Bezpieczny Bank nr 2 (75) 2019, s. 32-50
https://doi.org/10.26354/bb.2.2.75.2019
Andrzej Dżuryk
ORCID 0000-0002-4055-7773
doktor w Katedrze Bankowości i Finansów na Wydziale Zarządzania Uniwersytetu Gdańskiego
Wpływ reform regulacyjnych na finansowanie inwestycji infrastrukturalnych. Opinia polskich ekspertów w konsultacjach Rady Stabilności Finansowej
The impact of financial reforms on infrastructure finance. Position of Polish experts in Financial Stability Board’s consultations
Streszczenie
Rada Stabilności Finansowej przeprowadziła konsultacje, których celem była ocena wpływu reform regulacyjnych, głównie Bazylei III i reformy pozagiełdowych instrumentów pochodnych, na finansowanie inwestycji infrastrukturalnych oraz identyfikacja istotnych negatywnych skutków tych regulacji. W konsultacjach w Polsce, zainicjowanych i zorganizowanych przez Europejski Kongres Finansowy, wzięło udział 20 ekspertów a końcowe stanowisko opracowano przy wykorzystaniu zmodyfikowanej metody delfickiej. Wnioski z badania wskazują, że wpływ reformy pozagiełdowych instrumentów pochodnych na finansowanie infrastruktury jest ograniczony, natomiast Bazylea III spowodowała przede wszystkim zwiększenie kosztu a także skrócenie przeciętnego okresu finansowania. Stąd niezamierzoną konsekwencją reform jest większy udział zewnętrznego finansowania korporacyjnego, opartego o bilans spółki, wobec typowego dla tego rodzaju przedsięwzięć lewarowanego, zewnętrznego finansowania projektowego.
Słowa kluczowe: finansowanie inwestycji infrastrukturalnych, reformy regulacji finansowych, Bazylea III, reformy rynku derywatów OTC
Abstract
Financial Stability Board carried out consultations to assess impact of financial reforms, mainly Basel III and new OTC derivatives regulations, on infrastructure finance, to identify if there are any major unintentional negative effects of the new legislation. Polish consultations initiated and managed by European Financial Congress involved 20 experts, and final position was reached through modified Delphi method. The conclusions from the research indicate that the impact of OTC derivatives market reforms on infrastructure finance is limited, while Basel III led to increased cost and shortened tenor of financing. Thus an unintended consequence of the reforms is the dominance of external financing in form of on balance sheet corporate finance over typical for such projects leveraged project finance.
Keywords: infrastructure finance, financial regulatory reforms, Basel III, OTC derivatives market reforms
JEL: G18, G28
Bibliografia
An assessment of the long-term economic impact of stronger capital and liquidity requirements, Bank for International Settlements – Basel Committee on Banking Supervision, August 2010.
Answers of the European Financial Congress in relation to the Financial Stability Board’s consultative document on the effects of financial regulatory reforms on infrastructure finance, Europejski Kongres Finansowy, 2018.
Assessing the macroeconomic impact of the transition to stronger capital and liquidity requirements. Final Report, Macroeconomic Assessment Group established by the Financial Stability Board and the Basel Committee on Banking Supervision, Bank for International Settlements, December 2010.
Assessment of the macroeconomic impact of higher loss absorbency for global systemically important banks, Macroeconomic Assessment Group established by the Financial Stability Board and the Basel Committee on Banking Supervision, Bank for International Settlements, 10 October 2011.
Basel III: Finalising post-crisis reforms, Bank for International Settlements, December 2017.
Basel Committee on Banking Supervision reforms – Basel III, Oficjalna strona Banku Rozliczeń Międzynarodowych, https://www.bis.org/bcbs/basel3.htm
Bhattacharya A., Romani M., Meeting the Infrastructure Challenge. The Case for a New Development Bank. Presentation for the G-24 Technical Group Meeting, Washington DC 21 March 2013.
Credit Risk Dynamics of Infrastructure Investment Considerations for Financial Regulators, Jobst A.A., The World Bank, 22 March 2018.
Default and Recovery Rates for Project Finance Bank Loans, 1983-2016, Moody’s Investors Service, 5 March 2018.
Dżuryk A., Finansowanie inwestycji infrastrukturalnych, www.obserwatorfinansowy.pl, 23.11.2018.
Dżuryk A., Wpływ regulacji na finansowanie inwestycji w krajach rozwijających się, www.obserwatorfinansowy.pl, 04.12.2018.
Ehlers T., Understanding the challenges for infrastructure finance, Working Paper No 454, Bank for International Settlements, August 2014.
Evaluation of the effects of financial regulatory reforms on infrastructure finance. Consultative Document, Financial Stability Board, 18 July 2018.
Evaluation of the effects of financial regulatory reforms on infrastructure finance, Financial Stability Board, 20 November 2018.
Fender I., Lewrick U., Adding it all up: the macroeconomic impact of Basel III and outstanding reform issues. Working Papers No 591, Bank for International Settlements, November 2016.
Financial regulatory factors affecting the availability of long-term investment finance. Report to G20 Finance Ministers and Central Bank Governors, Financial Stability Board, 8 February 2013.
Financial Stability Issues in Emerging Market and Developing Economies. Report to the G-20 Finance Ministers and Central Bank Governors, A Task Force of the Financial Stability Board and Staff of the International Monetary Fund and the World Bank, 20 October 2011.
Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms. Financial Stability Board, 3 July 2017.
FSB Survey on financing and regulation over the life cycle of infrastructure projects, Financial Stability Board, 15 March 2018.
Gatti S., Project Finance in Theory and Practice. Designing, Structuring, and Financing Private and Public Projects (3rd Edition), Academic Press – Elsevier, 21 June 2018.
Guide to infrastructure financing. Bank loans, debt private placements and public bonds – smoothing the pathway for effective funding, International Capital Market Association and Association for Capital Markets in Europe, June 2015.
High-level summary of Basel III reforms, Basel Committee on Banking Supervision, Bank for International Settlements, December 2017.
Identifying the Effects of Regulatory Reforms on Emerging Market and Developing Economies: A Review of Potential Unintended Consequences. Report to the G20 Finance Ministers and Central Bank Governors, Financial Stability Board in coordination with Staff of the International Monetary Fund and the World Bank, 19 June 2012.
Impact and implementation challenges of the Basel framework for emerging market, developing and small economies, Working Paper No 27, Basel Committee on Banking Supervision – Basel Consultative Group, Bank for International Settlements, November 2014.
Implementation and Effects of the G20 Financial Regulatory Reforms. 3rd Annual Report, Financial Stability Board, 3 July 2017.
Implementation and Effects of the G20 Financial Regulatory Reforms. Report of the Financial Stability Board to G20 Leaders, Financial Stability Board, 9 November 2015.
Infrastructure Default and Recovery Rates, 1983-2016, Moody’s Investors Service, 27 July 2017.
Infrastructure Financing Instruments and Incentives, Organisation for Economic Co-operation and Development, 2015.
Jełowiecki M., Kieżuń W., Leoński Z., Ostapczuk B., Teoria organizacji i zarządzania, Państwowe Wydawnictwo Naukowe, Warszawa 1979.
Krawczyk B., Habrzyk P., Technika delficka [w] Encyklopedia Zarządzania, https://mfiles.pl/pl/index.php/Technika_delficka.
Macroeconomic impact assessment of OTC derivatives regulatory reforms, Macroeconomic Assessment Group on Derivatives established by the OTC Derivatives Coordination Group, Bank for International Settlements, August 2013.
Making Derivatives Markets Safer – Implementation, oficjalna strona Rady Stabilności Finansowej, http://www.fsb.org/work-of-the-fsb/implementation-monitoring/making-derivatives-markets-safer/.
Martyniak Z., Wstęp do inwentyki, Akademia Ekonomiczna w Krakowie, Kraków 1997.
Materiały IX Europejskiego Kongresu Finansowego.
Oficjalna strona argentyńskiej prezydencji G20, https://g20.argentina.gob.ar/en.
Oficjalna strona japońskiej prezydencji G20, https://g20.org/en/.
Oficjalna strona Międzynarodowego Funduszu Walutowego https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weoselagr.aspx#a200.
Oficjalna strona Rady Stabilności Finansowej, http://www.fsb.org/about/.
Review of OTC derivatives market reforms. Effectiveness and broader effects of the reforms, Financial Stability Board, 29 June 2017.
Serebrisky T., Suarez-Aleman A., Margot D., Ramirez M.C., Financing Infrastructure in Latin America and the Caribbean: How, How Much and by Whom?, Inter-American Development Bank, Washington DC November 2015.
Update on financial regulatory factors affecting the supply of long-term investment finance. Report to G20 Finance Ministers and Central Bank Governors, Financial Stability Board, 16 September 2014.
Pełny tekst artykułu w pdf:
