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1

Fiinancial Stability and Reform of the Financial System

100%
Sipko J.
Creative and Knowledge Society
|
2012
|
vol. 2
|
issue 2
58-69
EN
The paper describes the main features of financial stability and the preparation of the reform of the global financial system. The mortgage crisis in the USA brought about the global financial crisis. This crisis was the result of the failure of financial regulation, including supervision, and the failure of the management of the banking industry. Therefore, the international community, including Group 20, urged the appropriate institutions to introduce a comprehensive reform of the financial sector. To avoid a potential financial crisis, the creation of the framework for financial stability would be needed. In line with this, the paper examines the interaction between both monetary and fiscal policies, including micro-and macroprudential policies and their instruments. Although still is going on discussion on definition of macroprudential policy, there is a generally accepted opinion that macroprudential policy should limit systemic risk. In addition, this policy should focus on interaction between the financial system and the real economy. Furthermore, micro- andmacroprudential policy should use appropriate instruments in dealing with the systemic risk. In this regard, the article undescores that put in a place the frameworkfor financial stability will create favorable conditions for decision-makers how they should to respond to financial imbalances. The paper also pointed out some potential economic costs related to the implementation of the overall international reform of the financial sector. Based on comprehensive literature study, the author came to the conclusion that despite the fact that there will be some economic costs related to implementing the overall regulatory reform of the financial sector, the main benefit from the long-term perspective will be avoiding the potential financial crisis in the future. To fulfill all the requirements for global financial reform, international cooperation will be needed.
2
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The New, “Non-core”, Perspective on Macroprudential Policy

75%
Czaplicki M.
Journal of Management and Financial Sciences
|
2015
|
vol. 20(2)
29-61
EN
The growth of non-core liabilities is regarded as the main cause of unstable credit booms which constitute the most serious source of financial instability. In developing economies the credit expansion is mostly related to inflows of short-term speculative capital. The main goal of the paper is to point out the role played by changing liabilities structure in the formation of credit booms. The paper scrutinizes the case of South Korea, which introduced macroprudential regulations already after the Asian financial crisis in 1997. The subprime financial crisis has proved that those tools were not entirely effective, which has led to the introduction of the “second generation” of macroprudential regulations following 2010. The paper analyzes the role of the growth of non-core liabilities in the Korean financial sector in the 2000’s, verifying if they contributed to the credit boom on the property market, as well as zombie lending to small and medium enterprises. Finally, using qualitative and quantitative data analysis it assesses the effectiveness of the macrostabilizing approach towards macroprudential regulation characteristic of the regulatory tools implemented after 2010.
3

Złożoność globalnego systemu finansowego – nowe wyzwania dla banków centralnych

63%
Zwolankowski M.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2015
|
issue 2(938)
143-154
PL
Złożoność struktur systemu finansowego postawiła nowe wyzwania przed bankami centralnymi w zakresie szacowania ryzyka systemowego i kształtowania globalnej stabilności finansowej. Złożona i powiązana z niepewnością natura współczesnego kryzysu finansowego ujawniła niedoskonałą wiedzę regulatorów, w tym banków centralnych, na temat związków przyczynowo-skutkowych występujących na globalnych rynkach finansowych. Mówiąc językiem T.S. Kuhna, ekonomiści dobrze identyfikują skutki zdarzeń wywołujących kryzys finansowy, lecz mają trudności z kontekstem uzasadnienia jego przyczyn. Kryzys finansowy jest zatem również kryzysem poznania, czego przykład stanowi fakt, że uczestnicy rynku finansowego mieli ograniczoną zdolność percepcji ryzyka, natomiast instytucje systemu regulacji finansowej napotkały bariery w wywieraniu wpływu na zachowania rynkowe uczestników tego rynku. Przełomem w tym względzie powinno być konsekwentne powierzanie współczesnym bankom centralnym zadań w zakresie nadzoru makroekonomicznego.
EN
The complexity of financial system structures has introduced new challenges for central banks in the area of assessing systemic risk and shaping global financial stability. The complex and uncertainty-driven nature of the recent financial crisis has revealed imperfections of knowledge on the part of regulators, including central banks. This imperfect knowledge relates to causality on global financial markets. Using Kuhn’s language, the economists have been able to identify the effects of events that caused the financial crisis. However, they are struggling to explain its causes. Thus, the financial crisis is also a crisis of cognition, as evidenced by the limited ability financial market participants had in perceiving risk, while regulatory institutions were facing obstacles in shaping market behaviour. In this context, a consistent policy of equipping contemporary central banks with macro-prudential policy tools could be an important change.
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