The main purpose of this article is to show the European Bank for Reconstruction and Development which was established in 1991 in response to major changes in the political and economic climate in central and eastern Europe. The Bank was created to support the development of market economies in the region following the widespread collapse of communist regimes. The EBRD finances projects in both the private and public sectors, providing direct funding for financial institutions, infrastructure and industry and commerce. The main forms of EBRD financing are loans, equity investments and quarantees. The article contains statistics connected with capital base, special funds, loans and other forms of the EBRD financing in the member countries
The article is an attempt to evaluate the European Monetary System after twelve years of its operation. The starting point for the analysis is the genesis of the system. Next, there are discussed goals and principles on which its operation is based. This is followed by the presentation of its elements such as ECU - a common monetary unit which is Its axis, the currency exchange-intervention mechanism, the indicator of divergence, and the credit mechanism. The next part pf the article deals with the past operation of the European Monetary System. This part of the analysis allowed to show some shortcomings of the system and emphasis its main achievements. It is stressed that changes In currency exchange rates within the framework of the European Monetary System were not too frequent and in this respect the goal of the system was fully achieved. On the other hand, the European Monetary System failed to create mechanism cushioning internal disturbances resulting from fluctuations in the dollar exchange rate. Similarly to the currency exchange-intervention mechanism the common monetary unit-ECU proved also to be a great success. Other positive elements of the system Include the adoption of economic policies pursued by particular countries belonging to the system. On the other hand, the credit mechanism constituting one of the main elements of the system has not been fully realised. Despite many positive elements in the operation of the European Monetary Fund their existence In the present form may be questionable once the European Community is transformed into a monetary union.
This article presents Poland’s co-operation with the main financial institution - the International Monetary Fund, first after the second world war to 1950 when Poland have left the IMF and next after our comming back to this institution in 1986. The main attention of the authoress is focussed on difficulties in obtaining of Fund credits. The general principle is to submit a programme of structural adjustment aiming at elimination of deficit in the balance of payments, obtain acceplancc of such a programme by the IMF and make a commitment by an interested country to implement this programme. 'Ihe authoress emphasizes that reaching an agreement with the IMP’ allows to gain many other benefits such as the reduction of our debt, the new credits from other financial institutions and using of the Stabilization Fund.
The main aim of this article is to present one of the conditional form payment, such as documentary collection. This paper is divided into three parts. The first one introduces the definition and various kinds of collection and also partners taking part in this form of payment. The second one presents the course of collection. In the last part however the attention of the authoress is focussed on advantages and disadvantages of collection for exporter and importer.
The authoress hjs divided financial resources of the IMF into non-condittonality, low-conditionality and high-conditionality resources. In the last decade, financial facilities encompassed by high-conditionality have assumed the greatest importance. They may be obtained after submitting a programme of structural adjustments aiming at elimination of deficit in the balance of payments, obtaining acceptance ol such a programme by the IMF, and making a commitment by an interested country to implement this programme. In this connection, the authoress has found it advisable to discuss stand-by arrangements, which have become the main instrument of the principle of conditionality of the IMF assistance and programmes of structural changes before proceeding to the review of high-conditionality mechanisms such as: upper credit tranches, extended facilities, policy of enlarged access, and structural adjustment facilities.
The article is divided in to two parts. Its first part presents monographic information concerning principles and terms of participation of the socialist countries in the IMF, as we l l as experience gained in co-operation with this institution. The second part of the article analyzes economic determinants of the socialist countries' participation in the IMF. The problem of participation is analyzed in two dimensions, i.e. political and economic. The authoress compares here benefits resulting from membership in the IMF with obligations and duties imposed on its members. The analysis performed in the article is supported by statistical data about the credit activity of the IMF in relation to the socialist countries.
The article is an attempt at a comprehensive presentation of the financial activity of the International Bank of Economic Cooperation in its historical and statistical approach. Accordingly, the author discusses its alms ensuing from the Banks statutes, its organization, structure of financial resources at the disposal of this organization, which provides a background for analysis of the evolution in the international settlements and credits operations of the Bank. The author has reached a conclusion that the previous experience in application of the international system of settlements and credits executed in the common currency of the Council for Mutual Economic Assistance testifies to the fact that the Bank has managed to attain many of its objectives as formulated in its statutes. However, improvement of the Bank’s operations in the area of settlement in the transferable rouble should be treated as a continuous process, and the Bank systematically adopt new solutions aiming at gradual shift towards multilateral settlements.
The purpose of this article is the presentation the World Bank’s activity in relation to Poland. The author saying about the second 'period of our membership in this institution, divides bank loans into adjustment loans and project ones. Some of them are in the form of credit lines and some as credits. Afterwards the author concentrates her attention on the procedure of obtaining credits and the World Bank project cycle. Underlining causes of weak utilizing credits from beneficiaries point of view and creditors, the author says about changes which were introduced by the World Bank in June 1994 in giving credits. These changes make bank much more accessible what undoubtedly will effect in rising degree of utilizing credits.
The article sets forth to provide general characteristics of credit operations of the European Investment Bank, the oldest bank of this type as an institution of regional character. On the basis of tasks ensuing from the Statutes of the bank the author discusses in the first part of the article the more important sources of financial resources of the Bank dividing them into own and borrowed funds. The own funds include primarily the statutory capital and special subventions of the member states. However, the most important source of provision of financial resources for the European Investment Bank are capital markets of both West European countries and of the USA, in which th e bank can take loans mainly through long-term bonds emitted by the bank. The second p art of the article deals with credit operations of the European Investment Bank. The main attention of the author is focussed here on general principles of granting credits. She also analyzes statistical data concerning this sphere of operations of fEe bank. The author reaches a conclusion that the European Investment Bank actively participates in financing investment projects in the field of regional policy, infrastructure, and economic development of less developed regions. The bank participates, moreover, in financing some undertakings in the industrial sphere which were created in the course of implementation of the Treaty of Rome. This is of special importance due to implementation of levelling-off processes in infrastructure and industry of the member countries of the European Common Market.
Today services play quite a significant, role in international trade alongside goods. This refers to services connected not only with such spheres as banking or transport but also with telecommunications and the right to patents. This is best confirmed by the fact that during the negotiations taking place within the Uruguay Round (started in 1986) besides negotiations concerning products a great deal of attention Is devoted to international trade in services. That problem was advanced by the United States as one of topics for multilateral trade negotiations carried within the framework of GATT. Hence it seemed justified to discuss this problem in the present article. It was divided Into two parts, with the first of them dealing with reasons leading to the new round of multilateral trade negotiations within GATT. It analyzes the stances taken by particular countries taking part in the negotiations and points at their divergences. The second part deals with International trade in services tackled in greater detail, and it points at the necessity of regulating and liberating it. An attempt has been also made to analyze implications of liberalization of trade in services from the viewpoint of Poland's interests
The main aim of the article is to present of changes in volume and structure of foreign direct investments in Polish economy against of background of changing law, and economic conditions taking into account Łódź Special Economic Zone. This paper consists of some parts. It characterises some selected aspects of the inflow of foreign direct investments to Poland, namely: - the evolution of legal conditions for the inflow of foreign capital to Poland, - the main motives of the inflow of foreign direct investments to our country, - volume and structure of foreign capital in Poland at the end of 1999, - significance of Łódź region for foreign investors. The last part of this article presents Łódź Special Economic Zone which was created on 15 April 1997 for the period of 20 years and also benefits and privileges for foreign investors.
The article is an attempt to answer the question: ”at what stage is Poland today taking into account four phases in the process of foreign investment inflow?” In order to answer above question the authors analyze the regulations concerning the inflow of foreign capital to Poland. First they concentrate their attention on the basis for operation of foreign capital in handicraft which was created by the decree of 1976. Next they talk about the act of 1986 which allowed to set companies with participation of foreign capital (joint ventures) and other law regulations which were introduced till 1994. Farther on the authors consider the factors which influence directly the degree of interest in Poland shown by foreign capital. Moreover the article includes many statistical data illustrating the scale of problem.
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