Instytucjonalne przyczyny globalnego kryzysu bankowego i pojawienie się polityki makroostrożnościowej
DOI:
https://doi.org/10.18778/0208-6018.295.02Słowa kluczowe:
global banking crisis, regulation and supervision, macro-prudential policyAbstrakt
Niedawny światowy kryzys bankowy był efektem splotu powiązanych ze sobą przyczyn w postaci rozwinięcia się globalnych rynków pieniężnych, które stały się głównym źródłem finansowania niestabilnych boomów kredytowych, oraz powstania wielkich uniwersalnych konglomeratów finansowych, które uzyskały decydujący wpływ na kształt regulacji finansowych, doprowadzając do nadmiernej liberalizacji systemu regulacji i nadzoru bankowego. Wszystkie te czynniki stworzyły trzy główne źródła zagrożeń – w postaci zwiększonej procykliczności akcji kredytowej, rosnącej współzależności banków i rosnącego ryzyka ponoszenia przez banki strat bilansowych – które spowodowały globalny kryzys bankowy. Doświadczenia, związane z pojawieniem się w ostatniej dekadzie niestabilnych boomów kredytowych, pokazały, że stabilizowanie inflacji nie wystarczy dla stabilizowania gospodarki. Doświadczenia te wykazały, że polityka makroostrożnościowa powinna stać się drugim instrumentem polityki stabilizacyjnej banku centralnego.
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