Abstract
Purpose – The article was written to outline of the evolution of the Polish financial system supervision model evolution in the context of the 30 years of economic transformation and substantial changes of the institutional environment. Research methodology – The conducted historical analysis shows that several global trends influenced local solutions starting from neoliberal self-regulation sectoral approach to the more statecontrol oriented integrated model. The author describes the mechanism that drove the evolution of the Polish financial system and presents how the financial supervisory responded to these changes. The most important part of the article is devoted to the description of the Polish financial sector’s response to the last financial crisis and the role that the financial supervisory model played in finding successful solutions for complex risks transmitted from international financial markets. Finding – The article allows to understand better the financial system’s role in the sound economic development and the new systemic perception of the financial stability and encourages researchers to search for new financial and macroeconomic paradigms to be able to explain free-market failure in ensuring proper functioning of financial intermediation and finding a new solution that make the local and global financial system immune to inevitable future shocks. The main scope of the research is concentrated around the extended institutional supervisory framework with macroprudential policy as a new driving force for post-crisis regulatory order that the Polish banking sector must join. Originality/value – According to the knowledge of the author, it is one of the few articles concerning development of the Polish financial system and financial supervision in the context of institutional changes in the global and local regulatory framework after post-socialist transformation and 2007+ crisis.
Highlights
The last 30 years were a period of the Polish financial system’s permanent development
Ipso facto the process of the financial supervision completed with the establishment of the single institution responsible for all key sectors of the local financial system, separated from the initial source of power based on the collegial decisions taken by a group of experts including the representatives of the Polish central bank and central government
During the last 30 years, the Polish financial system underwent two key transformations: firstly, at the beginning of the 90’ of the 20th century a change from a centrally planned based on a one-layer banking sector dominated by the central bank to a market-driven one with heterogenous financial institutions and after the 2007+ crisis, from focused on self-regulation to prudentially supervised
Summary
Purpose – The article was written to outline of the evolution of the Polish financial system supervision model evolution in the context of the 30 years of economic transformation and substantial changes of the institutional environment. The most important part of the article is devoted to the description of the Polish financial sector’s response to the last financial crisis and the role that the financial supervisory model played in finding successful solutions for complex risks transmitted from international financial markets. Originality/value – According to the knowledge of the author, it is one of the few articles concerning development of the Polish financial system and financial supervision in the context of institutional changes in the global and local regulatory framework after post-socialist transformation and 2007+ crisis.
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