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1
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Financial Education as Significant Challenge for High School in Poland for the Upcoming Years

100%
Kurowski Ł.
Edukacja Ekonomistów i Menedżerów
|
2016
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vol. 42
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issue 4
152-162
EN
The article presents the most important reasons for the low level of the financial and economic competences of high school students. The analysis in this area is based on the research conducted by the National Bank of Poland in November 2014. The aim of this article is to draw attention to the low status of the school subject „introduction to entrepreneurship” which is taught in the secondary school. For this reason the majority of young people lack the basic knowledge in terms of finance and economy. The GFC (global financial crisis) experience has shown that the level of financial liabilities is disproportionate to the possibility of their repayment. One of the reason for this behaviour is the low level of financial education among the young. Therefore, the role of entrepreneurship education at the high school stage is invaluable and determines future attitudes toward economic activity.
2
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Climate Challenges: Central Banks In The Hot Seat – Rethinking Monetary Policy and Educational Activity

100%
Kurowski Ł.
Journal of Banking and Financial Economics
|
2024
|
issue 1(21)
29-41
EN
Global warming poses many challenges for all economic entities. The two main challenges facing all countries are climate change mitigation and adaptation. Central banks also face difficult tasks in this context. The difficulty stems from the impact of climate change on all sectors of the economy. Central banking has to deal with the new challenges created by climate change for monetary policy, macroprudential policy, but also climate education. The aim of the article is to verify to what extent climate change is considered in the central bank’s main objective – monetary policy. Therefore, the article examines the frequency with which central banks refer to climate issues in their inflation reports. Applying a text mining approach to the analysis of 459 inflation reports published by 10 central banks from post-communist countries between 2013 and 2023 confirms that climate issues make up a small part of inflation reports. On the positive side, the frequency of central banks’ references to climate issues increased after 2022 (in particular, the frequency of words in the area of transition risks). The study also found that the challenges of climate change are motivating central banks to take various actions to spread climate education in society. The trends identified point to an urgent need for central banks to pay more attention to climate risks in their activity – monetary policies, prudential policies and climate education.
3
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Antycykliczny bufor kapitałowy jako instrument polityki makroostrożnościowej. Dotychczasowe doświadczenia w Unii Europejskiej

63%
Dobrzańska A., Kurowski Ł.
Bezpieczny Bank
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2019
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vol. 74
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issue 1
8-42
EN
Countercyclical capital buffer (CCyB) has become a key macroprudential tool used to prevent pro-cyclicality and excess credit growth. The aim of this article is to analyze the experience of EU countries which decided to set a non-zero buffer rate. Ten EU countries, where the buffer was activated in 2014-2018, have been subject to the analysis. The key part of the article is devoted to the CCyB methodology and justification of the designated authorities’ decisions. The conclusions from the research indicate a limited usefulness of the Basel methodology. The country review shows that credit gap serves only as an auxiliary indicator while decisions on CCyB rate are based on a wider set of data, including property prices, indebtedness and geopolitical risk. Furthermore, in some countries macroprudential strategies assume maintaining a non-zero CCyB rate in normal times.
PL
Antycykliczny bufor kapitałowy (CCyB) stał się jednym z kluczowych instrumentów makroostrożnościowych wykorzystywanych do przeciwdziałania procykliczności oraz nadmiernej akcji kredytowej. Celem artykułu jest analiza doświadczeń krajów unijnych, w których zdecydowano się na ustalenie dodatniego wskaźnika bufora antycyklicznego. Analizie poddano 10 krajów unijnych, które w latach 2014-2018 aktywowały bufor antycykliczny. Główne rozważania koncentrują się na analizie metodologii i przesłanek decyzji organów wyznaczonych w tych krajach. Wnioski z artykułu wskazują na ograniczoną użyteczność metodologii bazylejskiej. Dokonany przegląd doświadczeń pokazuje, że luka kredytowa wykorzystana jest jedynie jako wskaźnik pomocniczy, a decyzje w zakresie kalibracji bufora bazują na szerszym zestawie zmiennych, obejmującym m.in. ceny nieruchomości, zadłużenie, a także ryzyko geopolityczne. Ponadto, w niektórych krajach strategie makroostrożnościowe zakładają utrzymywanie niezerowego poziomu CCyB w normalnych warunkach.
4
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Communicating financial stability in monetary policy reports: a text-mining experiment in postcommunist countries

63%
Kurowski Ł., Smaga P.
Central European Management Journal
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2024
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vol. 32
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issue 1
57-75
EN
Purpose – Financial stability has become a focal point for central banks since the global financial crisis. However, the optimal mix between monetary and financial stability policies remains unclear. In this study, the “soft” approach to such policy mix was tested – how often monetary policy (in inflation reports) analyses financial stability issues. This paper aims to discuss the aforementioned objective. Design/methodology/approach – A total of 648 inflation reports published by 11 central banks from post-communist countries in 1998-2019 were reviewed using a text-mining method. Findings – Results show that financial stability topics (mainly cyclical aspects of systemic risk) on average account for only 2%of inflation reports’ content. Although this share has grown somewhat since the global financial crisis (in CZ, HU and PL), it still remains at a low level. Thus, not enough evidence was found on the use of a “soft” policy mix in post-communist countries. Practical implications – Given the strong interactions between price and financial stability, this paper emphasizes the need to increase the attention of monetary policymakers to financial stability issues. Originality/value – The study combines two research areas, i.e. monetary policy and modern text mining techniques on a sample of post-communist countries, something which to the best of the authors’ knowledge has not been sufficiently explored in the literature before.
5
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Households’ Borrowing Intentions During the COVID-19 Crisis: The Role of Financial Literacy

63%
Kurowski Ł., Malinowska-Misiąg E.
Journal of Banking and Financial Economics
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2022
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issue 1(17)
98-113
EN
This study aims to determine the role of financial literacy in households’ borrowing intentions during the coronavirus pandemic. Employing a survey of 1,300 Polish citizens conducted during the COVID-19 crisis and an instrumental variable analysis, we found that financial literacy significantly increases households’ borrowing intentions. This applies to financially sound consumers both in crisis and normal times. In terms of sociodemographic features, young adults and the less educated are less willing to borrow during the pandemic.
6
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Financial Literacy in the Era of Artificial Intelligence. Towards Financial Inclusion. Opening Remarks

63%
Kurowski Ł., Szelągowska A.
Journal of Banking and Financial Economics
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2024
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issue 1(21)
7
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“Every knock is a boost”. Cyber risk behaviour among Poles

51%
Cichowicz E., Iwanicz-Drozdowska M., Kurowski Ł.
Economics and Business Review
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2021
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vol. 7
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issue 4
94-120
EN
The purpose of this study is to evaluate the safety of individuals’ behaviour in the cyber world, especially when using financial services. The article focuses on knowledge of cybersecurity issues, cyber risk awareness and respondents’ self-assessment as potential determinants of individual behaviour. The data obtained from a survey of a representative group of Polish citizens during the second wave of the COVID-19 pandemic was analysed. Ordinal logistic regression and instrumental variable analysis confirm the existence of a positive relationship between knowledge and awareness of cyber risk and safe behaviour in the cyber world. Older generations exhibit safer behaviour which may be linked to their life experience; however, the results do not confirm that experiencing a loss due to cyber risk convinces individuals to use Internet-based solutions in a safer manner. Therefore, educational campaigns should be expanded to include cyber risk issues and tailored to the needs of various users.
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