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1

DIRECTIONS OF DEVELOPMENT OF INVESTMENT BANKING IN THE WORLD (Kierunki rozwoju bankowosci inwestycyjnej na swiecie)

100%
Gostomski E., Makowski M.
Pieniądze i Więź
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2011
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vol. 14
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issue 2(51)
59-66
EN
The article aims to present directions of development of investment banking in the global market. The Authors present the most significant historical facts relating to the development of investment banking in Europe and the USA. They identified key factors in the dynamic development of investment banking in the late twentieth century. Next part of the article concentrates on general characteristics of the main services offered by investment banking. Then, the essence of the subprime crisis and its impact on the development of investment banking in the global market is discussed. In conclusion, the Authors pointed out the prospects for development of investment banking after the end of the global subprime crisis.
2

'THE END OF THE GOLDEN AGE' THE DEVELOPMENT OF VENTURE CAPITAL IN CENTRAL AND EASTERN EUROPE (Az aranykor vege. A kockazatitoke-agazat fejlodese Kozep-Kelet-Europaban)

100%
Karsai J.
Kozgazdasagi Szemle (Economic Review)
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2009
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vol. 56
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issue 1
46-68
EN
The current downturn in the American and West European economies combined with increasing regulatory pressure on private equity throughout the developed world have made emerging markets an attractive destination for private equity. As part of such a market, the private equity industry of Central and Eastern Europe (CEE) was an accidental beneficiary of this, its attractiveness boosted also by the fact that the value added was resulting from the integral growth of companies rather than from leverage utilization. The crisis in the autumn of 2008 has turned growth financed by loans into a synonym for risk, so that the CEE countries as emerging markets have been placed at a disadvantage The current downturn in the American and West European economies combined with increasing regulatory pressure on private equity throughout the developed world have made emerging markets an attractive destination for private equity. As part of such a market, the private equity industry of Central and Eastern Europe (CEE) was an accidental beneficiary of this, its attractiveness boosted also by the fact that the value added was resulting from the integral growth of companies rather than from leverage utilization. The crisis in the autumn of 2008 has turned growth financed by loans into a synonym for risk, so that the CEE countries as emerging markets have been placed at a disadvantage
3

Inwestorzy indywidualni w polsce a funkcjonowanie funduszy inwestycyjnych

100%
Wierzbicka K.
Optimum. Studia Ekonomiczne
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2012
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issue 6(60)
52-71
EN
Individual investors are a vital part of the modern economy, financial market and securities market. Their capital participation is varied and undergoes periodic fluctuations. During market boom, the involvement of individual investors increases, whereas during crisis it dwindles. This is justified because most of the decisions made by individual investors are based on their own knowledge and previous experience, as well as on the imitation of other market participants. In Poland, bank deposits are still by far the most popular form of capital allocation, since they are regarded as a safe form of investment. In recent years, investors have started to place disposable capital in investment funds. However, in 2011, the value of the assets of these institutions accounted for approx. 24% of the funds deposited in banks, which is a low proportion compared to those observed in western countries. A major problem, reflected in the market, is the low engagement of households in locating in investment funds. According to the author, the main reason for this is lack of information and basic knowledge about the functioning of these capital market institutions in Poland.
4

Rozvytok teoretychnykh pidkhodiv do vyznachennya ponyattya «investytsiynyy bankinh»: zakordonnyy ta ukrayins'kyy dosvid

88%
Lapina I. H.
Mekhanizm Rehuluvannya Economiky
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2013
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vol. 3 (61)
179-185
EN
At the present stage of economic relations in the world the research of the specialized banks in the financial market that specialize on providing investment banking services is the crucial research problem. The current transformation of the global financial architecture encourages the development of of universal growing trend towards specialization of most financial intermediaries. This article underlines the comparative analysis of the term “investment banking”, which is investigated by economists in foreign and Ukrainian scientific literature. The paper presents unique authors’ definition of “investment banking” term, which is adapted to the specific situation in this sphere in Ukrainian banking sector, including basic criteria for such activities, such as the activities background, objectives, determining aggregate functions, which are included in the system of “investment banking” activities.
5

PAULSON'S PLAN AS A RESPONSE OF U.S. AUTHORITIES TO PROBLEMS OF INVESTMENT BANKS (Plan Paulsona jako odpowiedz amerykanskich wladz na problemy banków inwestycyjnych)

88%
Antkiewicz S.
Pieniądze i Więź
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2009
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vol. 12
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issue 3(44)
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.
6

Out of the blind alley. State venture capital and innovation

88%
Karsai J.
Kozgazdasagi Szemle (Economic Review)
|
2007
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vol. 54
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issue 12
1085-1102
EN
The Hungarian state since the change of system has seen raising supply as the way to help innovative firms find venture capital. Hitherto it has used a method increasingly exceptional (and obsolete) internationally: having investment firms and venture-capital funds in its exclusive ownership invest capital in firms selected by the state apparatus. But such state-owned investors tended to prefer traditional undertakings and had little effect on the development of innovative technology firms. The negative experiences and high costs of government capital injections have largely convinced governments abroad that using professional, exclusively profit-oriented investors is far more efficient than for the state itself to try to act as an experienced investor in new firms. While retaining its old investment policy, the Hungarian state began experimenting in 2007 under the Jeremie Programme with co-financing venture capital funds to ensure the venture capital market selects small and medium-sized firms preferred by the state. If the programme succeeds, the state's indirect financing method may allow the market to operate more efficiently, by offering capital under market conditions while ensuring the programme is self-financing.
7

What does monetary policy do in the inflation targeting system? Tibor Erdos's paper 'Exchange-rate policy and inflation targeting in Hungary'

88%
Kovacs M. A.
Kozgazdasagi Szemle (Economic Review)
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2007
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vol. 54
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issue 12
1103-1120
EN
The analysis, which appeared in the October issue, makes several critical observations on monetary policy, the system of inflation targeting, and so of Hungarian monetary policy in the last few years. This has inspired several objections to the article's main theses. The author of this contribution argues, as a modeling economist working on analysis of macroeconomic data in the institution making such policy, that Tibor Erdos' statements are not supported by the facts or empirical analyses of the Hungarian economy. The author's first purpose is to present briefly and factually what monetary has and has not done in the last six years. That calls for a summary of the literature on modern monetary theory and inflating targeting. Nor can he avoid responding to the way Tibor Erdos, in criticizing the inflation targeting, tries to argue in practice against the mainstream of present-day monetary economics. It is not that inflation targeting is the sole salutary monetary system for small open economies like Hungary's. It is necessary to take issue with Tibor Erdos' argument on a theoretical plane, for he seems to have a problem with the conceptual grounds for an independent bank of issue, from which follows modern monetary theory. According to modern economic theory, price stability can be attained only by breaking the rigidity of inflationary expectations. That calls for independent, credible central-bank policy, especially in the presence of an expansive budget.
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