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Author : Lucjan Tadeusz Orłowski
Publisher : Unknown
Page : 32 pages
File Size : 51,8 Mb
Release : 1999
Category : Electronic
ISBN : 8371781768
Author : Lucjan T. Orlowski
Publisher : Unknown
Page : 32 pages
File Size : 49,6 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 : Marek Dietl,Dariusz Zarzecki
Publisher : Taylor & Francis
Page : 371 pages
File Size : 52,5 Mb
Release : 2022-12-30
Category : Business & Economics
ISBN : 9781000817751
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 : Andrzej Bury,Piotr Sota
Publisher : Unknown
Page : 231 pages
File Size : 46,7 Mb
Release : 2001
Category : Banks and banking
ISBN : 8387885150
Author : Morten Balling,Frank Lierman,Andy Mullineux
Publisher : Routledge
Page : 401 pages
File Size : 53,8 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 : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 44 pages
File Size : 41,5 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 : 50,5 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 : R. Matousek
Publisher : Springer
Page : 280 pages
File Size : 41,5 Mb
Release : 2010-11-03
Category : Business & Economics
ISBN : 9780230302211
This book provides a deep insight into the market changes and policy challenges that transition economies have undergone in the last twenty years. It not only comments on and evaluates the development of financial markets in transition economies, but also highlights the key obstacles to full integration of financial markets into the EU market.
Author : Adam Śliwiński,Persefoni Polychronidou,Anastasios Karasavvoglou
Publisher : Springer Nature
Page : 189 pages
File Size : 42,9 Mb
Release : 2019-12-07
Category : Business & Economics
ISBN : 9783030324261
This book offers fresh insights into the economic development and financial markets of Southeastern and Central European countries. The first part analyses macroeconomic trends and monetary policy issues, while the second part explores the development of financial and insurance markets. With contributions covering topics such as regional and income inequalities, economic embeddedness, industrial competitiveness, entrepreneurship, financial integration, insurance markets, and other socio-economic aspects, it appeals to scholars in the field of economics and finance interested in the further economic development of the Balkans and Eastern European countries as well as to professionals in the financial and insurance sectors.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 75 pages
File Size : 44,6 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 : Roman Gorecki
Publisher : Routledge
Page : 150 pages
File Size : 44,9 Mb
Release : 2018-04-20
Category : Business & Economics
ISBN : 9781351347754
This richly illustrated and well documented book gives a full picture of the economic development of the Polish Republic during the seventeen years which elapsed since the independence of Poland was proclaimed by Marshal Pilsudski on October 11th, 1918. The author, in his capacity of President of the greatest and most important of Polish banks, proceeds from a description of the general conditions of the state of the country at the close of the great war, from which it suffered almost a complete destruction of economic resources, through an account of the work of reconstruction so brilliantly accomplished by the united efforts of the Polish nation, to a statement of the position as it is today. The author discusses concisely but adequately the national finances, banking, production, distribution, foreign and overseas trade, communications and transport and closes with an extremely interesting chapter on the measures which Poland undertook in order to overcome the crisis which overwhelmed world economy in 1930. Numerous diagrams and full index enhance the great usefulness of this work which should be indispensible to the banker, maunfacturer, and trader, contemplating business with Poland, and to all students of economics and international affairs.
Author : Andrzej Gładysz,Andrzej Bury,Janusz Żebrowski,Dorota Kowalczyk (bankowość)
Publisher : Unknown
Page : 386 pages
File Size : 55,7 Mb
Release : 1998
Category : Electronic
ISBN : 8387062367
Author : Mr.Robert Tchaidze,Mr.Amat Adarov
Publisher : International Monetary Fund
Page : 35 pages
File Size : 54,6 Mb
Release : 2011-05-01
Category : Business & Economics
ISBN : 9781455254323
Financial markets in the CE4 countries are still shallow compared to other advanced EU countries. While the government bond markets are comparable in size, measured by capitalization in percent of GDP, the private bond, private credit, and equity markets lag behind. Empirical analysis in this paper helps identify factors that explain this phenomenon. We find that the observed differences cannot be explained by macroeconomic variables only, but incorporating indicators of institutional development and external funding eliminates the gap in the case of the equity and private credit markets. However, for the private bond market a significant gap remains even after accounting for these factors.
Author : Klaus Liebscher,Josef Christl,Peter Mooslechner,Doris Ritzberger-Grünwald
Publisher : Edward Elgar Publishing
Page : 570 pages
File Size : 51,8 Mb
Release : 2007-01-01
Category : Political Science
ISBN : 9781847203038
Financial industries in central, eastern and south-eastern Europe have undergone dramatic changes over the past decade. Foreign direct investment contributed to the development of market-oriented banking and financial systems able to support the rapid pace of economic growth in these countries. Policymakers, academics and private sector analysts have contributed to this volume with their stimulating insights on a broad range of issues, from recent credit booms to the cross-border integration of banking and capital markets. Anyone who wants to understand how finance, growth and financial stability interact in transition economies should read this book. Mario Draghi, Governor of the Banca d Italia and Chairman of the Financial Stability Forum This book highlights the achievements and challenges of the ongoing process of financial integration in Europe. The financial integration of Europe is both welcomed as an economic driving force and watched with concern as a source of potential stability. After all, changing financial, regulatory and corporate ownership structures are fuelling competition, capital mobility and financial intermediation, but at the same time creating new systemic risks. With a special focus on Central, Eastern and South-Eastern Europe, the contributors to this book explore a wide spectrum of underlying issues, including the finance-growth nexus, credit boom patterns, the implications of foreign bank entry modes, lessons learned from old EU member states and commercial bank strategies. Authoritative views from central bank officials and policymakers are complemented with a special focus on empirical and econometric evidence from academia as well as practical insights from key financial market players. This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes.
Author : Krzysztof Jajuga,Hermann Locarek-Junge,Lucjan T. Orlowski,Karsten Staehr
Publisher : Springer Nature
Page : 250 pages
File Size : 52,8 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9783030736675
This volume continues to highlight the latest research contributions presented at the annual Wroclaw conference in Finance (Poland), covering a wide range of topics in the field. The chapters reflect the extent, diversity, and richness of research areas, and discuss both fundamental and applied finance. A detailed analysis of current financial-market problems including specifics of Polish and Central European markets is also part of this volume. Selected chapters also examine the results of advanced financial modeling. These proceedings are a valuable resource for researchers in universities and research and policy institutions, graduate students and practitioners in economics, finance and international economics in both private and government institutions.
