Rola regulacji kapitałowych i podejmowania ryzyka przez banki w polityce pieniężnej

• Autorzy: Małgorzata Olszak

Warianty tytułu

The Role of Capital Regulation and Risk-Taking by Banks in Monetary Policy

• Języki publikacji: PL

Abstrakty

Poprzedzające ostatni kryzys finansowy uwarunkowania makroekonomiczne cechowały: bardzo niska inflacja, stabilny wzrost gospodarczy oraz niskie stopy procentowe. W okresie tym występował jednak bardzo silny wzrost aktywności kredytowej banków i wzrost cen na rynkach aktywów, tj. np. na rynku nieruchomości. Stosowane standardowo w polityce pieniężnej modele cyklu koniunkturalnego nie wyjaśniają przyczyn współwystępowania takich zjawisk. W literaturze przedmiotu zwraca się uwagę na endogeniczne determinanty nadmiernej ekspansji kredytowej banków. Celem artykułu jest próba nakreślenia roli regulacji kapitałowych w procesie transmisji impulsów polityki pieniężnej oraz określenie wpływu polityki pieniężnej na postrzeganie ryzyka i reakcję na ryzyko przez banki. W analizie wpływu regulacji kapitałowych na mechanizm transmisji impulsów polityki pieniężnej podstawowego znaczenia nabiera tzw. kanał kapitałowy polityki pieniężnej, którego oddziaływanie na intensywność aktywności kredytowej banków jest zróżnicowane. W artykule zidentyfikowano determinanty tego zróżnicowania. Regulacje kapitałowe kształtują proces zarządzania ryzykiem przez banki. Na ten proces wpływa jednak również polityka pieniężna, poprzez tzw. kanał ryzyka polityki pieniężnej. Z analizy badań empirycznych wynika, że kanał ten był istotną determinantą boomu kredytowego m.in. w USA. Przeprowadzona w artykule analiza skłania do wniosku, że rola banku centralnego nie może ograniczać się jedynie do dbania o stabilność cen, ale również o stabilność systemu finansowego. (abstrakt oryginalny)

EN

The credit boom prevailing in the period preceding the last financial crisis was prolonged and associated with neither particularly strong output growth nor rising inflation in economies in which it occurred. This type of credit cycle and financial cycle is hard to reconcile with existing economic theory applied in monetary policy. In this paper we point out to endogenous factors behind this phenomenon. We aim to identify what is the role of bank capital regulation and bank risktaking in the transmission mechanism of monetary policy. The transmission of monetary policy impulses through capital channel is a diversified process, and depends on bank specific, background macroeconomics's specific and other factors. Bank capital standards affect the banks' perception, management and pricing of risks. In this area, monetary policy is also of great importance, with prominent role of the so called risk-taking channel in which central banks actions have an impact on bank risk attitudes. Consequently monetary policy is not fully neutral from a financial stability perspective. Stable level of inflation does not guarantee the stability of financial system. Therefore central banks in their conduct of monetary policy should constrain the build-up of financial imbalances. (original abstract)

Słowa kluczowe

PL

Polityka pieniężna; Ryzyko bankowe; Zarządzanie ryzykiem finansowym; Stabilność finansowa; Rynek kapitałowy; Cykle finansowe; Cykl kredytowy

EN

Monetary policy; Banking risk; Financial risk management; Financial sustainability; Capital market; Financial cycles; Credit cycle

• Czasopismo: Oeconomia Copernicana
• Rocznik: 2014
• Tom: 5
• Numer: nr 1
• Strony: 7--26

Twórcy

autor

Małgorzata Olszak

• Uniwersytet Warszawski

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Identyfikatory

DOI

10.12775/OeC.2014.001