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Macroprudential Policy in Poland: Competent Authorities and Instruments
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An open research seminar was
held at the National Bank of Ukraine during which Head of Macroprudential Policy Division, Financial Stability
Department, National Bank of Poland, and lecturer of Warsaw School of Economics
Piotr Bańbuła presented the results of his
own research Macroprudential Policy:
Tenants and Tools. In his speech, he stressed that risk is an
integral part of economic activity, because there is no development without
risk. Sometimes this risk is associated with a specific institution, but
sometimes it is associated with structural changes in the economy and is
systemic, and therefore can trigger a crisis. According to Mr Bańbuła, macroprudential
policy can be used to mitigate the effects of such risks, but the use of its
tools needs to be balanced, since a more tight macroprudential
policy can hold back economic growth, while too soft may trigger a crisis. The speaker noted that the list of such tools
should be as short as possible for greater transparency of the regulator's
actions and ease of communication, as well as to reduce the probability of an
unexpected outcome of the interaction between several tools in case of their
simultaneous application. Describing the experience of macroprudential
policy tools application in his home country, Mr Bańbuła noted that in Poland they apply the tools
provided by the EU (CRR / CRR IV), as well as some of the most popular macroprudential policy instruments in the world, in particular
LTV and DSTI. He also shared the Polish experience of calibrating such tools. Among other things, Piotr Bańbuła
also emphasized the importance of the interaction of macroprudential
and monetary policies, noting that information on the impact of macroprudential policies on the economy and the monetary
transmission mechanism should be taken into account
when making monetary policy decisions to improve its efficiency. Please follow the link to view the research
paper in English:. Presentation of the research: https://goo.gl/5cXnFV. Video of the seminar: https://youtu.be/VOlttrx2vyA
The materials of previous open research
seminars are available
at. We
invite potential speakers to attend the following seminars. The materials with the results of scientific research (article and / or
presentation), the author's resume and the desired date for the seminar should be sent to the Research Division of the Monetary
Policy and Economic Analysis Department at e-mail: research@bank.gov.ua. |