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This section contains information about articles under review and waiting for publication in next issues of the journal.
Similarity in economy-wide reaction for monetary impulses as another oca criterion. monetary policy and trade credit
Maria Sierpinska, Cracow's University of Economics, Poland
Paweł Młodkowski, Cracow's University of Economics, Poland
Abstract. The OCA criteria offered so far by classical OCA theory were focused on high positive correlation of business cycles in economies composing an optimal currency area. This way common monetary policy was suited for all members at the same moment. There was a threat however that despite of initial high positive correlation of business cycles, common monetary policy itself would be a cause of divergence. This could be a result of a different reaction of a union's economies to monetary impulses. One of channels central bank uses to influence private sector decisions is a credit one. Authors using a simple framework for capturing monetary policy stance test for substitution of bank credit by trade credit. With a VAR model, the cointegration analysis brings information about the nature of this reaction and lags present in the case of the Polish economy. The next step is to cover with this analysis all other EU countries, both composing EMU and those heading toward EMU accession to answer the question if the ECB is going to have the same influence on them. This way questions about another OCA criterion and rationale for joining EMU will be answered.
European monetary integration - challenges for the Romanian banking system
Ovidiu Stoica, University of Iasi, Romania
Bogdan Capraru, University of Iasi, Romania
Abstract. The European monetary integration and the adoption of a single currency will have profound implications on the Romanian banking system, both in the period before and in the period after the adoption. Among the main consequences on the Romanian banking system of adopting the euro as the national currency, analysed in the paper, we highlight: the alignment of the interest rates, commissions and banking charges with those in the euro area countries as a result both of a greater transparency and an increasing competition on the bank market; better bank products and services; mutations in the National Bank of Romania's monetary policy, in the banking legislative and regulations system; the transformations in the payment systems and in the bank credit policies and the credit boom, both in retail and corporate banking. The main trends in the Romanian banking system are analysed in connection with the evolution in other Central and Eastern European countries, and in the euro area countries. In the proposed study we use „the Structure-Conduct-Performance Hypothesis" (SCP) and the „Efficient Structure Hypothesis" (ESH) for evaluating the impact of competition on the evolution of the price of Romanian bank's products and services.
Banking regulation and procyclicality - cross-country analysis in EMU
Tamás Isépy, University of Pannonia, Hungary
Abstract. In connection with Basel II regulation the main critique is that the New Capital Accord raises the procyclicality of the banking system. In this paper EMU-wide cross-country comparative analysis is used to test evolution of the capital buffers, the output gap and the financial structure index. The author searched for answers to the following questions: what factors are influencing the measure of capital buffers held by the bank above the minimum capital adequacy ratio (BIS ratio 8 %), how the level of capital buffers is worked out by country, what relationship is there between the measure of capital buffers and a business cycle and is there any relation between the extent of capital buffers and financial structure?
Investment credit availability - bank enterprise relations in Poland
Joanna Tyrowicz, Uniwersytet Warszawski, Poland
Abstract. The complaints about insuffcient private investment are frequent in Poland. Equally often do we hear the criticism of the monetary policy pointing to excessively high interest rates. This paper estimates the speed of upward adjustment of loan rates relative to downward adjustment, accounting for different market segments and products. The empirical results show that for the investment credit upward adjustment is fast, but downward adjustment essentially does not occur. Consumer credit products demonstrate positive values for the speed of both adjustments although still upward changes occur faster than downwards ones. These findings suggest that banks may tend to discriminate entrepreneurs against other types of borrowers. This type of strategy can be only sustainable under insuffcient competition or with the behavioural parallelism among the banks.
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