Search results - CEJSH

1

The Impact of Business Cycles on the Foreign Direct Investment Inflows to Poland

100%

Warżała R.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2014

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vol. 9

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issue 2

25-39

EN

The core of this article is to study the impact of the last world economic crisis and world foreign direct investment fluctuations in the same period. The empirical study was based on data published by UNCTAD in annual reports, called World Investment Report. The research concerning the Polish economy was based on data of Polish National Bank. For measuring the relation between studied phenomena, the analysis of correlation was used, as well as the structure rate and the rate of growth. For the evolution of GDP fluctuations in Poland in the years 1990-2012, both the method of statistical analysis and the descriptive method were used. In the latest World Investment Report (WIR 2012) one can find the current world financial crisis involved in the drop of foreign direct investment flows. That was characteristic for the Polish economy, too. The main reasons for that are the descending investment capability of corporations, because of poorer profits level and higher costs of bank credits. The important argument for corporation investment slump is that the prospects of world economic growth are unfavourable.

2

The Financial and Economic Crisis and SMEs

80%

Věra M.

Littera Scripta

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2012

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vol. 2

95-103

EN

This paper picked a topic of small and medium-sized enterprises to highlight several related problems. It is dedicated to the characteristics of small to medium enterprises, its definition and role within nancial and economic crisis and present recession. There are analysis and comparison of their development during the last ve or ten years in the Czech Republic and EU. The data based on which the analyses and comparison were carried out was obtained from the public databases and other cited sources. The paper is trying to respond to the question: "How is the development of SMEs dependent on business?"

3

Model of a Regional Business Cycle Indicatorforthe Province of Warmia and Mazury

80%

Warżała R.

Olsztyn Economic Journal

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2012

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vol. 7

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issue 2

249-271

EN

Business cycle analysis at the national level does not have to be consistent with the economic situation of its individual regions. Diversity in the structure and development dynamics of the individual regions isalso reflected in the range of sensitivity to business cycle changes. Anevaluation was conducted of the suitability of multi-dimensional comparative analysis methods to evaluate the business cycle in the economy on a regional basis based on the example of Warmia and Mazury.The economy of Warmia and Mazury and its sensitivity to macroeconomic disturbances was the subject of the analysis. The business cycle studies by region conducted in Poland are based on so-called "business cycle tests" which are characterised by a high level of subjectivism. They are based on the results of questionnaire-based surveys conducted among entrepreneurs and, as a consequence, it seems justified to build a business cycle indicator for the province of Warmia and Mazury based on "hard" economic data. The proposal of the business cycle indicator for the region of Warmia and Mazury is based on the key economic dimensions for the region. The currently applied methods for elimination of irregular fluctuations and location of turning points were used for designing it. The outcome of the above measures offers the possibility to present the value of the current and prognostic business cycle indicator for Warmia and Mazury with monthly frequency.

4

Spectral analysis of business cycles in Poland and its major trading partners

80%

KIJEK A.

Operations Research and Decisions

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2017

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vol. 27

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issue 1

57-75

EN

The properties of business cycles in Poland and its major trading partners have been examined. The business cycle synchronization (BCS) between Poland and other countries was studied in order to assess the impact of international trade on BCS. The author applies a modification of the Fourier anal-ysis to the estimation of cycle amplitudes and frequencies. This allows more precise estimation of the cycle characteristics than the traditional approach. Cross-spectral analysis of the cyclical components of GDP for Poland and its major trading partners enables us to study the relationships between business cycles in these countries. Comparing the international structure of Polish trade with that of EU members with the cross-spectral characteristics of GDP series allows us to investigate the links between interna-tional trade and business cycle synchronization.

5

Ekonomia społecznych emocji. Równowaga i nierównowaga funkcjonalna w gospodarce polskiej w latach 1999–2016 na podstawie wskaźnika ALK (BDI)

80%

Koźmiński A., Noga A., Piotrowska K., Zagórski K.

Ekonomista

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2017

|

issue 6

644-674

PL

Autorzy wykorzystują zintegrowany wskaźnik rozwoju społeczno-gospodarczego, zwany wskaźnikiem ALK (BDI) do analizy koniunktury gospodarczej w Polsce w latach 1999– –2016. Wskaźnik ALK obejmuje 43 zmienne społeczne i ekonomiczne w podziale na cztery grupy: 1) oceny bieżącej sytuacji społecznej i politycznej, 2) przewidywania społeczne, 3) wewnętrzna sytuacja ekonomiczna, 4) czynniki zewnętrzne. Autorzy wykazują, że przewidywania społeczne mają wpływ na przebieg cyklu koniunkturalnego, a ekonomia społecznych emocji może być wykorzystywana do jego prognozowania.

EN

The authors use an integrated indicator of socio-economic development, called ALK (BDI), to analyze business cycles in the Polish economy in the period 1999–2016. The indicator includes 43 social and economic variables contained in four groups: (1) current assessments of social and political situation, (2) social expectations, (3) internal economic situation, (4) external factors. The authors show that social expectations have impact on the business cycle, and the economy of social emotions can be used to forecast it.

RU

Для анализа экономической конъюнктуры в Польше в 1999–2016 гг. авторы используют интегрированный показатель социально-экономического развития, называемый показа- телем ALK (BDI). Показатель ALK охватывает 43 социальных и экономических пере- менных, которые можно разделить на четыре группы: 1) оценка текущего социального и политического положения, 2) социальные прогнозы, 3) внутренняя экономическая ситуация, 4) внешние факторы. Авторы доказывают, что социальные прогнозы имеют влияние на ход конъюнктурного цикла, а экономика социальных эмоций может быть использована для его прогнозирования.

6

The UK business cycle and the structure of the economy

80%

Pater R.

Prace i Materiały Instytutu Rozwoju Gospodarczego SGH

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2015

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vol. 97: Economic cycles and uncertainty

67-93

EN

It is widely known that various sectors of an economy may react differently to the business cycle, and, on the other hand, it may be affected by sector specific shocks. Not much light has been shed so far on the impact of the business cycle on the structure of an economy, and vice versa. This study models and empirically tests the relationship, using data on the United Kingdom economy, 1963Q1-2011Q4. The structure of the economy is analyzed taking into account gross value added and employment in NACE Rev1.1 sections (6-branch division). Gross value added is additionally analyzed from the expenditure point of view. The unobserved component model and SVAR/SVEC models are used. The business cycle is found to influence and be influenced by the structure of the economy. Some effects may persist longer than one cycle, affecting the long-run path of the economy.

7

Polityka fiskalna wobec kryzysu finansowego. Próba oceny

80%

Lubiński M.

Gospodarka Narodowa. The Polish Journal of Economics

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2010

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vol. 242

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issue 9

1-23

EN

The article aims to evaluate, in theoretical terms, the fiscal policyresponse to the international financial crisis that began in 2007. The evaluation is based on a debate on the stabilization policy conducted after World War II, and on views formulated in research reports during the latest crisis. The main conclusion is that the reaction of the authorities to the crisis contradicts previously formulated theoretical recommendations. The most visible sign was the extensive use of fiscal policy measures. Theoretical recommendations were disproved in practice, largely due to political considerations. The key drawback of fiscal intervention was the lack of an assessment of the long-term implications of the move, with uncertain short-term effects. According to Lubiński, the crisis became an excuse for an inconsiderate public policy that served politicians and private interest groups. In a dubious arrangement, financial institutions were supported at the expense of taxpayers, despite the lack of public approval. The role of the government should be to ensure the proper functioning of the financial system, instead of rescuing it in the event of difficulties, Lubiński says. Another problem is posed by unclear regulations for discretionary action.

8

Exposure of Polish enterprises to risk within business cycle

80%

Jonek-Kowalska I.

Managerial Economics

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2018

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vol. 19

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issue 2

187-203

XX

In economies with relatively short free-market traditions, enterprises are highly exposed to general economic risk, including fluctuations in the business cycle, which may result in the limitation of their development opportunities and discourage them from undertaking business activity. Having regard to the aforementioned circumstances, the main goal of this article is to assess the exposure of Polish enterprises to the risk related to changes in the economic situa-tion. To achieve the goal set in such a manner, the first part of the article covers the grounds for the undertaken research along with an overview of the literature concerning the presented issues. In the second part of the article, the results of the risk assessment and the relationships of its level to the course of the business cycle in Poland during the years of 2000 to 2015 are shown. In the process of risk measurement, the statistical measures of variability and dynamics indices regarding the financial results of Polish enterprises are used. Whereas, in the course of determining the changes in the business cycle, the author makes use of the changes in the level of the Gross Domestic Product (GDP).

9

Business Cycles and Their International Transmission – the Introduction to the Problem

80%

Szymanik E.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2012

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vol. 7

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issue 3

EN

The article presents the problem of business cycle transmission and the role of canals of transmission in the contemporary world. Because of the theoretical character of the problem the used methodology is a presentation of the results of the researches and theoretical works about the problem of crisis sources and their transmission.

10

Specialization and business cycles fluctuations of Polish regions

80%

Warżała R.

Managerial Economics

|

2015

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vol. 16

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issue 2

175-188

EN

The aim of this article is to investigate the relationship between the cyclical fluctuations in Poland on a regional perspective and the level of specialization of regional economies. To do this, the correlation between the morphology features of regional business cycles and the level of their specialization was made. The morphology features were represented by such parameters: cycle length, phase length, standard deviation ratio, coefficient of variation ratio and average amplitude of upward and downward phases. The evolution of economic structures was measured by the Krugman specialization index. Assessing the GDP cyclical fluctuations in the Polish regions during 1996–2013, it can be concluded that the regions have different sensitivity to economy “shocks,” both positive and negative. The results of the regional specialization measuring are ambiguous. Most of them appear falling specialization, and the others show stable specialization levels. Despite a few exceptions, a correlation between the level of regional specialization and the degree of sensitivity to economic disturbances can be observed. Regions that are less specialized and have more-diversified production structures show greater resistance to economic fluctuations. This is confirmed by the analysis of the morphology of cycles on a regional basis.

11

Cykl koniunkturalny a aktywność innowacyjna przedsiębiorstw przemysłowych w Polsce

80%

Świadek A.

Ekonomista

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2015

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issue 3

350

PL

Artykuł zawiera analizę wpływu różnych faz cyklu koniunkturalnego na aktywność innowacyjną polskich przedsiębiorstw przemysłowych. Analiza jest oparta na rachunku prawdopodobieństwa (modelowanie probitowe) i wykonana na podstawie badań ankietowanych przeprowadzonych na dużej grupie w latach 2007–2012, z uwzględnieniem 18 wymiarów (atrybutów) działalności innowacyjnej. Z oszacowanych modeli wynika, że aktywność innowacyjna przedsiębiorstw w fazie ożywienia (prosperity) jest znacząco wyższa niż w czasie recesji i stagnacji. Wyniki badania nie potwierdziły zatem hipotezy stawianej w literaturze o wzmożonej aktywności innowacyjnej przedsiębiorstw w okresie recesji lub stagnacji i o antycyklicznym charakterze tej działalności. Ustalenia te należałoby uwzględnić w programowaniu polityki państwa w zakresie wspierania procesów innowacyjnych.

EN

The paper includes the analysis of the impact of various phases of business cycle on innovation activity of Polish industrial enterprises. The analysis is based on the probability calculus (probit models), using data collected in a survey made in a large sample of enterprises in the years 2007–2012, considering 18 dimensions (attributes) of innovation activity. The estimated models suggest that innovation activity of enterprises during the boom (prosperity) is significantly more intensive than during the recession or stagnation. The results of the examination do not confirm the hypothesis formulated in the literature according to which enterprises tend to intensify their innovative activity during the recession or stagnation and that innovation activity, therefore, acts anticyclically. These findings should be taken into consideration in programming the governmental policy to support innovation processes.

RU

Статья содержит анализ влияния различных фаз конъюнктурного цикла на инновационную активность польских промышленных предприятий. Анализ сделан исходя из теории вероятности (побитовое моделирование) и подготовлен на основании анкетных исследований, проведенных на большой группе промышленных предприятий в 2007- 2012 гг. с учетом 18-ти измерений (атрибутов) инновационной деятельности. Результаты показали, что инновационная активность предприятий в фазе оживления (prosperity) значительно выше, чем во время рецессии и стагнации. Это означает, что результаты исследования не подтвердили гипотезу, которая содержится в литературе относительно повышенной инновационной активности предприятий в период рецессии или стагнации и относительно антицикличного характера этой деятельности. Эти выводы следовало бы учесть в программировании политики государства в области поощрения инновационных процессов.

12

Wpływ instrumentów polityki fiskalnej na wahania koniunkturalne w gospodarce polskiej

80%

Spychała J.

Nierówności społeczne a wzrost gospodarczy

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2017

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vol. 52

136-145

PL

artykule zbadano wpływ narzędzi stosowanych w polityce fiskalnej na zmiany aktywności gospodarczej. Zważywszy na to, że sposób oddziaływania poszczególnych instrumentów fiskalnych nie zawsze jest zgodny z założeniami na gruncie teoretycznym, to w praktyce instrumenty te wykazują działanie stabilizujące lub destabilizujące. Celem głównym artykułu jest próba empirycznego zbadania charakteru oddziaływania wybranych, mierzalnych instrumentów polityki fiskalnej na zmiany aktywności gospodarczej w Polsce w latach 2001–2013. Na tej podstawie oceniona została skuteczność tych instrumentów w prowadzonej polityce antycyklicznej. Analiza uzupełniona została prezentacją najistotniejszych cech morfologicznych wahań koniunkturalnych wyodrębnionych w gospodarce polskiej podstawie wysokości PKB, urealnionych wskaźnikiem CPI. Empiryczna analiza cech morfologicznych wahań koniunkturalnych umożliwiła zbadanie związków pomiędzy zmianami aktywności gospodarczej a kwantyfikowalnymi strumieniami pokazującymi efekty oddziaływania instrumentów polityki fiskalnej. W pracy przyjęto hipotezę, iż realizowana w Polsce polityka fiskalna w niskim stopniu zorientowana jest na realizację celów antycyklicznych. Z przedstawionych rozważań dotyczących skuteczności prowadzonych w gospodarce polskiej działań antycyklicznych można wnioskować, że polityka ta charakteryzuje się niską efektywnością. Polityka fiskalna realizowana w Polsce nie była konsekwentna i słabo zorientowana na realizację celów antycyklicznych, co potwierdziło sformułowaną we wstępie hipotezę. Kierunki zmian stosowania większości instrumentów fiskalnych w czasie trwania cyklu koniunkturalnego były rozbieżne z postulatami teoretycznymi, a uwaga ta dotyczy głównie instrumentów podatkowych.

EN

The article examined the impact of the tools used in fiscal policy to changes in economic activity. Given the way the impact of the various fiscal instruments is not always consistent with the assumptions theoretically, in practice these instruments show a stabilizing or destabilizing. The main objective of this article is to attempt to empirically investigate the nature of the impact of selected measurable instruments of fiscal policy on economic activity in Poland in the years 2001–2013. On this basis, it was assessed the effectiveness of these instruments in the policy pursued countercyclical. The analysis was supplemented presentation of the most important morphological characteristics of cyclical fluctuations in the economy distinguished Polish basis of the GDP of adjusted CPI. The study hypothesized that implemented in Poland, fiscal policy in a low degree is aimed at achieving the objectives of counter-cyclical. With the considerations concerning the effectiveness of the Polish economy, counter-cyclical measures can be concluded that this policy is characterized by low efficiency. Fiscal policy implemented in Poland was not consistent and poorly oriented to the achievement of the objectives of counter-cyclical, which confirmed the hypothesis formulated in the introduction. Directions of changes in the use of the majority of fiscal instruments in the course of the business cycle have been inconsistent with the demands of theoretical and attention that focuses on tax instruments.

13

Money Supply as the Target of the Central Bank

80%

Jędruchniewicz A.

Folia Oeconomica Stetinensia

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2014

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vol. 14

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issue 1

116-136

EN

The main purpose of the article is a critical analysis of the monetary policy strategy that is based on the adoption of money supply as an intermediate target. The analysis is conducted from the perspective of the theory of the Austrian school. The first part of the article presents an influence of the supply of money on changes of categories in economy according to mainstream theories of economics. The second part discusses the essence of the strategy of monetary policy using money supply as an intermediate target from the point of view of the main trend in economics. It is demonstrated that in order to use it, two elementary conditions must be met: the function of demand for money must be at least relatively stable and the central bank must practically shape changes in the money supply at the planned level. The third part is of key importance for the purpose of this article. It involves the criticism of Friedman’s principle, i.e. a constant increase in money supply as a monetary strategy. According to the Austrian theory, an increase in the quantity of money which is not financed by voluntary savings separates the time structure of production and consumption. Thus, after the period of prosperity there a collapse in production must take place. It is also pointed out that the crisis can be postponed only when the quantity of money increases at an ever faster rate.

14

Fiscal Policy and Regional Business Cycles in Poland

80%

Kotliński K., Warżała R.

Olsztyn Economic Journal

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2018

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vol. 13

|

issue 1

57-68

EN

The aim of this paper is to evaluate the adequacy of discretionary fiscal policy, implemented at the national level, on the course of regional business fluctuations in Poland. Research is conducted as follows: identification of regional business cycles, identification of national fiscal policy as restrictive or expansive, and comparison of fiscal policy adequacy and phases of regional business cycles. In order to separate a cyclical factor from the empirical data, the Christiano-Fitzgerald asymmetrical filter was exploited. The character of discretional fiscal policy was evaluated on the basis of cyclically adjusted primary balance, as well as positive or negative output gap. The empirical results show that fiscal policy is not always cyclically appropriate for all 16 Polish regions. The reason for this is divergence among Polish regions both in the matter of regional business cycle morphology, and in the aspect of phase shifts.

15

Stan koniunktury gospodarczej w województwie warmińsko-mazurskim w obliczu drugiej fali kryzysu lat 2008-2011

80%

Warżała R.

Pieniądze i Więź

|

2012

|

vol. 15

|

issue 1(54)

148-160

EN

The aim of this article is to assess the economic situation in the Warmia and Mazury in 2008-2011. It is still period of unfinished crisis, starting in the end of 2008. The basis for assessment of the economic situation is the analysis of economic values such as: unemployment, level of employment, industrial production, construction and assembly production, retail sales, wage dynamics, foreign trade. With the synthetic evaluation of the economic situation of the region of Warmia and Mazury in view, there were built two indexes, taking into account current and projected state of prosperity. The results show that after a slightly better first half of 2011, follows suppressing of the growth rate, which can be seen in decreasing dynamics of these economic values.

16

Struktura kredytów a wahania cykliczne w Polsce

80%

Jędruchniewicz A.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

|

2013

|

issue 908

57-73

EN

The study sought to answer the question of whether the structure of loans borrowed by companies and households was consistent with the theses of the Austrian school which states that over the business cycle relative changes in the production of goods occur and depend on the degree of remoteness from the consumer goods and on their durability. In the years 2005–2011, Polish households contributed a much higher share of total loans to the real sector than did companies. However, business loans and household property loans, taken together, constituted the vast majority of all loans. The analysis conducted for those years showed that the loan structure in the 2005–2008 growth stage when compared to the 2009–2011 growth stage shows better agreement with the Austrian theory than the 2009–2011 growth stage (especially its initial part). This is evident in the change of the loan structure by entities and sectors.

17

ARE THERE TWO TYPES OF BUSINESS CYCLES? A NOTE ON CRISIS DETECTION

80%

Pater R.

Finansowy Kwartalnik Internetowy e-Finanse

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2014

|

vol. 10

|

issue 3

11-28

EN

Business cycles are highly irregular fluctuations in economic activity. This article attempts to determine whether there are some properties of business cycles that can make them look more regular. This is done by analysing business cycle dynamics, especially by employing and adjusting to contemporary business cycle analysis the theories of growth cycles and classical cycles. The non-homogeneity of business cycles is surveyed in theory and practice with use of ad hoc filtering, spectral analysis and unobserved components models. With their use business cycles are extracted. Several macroeconomic indicators for 32 economies are analysed to draw up additional characteristics of contemporary business cycles. The author proposes that fluctuations in economic activity lasting 8-19 quarters should be called ‘growth cycles’ and those lasting 20-40 quarters – ‘classical cycles’. The value added of this article is the consideration of the two different type of cycles in light of the same methods of extraction, while to date they have been thought of as the ones that can be analysed with use of different methods of extraction. Another innovation is comparison of the cyclicality of different macroeconomic indicators from the point of view of the two types of cycles, while to date they have been analysed in the light of a single business cycle. In the article it is shown that dividing business cycles into such defined classical cycles and growth cycles enables us to understand the differences between the cyclicality of various macroeconomic aggregates and countries. It also enables us to distinguish between smaller downturns and severe recessions. Another conclusion is that the duration of contemporary business cycles around the world closes in a range of 2 to 10 years.

18

Polityka fiskalna jako stabilizator koniunktury gospodarczej w Polsce w latach 2000–2014

80%

Spychała J., Spychała M.

Nierówności społeczne a wzrost gospodarczy

|

2017

|

vol. 50

120-130

PL

Stabilizacyjna funkcja polityki fiskalnej – zgodnie z którą wpływając na strukturę oraz poziom popytu globalnego, można oddziaływać na kształtowanie się realnych procesów gospodarczych – pozwala antycykliczną politykę fiskalną podzielić na politykę aktywną, związaną z działaniami dyskrecjonalnymi państwa, oraz politykę pasywną, związaną z działaniem automatycznych stabilizatorów koniunktury. Celem głównym artykułu jest próba empirycznego zbadania charakteru oddziaływania automatycznych i dyskrecjonalnych instrumentów antycyklicznej polityki fiskalnej oraz określenia ich znaczenia w kształtowaniu aktywności gospodarczej w Polsce w latach 2000–2014. W opracowaniu przyjęto hipotezę, iż zasadnicze znaczenie dla kształtowania wahań koniunkturalnych w Polsce mają: wśród automatycznych stabilizatorów koniunktury – podatki bezpośrednie, natomiast wśród instrumentów o charakterze dyskrecjonalnym – wydatki na działalność inwestycyjną państwa. Podstawą analizy empirycznej jest oszacowany model regresji liniowej, w którym jako zmienne objaśniane wykorzystano wskaźniki wahań cyklicznych (wyrażone w PKB), natomiast jako zmienne objaśniające – strumienie dochodów i wydatków budżetowych. W badaniu przyjęto kwartalne indeksy dynamiki zmiennych objaśnianych i objaśniających pochodzące z bazy danych GUS. Oczekiwane oddziaływanie antycykliczne wykazał zaledwie jeden instrument – dochody z tytułu podatku CIT, przeciwdziałając nadmiernym wahaniom tempa wzrostu PKB w okresie bieżącym, jak również z opóźnieniem dwóch kwartałów. Pozostałe instrumenty fiskalne, które okazały się istotne w wyjaśnianiu zmian koniunkturalnych, nasilały nadmierne wahania tempa wzrostu PKB, oddziałując na polską gospodarkę w sposób procykliczny.

EN

The stabilization function of fiscal policy allows a counter-cyclical fiscal policy to divide the policy of actively associated with the activities of discretionary state and passive policies associated with the operation of automatic stabilizers-congestion situation. The main aim of this article is to attempt to empirically examine the nature of the impact of automatic and discretionary instruments of counter-cyclical fiscal policies and determine their significance in the development of economic activity in Poland in the years 2000–2014. The study has been hypothesized that fundamental to economic fluctuations in Poland are: among the automatic stabilizers direct taxes, and among the instruments of a discretionary expenditure on public investment activities. The basis of the empirical analysis is estimated linear regression model, in which as explained variables used indicators of cyclical fluctuations (expressed in GDP), while the explanatory variables adopted streams of income and expenditure. The study adopted a quarterly index dynamics dependent variables and explanatory derived from the database the Central Statistical Office. Expected impact of countercyclical showed only one instrument – income from CIT, preventing excessive fluctuations in GDP growth in the current period, as well as the delay of two quarters. Other fiscal instruments, which proved to be important in explaining the changes in economic situation, aggravated excessive fluctuations in GDP growth, affecting the Polish economy in a pro- -cyclical.

19

Macroprudential policy instruments and procyclicality of loan-loss provisions – cross-country evidence

80%

Olszak M., Roszkowska S., Kowalska I.

Faculty of Management Working Paper Series

|

2016

|

issue WPS 4/2016

1-52

EN

We analyze the effectiveness of various macroprudential policy instruments in reducing the procyclicality of loan-loss provisions (LLPs) using individual bank information from over 65 countries and applying the two-step GMM Blundell-Bond (1998) approach with robust standard errors. Our research identifies several new facts. Firstly, borrower restrictions are definitely more effective in reducing the procyclicality of loan-loss provisions than other macroprudential policy instruments. This effect is supported in both unconsolidated and consolidated data and is robust to several robustness checks. Secondly, dynamic provisions, large exposure concentration limits and taxes on specific assets are effective in reducing the procyclicality of loan-loss provisions. And finally, we find that both loan-to-value caps and debt-to-income ratios, are especially effective in reducing the procyclicality of LLP of large banks. Off-balance-sheet restrictions, concentration limits and taxes are also effective in reducing the procyclicality of LLP of large banks. Dynamic provisions reduce the procyclicality of LLP independently of bank size.

20

Do institutional and political factors matter for the efficiency of banking sectors?

80%

Olszak M. A., Chodnicka P.

Journal of Banking and Financial Economics

|

2014

|

issue 1(1)

40-58

EN

This paper investigates the relevance of banking- sector- specific and macroeconomic determinants of profitability of 21 banking sectors over the years 1995-2009. In the analysis we apply the Arellano and Bond GMM-estimator to aggregated data collected in a harmonized way by the OECD, to find out whether banking-sector-specific and macroeconomic determinants which significantly affect the efficiency of individual banks, are also of great importance to the profitability (proxied by ROA and ROE ratios) of banking sectors. Our results suggest that banking-sector-specific determinants affect the efficiency of banks in the anticipated way. Macroeconomic variables have a statistically-significant impact on both ROA and ROE. The sensitivity of efficiency to both groups of determinants depends on institutional and political criteria.

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