Interest rate pass-through in the Polish banking sector and bank-specific financial disturbances

The purpose of this study is to assess the impact of disturbances in operation of the Polish banking sector on the effectiveness of monetary policy implementation. The pass-through mechanism from market interest rates to retail interest rates, offered by banks to their customers, is analysed in the context of a deterioration in quality of bank credit portfolios, a decrease in bank profitability (both related to a slowdown of the economy) and capital adequacy ratios. Main empirical findings are that the more profitable banks tend to adjust lending rates and rates for the longest deposits faster than the less profitable ones and that the banks with loans of lower quality tend to adjust corporate loan interest rates faster than banks with less risky credit portfolios, but the opposite is true for the most popular term deposit. These have some implications for interest rates spread dynamics that are analysed in the paper.interet rate pass-through; monetary policy; banks

Bank risks, risk preferences and lending

The recent debate on the impact of capital regulation on bank behaviour shows that risk exposures of banks might influence the amount of loans newly granted to the non-financial sector. The paper extends the traditional set of bank-specific variables used in testing for the bank lending channel and points to the role of financial stability analysis in the conduct of monetary policy. This role stems from the fact that the financial instability can influence the monetary transmission mechanism. The implications of the presented reasoning are tested using the data for the Polish banking sector during the period 1997-2004. The variables proxying bank risk preferences and the level of risk undertaken (also when interacted with a monetary policy measure) are significant in regressions explaining changes in the amount of bank loan supply.monetary policy; monetary transmission mechanism; bank lending channel; bank risk taking

Impact of globalisation? Changes in the MTM in Poland

The relationship between economic slack and inflation has been getting vague and blurred recently in the monetary transmission models supporting the MPC decision making process. This paper shows that the relationship holds robustly for inflation measures corrected for textile, footwear, audio appliances and telecom devices. The prices of those four consumption basket components have exhibited a downward trend irrespective of what is going on with the rest of consumption process for already five years. The results are supported by the evidence from VAR.

Unknown knowns. Eneolithic findings from Kietrz-Łęgi and Racibórz-Studzienna

The author carried out a thorough re-analysis of two eneolithic grave assemblages from Upper Silesia. Both burials discussed in the text yielded culturally and chronologically distinct vessels with discoid attachments of handles (Germ. Scheibenhenkel). The findings in question are very important for the understanding of the decline of the Middle Eneolithic ‘Danubian’ traditions in the area

STEROWANIE ORAZ SYNCHRONIZACJA DWUPOZIOMOWEGO FALOWNIKA NAPIĘCIA W WARUNKACH PRZEJŚCIOWEJ ASYMETRII NAPIĘĆ SIECI

This paper presents the operation of grid tied, two level voltage source inverter (VSI) during network voltage unbalance. The control system was implemented in synchronous rotating reference frame dq0 (SRF). Two types of control structures were investigated herein. First utilizes the Double Decoupled SRF Phase-locked loop (DDSRF-PLL) synchronisation with positive and negative sequence currents control. Second one is simplified system that does not provide symmetrical components decomposition and decoupling for synchronisation. Simulation results exhibited a superior performance of the DDSRF-PLL control system under grid voltage unbalance.Niniejszy artykuł przedstawia pracę dwupoziomowego falownika napięcia współpracującego z siecią, podczas przejściowej asymetrii napięć. System sterowania został zaimplementowany w wirującym układzie synchronicznym dq0. Przeanalizowano dwa typy sterowania. W pierwszym zastosowano metodę synchronizacji z odprzęganiem DDSRF-PLL wraz z możliwością kontroli prądów składowej zgodnej i przeciwnej. Drugi natomiast w swoje uproszczeni formie nie pozwalała na sterowanie obu składowych symetrycznych, zabrakło również odprzęgania podczas synchronizacji z siecią. Wyniki symulacji pokazały o wiele lepsze działanie pierwszej metody sterowania

ENVIRONMENTAL ASPECTS OF GRID CONNECTED POWER ELECTRONIC CONVERTERS CONTROL

This paper presents an unconventional view on power electronic converters control as an important factor in environmental protection. Two distinct features that are provided by the control system, namely harmonics elimination and Fault Ride-Through are addressed herein. The paper provides the discussion on how well designed and robust power converter control can influence the environment in a positive way. One of the shortcomings of power converters is emission of current harmonics which results in supply voltage distortion. The appropriate control minimizes the harmonics content which leads to energy losses reduction, especially in power transformers cores. Fault ride-through is an ability of power converter to remain connected and operating in a grid where the fault occurred. It is of paramount importance for integration of large power renewable energy sources. Shutting down e.g. large wind farm would result in engaging the conventional power plants to fill in the energy production gap

Bank risks, risk preferences and lending

The recent debate on the impact of capital regulation on bank behaviour shows that risk exposures of banks might influence the amount of loans newly granted to the non-financial sector. The paper extends the traditional set of bank-specific variables used in testing for the bank lending channel and points to the role of financial stability analysis in the conduct of monetary policy. This role stems from the fact that the financial instability can influence the monetary transmission mechanism. The implications of the presented reasoning are tested using the data for the Polish banking sector during the period 1997-2004. The variables proxying bank risk preferences and the level of risk undertaken (also when interacted with a monetary policy measure) are significant in regressions explaining changes in the amount of bank loan supply

Bank risks, risk preferences and lending

The recent debate on the impact of capital regulation on bank behaviour shows that risk exposures of banks might influence the amount of loans newly granted to the non-financial sector. The paper extends the traditional set of bank-specific variables used in testing for the bank lending channel and points to the role of financial stability analysis in the conduct of monetary policy. This role stems from the fact that the financial instability can influence the monetary transmission mechanism. The implications of the presented reasoning are tested using the data for the Polish banking sector during the period 1997-2004. The variables proxying bank risk preferences and the level of risk undertaken (also when interacted with a monetary policy measure) are significant in regressions explaining changes in the amount of bank loan supply

The measurement of the adhesion force between ceramic particles and metal matrix in ceramic reinforced-metal matrix composites

This paper presents the method for measurement of the adhesion force and fracture strength of the interface between ceramic particles and metal matrix in ceramic reinforced-metal matrix composites. Three samples with the following Cu to Al2O3 ratio (in vol.%) were prepared: 98.0Cu/2.0Al2O3, 95.0Cu/5.0Al2O3 and 90Cu/10Al2O3. Furthermore, microwires which contain a few ceramic particles were produced by means of electro etching. The microwires with clearly exposed interface were tested with use of the microtensile tester (Fig. 1). The microtensile tester consists of two stages, to which two endings of the microwire are fixed. The first stage is able to measure force with the precision equal to 0.1 mN. The microwires usually break exactly at the interface between the metal matrix and ceramic particle. The force and the interface area were carefully measured and then the fracture strength of the interface was determined. The strength of the interface between ceramic particle and metal matrix was equal to 59±8 MPa and 59±11 MPa in the case of 2% and 5% Al2O3 to Cu ratio, respectively. On the other hand, it was significantly lower (38±5 MPa) for the wires made of composite with 10% Al2O

Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?

In this paper we analyse the impact of monetary policy on total bank lending in the presence of a developed market for foreign currency denominated loans and potential substitutability between domestic and foreign currency loans. Our results, based on a panel of four biggest Central European countries (the Czech Republic, Hungary, Poland and Slovakia) confirm significant and probably strong substitution between these loans. Restrictive monetary policy leads to a decrease in domestic currency lending but simultaneously accelerates foreign currency denominated loans. This makes the central bank’s job harder