Polish banking sector curbed growth in crisis
A National Bank of Poland paper published on Thursday measures the impact of financial shocks in Poland, finding that banks caused output to drop approximately 1.5% during the crisis.
Michał Brzoza-Brzezina and Krzysztof Makarski, the paper's authors, use data on the Polish economy from the third quarter of 2008 to the second quarter of 2009 to construct a small open economy dynamic stochastic general equilibrium model, where shocks on interest rate spreads and loan-to-value ratios from the
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