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EN
Real estate funds operate in the same way as securities investment funds, differing only in the subject of trade. This subject - the property- is characterized by much less liquidity than securities, and therefore the market is much more difficult and diverted to long-term investment. As the roar of real estate investment funds operate in Poland for only a few years, the time after which one could make a full and unambiguous assessment of their business has not yet passed. The aim of this article is an attempt to answer the question whether the financial crisis affects the valuation of real estate operating funds. The main thesis of the paper is that real estate funds operating in Poland can be divided into three groups, depending on the evolution of investment fund certificates valuation in relation to the economic status of the Polish capital market.
EN
(Polish title: Kryzys w krajach o slabo rozwinietych rynkach finansowych na przykladzie rosyjskich i albańskich afer z funduszami inwestycyjnymi w formie piramid). The purpose of this article is to present the most dangerous types of investment funds - pyramid schemes - in two countries: Russia and Albania. The collapse of the pyramid shook the economies of these countries and caused unrest in society. The Author presents economic conditions, genesis of these funds in the form of pyramids, reasons for undetected criminal activity and consequences of the collapse of pyramid schemes. It has been proven that often highly valued people and major companies, that are enjoying the confidence of citizens, use their position and the naiveness of small investors in order to achieve material benefits. It is almost certain that in the future, there will be new financial pyramids, and investors deceived upon significant amounts. We can only hope that national surveillance systems will detect criminal dealings in time, and shall prohibit the distribution of investment funds in the form of pyramid schemes.
EN
The ongoing integration of the capital markets requires a rigorous monitoring. This is all the more important since the ever-changing conditions in the stock market. Main factors that led to a complete harmonization of the exchange with other entities trading in securities are privatization and cooperation with stronger foreign investor. This integration is linked not only to a number of challenges, but also gives hope for many new possibilities. Warsaw Stock Exchange (WSE) is also facing such challenges. The article discusses these conditioning in the context of the WSE development. The stock exchange's position in the global investment market to a large extent depends on the structure of ownership and involvement in technology. Most of the consolidation processes, however, do not progress without some interruptions. The main cause of failure is usually a difficulty in accepting the changes by both sides of potential cooperation. The greatest opportunity for future development of national stock exchanges is, therefore, privatization, and for the choice of a particular strategy, the potential of country's economy has a significant impact, including the potential of domestic capital market. When developing a way to publicize the final share exchange, it is necessary to realistically estimate its financial capabilities and future aspirations.
EN
Liberalization and deregulation in a globalized financial market narrowed the possibility of financial institutions' supervision. Risk assessment of particular investments was aggravated. Investment banks have a large impact on the stability of the financial system and their collapse could cause a crisis even in a stable economy. In addition, the speed of information transmission and the scale of linkages between entities facilitate the spread of crises. Currently, the world faces the greatest financial crisis since 30's of the twentieth century. It caused not only the collapse of financial markets, but also translated into a weakening world economic situation and may lead to recession in many countries. The outbreak of the crisis also exposed all the weaknesses of the financial sector. Recklessness and greed of financial institutions led to many errors in their management. Overriding objective was the desire to maximize profits, not attaching due attention to risk assessment. In order to restore liquidity and confidence in the market, the largest central banks around the world have decided to take emergency action, and the governments of many countries have developed programs designed to spur economic growth. The most controversial was the plan to rescue the U.S. financial sector developed by secretary Paulson. It assumed the allocation of 700 billion U.S. dollars of public funds to support private institutions, largely responsible for the outbreak of the current crisis.
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