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Integration of Supervision Institutions within the Financial System - the German Experience

100%
Rogowski W., Szpringer W.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2004
|
issue 16
3-36
EN
The paper 's objective is to present the process of transformation of the prudential supervision that is taking place along with, among other things, the development of the financial system, the accession of the EU member countries to the Economic and Monetary Union and the preparation for implementation of the new supervision standards under the so-called Basle II. The changes also cover the remaining sectors of the financial system outside the banking, this leading to integration of the entire financial services supervision within the framework of a single supervisory body. In the paper, this process is presented basing on the experience of Germany where, in 2002, the office of financial services supervision (BAFin) was established in a new legal form and endowed with a high degree of independence. It is the on-going integration of financial sectors and markets, the convergence and unification of financial services, the formation of financial conglomerates and the quick technological changes that is considered to be the reason for integration of the supervisory bodies. The merger of the German supervisory bodies has resulted in a reduction in employment and savings in the area of equipment thanks to the synergy effect, especially in the so-called general service administration (computerization). However, it is not this that is considered to be the success factor of the new structure. The main advantages are expected to ensue as a result of the extension of the uniform supervision on similar risks throughout the whole financial system, the gradual disappearance of arbitrage between separate financial market segments, a fuller supervision coverage of innovations that are arising on the junctions of different markets, the improvement in communication among the regulators and, in the course of time, the formation of a new, market-oriented supervision culture. Another effect, not without importance, will be the expected strengthening of Germany's position within the international supervisory bodies. On the other side, there are some possible threats, too. The authors present the details of integration, the regulatory governance, as well as the actual trends in the BAFin 's operation. They draw attention to the existence of complications in the process of integration of prudential supervision institutions, some resulting from strong determinants that stem from the specificity of national financial and legal systems and the state of their development. The most recent trends consist in placing the integrated the prudential institution within the structure of the central bank, as has been the case in Holland and Ireland. There, the powerful position of the central bank has been utilized to strengthen the role of the integrated financial supervision.
2

GROSS SURPLUS VALUE AS AN INDICATOR FOR FINANCIAL SYSTEMS COMPARISON

80%
Krylova A. O.
Rehionalna ekonomika
|
2008
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issue 3(49)
90-95
EN
Economics development requires appropriate development of financial system of the country. On the current stage of development a problem of Ukrainian financial system comparison with financial systems of other countries becomes more and more urgent. There are approaches to financial systems comparison presented on the basis of analysis of world-wide experience.
3
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FINANCIAL INNOVATIONS AND THEIR ROLE IN THE MODERN FINANCIAL SYSTEM - IDENTIFICATION AND SYSTEMATIZATION OF THE PROBLEM (Innowacje finansowe i ich znaczenie we wspólczesnym systemie finansowym - identyfikacja i systematyzacja problemu)

80%
Blach J.
Finansowy Kwartalnik Internetowy e-Finanse
|
2011
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vol. 7
|
issue 3
13-26
EN
This paper discusses the role that financial innovations play in the modern financial system, aiming at identifying and systematizing the core problems and definitions related to this issue. The paper first describes the importance of the financial system and financial markets in the economy, explaining their functions and presenting their particular characteristics, focusing on their innovativeness. Then, based on the theoretical studies, the broad definition of the financial innovations is developed, stating that any new developments in any elements of the financial system, including: markets, institutions, instruments and regulations, can be regarded as financial innovations if they are perceived as new by the end-user of innovation. Next, the systematization of the most important types of financial innovations is presented regarding different classification criteria, such as: sources of innovations, motives for innovations, their effects or functions. As financial innovations are not a homogenous group of financial developments, their implications for the financial system can be ambiguous, thus the final assessment of their role can not be generalized and should be made on a case-by-case basis. The information presented in this paper can be regarded as an introduction, encouraging to do further research, as the complexity of the financial innovations makes them an interesting and important subject for this.
4

THE IMPACT OF EU ENTRY ON FINANCIAL STRUCTURE AND ON COMPETITIVENESS OF FINANCIAL INSTITUTIONS IN POLAND

80%
Pietrewicz L.
Studia Ekonomiczne (Economic Studies)
|
2006
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issue 1-2(48-49)
33-58
EN
The goal of the paper is to assess the impact of the recent EU expansion on the structure of financial system in Poland and on competitive position of our financial institutions. Following the large body of scientific research, the level of financial development is asserted to have a strong influence on the development of the domestic economy and society at large. The methodology used combines elements of functional and competitive analyses. It is concluded that Poland's accession to the EU has played a key role in forming very good prospects for our financial system. This role is manifested in three ways - through the impact on the size of our financial system, its structure and international competitiveness. Over the long term, Poland is expected to develop the most competitive and most market-based system in Central Europe, a system that will be the hub for financial transactions and center of financial competence.
5
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THE ROLE OF ENTERPRISE RISK MANAGEMENT IN THE FACE OF INCREASING EXTERNAL RISK FACTORS (Rola zarzadzania ryzykiem w przedsiebiorstwie w obliczu wzrostu zewnetrznych czynników ryzyka)

80%
Kaszuba-Perz A., Perz P.
Finansowy Kwartalnik Internetowy e-Finanse
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2010
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vol. 6
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issue 2
53-63
EN
The aim of this paper is to attempt to characterize the role of risk management among growing external risk factors. The authors believe that currently there are a number of factors posing a serious risk of destabilizing the global financial system. Under such conditions, proper identification and risk management in enterprises can be very important for their secure operation. The authors believe there may be situations where implementation of a risk management system might be beneficial even if it does not lead directly to increased business value. Within the risk management process, risk management methods should be carefully observed, with some requiring supplementation with stress tests.
6
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THE IMPACT OF FINANCIAL CRISIS ON THE ECONOMY OF GREAT BRITAIN (Wplyw kryzysu finansowego na gospodarke Wielkiej Brytanii)

51%
Sporek T.
Przegląd Zachodni
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2010
|
issue 4(337)
201-209
EN
The United Kingdom has recorded a high growth rate over the past decade - higher than in the euro zone. A sudden and shocking deterioration took place in 2008 when the crisis of the financial system was further deepened and the prices in the domestic real property market decreased steadily. As far as the United Kingdom is concerned more emphasis should be put on the level of innovativeness because in most contemporary theories of economics, innovative actions constitute the major factor generating productivity growth. The British sector of financial services is extremely important for domestic and global economy. It is the fastest developing sector of economy in which the United Kingdom has the biggest comparative advantage.
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