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EN
This paper reviewd theoretical aspects between financial system and economic growth. Theory and practice illuminates many of channels though which the emergence of financial instruments, markets and institutions affect - and are affected - economic development. Financial system may provide different services at different stages of economic development, so that the financial system needs to evolve if growth is to continue. Theory suggests that financial systems influence growth by easing information and transactions costs and thereby improving the allocation of capital, corporate governance and financial exchanges.
EN
Project finance has been used for decades in Western countries to found major resource and infrastructure projects in a manner which is satisfactory and beneficial to the sponsors and financiers alike. Central and Eastern Europe represents the next frontier for successful project finance transactions. Project finance refers to the financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure where project debt and equity used to finance the project are paid back from the cash-flow generated by the project. Private sector investment and management of public sector assets is being openly encouraged by governments and multilateral agencies who recognize that private sector companies are belter equipped and more efficient than governments in developing and managing major public services. Countries such as Poland have the potential to greatly benefit from this method of financing.
EN
The business of investment banking is trending toward one-stop shopping and globalization. This article presents the history and the repeal of the Glass-Steagall Act, which determine present level of development of investment banking. The 1933 Banking Act combined a bill sponsored by Representative Steagall to establishing federal deposit insurance with a bill sponsored by Senator Glass to segregate the banking and securities industries. More commonly known as the Glass-Steagall Act, is distinguished between: commercial banking, which is the business of taking deposits and making loans and investment banking, which is the business of underwriting and dealing in securities. In 1999 Congress passed the Financial Services Competition Act, eroded the Glass-Steagall separation of commercial and investment banking by permitting banks to have affiliated securities firms.
EN
The interrelationships between the development of the financial system and the growth in the economy are the subject of the research of many authors. The research on these relations is being conducted both on theoretical and empirical land. On the basis of current analyses and studies concerning the relation between the financial development and the growth in the economy it is hard explicitly to answer whether it is a development of the financial sector it influences the growth in the economy whether rather a growth in the economy causes the development of the financial sector as well as whether these relations are simultaneous or delayed. The purpose of this article is an attempt to identify occurring reports between the growth in the economy and the development of the financial sector in Poland on the basis of the attempt given annual in the period 1994-2005. Research analysis has empirical character and it comes down to estimating its parameters by construction of the econometric model in which an interrelationships are appearing between the growth in the economy and the development of the bank system in Poland and carrying simulation analysis out.
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