Asymetryczność polityki kredytowej banku centralnego i banków komercyjnych w warunkach kryzysu

Abstract

The article concentrates on the problem of adjustment of the credit policy to the economic cycle, especially in the crisis times. A destabilisation of the economy and the financial system requires – on the one hand – enhancing of the central bank activity in the credit policy by performing the function of the lender of last resort (LOLR), on the other hand – enhancing of the commercial banks restrictive measures in the mechanisms of credit allocation. The above drives to the phenomenon of asymmetry of the credit policy performed by the central bank and commercial banks. Therefore, the aim of the article is indicating the conditions and consequences of enhancing this "credit channel" of the central bank and enhancing the restriction of the credit allocation by the commercial banks.