Faculty of Management Working Paper Series

Aims and Scope

The aim of University of Warsaw Faculty of Management Working Paper Series  (ISSN 2300-4371) is to get the findings out quickly, even if the presentations are less than fully polished. 


The papers published in the FMWPS can be both empirical and theoretical studies. Research areas covered by the FMWPS include: economics, finance, banking, management, marketing as well as quantitative methods. 

FMWPS are written by researchers employed at  the Faculty of Management of UW and by other economists, who present their research results in conferences or seminars organised by the Faculty or who would like to publish their findings in FMWPS. 

Abstract WPS 2/2021



  • Małgorzata Olszak
  • Iwona Kowalska


Competition is an inherent and natural environment under which banks operate and extend loans. Despite the extensive debate on the impact of bank competition on risk-taking and procyclicality, there is no evidence of its role in the effects of macroprudential policy on loans’ growth and on the sensitivity of lending to the business cycle. Using over 70,000 bank-level observations in 109 countries in 2004-2015 we find that increased competition strengthens the countercyclical effects of MPI in terms of reduced loans’ growth. Bank lending is procyclical in perfectly competitive industry. However, any decrease in the intensity of competition in countries not applying macroprudential policy instruments is related with increased procyclicality of lending. Sensitivity of lending to business cycle in countries implementing macroprudential policy depends on the type of macroprudential policy instrument and on the length of the use of instruments. We show that extended duration of use of cyclical macroprudential instruments is associated with increased procyclicality of lending. In a perfectly competitive environment we find increased procyclicality of credit in countries using cyclical instruments and decreased procyclicality of credit in countries applying balance-sheet oriented instruments. Under imperfectly competitive banking sector we find the opposite effects of macroprudential instruments on procyclicality of credit.


Keywords: loans growth, macroprudential policy, competition intensity, procyclicality of lending

JEL Classification: E32, G21, G28, G32



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Abstract WPS 1/2021



  • Małgorzata Olszak
  • Iwona Kowalska


The aim of this paper is to determine what is the effect of competition on cyclicality of bank profitability. To answer this question we apply robust fixed effects estimator to unbalanced panel of individual bank level data covering the period of 2004-2015 in over 100 countries. In our study we control for market power and market structure, as proxies for competitive environment and for net interest margin (NIM), return on assets (ROA) and return on equity (ROE) to proxy bank profitability. Our results show that decreased competition is related with an increase in procyclicality of net interest margin. This effect, however, does not hold in high-income countries. As for the ROA and ROE we find comparable results, but the effect is not always statistically significant. Market structure does affect profitability in a statistically signficant way, but seems to be important for procyclicality of ROA and ROE. We also find that the link between competition and procyclicality of profitability is non-linear and inversely U-shaped. Thus, both high and low competition intensity may reduce procyclicality of profitability.


Keywords: profitability, procyclicality, competition, market structure

JEL Classification: E32, G21, G28, G32



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Abstract WPS 7/2019

Analiza dynamiki zjawisk: stopa wzrostu prosta i handlowa


  • Mariusz Szałański


Analiza dynamiki zjawisk opisuje teorię indeksów (wskaźników) oraz przyrostów względnych i absolutnych. Korzystając z dorobku matematyki finansowej postaram się wykazać w artykule, że możliwe jest rozszerzenie analizy przyrostów względnych o podział na dwie miary: przyrost względny (stopę wzrostu) prosty i dyskontowy (handlowy). Powyższe rozróżnienie stóp jest znane i powszechnie wykorzystywane w arytmetyce gospodarczej lub matematyce finansowej. Polega na naliczaniu stopy procentowej od wartości zmiennej początkowej (bazowej) lub końcowej (badanej). Opisano proste zastosowania nowej miary na przykładach ekonomicznych oraz pokazano jej zastosowania na rynkach finansowych. Artykuł może być przyczynkiem do rozszerzenia zagadnień znanych w matematyce finansowej na statystykę.

Słowa kluczowe: analiza dynamiki zjawisk, indeks prosty, stopa wzrostu, The Index


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Abstract WPS 6/2019

Size of banks as a factor which impacts the efficiency of the bank lending channel


  • Filip Świtała
  • Iwona Kowalska
  • Karolina Malajkat


In most economies banking sector plays the major role in the financial system. Therefore, it is of great importance to analyse and understand the mechanism of transmission of monetary policy and its impact on the banking sector. One of possible repercussions of changing the level of official interest rates is an ability to influence the size of bank lending, by means of the bank lending channel. The key aspect our research is a throughout understanding of functioning of the bank lending channel, with the main goal of this study being an examination of efficiency of monetary policy transmission through bank lending channel depending on the size of banks in the sector. This paper examines the abovementioned relation using annual data from 1995-2015 by 1709 commercial and cooperative banks from 27 EU countries and analyzing them in various econometric models. The results indicate that there is a positive impact of the bank's size on loan growth (defined as the bank size increases, the impact of changes in interest rates in the bank’s lending policy is getting smaller), however, interaction between the variables size and the interest rate, was proved to be insignificant (in the group of all analysed banks, as well as in commercial and cooperative banks separately).

Keywords: loan supply, capital ratio, monetary policy, bank lending channel, bank assets

JEL Classification: E44, E51, E52, E58, G21



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Abstract WPS 5/2019



  • Patrycja Chodnicka-Jaworska
  • Piotr Jaworski


The aim of the paper has been to analyse factors’ influence on insurance companies’ credit ratings. It has been made a literature review, and as a result there have been put the following hypotheses. The first one is: Insurance companies’ credit ratings are determined by capital adequacy, assets quality, management quality, efficiency and liquidity factors. The second one states: Countries’ credit ratings influence statistically significantly on insurance notes. To the
analysis there have been used long-term issuer credit ratings proposed by small and big credit rating agencies. To verify the presented hypotheses there have been used ordered logit panel data models. The research has been prepared on quarterly data for all assessed insurance companies from all of the world. Data have been collected from Thomson Reuters Database from 1995 to 2016.

Keywords: credit rating, insurance companies, panel data models

JEL Classification: C23, G22, G24



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