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Determinanty finansowania obligacjami banków w Polsce

Author

Listed:
  • Paweł Węgrzyn

    (Szkoła Główna Handlowa w Warszawie, Katedra Geografii Ekonomicznej)

Abstract

Celem artykułu jest identyfikacja głównych determinant finansowania banków w Polsce obligacjami. Zgodnie z teorią obligacji korporacyjnych na emisję obligacji wpływają głównie czynniki ekonomiczne. Tymczasem przegląd literatury przedmiotu oraz regulacji prawnych sugeruje, że w przypadku obligacji podporządkowanych to czynniki regulacyjne determinują emitowanie tych papierów wartościowych przez banki. Co ważne, obligacje podporządkowane stanowią dominującą grupę obligacji bankowych na rynku krajowym. Aby zweryfikować hipotezę badawczą zakładającą, że to determinanty regulacyjne są kluczowe dla finansowania banków obligacjami, przeprowadzono badanie ankietowe (CAWI). Kwestionariusze ankiet zostały skierowane do banków komercyjnych i spółdzielczych w Polsce. Wyniki badań potwierdziły, że to właśnie czynniki regulacyjne, takie jak możliwość zwiększenia poziomu funduszy własnych oraz spełnienia wymogu MREL, w głównej mierze determinują finansowanie banków obligacjami podporządkowanymi. Dotyczy to zarówno banków komercyjnych, jak i banków spółdzielczych.

Suggested Citation

  • Paweł Węgrzyn, 2022. "Determinanty finansowania obligacjami banków w Polsce," Bank i Kredyt, Narodowy Bank Polski, vol. 53(4), pages 399-420.
    • Handle: RePEc:nbp:nbpbik:v:53:y:2022:i:4:p:399-420
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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