First Author:   Eliza Chilimoniuk Warsaw School of Economics, Institute of International Economics echili@sgh.waw.pl   Warsaw School of Economics, Institute of International Economics, Al. Niepodleglosci 162 Warsaw, 02-554, Poland   48 22 337 9350(Phone) 48 22 337 9350(Fax) http://www.sgh.waw.pl/channels2005/ Second Author: Eliza Chilimoniuk Warsaw School of Economics, Institute of International Economics echili@sgh.waw.pl   Warsaw School of Economics, Institute of International Economics, Al. Niepodleglosci 162 Warsaw, 02-554, Poland   48 22 337 9350(Phone) 48 22 646 6115(Fax) http://www.sgh.waw.pl/channels2005/