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Author : Andrzej Bury,Piotr Sota
Publisher : Unknown
Page : 231 pages
File Size : 45,5 Mb
Release : 2001
Category : Banks and banking
ISBN : 8387885150
Author : Lucjan Tadeusz Orłowski
Publisher : Unknown
Page : 32 pages
File Size : 52,6 Mb
Release : 1999
Category : Electronic
ISBN : 8371781768
Author : Marek Dietl,Dariusz Zarzecki
Publisher : Taylor & Francis
Page : 345 pages
File Size : 51,7 Mb
Release : 2022-12-30
Category : Business & Economics
ISBN : 9781000817775
The first stock exchange in Warsaw – capital city of the Kingdom of Poland– was established in 1817. Over the past 205 years, the fortunes of the capital market have been closely linked to the "bumpy road" of Polish history. The establishment of the GPW Warsaw Stock Exchange in 1991 was a landmark for transformation from a centrally planned communist economy to a market-driven capitalist one. Since the doors of the exchange reopened, Polish GDP per capita (current USD) increased eight times, translating into an average yearly growth rate of over 7%. The capital market has played a pivotal role in the economic success of Poland over the last three decades. It is not easy to precisely quantify the impact, as it was rather a spill-over effect. Economic growth has fostered the development of a capital market, and more efficient conversion of savings to investments via the capital market. The excellence of capital market institutions can be gauged with reference to various parameters. A synthetic measure is so-called market status. According to FTSE Russell (global index provider), Polish capital attained developed market status in 2018, being the first and only post-communist state to do so. It is fair to say that transformation has been completed and developed market status indicates clearly that the institutions and regulations are world class. The current challenge is competing with other developed markets for the best issuers and offering the most demanding investors an excellent trading experience. This book offers scientific insight into the Polish capital market story. Authored by a group of renowned scholars, with contributions aspiring to the highest academic standards for theoretical considerations and empirical research. The book covers various topics, including links between monetary policy and capital markets, micro and macro market structures, and investors and issuers' behaviour and strategies. All chapters are rooted in contemporary finance theory, supported by various econometric models based on the most recently available data. The book aims to provide academics and practitioners insight into the Polish capital market, appealing especially to those interested in gaining a deeper understanding of emerging markets' successful transformation into developed ones. It can also be used as supplementary reading for doctoral and master’s students in finance, particularly relating to capital markets and economics – predominantly development economics and economic policy.
Author : Lucjan T. Orlowski
Publisher : Unknown
Page : 32 pages
File Size : 50,8 Mb
Release : 2009
Category : Electronic
ISBN : OCLC:1290291102
This project analyzing the development of Polish financial markets sponsored by the USAID grant was aimed at examining selected problems of the banking system and financial markets in Poland. The main criterion for selection of these problems was their potential usefulness for policy-makers at the present stage of the economic transformation. The studies within the project address the issues that require special attention of policy-makers in their efforts to design future stages of the economic transformation and to formulate a program of effective preparations for the EU accession. The topics examined include: the advancement of risk management in the banking system, the economic and legal aspects of capital account liberalization,contagion effects of world financial crises, and sensitivity of financial markets to exchange rate policies. The studies find visible improvements in the methodology of risk management in the banking system in Poland and in the institutional framework of financial markets. It is further suggested that a larger participation of foreign, more experienced banks would improve efficiency of Poland's financial institutions. It remains debatable whether the banks ought to evolve in the directions of universal or specialized institutions. The financial system is prone to contagion effects of external financial crises as documented by the impact of the Asian and the Russian crisis episodes. Several measures aimed at developing an effective cushion against potential contagion effects of financial crisis are proposed. They include: an effective system of bank monitoring and supervision, a lower reliance on debt in relation to equity, a low (less than a multiple of three) ratio of M2 money to foreign exchange reserves, a higher degree of transparency of financial institutions, more transparent fiscal and monetary policies, and a significant increase in national savings. The advancement of capital account liberalization shall not be restrained by taxes on foreign exchange transactions or by similar measures aimed at containing capital flows. Capital controls could be devastating to still very fragile and volatile Polish financial markets.
Author : Andrzej Gładysz,Andrzej Bury,Janusz Żebrowski
Publisher : Unknown
Page : 386 pages
File Size : 45,7 Mb
Release : 1998
Category : Electronic
ISBN : 8387885002
Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 44 pages
File Size : 50,8 Mb
Release : 2014-01-13
Category : Business & Economics
ISBN : 9781475557855
This paper discusses Poland’s Review Under the Flexible Credit Line (FCL) Arrangement. Economic growth is expected to recover gradually on the back of improving domestic demand and higher growth in core euro countries. But the economy is still subject to substantial external risks as Poland is highly integrated with Europe through trade and financial channels, as well as with global financial markets. In IMF Staff’s view, Poland continues to meet the qualification criteria for access to FCL resources specified under the Board decision on FCL arrangements, and therefore IMF Staff recommends completion of the review under this FCL arrangement.
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 41 pages
File Size : 53,7 Mb
Release : 2013-07-23
Category : Business & Economics
ISBN : 9781484397831
This paper on the Republic of Poland’s Financial System Stability Assessment highlights economic policies and development. Skillful policy management and sound fundamentals have allowed the economy to weather the global financial crisis, and the euro area turmoil. Risk drivers include slow growth abroad and domestically, rising unemployment, and declining residential real estate prices. Vulnerabilities lie in interconnectedness with the euro area, and exposure to foreign exchange risk and foreign investors, which in turn may pressure bank funding, especially in the absence of long-term domestic funding sources. Stress tests suggest that vulnerabilities are not likely to become systemic, though some pockets of weakness were identified.
Author : Anna Szelągowska (ekonomistka)
Publisher : Unknown
Page : 119 pages
File Size : 51,8 Mb
Release : 2006
Category : Electronic
ISBN : 8373512276
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 75 pages
File Size : 53,9 Mb
Release : 2001-06-18
Category : Business & Economics
ISBN : 9781451831894
This report on Financial System Stability Assessment analyzes the financial sector issues, the regulatory and supervisory framework, macroeconomic risks, and the soundness of the financial system of Poland. This paper also describes the assessments of the banking, insurance, and securities regulations, and of the systemically important payment systems, as well as an assessment of the observance of the code of good practices on transparency of monetary and financial policies, and the great progress made in assimilating international best standards and practices.
Author : Marian Noga,Konrad Raczkowski,Jarosław Klepacki
Publisher : Springer
Page : 261 pages
File Size : 49,9 Mb
Release : 2015-10-21
Category : Business & Economics
ISBN : 9781137549020
With globalisation comes an increase in the threat from systemic risk. As national economies become more globally entwined many argue that insufficient attention is being given to systemic risk; a principal contributor to recent economic crises. Focusing on the Polish financial system, this book addresses this critical issue within a global economic context. It advocates that accurate risk management practices and appropriate micro and macroeconomic policies can be created and maintained in order to manage systemic risk at both a national and international level. The book reviews current systemic risk management practices, analysing stability and existing micro- and macroprudential policies, before examining the current risks involved in investing in financial instruments and those associated with investing in stock exchanges. It offers suggestions for the effective implementation of a well-designed public policy, through well managed fiscal and monetary policies, and reflects the roles of households and companies in planning, organizing, and controlling socio-economic activity to control risk. Risk Management in the Polish Financial System aims to redefine the taxonomy of systemic risk, offering practical and regulatory socio-economic processes which can be applied to current risk management practices, as well as provide a risk map for the years to come.
Author : Mr.Qaizar Hussain,Eugeniy Nivorozhkin
Publisher : International Monetary Fund
Page : 28 pages
File Size : 50,5 Mb
Release : 1997-12-01
Category : Business & Economics
ISBN : 9781451976342
This paper examines the capital structure of listed firms in Poland, using firm-level panel data to study the determinants of leverage. Polish firms had extremely low leverage levels, suggesting a growing stock market and a potential reluctance of banks to grant loans to old and risky firms. The empirical exercise finds that large, new, foreign-owned firms, and firms with strong cash positions have higher levels of leverage. Finally, shareholder concentration has a neutral or even a beneficial influence on firm leverage. The nature of ownership may be primarily responsible for this finding.
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 26 pages
File Size : 45,8 Mb
Release : 2019-05-09
Category : Business & Economics
ISBN : 9781498313094
This Technical Note on Macroprudential Policy Framework for the Republic of Poland highlights that the present macroprudential policy framework provides a sound basis for macroprudential oversight of the financial system and was established by law in November 2015. Its relatively recent establishment implies that practical experience with the conduct of macroprudential policy under the framework is still limited. Initial experience is favorable, however, it remains to be seen how the framework will function under more challenging circumstances. The Financial Stability Committee—Macroprudential (FSC-M) has recommended a variety of measures to provide incentives for voluntary restructuring of foreign exchange housing loans extended by Polish banks. It is recommended that the FSC-M further strengthens its communication in order to increase transparency and accountability, considers a more active use of targeted statements as a policy instrument, and increases the involvement of external experts in the preparation of its meetings.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 56 pages
File Size : 47,7 Mb
Release : 2007-03-09
Category : Business & Economics
ISBN : 9781451832020
This technical note for the Republic of Poland on competition and performance explains the Polish pension system and domestic capital market. Competition policies may need to be reviewed, in particular the combination of measures to maintain small pension funds operating while imposing strict caps on fees. If the government decides to continue pursuing policy of promoting competition in returns while reducing fees further, it may need to consider more structural changes in the second pillar, along the lines of the Swedish model.
Author : Morten Balling,Frank Lierman,Andy Mullineux
Publisher : Routledge
Page : 401 pages
File Size : 53,9 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781134292714
The countries of Central and Eastern Europe have been through a profound transition process for more than a decade now. The financial sectors and markets in the region have been subject to major structural reforms including privatization, liberalization and the acquisition by foreign banks of controlling interests in local financial institutions. This important new book includes papers that chart this process. Topics discussed include the implications of future EU membership, and the strategies pursued by the World Bank and International Monetary Fund.
Author : François Perquel
Publisher : Woodhead Publishing
Page : 180 pages
File Size : 47,5 Mb
Release : 1998-01-09
Category : Business & Economics
ISBN : 1855733404
The banking systems of eastern Europe and the states of the former Soviet Union have undergone dramatic change in recent years. This is the first book to provide a practical overview of the banking systems in the region. It describes the changes that have occurred and the differences that still remain. The author provides a full account of the various financial centres and the diversity of products that are available, including currencies, bonds, stocks, futures, coupons and certificates. The book covers financial internediaries, savings protection and corporate governance and concludes with a look at potential future developments. It will be essential reading for corporates, bankers, fund managers, investors and advisers involved in the region.