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Sukuk - źródło pozyskiwania kapitału na islamskim rynku długu

100%
Puszer B.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2014
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vol. 48
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issue 3
EN
Sukuk, an Islamic equivalent of bond, has established itself as one profitable product that holds great potential in the Islamic finance market. Its lucrative returns resulted in the robust growth in demand and supply of different varieties in the capital market. Sukuk are securities that comply with the Islamic law and its investment principles, which prohibits the charging, or paying of interest. All Sukuk returns and cash flows are linked to assets purchased or those generated from an asset. Over the years, the sukuk market has grown from 10 to 15% annually to reach approximately USD 140 billion and contributed to approximately 10% of the global Islamic finance assets in 2012. While sukuk are structured in a similar way to conventional asset-backed securities (ABS) or covered bonds, they can have significantly different underlying structures. Especially, when sukuk have the real asset-backed structure (as opposed to the asset-based structure) they can indeed protect investors once a default event is triggered. Governments remain the most active issuers across the history of the global sukuk market, with Malaysia's government leading. Sovereigns have issued a total of USD 280 milion since 2013. In the last three years, 82% of global sukuk issuance came from governments and quasi government bodies while only 18% were issued by corporates.
PL
Artykuł nie zawiera abstraktu w języku polskim
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Sekurytyzacyjne instrumenty finansowe w strefie euro

100%
Puszer B.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2013
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vol. 47
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issue 3
EN
Securitized financial instruments market is one of the segments of the financial markets of the euro area. The main instrument of this market are: MBS (Mortagage Backed Securities), ABS ( Asset Backet Securities), CDO (Collateralized Debt Obligations) and ABCP (Asset Backed Commercial Papers). Securitization market instruments developed in the euro zone by 2009, growing turnover and emissions. As a  result of the global financial crisis, this market has shrunk considerably. This article presents the main groups of securitized financial instruments in the euro area and to assess the changes that have taken place during the global financial crisis.
PL
Artykuł nie zawiera abstraktu w języku polskim
3
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Działania podejmowane przez IOSCO w warunkach globalnego kryzysu finansowegooraz współpraca z Komisją Nadzoru Finansowego w Polsce

100%
Puszer B.
Studia Ekonomiczne
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2014
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vol. 171
132-148
EN
IOSCO was established as a global organization. It is the most important international organization engaged in the regulation of capital markets and bringing together the market regulating and supporting bodies bearing everyday responsibility for the implementation and the application of securities-related regulations. The main objectives of IOSCO include: the cooperation within establishing common regulatory norms aimed at supporting fair and effective operation of financial markets; the exchange of experience and information to improve the operation of national securities markets; joint activities undertaken to establish norms and the effective supervision of international securities transactions; the mutual assistance within the provisions of security for securities markets by rigorous observance of norms and counteracting financial crimes. This paper is present to the action taken by IOSCO for the strengthening of the international financial system stability, particularly after 2007 (the financial crisis, the conditions of instability) and cooperation of the KNF as the supervisory authority of the IOSCO.
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Kwity depozytowe jako instrument finansowania przedsiębiorstw krajów BRIC

100%
Puszer B.
Zarządzanie i Finanse
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2013
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vol. 2
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issue 4
357-371
PL
Kraje BRIC (Brazylia, Rosja, Indie i Chiny) w ostatnich latach odgrywają istotną rolę w gospodarce światowej. Są przykładem państw szybkiego wzrostu gospodarczego oraz rosnącego udziału w tworzeniu światowego PKB. Kraje BRIC cechuje różnorodność struktur finansowania oraz niski poziom rozwoju rynków akcji. W związku z tym spółki z krajów BRIC decydują się pozyskiwać kapitał na rynku międzynarodowym przez emisję kwitów depozytowych w róż¬nych odmianach, którymi handluje się na rynkach giełdowych i poza¬giełdowych. Większość kwitów depozytowych krajów BRIC jest emitowana na rynku amerykańskim (NYSE, NASDAQ) i europejskim (Londyn, Luksemburg). Spółki z krajów BRIC na tym rynku dominują pod względem liczby transakcji i wartości kwitów depozytowych znajdujących się w obrocie.
5
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Joint Forum: znaczenie dla stabilności międzynarodowego systemu finansowego

100%
Puszer B.
Studia Ekonomiczne
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2013
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vol. 170
157-167
EN
Joint Forum was established under the aegis of the BCBS, IOSCO and IAIS, is nowadays engaged in many important problems related to the stability of the international financial system. The activities of the Forum concern to issues common to the banking, insurance sectors and securities, including the regulation of financial conglomerates. The priority is the improvement of the effectiveness of supervision of the three sectors and also the financial conglomerates. The Joint Forum develops the set of principles, quidances and best practices, which have fundamental importance for the stability of the international financial system. It should be emphasized that the Joint Forum is based on the international cooperation and coordination among different bodies, what is crucial for financial stability in the global crisis.
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Obligacje projektowe jako innowacyjny instrument finansowania strategicznych projektów w ramach UE

100%
Puszer B.
Studia Ekonomiczne
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2014
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vol. 186 cz 2
208-223
EN
In the context of financing strategic projects speaks about the creation of project bonds. The instrument of project bonds provides an opportunity to increase private sector participation in the financing of strategic projects of the European Union, which is especially important in conditions of limited public resources as a result of the financial crisis. This initiative is directed to projects with relatively high investment risk, under which the EIB and the European Commission will be subordinated creditors, which means that the public debt will be satisfied for the debt senior. This article provides a general overview of the concept of project bonds, describe the idea of project bonds within the framework of EU policies and the functionalities of this innovative financial instrument, including its rating aspects, assesses the factors that can facilitate success of this concept as well as challenges that need to be addressed.
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Private banking jako usługa inwestycyjna instytucji finansowych na globalnym rynku finansowym

100%
Puszer B.
Studia Ekonomiczne
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2015
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vol. 246
80-98
PL
Banki w ramach prowadzonej działalności mogą wykonywać czynności z zakresu działalności inwestycyjnej, co oznacza działalność banków na rynku finansowym polegającą na świadczeniu usług pośrednictwa finansowego poprzez alokację kapitału z wykorzystaniem dostępnych technik, metod oraz instrumentów. Działalność banku może zostać ograniczona tylko do niektórych czynności inwestycyjnych wykonywanych na rzecz podmiotów niefinansowych, w tym klientów zamożnych. Proces świadczenia usług przez banki w segmencie zamożnych klientów jest określany jako private banking. Celem artykułu jest analiza aktualnych wyzwań oraz trendów charakteryzujących private banking na świecie, a także prezentacja możliwych kierunków rozwoju oraz zmian, w obliczu których w najbliższej przyszłości mogą stanąć zarówno osoby zamożne, jak i banki zajmujące się ich obsługą. Wśród głównych priorytetów banków w obsłudze klientów zamożnych powinny się znaleźć między innymi działania związane z dywersyfikacją oferty, edukacja i budowanie długoterminowych relacji z pokolenia na pokolenie oraz wykorzystanie nowoczesnych kanałów komunikacji, np. mediów społecznościowych.
EN
Banks as part of conducted activity can conduct activities from the scope of the investment activity. The investment activity of the bank can be limited only to some duties performed for clients, in it of wealthy clients. The process of the service delivery in the HNWI determined by banks is private banking. The main aim of the article is an analysis of apt challenges and the trends of private banking in the world, as well as presentation of possible directions of the development and changes, in the face of which in the immediate future can stand up both wealthy clients, as well as banks dealing with their service. Amongst major priorities of banks in the service wealthy clients action associated with the diversification of the services, the education of the clientele and focusing on long-term relationships (generation after generation) and interaction on social media should be number one priorities for private banking.
8
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The Euro as an International Currency in the Official Sector

100%
Puszer B.
Journal of Economics and Management
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2014
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vol. 16
77-96
EN
International currency is a currency that is used outside the country as unit of account, medium of exchange, and means of accumulation. International currency performs the functions of money in an international dimension. The international role of the euro refers to the use of the euro in global markets and by residents of countries outside the euro area. Non-euro area residents may use the euro, for instance, in payment transactions or financial market transactions with euro area residents or with other non-residents. In particular, the euro is used by the official sector of several non-euro area countries as a reserve currency, as an anchor currency or as an intervention. This article reviews official use refers mainly to the euro's role in third countries' monetary and exchange rate policies, in the form of an anchor or reference currency, a reserve currency or an intervention currency(original abstract)
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Obligacje stabilnościowe jako instrument finansowania pożyczkowych potrzeb sektora publicznego w strefie euro

100%
Puszer B.
Studia Ekonomiczne
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2013
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vol. 173
104-117
EN
Lessons learned from the period of the euro area fiscal policy, especially the last global financial crisis prompted the European Union to seek new institutions and instruments. In terms of instruments appeared (in November 2011), the concept issue of Stability Bonds (Eurobonds). The Stability Bonds are sovereign bonds issued by Member States of the euro area through a common debt management office. Thereupon, the debt management office distributes the proceeds to Member States. The Commission presents three options for the implementation of Eurobonds and puts up for discussion the related pros and cons. With regard to the pros it mentions in particular the alleviation of the current debt crisis, the stabilisation of the banking system and the increased liquidity of the government bonds market. With regard to the cons it mentions the reduced incentives for budgetary discipline. For instance, Member States can run up debts at the expense of the budgetary discipline of other Member States, without this having an affect on their financing costs.The aim of this paper is to attempt to assess the development of the public debt in the euro area and the relevance of the issue and the potential consequences of Stability Bonds.
10
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Evaluation of the Level of Financial Inclusion among Businesses from the Next 11 Group of Countries

63%
Puszer B., Cichorska J.
Finanse i Prawo Finansowe
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2021
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vol. 2
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issue 30
103-116
PL
Włączenie finansowe (integracja finansowa) stanowi istotny problem gospodarczy i jednocześnie wyzwanie dla współczesnych społeczeństw. Oznacza dostępność usług finansowych zarówno dla osób fizycznych, jak i przedsiębiorstw. O poziomie włączenia finansowego przedsiębiorstw decyduje przede wszystkim stopień wykorzystania przez nie rachunków i kredytów bankowych. Kraje w różnych obszarach geograficznych prezentują zróżnicowany poziom rozwoju ekonomicznego, technologicznego i świadomości społecznej, co determinuje różny udział w wykorzystaniu usług bankowych. Problemem badawczym niniejszego artykułu jest ocena różnic w poziomie włączenia finansowego podmiotów gospodarczych w państwach Grupy Next 11 z uwzględnieniem korzystania z podstawowych usług bankowych, takich jak rachunki bankowe oraz kredyty i pożyczki. Celem artykułu jest wskazanie czynników, które stanowią barierę włączenia finansowego w krajach Next 11. Badanie stopnia włączenia finansowego krajów Next 11 przeprowadzono na podstawie kształtowania się wskaźników wykorzystania usług bankowych w działalności przedsiębiorstw krajów Next 11. Analiza podstawowych wskaźników dostępności usług bankowych, wskazuje, że w krajach Next 11 powszechnie występuje problem wykluczenia finansowego przedsiębiorstw. Udział przedsiębiorstw posiadających rachunek bieżący plasuje się poniżej średniej dla wszystkich krajów świata. Najgorsza jednak sytuacja występuje w obszarze finansowania działalności kapitałem obcym. Kredyty wykorzystane są tam średnio przez mniej niż 25% przedsiębiorstw. Kraje Grupy Next 11 nie postrzegają jednak brak możliwości pozyskania kredytu jako głównej bariery rozwoju.
EN
The purpose of the article. The article aims to evaluation which factors are a barrier to financial inclusion in the Next 11 countries. The research aim of this article is to assess the differences in the degree of financial inclusion of business entities from the Next 11 group of countries by taking into consideration the use of basic banking services such as bank accounts, credit lines and loans. The hypothesis of the article. The authors put forward the hypothesis that in poorly developed countries, to which the Next 11 countries belong, there are considerable areas of financial exclusion among businesses, in particular among small and medium-sized enterprises. In most of these countries, corporate financial inclusion rates are below the global average. Methodology. The article applies the following research methods: a critical analysis of the literature in the theoretical part; and desk research analysis (that is analysis of data gathered) in the empirical part. Research into the degree of financial inclusion in Next 11 countries was conducted on the basis of indicators of the use of banking services by enterprises operating in Next 11 countries. Results of the research. The level of companies’ financial inclusion depends above all on the degree to which they make use of bank accounts and bank loans. Countries in different geographical locations vary in terms of economic and technological development and social awareness, which impacts on their participation in the use of banking services. Analysis of the basic indicators of banking services availability showed that there is a widespread problem of financial exclusion for companies in Next 11 countries. The proportion of companies possessing a current bank account was below the average of all countries worldwide. However, the worst situation exists in the field of financing business activity using foreign capital. Credit lines there are used on average by less than 25% of companies. However, Next 11 group countries do not see the lack of available credit lines as the main barrier to development.
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The Impact of the COVID-19 Pandemic on the Consumer Credit Market in Eurozone Countries

63%
Puszer B., Czech M.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2021
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vol. 55
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issue 4
49-71
EN
Theoretical background: The problem of the impact of the pandemic on the consumer credit market in Eurozone countries is important both from a cognitive point of view and from the perspective of economic practice. The current state of knowledge on the consumer credit market situation in Eurozone countries is incomplete. It is more common to find works concentrating on the effect of the pandemic on the consumer credit regulations, on the banking sector, or on evaluation of the consumer credit market situation in selected Eurozone countries, selected European countries or Europe as a whole. As a result, many accounts of the impact of the pandemic on consumer credit can be found, but there are no studies presenting the situation of the consumer credit market in Eurozone countries during COVID-19 in a comprehensive and integrated manner, simultaneously combining theoretical aspects and research results.Purpose of the article: This study has two objectives. The main objective was to examine the impact of the COVID-19 pandemic on the value of consumer credit in Eurozone countries. The specific objective was to examine the dynamics and directions of changes in the value of consumer credit during the pandemic in the Eurozone. The study hypothesis is that COVID-19 has determined the amount of household consumer credit debt in Eurozone countries, but that the determinants of this debt and the direction and strength of their impact are diverse.Research methods: The achievement of the objectives and hypothesis verification was based on a critical analysis of source texts and on quantitative research, in which time series analysis and multiple linear regression analysis were used.Main findings: It has been proven that the pandemic has influenced the tendency of households to take out credit, as well as the propensity of banks to grant credit, and that it therefore has affected the behaviour of both borrowers and lenders. We also showed that in periods of increased COVID-19 transmission, there was a low propensity for using credit, while in periods of relative suppression of COVID-19 symptoms, this tendency increased. It also has been proven that COVID-19 has unevenly affected the value of loans across countries. A significant difference was observed in the strength of the impact of individual independent variables on the value of consumer credit in the Eurozone, as well as a different direction of correlation between the variables. Moreover, significant differences were found in the number of variables influencing the value of consumer loans in individual Eurozone countries.
12
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Monetary policy of the CIVETS countries in years 2006-2013

63%
Mitręga-Niestrój K., Puszer B.
Journal of Economics and Management
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2015
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vol. 21
144-162
EN
CIVETS countries refer to a group of countries consisting of Columbia, Indonesia, Vietnam, Egypt, Turkey and the Republic of South Africa, considered leaders of emerging markets. They are countries with dynamically developing economies, moderate debt level, and they have successfully managed to overcome the last financial and economic crisis within a short period of time. Similarly, as in case of the majority of countries, their monetary policy constitutes a significant element of macroeconomic policy, having influence not only on the condition of the banking sector, but the economy as a whole. Central banks of the CIVETS countries focused on inflation target as the goal of monetary policy. They used first of all the interest rate channel as well as instruments regulating liquidity of interbank money market of a standard character (open market operations, refinanced credits and reserve requirement), as well as non-standard monetary policy instruments in order to execute the policy of supporting liquidity of the banking sector in years 2006-2013.
13
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Napływ bezpośrednich inwestycji zagranicznych a potencjał inwestycyjny w krajach CIVETS

63%
Mitręga-Niestrój K., Puszer B.
Studia Ekonomiczne
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2015
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vol. 226
82-94
PL
Kraje CIVETS to grupa państw – liderów gospodarek wschodzących, którą tworzą Kolumbia, Indonezja, Wietnam, Egipt, Turcja oraz Republika Południowej Afryki. Kraje CIVETS są uważane za państwa, które rozpoczną następny cykl wzrostu rynków wschodzących. Przemawiać za tym mogą m.in. takie czynniki jak: zdywersyfikowane i dynamicznie rozwijające się gospodarki, coraz bardziej otwarte rynki i zwiększone zainteresowanie inwestorów zagranicznych. Wielkość i dynamika napływu bezpośrednich inwestycji zagranicznych do krajów CIVETS w latach 2005-2013 wykazuje duże zróżnicowanie tego procesu. Kraje CIVETS są zainteresowane jak największym napływem BIZ i dlatego też podejmują działania prowadzące do eliminowania barier i zapewnienia sprzyjających warunków dla zagranicznych inwestorów. Celem opracowania jest przedstawienie najważniejszych tendencji w napływie bezpośrednich inwestycji zagranicznych (BIZ) do krajów CIVETS w latach 2005-2013, ze szczególnym uwzględnieniem warunków globalnego kryzysu finansowo-gospodarczego oraz podejmowanych działań prowadzącą do eliminowania barier i zapewnienia sprzyjających warunków dla zagranicznych inwestorów. Zastosowano metody ilościowe do przeliczania danych. Sformułowano następujące wnioski: kraje CIVETS stają się znaczącym miejscem napływu BIZ; globalny kryzys finansowy oddziaływał negatywnie na napływ BIZ do krajów CIVETS.
EN
The CIVETS are a group of countries – the leaders of the emerging markets that consist of Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa. The CIVETS are considered to be the countries which will begin the next cycle of growth in emerging markets. Important factors support this argument, such as: diversified and rapidly developing economies, more and more open markets and increased interest of foreign investors. The size and dynamics of foreign direct investment to the CIVETS show a large variation of this process in the years 2005-2013. The CIVETS are interested in the greatest inflow of FDI possible and therefore undertake measures required to eliminate barriers and to provide favorable conditions for foreign investors.
14
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Sektory bankowe krajów BRIC w warunkach globalnego kryzysu finansowego

63%
Mitręga-Niestrój Krystyna M.-N., Puszer B.
Studia Ekonomiczne
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2014
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vol. 184
93-105
PL
Artykuł podejmuje problem funkcjonowania sektorów bankowych państw BRIC w warunkach globalnego kryzysu finansowego. Celem artykułu jest przedstawienie następstw globalnego kryzysu finansowego w sektorach bankowych państw BRIC, jak również nakreślenie działań podejmowanych w tych warunkach przez banki centralne. Globalny kryzys finansowy zagroził głównie gospodarkom analizowanych krajów (m.in. poprzez obniżenie eksportu i spadek napływu inwestycji zagranicznych). Negatywne tendencje ujawniły się jednak również w sektorach bankowych (czego przykładem może być ograniczenie akcji kredytowej). Działania podjęte przez banki centralne i same instytucje finansowe pozwoliły nie tylko przeciwdziałać zaburzeniom w sektorach bankowych, ale również wspierać krajowe gospodarki w warunkach kryzysu.
EN
The article undertakes the problem of functioning of BRIC banking sectors in conditions of global financial crisis. The aim of this article is to present the consequences of the global financial crisis in the BRIC banking sectors, as well as the outline of the measures taken by the central banks in these circumstances. The global financial crisis threatened mainly the economies of the analyzed countries (e.g. by reducing exports and causing drop in the influx of foreign investment). However, the negative trends also revealed in the banking sectors (for example the decrease of banks' lending). The actions taken by central banks and financial institutions have helped not only to counteract the disturbance in the banking sectors, but also to support the national economy in the conditions of crisis.
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