In addition, as previously mentioned, financial markets themselves play an important role in effecting efficient resource allocation, which is necessary for sustainable economic growth. I will only briefly touch on the Bank's actions, which have a close relationship with monetary policy.
4  See, among others, G. Dell’Ariccia, D. Igan and L. Laevan, “Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market”, IMF Working Paper, No 08/106, IMF, 2008; and A. Maddaloni and J.-L. Peydro, “Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from Lending Standards”, ECB Working Paper No. 1248, October 2010.