<abstract xmlns="http://www.w3.org/1999/xhtml"><p> The article is dedicated to changes in the cultural attitude of Polish society towards the banking sector under the conditions of progressing financialization and arising consequences for the ban¬king sector. First of all, attention is focused on the cultural characteristics of Poles, their attitude towards finance, especially in the period of transition. The main reference to cultural conditions relates to the tendency to save, incur loans, and the attitude towards banks. It is complemented, among other things, by the model of cultural dimensions by G. Hofstede and S. Schwartz, in line with which attempts are made to explain the mechanisms shaping the financial (banking) system and the financialization tendency. This picture is confronted with the present shape and evolution of the Polish banking sector since 1989, including the role of foreign capital. In particular, attention is focused on the image of banks towards challenges related to the global financial crisis and the main problem of Polish banking institutions, namely household mortgage debt in foreign currencies. The author presents a thesis that significant financialization cannot be indicated in Poland and the historical and cultural aspects do not cause its expansion to the same degree as in a number of other countries. However, certain features, such as preference for loans rather than savings, are favorable for this direction.</p></abstract>

The article is dedicated to changes in the cultural attitude of Polish society towards the banking sector under the conditions of progressing financialization and arising consequences for the ban¬king sector. First of all, attention is focused on the cultural characteristics of Poles, their attitude towards finance, especially in the period of transition. The main reference to cultural conditions relates to the tendency to save, incur loans, and the attitude towards banks. It is complemented, among other things, by the model of cultural dimensions by G. Hofstede and S. Schwartz, in line with which attempts are made to explain the mechanisms shaping the financial (banking) system and the financialization tendency. This picture is confronted with the present shape and evolution of the Polish banking sector since 1989, including the role of foreign capital. In particular, attention is focused on the image of banks towards challenges related to the global financial crisis and the main problem of Polish banking institutions, namely household mortgage debt in foreign currencies. The author presents a thesis that significant financialization cannot be indicated in Poland and the historical and cultural aspects do not cause its expansion to the same degree as in a number of other countries. However, certain features, such as preference for loans rather than savings, are favorable for this direction.

Financialization and the Cultural Attitude of Polish Society towards the Banking Sector

Warsaw School of Economics, ALTERUM Centre for Research and Analysis of Financial System,

Financial Internet Quarterly

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

The article is dedicated to changes in the cultural attitude of Polish society towards the banking sector under the conditions of progressing financialization...

Financialization and the Cultural Attitude of Polish Society towards the Banking Sector

Published Online: Feb 09, 2017

Page range: 49 - 59

Received: Jun 01, 2015

Accepted: Oct 09, 2016

DOI: https://doi.org/10.1515/fiqf-2016-0143

Keywords
financialization, Polish banking industry, cultural context

© 2017

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Financialization and the Cultural Attitude of Polish Society towards the Banking Sector

Published Online: Feb 09, 2017

Page range: 49 - 59

Received: Jun 01, 2015

Accepted: Oct 09, 2016

DOI: https://doi.org/10.1515/fiqf-2016-0143

Keywordsfinancialization, Polish banking industry, cultural context

© 2017

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
financialization, Polish banking industry, cultural context