Bank i Kredyt (Bank & Credit) is the scientific journal of the Narodowy Bank Polski.
Its mission is to encourage the development of research and promote knowledge in the area of economics and finance
with particular emphasis on monetary policy and financial system issues.

EDITORS

CHIEF EDITOR
Feliks Grądalski Narodowy Bank Polski

DEPUTY CHIEF EDITOR
Jerzy Żyżyński University of Warsaw

EDITORS
Tomasz Chmielewski Warsaw School of Economics
Monika Czerwonka Warsaw School of Economics
Mateusz Guzikowski Warsaw School of Economics
Cezary Kochalski Poznań University of Economics and Business
Elżbieta Mączyńska–Ziemacka Honorary President of the Polish Economic Society
Janusz Ostaszewski Warsaw School of Economics

PUBLISHING EDITOR
Wojciech Burjanek

SCIENTIFIC BOARD

CHAIRMAN
Adam Glapiński Warsaw School of Economics
(Governor of Narodowy Bank Polski)

DEPUTY CHAIRMAN
Feliks Grądalski Narodowy Bank Polski
(Chief Editor)

BOARD MEMBERS
Paul H. Dembiński The Observatoire de la Finance
Bartosz Gębka Newcastle University Business School
Jan Głuchowski The Nicolaus Copernicus University in Toruń
Krzysztof Jackowicz Kozminski University
Monika Marcinkowska University of Lodz
Maritta Paloviita Bank of Finland
Mateusz Pipień Cracov University of Economics
Irena Pyka University of Economics in Katowice
Louis-Philippe Rochon Laurentian University
Margarita Rubio The University of Nottingham
Sayuri Shirai Columbia University
Oleksandr Talavera University of Birmingham
Dorota Witkowska University of Lodz

PUBLICATION ETHICS AND MALPRACTICE STATEMENT

ISSN: 0137-5520