Stability of the Polish Financial System in 1993-2001. Selected Problems

Poland is one of the few emerging markets that, till now, have not been affected by financial crisis. This fact prompts to ponder over the actual determinants and features of the Polish financial system that have contributed to its insusceptibility to crises as well as on the areas that require improvement. This resolves itself into the question whether the Polish financial system has evolved in the right direction from the point of view of financial stability. In analyzing the stability of the Polish financial system (including the banking system), the authors concentrated on the period of 1993-2001. To this end they utilized a set of earlier elaborated indices regarding both the macro and microeconomic scale. They analyzed, from the point of view of the stability, the most important developments and processes resulting from the transformation of the Polish economy. The above analysis led to conclusions that favourably assessed the direction of the transformation and the stability of the Polish financial system. This, i.a. found expression in the sustained (despite some perturbations) confidence of foreign investors. In further aspiration after securing the financial stability it will be necessary to strengthen the market discipline, promote the corporate governance and consolidate sound, general economic foundations of stability.