Polish paper examines impact of foreign currency loans
Macro-prudential measures relatively unaffected
Foreign currency loans limit the transmission of monetary policy to the real economy, but "do not significantly impact" the efficacy of macro-prudential policy, according to a working paper published by the National Bank of Poland.
In Monetary and macroprudential policy with foreign currency loans, Michał Brzoza-Brzezina, Marcin Kolasa, Krzysztof Makarski note that more than 50% of outstanding mortgage loans in Poland in 2013 were denominated in foreign currency, which "constitute an important
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