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1

ECONOMIC GROWTH AND THE DEVELOPMENT LEVEL OF FINANCIAL MARKETS (A STUDY OF SELECTED ECONOMIES OF CENTRAL EUROPE AND THE EU)

100%
Lubecki P.
Ekonomista
|
2004
|
issue 5
665-674
EN
The problem of the way in which the development of financial markets influences economic growth constitutes one of the unresolved issues in the growth theory. This article addresses the question to what extent the results of research conducted on large samples of countries are corroborated by the study of economies of Central Europe (CEFTA), the developed and the remaining countries of EU during 1990–2000. The results obtained confirm the positive correlation between financial markets' development level and growth. In this respect the countries of CEFTA are similar to the remaining countries of EU, while they markedly differ from the highly developed countries of EU. It is concluded that the strength of influence of financial markets' development on growth depends on the level of economic development.
2

Global Imbalances

80%
Rybinski K.
Ekonomista
|
2006
|
issue 4
475-526
EN
The article contains comments on and the synthesis of literature related to global imbalances. All main hypotheses concerning this phenomenon, potential consequences as well as the discussion on the proposed remedial measures that might be applied to minimize the negative consequences of global imbalances are presented. Original systematization of all rivaling theories, together with the presentation of their strengths and weaknesses, helped the author to formulate two conclusions. Conclusion one: global imbalances cannot be sufficiently explained by the examined hypotheses, although a combination of their selected parts (global savings' glut, investment drought, low saving propensity in the US and precautionary motives to build foreign exchange reserves after the Asian crises) well describe the mechanics of their emergence. Conclusion two: financial markets will play an active role in eliminating global imbalances, however it is difficult to predict when this adjustment will take place; the scope of markets' reaction will be deeper in the absence of proper corrective measures adopted by key stakeholders of the global imbalances. .
3

MANAGEMENT OF UKRAINIAN COMMERCIAL BANKS LIQUIDITY DURING INSTABILITY OF THE FINANCIAL MARKETS

80%
Khimich N. O.
Rehionalna ekonomika
|
2008
|
issue 3(49)
78-83
EN
The author analyses and specifies the concept of bank liquidity, determines the essence of the management of commercial banks liquidity, analyses the various strategies of management of commercial banks liquidity.
4

FINANCE-GROWTH NEXUS: A THRESHOLD EFFECT

80%
Mihci S.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 8
830-844
EN
Existing empirical research fails to provide robust support concerning the impact of the financial development on the economic growth, in the presence of the substantial variations across different time periods and the country groups. It is suggested that the variations in question are to be accounted for by a threshold effect, in support of which, it seems to have been found the modest empirical evidence. Panel-data analysis for a set of 32 developing and developed countries for the period of 1990 - 2001 indicates a threshold level of financial development, with the implication that the positive effects fail to materialize at the relatively lower stages of financial development. Moreover, financial development has actually got a negative impact on GDP per capita, unless it exceeds the threshold level.
5
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SOCIOLOGY IN THE NEW AREA: SOCIOLOGICAL VIEW OF THE FINANCIAL MARKETS

80%
Hofreiter R.
Sociológia (Sociology)
|
2007
|
vol. 39
|
issue 5
409-431
EN
The main aim of the article is to introduce a contemporary sociological interpretation of financial markets. Financial markets became the subject of sociological analysis due to their increasing importance for the economy as well as a consequence of significant changes that are linked with their quick growth. One result of these changes is growing influence of the institutions of collective investment leading to the transformation of management's responsibility, processes of financial collectivization and creation of a new, invisible source of power. One of the analytical tools to examine the nature and dynamics of these changes is Michel Foucault's conception of formation of disciplinary society. The article also pays attention to some of the factors that participate in financial markets functioning but are not sufficiently reflected in the sociological research such as the social and political impact of economics and significance of the social networks.
6

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

80%
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.
7

THE CRISIS OF MORTGAGE CREDITS IN THE USA - CAUSES AND EFFECTS (Kryzys mieszkaniowych kredytów hipotechnych w USA - przyczyny i skutki)

80%
Al-Kaber M.
Optimum. Studia Ekonomiczne
|
2009
|
issue 2(42)
50-64
EN
The article presents the analysis of the causes and effects of mortgage credits in the USA. The present credit crisis in the USA and some UE countries is caused by a mechanism of expansion of mortgage banking generating mistaken factors in risk management, mainly as a result of the overvaluation of securities. The crisis in the American subprime market brought about negative effects regarding the liquidity of not only American financial market but the other countries' markets as well. The financial crisis was mainly the result of the excessive expansion of mortgage credits and incorrect assessment of credit risk by rating institutions. Moreover, the American market collapse was caused by the lack of some regulations in the housing market, standards of consumer protection as well as clarity and control of non-banking financial institutions..
8
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THE FUTURE OF GLOBAL ECONOMY - DILEMMAS AND FORECASTS (Przyszlosc globalnej gospodarki - dylematy i prognoza)

80%
Kaczmarek T. T.
Myśl Ekonomiczna i Polityczna
|
2010
|
issue 1(28)
13-30
EN
The article is aimed at showing the most important causes of the financial crisis of 2008 and highlighting its features which are similar to those of the Great Depression of the 1920s. The author presents dilemmas and forecasts of the global economy future development and emphasizes civilization-related changes of a revolutionary character in the global economy. In this context economic cycles were presented from the point of view of N.D. Kondratieff's theory. Modern technologies and the whole infosphere are what will certainly determine the future development of the global economy. Analyzing new tendencies within civilization-related changes, the author concentrates on the specific conditions which led to the global economic crisis in 2008. The present economic crisis is a speculative one and it is typical of a financial market. The author also highlights the disastrous situation on the American mortgage market and explains how it triggered the first stage of the credit crunch. The author used elements of the method of analysis and synthesis which enabled him making a conclusion that the present crisis would transform into an economic crisis and a recession.
9

Modele hybrydowe MSV-MGARCH z dwoma procesami ukrytymi

70%
Osiewalski J., Osiewalski K.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2012
|
issue 895
5-18
XX
In order to efficiently model the price volatility of a large number of financial assets, Osiewalski and Pajor (2007, 2009) and Osiewalski (2009) introduced multivariate hybrid MSV–MGARCH models. Their conditional covariance matrix is a product of a univariate latent process and a matrix with a simple MGARCH structure (Engle’s DCC, scalar BEKK). The proposed hybrid models are useful thanks to their good fit and ability to jointly handle as many as 50 assets. However, one latent process may be insufficient in the case of a heterogenous portfolio. In this study we propose a more general hybrid structure that uses two latent processes. We present full Bayesian inference for the model and suggest an MCMC strategy for simulations from the posterior distribution. Two formal Bayesian model comparisons are given. They show the advantages of using two latent processes. In particular, our approach is applied to jointly model the volatility of four time series: two stock indices and the prices of gold and silver. We formally compare the joint model and two separate models (for indices and for metal prices).
10

GLOBALISATION AFTER CRISIS (Globalizacja po kryzysie.)

61%
Podurgiel A.
Pieniądze i Więź
|
2010
|
vol. 13
|
issue 2(47)
5-13
EN
Globalization is defined as a historical process of liberalization and progressive integration of capital, goods and labour markets into one global market. Power force behind the globalization are transnational corporations which move not only capital and goods but also technology across national borders. Moral and economic evaluation of globalization is not clear. On the one hand, globalization brings some beneficial effects, such as, development of international trade, capital expansion in the form of foreign direct investment, greater exchange of information between countries. On the other hand, it significantly weakens the social security of working people and small businesses, deepen social inequality and hinders democracy policy. Currently, globalization is in retreat, both as a theoretical concept and a practical solution. Much of the world, especially developing countries, which in recent years strongly liberalized their commodity and capital markets, refers to it critically, because, as a result of the global crisis, they have suffered greater losses than countries that did not opened up to foreign cooperation so quickly. Global economic crisis has caused a weakening of globalization processes on all continents. Some economists and analysts call it even a deglobalisation, starting from the fact of growing protectionism. This is evidenced by the decisions of many governments around the world, involving the obstruction of access to its own internal market, encouraging the purchase of national products and services and repatriation of immigrants to their countries of origin. As a result of the economic crisis and protectionist acts of governments, the world trade turnover in the first half of 2009 decreased by 40%. Many steps to strengthen the global financial architecture were already taken, aimed at stabilizing global finance. Leaders of global economic powers discuss over the directions of work, aiming at increasing security in the world financial system. The key problems include increased regulatory oversight of hedge funds and rating agencies.
11

Modelling the migration of commercial bank clients

51%
Lubloy A., Szenes M.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 10
915-934
EN
The study uses network theory to model the migration of commercial clients of banks. For want of real data, the authors begin by generating a network composed of the commercial clients on a banking market with several players. The interstices are the companies and each company's banking affiliation corresponds to an internal coordinator. The transactions among the companies - through the company's own bank or another bank - pass along the directed lines. At the centre of the examination based on the network generated stand the equilibrium properties of the bank-choice strategy and the phenomenon of client migration. The market equilibrium of the model - contrary to one of the main assertions of neo-classical equilibrium theory - is not clear in this model and several states of equilibrium may ensue. It was found while modelling the client migration that there is no newly migrated client in two-thirds of cases in the network of commercial clients. In the worst case, marked waves of migration occur. Finally, the authors seek to discover what topological features are typical of the key companies from the client migration point of view. It is found that the number of partners does not characterize in every case the key companies from the client migration point of view.
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