Public Debt, Financial Stability and Access to Bank Credit: Evidence from Central and East European Countries

Krzysztof Kil, Ewa Miklaszewska, Nina Moysova Kyoseva

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ISBN/ISSN:

978-83-7252-893-3

DOI:

Wydawnictwo:

Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie

Rok wydania:

2024

Liczba stron:

105

XML:ISBN/ISSN:

ONIX MARC21

Bibliografia:

Kil, Krzysztof; Miklaszewska, Ewa; Kyoseva, Nina Moysova. Public Debt, Financial Stability and Access to Bank Credit: Evidence from Central and East European Countries. Red. . : Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie, 2024, 105 s. ISBN 978-83-7252-893-3

Bibliografia refWorks:

RT Book, Whole

SR Electronic(1)

A1 Kil, K.

A1 Miklaszewska, E.

A1 Kyoseva, N.M.

T1 Public Debt, Financial Stability and Access to Bank Credit: Evidence from Central and East European Countries

PB Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie

YR 2024

SN 978-83-7252-893-3

Bibliografia BibTex:

@Book{ 314629, author = "Kil, Krzysztof and Miklaszewska, Ewa and Kyoseva, Nina Moysova", editor = "", title = "Public Debt, Financial Stability and Access to Bank Credit: Evidence from Central and East European Countries", publisher = "Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie", year = "2024", address = "", isbn = "978-83-7252-893-3" }

Bibliografia endNote:

TY - BOOK

AU - Kil, Krzysztof

AU - Miklaszewska, Ewa

AU - Kyoseva, Nina Moysova

ED -

TI - Public Debt, Financial Stability and Access to Bank Credit: Evidence from Central and East European Countries

PB - Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie

CY -

PY - 2024

SN - 978-83-7252-893-3

ER -

Netografia (standard APA):

Kil, Krzysztof; Miklaszewska, Ewa; Kyoseva, Nina Moysova. Public Debt, Financial Stability and Access to Bank Credit: Evidence from Central and East European Countries [baza danych online] : Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie, 2024 [dostęp: 10 09 2024]. Dostęp w Ibuk Libra: https://libra.ibuk.pl/reader/public-debt-financial-stability-and-access-to-bank-credit-evidence-krzysztof-kil-ewa-314629.

bankowość, dług publiczny, stabilność finansowa, kredyt bankowy, kraje Europy Środkowo-Wschodniej

W monografii, której autorami są pracownicy Uniwersytetu Ekonomicznego w Krakowie dr Krzysztof Kil i prof. dr hab. Ewa Miklaszewska oraz współzałożycielka i prezes zarządu Balcan Economic Forum dr Nina Moysova Kyoseva, poruszono jeden z najważniej...

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ISBN/ISSN:

978-83-7252-893-3

DOI:

Wydawnictwo:

Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie

Rok wydania:

2024

Liczba stron:

105

XML:ISBN/ISSN:

ONIX MARC21

List of Abbreviations8
Introduction10
1.1. Introduction12
Chapter 1. DETERMINANTS OF FINANCIAL STABILITY12
1.2. Defining Financial Stability13
1.3. Factors Influencing Financial Stability17
1.4. Impact of Crises on Financial Stability18
1.5. Post-crisis Reform and Financial Safety Net20
2.1. Introduction25
Chapter 2. THE IMPACT OF PUBLIC DEBT ON FINANCIAL STABILITY25
2.2. Public Debt Sustainability26
2.3. The Impact of Public Debt on Sovereign Credit Risk31
2.4. Public Debt in the EU and CEE36
3.1. Introduction42
Chapter 3. FACTORS INFLUENCING ACCESS TO BANK CREDIT42
3.2. The Role of Bank Credit in the Economy43
3.3. The Impact of Macroeconomic Policies on Bank Performance46
3.4. The Impact of Financial Stability on Bank Credit49
4.1. Introduction53
Chapter 4. BANK STABILITY, PERFORMANCE AND ACCESS TO CREDIT IN THE CEE REGION53
4.2. Macroeconomic Characteristics of the CEE Region55
4.3. Banking Sector Development and Bank Performance in the CEE Region57
4.4. Assessment of CEE Bank Stability61
4.5. Access to Credit in the CEE Region67
5.1. Analysis of the Public Finance Debt and Budget Deficit in the CEE Region70
Chapter 5. PUBLIC DEBT, ACCESS TO CREDIT AND BANK STABILITY IN CEE COUNTRIES: THE RESULT OF PANEL DATA REGRESSIONS70
5.2. Research Approach and Design75
5.3. Descriptive Analysis of Panel Data Regression Results for Financial Stability76
5.4. Descriptive Analysis of Panel Data Regression Results for Bank Lending81
6.1. Public Debt, Financial Stability and Access to Bank Credit in CEE – Main Findings86
Chapter 6. CONCLUSIONS AND POLICY IMPLICATIONS86
6.2. General Conclusions and Policy Implications89
Appendixes91
References95
List of Tables103
List of Figures107

INTRODUCTION

Theglobalfinancialcrisisof200;+andthesubsequentbankrescuingpack-

agesandfinancialrestructuringprogramsresultedintherapidgrowthofpublic

debt,particularlyinEuropeaneconomies.Withpriorityplacedonachieving

financialstability,decreasingfinancialriskandsafeguardingcreditavailability,

balancedpublicbudgetsbecameasecondaryobjective.12yearsafterthefinancial

crisis,publicindebtednessfurtherexpandedwiththeoutbreakoftheCOVID-19

pandemic,thistimewithpublicspendingcenteredontherealeconomy.

Asaresult,therelationshipbetweenfinancialstability,fiscalsustainabilityand

economicgrowth,accompaniedbyefficientaccesstocredit,becameakeypublic

policyissue.

Financialstabilityisadifficultconcepttodefine.Itrequiresagreatdeal:aneffi-

cient,well-performingfinancialsystemandhealthyinstitutionsandmarkets,func-

tioninginaninfrastructurethatisresilienttoadversedisturbances.Thecomplex

processesofexpanding,liberalisingandglobalisingfinancialflowsinthepasthave

producedawideninggapbetweenthegrowthratesofthefinancialeconomyandthe

realone.Therapidexpansionofthefinancialsectorhasnegativelyaffectedfinan-

cialstability,byfosteringspeculativebubblesandexcessiverisk-taking,particularly

before200;(Allen,Babus&Carletti2009,Criste&Lupu2014).Inefficienciesin

thereallocationofcapitalmayalsolaythefoundationsforfuturevulnerabilities

(ECB2005).Theimpactofpublicdebtonmacroeconomicvariables,particularly

GDPgrowth,hasbeenextensivelyresearchedintheliterature,thoughresultshave

notbeenconclusive.Basedonamulti-countryhistoricaldataset,Reinhartand

Rogoff(2010,2011)assertedthatthereisasystemicrelationshipbetweenhigh

publicdebtlevels,growthandinflation,particularlyforcountrieswithpublicdebt

over90%ofGDP.Theirconclusionsmetwithcriticism,particularlyasthe90%

thresholdsintherelationbetweenpublicdebtandeconomicgrowthlackrobust-

ness.Thatiswhyanynewstudiesontheconsequencesofhighpublicdebtare

importantforbothacademicdebateandforpublicpolicyconsiderations.

Withtheabovearguments,thismonographinvestigatesthelinkagesbetween

thereal,financialandpublicsectors.Thepurposeistoidentifythecomponents

andtoanalysetheinterconnectionsbetweenfinancialstability,publicdebtand

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Public Debt, Financial Stability and Access to Bank Credit: Evidence from Central and East European Countries

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