The aim of the present paper is the analysis of the functioning of the cost channel (working capital) in the mechanism of transmitting a monetary policy into the Polish economy as well as the attempt to assess its strengths. To accomplish the above-stated goal, one attempted to solve the following two research problems: is the cost channel operative in Poland patent and what is its strength and efficiency? What was also analysed is the correlation between the level of the benchmark rate of the National Bank of Poland [hereinafter also referred to as NBP] and the value of the working capital relative to current assets and to sales revenues made by the business enterprises in Poland in the period 2005-2017. By analogy, what was also subject to correlation analysis was the relation between the base interest rate of the National Bank and the value of investment expenditures in Poland. At the next stage, via an inductive method, one conducted a synthesis of the conclusions obtained by way of a comparative analysis of the results of one’s own research against the backdrop of the ones obtained by way of the analysis of the influence of a monetary policy exerted on the supply side of an economy, with the latter results having been obtained in consequence of global econometric research. The correlation analysis thus conducted seems to corroborate the influence of the monetary policy pursued by the National Bank of Poland on real economic indices in Poland; and, strictly speaking, on financial Received: February, 2019 1st Revision: May, 2019 Accepted: October, 2019 DOI: 10.14254/20718330.2019/12-4/9 Journal of International Studies S ci en ti fi c P a pe rs © Foundation of International Studies, 2019 © CSR, 2019 Magdalena Redo, Piot Siemiątkowski Cost channel in the mechanism of transmitting monetary policy in Poland 131 policies of companies. Any change in the interest rates of banks seems to significantly influence the cost of the companies’ maintaining working capital. The research results presented herein are exceptionally important from the point of view of the efficacy of a monetary policy. In the process of designing it, the central bank should take into consideration any additional supply effects. In connection with the strongly positive correlation, as demonstrated in the present paper, between the value of the working capital and investment expenditures and the level of interest rates, it is necessary to have a better grasp of the mechanism of cost channel in a given economy as well as to do the ongoing monitoring thereof.

中文翻译：

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波兰货币政策传导机制中的成本渠道

本文的目的是分析在将货币政策传递给波兰经济的机制中成本渠道（营运资本）的功能，并试图评估其优势。为了实现上述目标，人们试图解决以下两个研究问题：波兰专利中的成本渠道是否有效，其优势和效率是什么？还分析了波兰国家银行的基准利率水平（以下也称为NBP）与流动资金相对于流动资产的价值以及波兰商业企业的销售收入之间的相关性在2005-2017年期间。类推，还需要进行相关分析的是国家银行的基本利率与波兰投资支出的价值之间的关系。在下一阶段，通过归纳法，人们在对货币政策的影响进行分析的背景下，对自己的研究结果进行了比较分析，对所得出的结论进行了综合。在经济的供给方面发挥了作用，而后者的结果是通过全球计量经济学研究获得的。这样进行的相关分析似乎证实了波兰国家银行实行的货币政策对波兰实际经济指标的影响；严格来说，是关于财务的收到：2019年2月第一次修订：2019年5月接受：2019年10月DOI：10.14254 / 20718330.2019 / 12-4 / 9国际研究期刊科普论文©国际研究基金会，2019©CSR，2019 Magdalena Redo，PiotSiemiątkowski波兰货币政策传导机制中的成本渠道公司的131条政策。银行利率的任何变化似乎都会显着影响公司维持营运资金的成本。从货币政策的有效性来看，本文提出的研究结果异常重要。在设计过程中，中央银行应考虑任何额外的供给影响。如本文件所示，在周转金和投资支出的价值与利率水平之间存在很强的正相关关系，