Ocena skuteczności elastycznej linii kredytowej MFW we wzmacnianiu bezpieczeństwa finansowego polskiej gospodarki
The Evaluation of the Effectiveness of the IMF’s Flexible Credit Line in Strengthening the Financial Security of the Polish Economy

Summary/Abstract: There is no doubt that the IMF’s flexible credit line strengthened the credibility of the Polish economy in the toughest years of the crisis that started in 2008. The FCL enabled (for relatively low cost) to refinance the debts in Poland without a significant increase in the cost of capital observed in some countries. But the protracted use of the FCL led to costly delays in government’s efforts in strengthening the stability and credibility of the Polish economy. FCL lowered vigilance, relaxed fiscal discipline, and thus reduced the economy’s resilience to shocks and its future growth prospects. It made the investment’s risk higher in Poland and consequently/simultaneously raised the market cost of capital. All that unfavourable factors have reduced the attractiveness and competitiveness of the Polish economy. The government bonds yield in Poland (and consequently the market cost of capital) is one of the highest in Central and Eastern Europe.

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