General information

Duty hours: Tuesday 11:25 a.m. - 12:55 p.m. (till June 18, 2024), room 5b, building A and on Teams.

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 Toruń 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 Wrocław). 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, in 2014 and 2017 - on derivatives and central counterparties (co-author), in 2020 - on Islamic derivatives.

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, Malta, Cayman Islands, Bahrain, Malaysia, Curaçao, Macau and Hong Kong among them.

My workplace is the University of Economics in Wrocław, 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 Wrocław.

I speak English, German and Russian.

Favorite director: Roman Polański.

Favorite composer: Johann Sebastian Bach.

Favorite bands: Pink Floyd, Omega, Massive Attack, Yes, Led Zeppelin, Locomotiv GT.

Favorite jazzmen: Miles Davis, John Coltrane, Krzysztof Komeda.

Favorite book: Михаил Булгаков: Мастер и Маргарита.

Excellent is: Jaromír Nohavica (

Selected publications

  • Predictive strength of Macroeconomic Imbalance Procedure indicators, K. Biegun, M. Dahl, J. Karwowski, EKONOMIA I PRAWO. ECONOMICS AND LAW, Volume 23, Issue 1, March 2024, pp. 23–45, [in English].
  • Riba from economic perspective, in: Denaro e potere, A cura di Gianluca Olcese, Ewa Tichoniuk-Wawrowicz, Cultura e Letteratura Vol. 1, Gnome Editrice, Katowice 2022, DOI: 10.53248/SDA268725, ISBN 978-83-63268-72-5, pp. 99-121 [in English].
  • Macroeconomic Imbalance Procedure jako system wczesnego ostrzegania w Unii Europejskiej, J. Karwowski, K. Biegun, DOI 10.15611/2022.15.10, in: Procesy konwergencji i dywergencji w Europie. Monografia jubileuszowa dedykowana Profesorowi Janowi Borowcowi, Ewa Pancer-Cybulska, Bernadeta Baran, Ewa Szostak (ed.), Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu, Wrocław 2022.
  • How Effective is Macroeconomic Imbalance Procedure (MIP) in Predicting Negative Macroeconomic Phenomena?, K. Biegun, J. Karwowski, P. Luty, European Research Studies Journal Volume XXIV, Special Issue 3, 2021, pp. 822-837 [in English].
  • Islamic Derivatives, Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu, Wrocław 2020.
  • Net International Investment Position as Early Warning Indicator: Does it Differ for European Union CEECs and non-CEECs?, K. Biegun, J. Karwowski, in: Education Excellence and Innovation Management: A 2025 Vision to Sustain Economic Development during Global Challenges / Soliman Khalid S. (ed.), 2020, International Business Information Management Association (IBIMA), ISBN 9780999855141, pp. 2644-2653 [in English].
  • Macroeconomic imbalance procedure (MIP) scoreboard indicators and their predictive strength of “multidimensional crises”, K. Biegun, J. Karwowski, Equilibrium. Quarterly Journal of Economics and Economic Policy, Vol. 15 No. 1 (2020) [in English].
  • How Composition of Net International Investment Position Can Help to Predict Crises: Evidence from European Union Countries, K. Biegun, J. Karwowski, Soliman Khalid S. (ed.): Vision 2025: Education Excellence and Management of Innovations through Sustainable Economic Competitive Advantage. Proceedings of the 34th International Business Information Management Association Conference (IBIMA), 2019, International Business Information Management Association, ISBN 9780999855133 [in English].
  • Virtual currency: the Central Bank’s Perspective. Vision 2020: Sustainable Economic Development and Application of Innovation Management from Regional Expansion to Global Growth. Editor: K. S. Soliman, Proceedings of the 32nd International Business Information Management Association Conference (IBIMA), 15-16 November 2018, Seville Spain, pp. 848-857 [in English].
  • The Case against Helicopter Money. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia. 51/2017, 5, DOI: 10.17951/h.2017.51.5.159 [in English]
  • 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)

Expert analyses

I provide expert analyses for enterprises and legal firms related to finance. My areas of specialization include:

· the use of derivative instruments, especially in foreign currencies,

· international taxation, including double taxation avoidance agreements,

· reference rates such as WIBOR and WIBID.

Interested parties are invited to contact me via email at karwowski.jacek ((at))