Rozwój i zmiana struktury światowych rynków finansowych

• Authors: Miłosz Stanisławski

Title variants

EN

Development and Change in the Structure of the Global Financial Markets

• Languages of publication: PL

Abstracts

EN

Until 15th August 1971 the value of the U.S. dollar was anchored to gold. Facing an emerging currency crisis and the imminent danger that the United States would no longer be able to redeem dollars for gold, gold convertibility was finally terminated by President Nixon. It has begun the process of financialization the global economy. Until the end of XX century this process has concerned mainly developed countries with mature economies, presently it has happened also on emerging markets. In 2010, emerging economies made up for 21 per cent of the global financial assets worth 198 trillion USD. The value of financial assets worldwide is expected to touch 371 trillion USD by 2020, with emerging economies accounting for about one third of the total amount (111 trillion USD). The projected worth of financial assets in 2020 would be nearly double the value of around 198 trillion USD witnessed in 2010. Increase in the share of emerging markets is both a barrier effect of demand for financial products as a consequence of over-saturation of financial products of developed countries and the growing affluence of the societies of Asia, Latin America, and Central Europe. The purpose of this article is to present the development of global financial markets and to discuss the progressive process of the structural transformation in the global capital market, caused by the growing importance of the emerging markets.

Keywords

PL

Globalna polityka finansowa; Międzynarodowe rynki finansowe; Rynek kapitałowy; Rynki wschodzące

EN

Capital market; Emerging markets; Global financial policy; International financial markets

• Publisher: Uniwersytet Ekonomiczny w Katowicach
• Journal: Studia Ekonomiczne
• Year: 2013
• Volume: 174
• Pages: 15-27

Contributors

author

Miłosz Stanisławski

References

• M. Husson: Kapitalizm bez znieczulenia. Książka i Prasa, Warszawa 2011, s. 224-225.
• T. Waściński, G. Wójcik: Struktura rynku finansowego w gospodarce światowej. Zeszyty Naukowe Uniwersytetu Przyrodniczo-Humanistycznego, Nr 88, Seria Administracja i Zarządzanie (15), Wydawnictwo Uniwersytetu Przyrodniczo-Humanistycznego, Siedlce 2011, s. 26.
• L. Guiso, M. Paiella: Risk Aversion, Wealth, and Background Risk. "Journal of the European Economic Association" 2000, Vol. 6, Iss. 6, s. 1132.
• J.F. Lin, X. Sun, Y. Jiang: Toward a Theory of Optimal Financial Structure. World Bank Policy Research Working Paper Number 5038, September 2009, s. 185.
• C.E. Walter, F. Howie: Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise. John Wiley & Sons, New York 2011, s. 26.

Identifiers

ISSN

2083-8611