Macro-Prudential Regulation of Credit Booms and Busts : The Case of Poland

Kruszka, Michal ; Kowalczyk, Michal

关键词: ACCOUNTING;    ACCOUNTING STANDARDS;    AFFILIATE;    AFFILIATES;    AMOUNT OF LOANS;   

DOI  :  10.1596/1813-9450-5832
RP-ID  :  WPS5832

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The last several years before the globaldownturn of 2008-2009 saw rapid credit growth in Poland. Thecredit-to-gross domestic product ratio rose from about 25percent in 2004 to close to 50 percent in 2009. Such anexpansion itself might potentially be a source of risks tofinancial stability, but it was also coupled with relativelynew phenomena, such as massive foreign currency lending.Thanks to the pro-active attitude of the Polish authoritiesand sound economic fundamentals, the risks largely have notmaterialized. Since 2006 the financial supervisor hasaddressed in its recommendations for banks the problem offoreign exchange lending, which contributed to the highquality of the portfolio. Before the economy slowed down,the Polish Financial Supervisory Authority persuaded banksto accumulate an additional capital buffer that helpedprotect them from the negative consequences of the downturn.Some regulatory concepts that had been put into place inPoland in the previous years, including quantitativeliquidity requirements, are now being implemented globally.The Polish Financial Supervisory Authority participates ininternational debates on a new regulatory regime for thefinancial system. The major message the authority intends toconvey is that all new regulations must be tailoredcarefully. Regulators should make an effort to ensure thatthe benefits of enhanced quality of the capital base or thecountercyclical buffer are not compromised by internationaloverregulation that could undermine nationalauthorities' ability to pursue effectivecountry-specific policies.