Wpływ reform regulacyjnych na finansowanie inwestycji infrastrukturalnych. Opinia polskich ekspertów w konsultacjach Rady Stabilności Finansowej

Andrzej  Dżuryk

doi:10.26354/bb.2.2.75.2019

Published : 2019-06-28

Vol. 75 No. 2 (2019)

The impact of financial reforms on infrastructure finance. Position of Polish experts in Financial Stability Board’s consultations

Andrzej Dżuryk

https://orcid.org/0000-0002-4055-7773

DOI: https://doi.org/10.26354/bb.2.2.75.2019

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 Codes

G18, G28

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Dżuryk, A. . (2019). The impact of financial reforms on infrastructure finance. Position of Polish experts in Financial Stability Board’s consultations. Safe Bank, 75(2), 32–50. https://doi.org/10.26354/bb.2.2.75.2019

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