General information

Duty hours: Monday, 12:00 am-1:00 pm (from July 17, 2017).

Seminars and duty hours take place in room 5b A.

E-mail: jacek.karwowski ((at))

About me

I was born on 22nd February 1961 in Sierpc, Poland. In 1975 I completed primary and in 1979 secondary education at the Torun Grammar School (mathematics focused class managed by the Nicolaus Copernicus University in Torun). I obtained Matura (Polish leaving exam at the end of the secondary education) taking an examination in mathematics, Polish and German literature, and writing (in German) my certificate paper on Non-geometrical Definitions of the Trigonometrical Functions.

From 1979 to 1985 I was a student at the Foreign Trade Faculty of the Central School of Planning and Statistics (now: Warsaw School of Economics). Foreign Trade Minister and Polish Academy of Sciences (PAN) awarded me special prizes.

In 1985 I became an assistant lecturer at the Finance Department of the Wroclaw School of Economics (now: University of Economics in Wroclaw). In June 1989 I received my Ph.D. degree (Floating Exchange Rates: Theory and Evidence; a prize of Minister of Education in 1990). During my 6-month stay at the Ruhr-Universität in Bochum (Germany) in 1991/1992 I wrote a book on Exchange Rate Forecasting. In 1993 I had an examination on the thesis to qualify me as an assistant professor.

In 1997 I published my book on foreign operations of the central banks.

In 1999 I was appointed (full) professor by the President of Poland.

In 2010 I published my book on offshore centers.

I gathered experience and knowledge visiting many major and minor financial centers, Germany, Switzerland, Canada, United Kingdom, France, the United States of America, Luxembourg, Singapore, Liechtenstein, Jersey, Cayman Islands, Bahrain, Malaysia and Hong Kong among them.

My workplace is the University of Economics in Wroclaw, where I am employed as a full professor.

I am married and have a son.

Currently I lecture on finance-related topics at the University of Economics in Wroclaw.

I speak English, German and Russian.

Favorite director: Roman Polanski.

Favorite composer: Johann Sebastian Bach.

Favorite band: Pink Floyd.

Favorite jazzman: Miles Davis.

Favorite book: Михаил Булгаков: Мастер и Маргарита.

Favorite radio station: Polish Radio Program 3 (Trójka).

Excellent is: Jaromír Nohavica (

Selected publications

  • Centrally cleared derivatives (co-author), Polskie Wydawnictwo Ekonomiczne, Warszawa 2017.
  • Negative interest rates and Islamic finance. Finanse, Czasopismo Komitetu Nauk o Finansach PAN, nr 1(9)/2016, s. 49-60 [in English].
  • Central Counterparties on the Derivatives Markets: The Case of KDPW_CCP (Poland) and NCC Clearing Bank (Russia) , Ekonomia Finanse Bankowość. Editors: Jacek Karwowski & Marta Maciejasz-Świątkiewicz, Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu, Wrocław, pp. 112-126 [in English].
  • Central Counterparties from the Islamic Finance Perspective. Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace, Oficyna Wydawnicza, Szkoła Główna Handlowa w Warszawie, Issue 3, Vol. 3/2015, pp. 27-40 [in English].
  • Monetary Policy in Selected Islamic Countries: Added Value or Mimicry? International Journal of Research in Business Studies and Management, Volume 2, Issue 3, March 2015, pp. 1-8 [in English].
  • Financial stability and exchange rate. Crisis in the euro zone. Chapter 6 in: Financial stability. Editor: M. Iwanicz-Drozdowska, National Bank of Poland, Warszawa (2014), pp. 95-118.
  • Derivatives on the international financial markets (selected topics). Theory and evidence (co-author). Wydawnictwo Uniwersytetu Opolskiego, Opole (2014).
  • Should we get rid of shadow banking? In: Zarządzanie i Finanse, Uniwersytet Gdański, Vol. 11, No. 2, Part 1, (July 2013), pp. 243-256.
  • Foreign-exchange reserves management: an appraisal. In: Contemporary central banking. Editors: W. L. Jaworski and A. Szelągowska, CeDeWu, Warszawa (2012).
  • Prohibitions in islamic finance. In: Finance in unstable environment. Financial markets. Editors:J. Harasim, J. Cichy. Studia Ekonomiczne. Zeszyty Naukowe Wydziałowe Uniwersytetu Ekonomicznego w Katowicach, Katowice (2012).
  • Financial stability and exchange rate. In: Bank i Kredyt 1, Educational section (2012). 
  • Banking system in Saudi Arabia. In: Systemy bankowe krajów G-20. Editors: S. Flejterski and J.K. Solarz, Constans, Szczecin (2012)
  • Towards lower tax burden in Poland, In: Nauki o finansach / Financial sciences, Publishing House of Wroclaw University of Economics, 1(6) (2011), Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu nr 184, pp. 67-75 [in English].
  • Foreign exchange interventions. In: Polityka pieniężna. Editor: A. Sławiński, Wydawnictwo C.H. Beck, Warszawa (2011)
  • Sukuk - islamic investment certificates. In: Finanse - nowe wyzwania teorii i praktyki. Rynki finansowe. Editor: K. Jajuga. Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu, Wrocław (2011)
  • Critique of fractional-reserve banking in light of Austrian Economics and Islamic Banking (2010)
  • Offshore centers on global financial markets, PWE, Warsaw (2010), book in Polish
  • Role of central bank in modern economy (2009)
  • Islamic finance and crisis (2009)
  • Newest trends on Caymanian hedge funds market (2008)
  • Remarks on introducing the euro in Poland (2007)
  • Euro controversy (2007)
  • The use and misuse of AML recommendations (2007) [in English]
  • Islamic Market Indexes (2007)