Financial System Stability vs. Social Policy

• Autorzy: Marta Karaś

Warianty tytułu

Stabilność systemu finansowego a polityka społeczna

• Języki publikacji: EN

Abstrakty

Autorka omawia koszty społeczne kryzysów finansowych, argumentując, że wspieranie stabilności systemów finansowych, w połączeniu z zaufaniem publicznym do rynków finansowych i bankowości, prowadzi do zmniejszenia kosztów społecznych poprzez redukcję częstotliwości kryzysów związanych z długoterminowym rozwojem sfery finansowej na świecie. W oparciu o propozycję Adrian, Covitz i Liang [2014], autorka dowodzi, iż regulacje ostrożnościowe mogą obniżyć koszty społeczne kryzysów. Wymaga to aktywnej roli instytucji regulujących sektor finansowy i banków centralnych, ponieważ preferowana wrażliwość systemu finansowego na szoki może być osiągnięta poprzez działania makroostrożnościowe i zwiększenie przejrzystości systemu, jak również przez zarządzanie społecznym postrzeganiem stabilności (bezpieczeństwa) tego systemu. W celu uzasadnienia istnienia wspomnianej powyżej relacji przytoczone są wybrane badania empiryczne, a także dokonane jest teoretyczne opracowanie dotyczące pojęcia kosztów społecznych i stabilności finansowej(abstrakt oryginalny)

EN

The paper adds to the discussion of social costs of financial crises through theoretical elaboration, arguing for the position that supporting the stability of financial systems, if combined with public confidence in financial markets and banking, leads to a reduction of social costs by reducing the frequency of crises associated with the long-term development of the financial sphere in the world. Following the theoretical function proposed by Adrian, Covitz and Liang [2014], the author elaborates that prudential regulation may lower the social costs of crises. This calls for an active role of regulating the financial sector and that of the central banks, as the preferred sensitivity of the financial system to shocks may be achieved by prudential regulation and the increasing of transparency of the system, as well as by the management of social perception of stability (security) of this system. The paper postulates the abovementioned relation by reviewing selected empirical studies and framing the discussion in theoretical elaboration on social costs and financial stability(original abstract)

Słowa kluczowe

PL

Koszty społeczne; Stabilność finansowa; Kryzys finansowy

EN

Social costs; Financial sustainability; Financial crisis

• Czasopismo: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
• Rocznik: 2017
• Numer: nr 482 Wrocław Conference in Finance: Contemporary Trends and Challenges
• Strony: 85-106

Twórcy

autor

Marta Karaś

• Wrocław University of Economics

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Identyfikatory

DOI

10.15611/pn.2017.482.08