Źródła i morfologia cykli kredytowych w Polsce w latach 1998-2013
The sources and morphology of credit cycles in Poland in the years 1998-2013

Summary/Abstract: Apart from the general economic cycles, market economies are characterized by their specific cycles which also include the credit cycle. Fluctuations whose sequence over time creates credit cycles are absolute or/and relative changes in credit-related activities of banks, manifested in the form of oscillations in bank credits granted for investment or consumption purposes. The aim of this study is to analyze factors generating and shaping credit cycles, to determine the elements of their structure and to present the most important morphological features which characterize external forms of their manifestation. Those features are analyzed on the background of the general business cycle occurring in Poland's economy in the period from quarter I 1998 to quarter IV 2013. The article consists of two parts. The first one discusses the origin of credit cycles which results from the approved objectives and instruments of the central bank's monetary policy and from the operations carried out by active national and foreign commercial banks. The second part contains the results of empirical analysis of the morphological features of credit cycles occurring among the Polish enterprises and households.

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