.

She has been working within the Department since 2003 when she was employed as a research assistant. In June 2008 she took successfully a dissertation defence about “Coordination of fiscal and monetary policy in the European Union. Experience of GreeceSpainPortugal”. and ,

Dr Katarzyna Wasiak’s professional experience involves working in the National Bank of Poland in the Economic Institute.

Lectures:

“Fiscal policy”, “European banking system” – both taught in Polish

Contact: e-mail address: katarzyna.wasiak@sgh.waw.pl

Mgr Dorota Jastrzębska - Parental leave till VIII 2010

Section of Securities’ Market

Director – Prof. dr hab. Andrzej Sławiński

Research area - focused on transmission mechanism of the monetary policy and the development of derivatives markets.

Lectures - courses on monetary policy, financial markets, international monetary system, and on international financial markets.

Publications

∙     „PolandPolandLublin, 2008, s. 413-437., UMCS ’s Exchange Rate Policy Before Joining the Euro Zone”. W: The Banking System in

∙     “PolandPoland, 2007 nbp.pl/publikacje/lectures/slawinski_euro.pdf’s joining the euro zone. A Challenge Ahead”, National Bank of

∙     “The Role of Institutional Investors, Banks and Hedge Funds in the Development of the Global Financial Market”, National Bank of Poland, 2007, nbp.pl/publikacje/lectures/slawinski_112006.pdf

∙     „A brief history of Poland’s nominal convergence”, (w-autor Leon Podkaminer), The Vienna Institute for International Economic Studies Monthly Report, s 7-10, 8-9/2007.

∙     „The Foreign Exchange Rate and the Market Microstructure of the Polish Zloty” (w-autor; Stanisław Kluza). W (Eds. Władysław Milo, Piotr Wdowiński) Financial Markets. Principles of Modeling Forecasting and Decision-Making, LodzUniversity Press, Lodz, 2006, s. 15-26.

∙     „Floating exchange rate: a troublesome ally of the Polish central bank” The Vienna Institute for International Economic Studies Monthly Report, s. 1-6, 07/2006.

∙     “PolandW: Europe and Complex Security Issues, (ed. Katarzyna Żukrowska) Instytut Wiedzy, Warszawa 2005, s.209-220.’s Road to the Eurozone: The Risks Related to the Necessity of Passing the ERM2 Stability Test”.

∙     „Factors affecting T-bond yields in Poland”, Monthly Report, The Vienna Institute for International Economic Studies, no. 2, 2003, s. 15-23.

∙     „Exchange rate and bond prices reactions to changing fundamentals: the case of Poland”, Monthly Report, The Vienna Institute for International Economic Studies, 2/2002, s. 2-8.

∙     „Balance of Payments and the Exchange Rate”, w opracowaniu Poland 2001/2002, ed. Marek Lubiński, Warsaw School of Economics, Warsaw 2002, p. 125-132.. International Economic Report

∙     Poland9 - September 2000, s. 138-147.’s vulnerability to turbulence in financial markets, (w-autor), w: „Managing Foreign Debt and Liquidity Risk”, BIS Policy Papers, No

∙     National Bank of Poland, NBP Resarch Department, Paper no. 15, May 1999. Monetary Policy and Capital Flows

∙     "External Liberalisation through Stabilisation" (ed. G. McMahon) Economic Lessons  for Eastern EuropeLatin AmericaLondon 1996, s. 181-222., Macmillan, from

Contact: e-mail address: aslwi@sgh.waw.pl        tel. (48 22) 564 8676

Dr Krzysztof Kluza

Krzysztof Kluza’s research activities and scientific interests cover several areas. He participated and managed several research projects devoted to the subject of interdependence between financial system development (e.g. devoted to pension system design, efficiency of stock markets, monetary assets expenditures). In addition he conducted several surveys on business climate in banking sector in Research Institute for Economic Development.

He has also vast experience in the area of change management.  For over 10 years he works in banking and insurance sectors. His main areas of activity are: strategy development and implementation, project management, financial planning and controlling, product development and management,

Lectures - “Change management”, “Strategic project management”, “Public finance”, “Microeconomic foundations of public finance” (post diploma studies)

Publications

∙     Challenges of Financial System Development in Transition Economies, (z S. Kawalcem), w: Financial Transition in Europe and Central Asia, ed. L. Bokros, A. Fleming, C. Votava, Washington D.C: The World Bank, 2001, s. 29–44.

∙     The impact of speculation on the allocation effi ciency of the stock market, (z S. Kluzą), “Statistics in Transition” 2003, vol. 6, no 1, s. 97–118.

Contact: e-mail: kkluza@sgh.waw.pl        tel. (48 22) 596 58 20

 
Dr Piotr Mielus

Research area: financial market, derivatives, options, volatility analysis, yield curve analysis, market risk analysis

Lectures:

Currency Options Market (PL, 7228-01), International Financial Market (EN, 221511-0519), Derivatives Market (PL, 231230-0367), Interest Rate and Foreign Exchange Risk (PL, 231260-0367)

English publications:

∙     Application of Error Correction Model in Forecasting Market Volatility, in: Forecasting Financial Markets, red. Milo W., Wdowiński P., ed. UŁ, Łódź 2005

Contact: pmielus@sgh.waw.pl

Mgr Anna Krześniak

Research area: financial derivatives markets, pricing of financial derivatives, risk measurement and risk management, portfolio management.

Anna has been working within the Department since 2006, when she was employed as a research assistant, and then (since September 2006) has been enrolled as a PhD student at the Warsaw School of Economics.
Currently Anna is working on the research thesis under the supervision of prof. dr. hab Andrzej Slawinski.

The professional experience involves working in the Treasury Market Risk Management at Barclays Capital in London and in the Banking Department at the European Bank for Reconstruction and Development.

Together with Prof. Andrzej Slawinski and Dr. Piotr Mielus, Anna is lecturing Financial Markets (Rynki Finansowe), FX and IR Risk Management (Zarzadzanie ryzykiem kursu walutowego i stopy procentowej) and International Financial Market

Within the confines of Treasury Department exists Postgraduate College of Enterprise Financial Management

• PostgraduateCollege is addressed for all University graduates’ with master’s, bachelor’s or engineer’s degree
• Duration – 12-month course
• The aim of the Postgraduate College of Enterprise Financial Management is to acquaint participants with general issues concerning theoretical and empirical aspects of enterprise financial strategy and with details of main enterprise financial management elements. In the program not only detailed disciplines but also some general problems are presented so that the issues of financial practice and strategy could be placed on the background of main economic conditions. It is supposed to lead a participant of the course to the conviction that macroeconomic factors are relevant for decision making process in the company.
• The first edition of the College was started in 1995 (academic year 1995/1996)
• At the beginning there were about 45-48 participants in one course; at present about 20-24
• At the beginning participants’ average age was 40 years old; at present it is about 25-30

Duty hours

Contact:

Treasury Department

Wiśniowa 41 St.
room: 72, 73
02-520 Warsaw
 
Secretary's office

tel/fax direct: (0-22) 564 86 76
switchboard: 564 91 15
e-mail: kaska@sgh.waw.pl
Office hours: Monday-Friday 9.00-16.00