2014 | 3(56) | 7-49
Article title

Indeksy dyscypliny rynkowej : propozycja nowego podejścia do pomiaru siły dyscypliny rynkowej w bankowości

Title variants
Market Discipline Indexes : a Proposed New Approach to Measuring the Strenght o Market Discipline in Banking
Languages of publication
W niniejszym artykule zaproponowaliśmy nowy sposób mierzenia siły dyscypliny rynkowej w bankowości. W miejsce tradycyjnego badania wrażliwości kosztu i dostępności kapitału na czynniki fundamentalne lub niepowtarzalne zdarzenia niosące informację o kondycji banków postulujemy użycie indeksów dyscypliny rynkowej. Ich podstawową zaletą jest to, że wyrażają one natężenie rynkowych procesów monitorowania w danym kraju i okresie za pomocą pojedynczej liczby. Ułatwia to dokonywanie porównań zarówno w czasie, jak i przestrzeni (pomiędzy krajami lub ich grupami). (fragment tekstu)
This article presents a new method designed to measure the strength of market discipline in banking using synthetic indexes. Their main advantage - as compared to traditional methods of market discipline analysis - is the ease of comparisons in time and space. Apart from that, they enable us to establish the determinants of the proper functioning of market discipline. Based on banks' financial statements we calculated and presented the values of the indexes for almost 80 countries. The indexes, despite differences in their construction, classify countries in a similar way with respect to the exercised strength of market discipline through the cost of capital and its availability. In an example we use the indexes to analyze determinants of market discipline and show that the influence of widely understood education is conditional on safety net arrangements and a country's wealth.
Physical description
  • Akademia Leona Koźmińskiego
  • Polska Akademia Nauk
  • Akademia Leona Koźmińskiego
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