Struktura kredytów a wahania cykliczne w Polsce
Loan Structure and Cyclical Fluctuations in Poland

Summary/Abstract: The study sought to answer the question of whether the structure of loans borrowed by companies and households was consistent with the theses of the Austrian school which states that over the business cycle relative changes in the production of goods occur and depend on the degree of remoteness from the consumer goods and on their durability. In the years 2005–2011, Polish households contributed a much higher share of total loans to the real sector than did companies. However, business loans and household property loans, taken together, constituted the vast majority of all loans. The analysis conducted for those years showed that the loan structure in the 2005–2008 growth stage when compared to the 2009–2011 growth stage shows better agreement with the Austrian theory than the 2009–2011 growth stage (especially its initial part). This is evident in the change of the loan structure by entities and sectors.

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