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  1. 2 Studia Ekonomiczne (Economic Studies)

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  1. 1 2007

  2. 1 2006

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  1. 2 Sopocko A.

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1

THE IMPACT OF FOREIGN SHORT TERM CAPITAL ON THE POLISH FINANCIAL SYSTEM

100%
Sopocko A.
Studia Ekonomiczne (Economic Studies)
|
2007
|
issue 3-4(54-55)
223-234
EN
In spite of common opinion short term capital doesn't became a danger for financial stabilization in Poland. In the last years one can observe the stable, growing process of portfolio investment from abroad. The curve illustrating this event is much more smoothly than figures illustrating the inflow of direct investment. It was caused probably by the conjugation of two factors: first one - the non-disrupted advantage of security investment in Poland comparing to such investment in West Europe, second one - the growing trust to the Polish financial system. For seventeen years it was never jeopardized by any break down followed by non responsible reform or budget terms. The currency reserves were enough, public debt lower than the European average. The process of improving Polish financial system was still in progress. During this time foreign investors were accustomed that they money is safe almost so much as in developed countries, but in the sake of growing capacity of emerging markets, expectation of return could be higher. There were no significant event disturbing sentiment to the investment in Polish securities.
2

SPECULATION - THE SCALE OF DANGER TO GLOBAL AND DOMESTIC MONETARY EQUILIBRIUM

100%
Sopocko A.
Studia Ekonomiczne (Economic Studies)
|
2006
|
issue 3(50)
167-177
EN
The central thesis of this paper is that globalization of security trading produce some serious fears about speculation impact on international finance. Umpteen of professional dealers make tremendous number of buy-sell operation. Other peoples suspect it jeopardize of financial parameters (prices, indices). In the reality the situation is other way round. The more traders, the closer to the ideal market. The danger could take place only when they lose they independence, for example by taking the same opinion about market movement and providing to similar attitude against market signals. Common, homogeneous movement is able to perilously swing with the market and create bobble effects. This dangers exists theoretically, like many other events and could encourage to consider some contra action. Nevertheless it means the intervention in multi-dimensional and dynamic system of global equilibrium, which results are not to foresee. Therefore one should evaluate the scale of such danger and probability of its appearing. The last dates don't present propensity of global finance to enlarge the volatility. Inversely, the beginning of this century bring visible stabilization on debt security market. The stock prices are continuing their irregular movements, but there is no evidence of rising their amplitude.
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