Search results - CEJSH

1

Polityka pieniężna Europejskiego Banku Centralnego 1999-2013

100%

Benedyk M.

Ekonomia. Wrocław Economic Review

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2013

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vol. 19

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issue 4

9 - 29

EN

The expansionary monetary policy of the European Central Bank at the beginning of the 21st century gave rise to a big credit expansion. The expansion was distributed unevenly among the Eurozone member states and it led to an economic boom, especially in the real estate market. The malinvestments from the boom period brought about severe economic crisis. Since the crisis ECB acts (lends banks unprecedented amounts of money, against poor collateral, for extended period of time, at record low interest rates) like his main end is keeping the European banking sector afl oat, not the officially stated inflation targeting.

2

Kierunki rozwoju bankowości - zmiany wewnątrz organizacji.

100%

Łukasiewicz-Kamińska A. A.

Pieniądze i Więź

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2014

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vol. 17

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issue 1(62)

65-73

PL

Globalizacja, dynamiczny rozwój Internetu, innowacje techniczne i komunikacyjne mają wpływ na rynek usług bankowych. Nastawienie na maksymalizację zysku i dbałość o zaspokajanie potrzeb udziałowców powinno ewoluować w kierunku zaspokajania potrzeb klienta i dbałości o wszystkich interesariuszy banku. Banki muszą przedefiniować swoją wizję, misję i strategię. Potrzeba kontaktu i dialogu z klientem za pośrednictwem mediów społecznościowych, marketing 3,0 i PR przyczynią się do zmian struktury organizacyjnej. W wyniku rozwoju bankowości elektronicznej maleje rola oddziałów bankowych, które do niedawna były najważniejszym kanałem kontaktu klienta z bankiem. Zmienia się również profil poszukiwanych pracowników. W artykule podjęto próbę wskazania kierunków zmian wewnątrz organizacji banku.

EN

Globalization, dynamic development of Internet, technical and communication innovations have influence on the market of banking services. Attitude towards maximizing of profit as well as attention to satisfying needs of shareholders should evolve towards satisfying needs of the client and attention to all stakeholders of the bank. Banks have to redefine their vision, mission and strategy. The need of contact and dialogue with client with intermediation of social media, marketing 3.0 and PR will contribute to changes of organizational structure. As a result of development of electronic banking, role of banks' branches, which recently used to be the most important channel of contact with the client, is decreasing. Profile of employees for which banks are searching is also changing. The article attempts to indicate directions of changes within banks' organization.

3

Application of the Differential Evolution Algorithm to Group a Bank's Individual Clients

100%

Domański C., Kubacki R.

Argumenta Oeconomica Cracoviensia

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2020

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issue 1(22)

9-20

EN

Objective: The aim of the article is to present the results of grouping individual clients of a bank with the differential evolution algorithm. Research Design & Methods: The research offers conclusions based on analysis of the bank’s customer base and deductive and inductive reasoning. Findings: The results of the authors’ research show that the differential evolution algorithm correctly groups bank customers and can be used for this purpose. Implications/Recommendations: The differential evolution algorithm is an alternative to the commonly used k-means algorithm. The algorithm generates several competing solutions in one iteration. It enables independence from starting vectors and greater effectiveness in searching for an optimal solution. The differential evolution algorithm was itself enriched with a variable that allows the optimal number of clusters to be selected. Each iteration contained proposed solutions (chromosomes) that were evaluated by the target function built on the CS measure proposed by Chou. Contribution: The article presents the application of the differential evolution algorithm to group a bank’s clients.

4

Using CSR to mitigate information asymmetry in the banking sector

100%

Semenescu A., Curmei C. V.

Management & Marketing

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2015

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vol. 10

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issue 4

316-329

EN

The paper examines the power of corporate social responsibility to reduce information asymmetry and to act as a marketing instrument in the banking sector. Trust is the most important asset of a bank. Therefore, banks are motivated to use the most effective instruments to diminish information asymmetry with their stakeholders. The fact that cash disbursements in CSR actions are not directed towards shareholders makes them more valuable signals to other stakeholders regarding the financial soundness of the bank. The empirical study conducted based on limited dependent variable models supports the effectiveness of the CSR as marketing instrument in banking. It reveals the circumstances associated to a higher probability of an active CSR policy conducted by a banking institution. The results support the hypothesis that in the banking sector CSR is perceived as an instrument which helps stakeholders reduce information asymmetry. As marketing instrument, CSR contributes to increasing the tangibility of the banking products, decreasing their perceived variability and thus making them more attractive for the clients and allowing for differentiation between competitors.

5

Legal Framework for Risk-based Banking Supervision in the Digital Age

100%

Artemenko D., Bychkova I.

Financial Law Review

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2020

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vol. 19

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issue 3

81-102

EN

This contribution deals with the system of financial and economic relations, which is evolving due to supervision of digital financial products and services (DFSP). The article presents an overview of the most relevant DFPS and supervisory tools and practices. The contribution aims at analysing an available supervisory toolbox used in different countries. In order to achieve the aim, such methods as logical, systematic functional and situational analysis, as well as grouping and monographic methods, were employed. Digitalisation may boost competition, efficiency and profitability of banking sector and bring benefits to financial entities and customers. Nevertheless, it also carries certain risks posing major challenges to supervisory authorities. They have to find a balance between securing financial stability, protecting customers and fostering innovation.

6

Climate protection as an opportunity for banks to increase earnings and consumer trust

100%

Kiszka S., Hastenteufel J.

Managerial Economics

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2021

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vol. 22

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issue 1

7-22

EN

Banks are currently facing numerous challenges. In addition to the ongoing cheap money policy of the European Central Bank, a regulated market environment and a rapidly progressive digitization, financial institutions are increasingly confronted with topics such as sustainability and climate protection. From the latter derive not only risks but also chances for banks. Sustainability risks can impact different risk categories such as market risks, credit risks, operational risks, and liquidity risks. Moreover, reputational risks can occur in this context. This is especially important as bank customers constantly develop a greater awareness of ecological issues, and thus, develop increasing expectations on how companies – like banks – deal with issues like climate protection and sustainability. For this reason, we will start with a theoretical explanation of the key words and then present the results of our customer survey to highlight the current expectations of bank customers in the context of climate protection. Based on this, we formulate recommendations for banks on how to generate a competitive advantage by engaging in climate protection and by taking sustainable actions.

7

Calculating capital requirements for operational risk

100%

Waschbusch G., Kiszka S.

Managerial Economics

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2021

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vol. 22

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issue 1

35-59

EN

Operational risks have become increasingly important for banks, especially against the background of growing IT dependency and the increasing complexity of their activities. Further-more, the corona pandemic contributed to the increased risk potential. Therefore, banks have to back these risks with own funds. There are currently three measurement approaches for determining the capital requirements for operational risk. In recent years, and especially during the Great Financial Crisis of 2007/2008, however, some of the weaknesses inherent in these approaches have become apparent. Thus, the Basel Committee on Banking Supervision revised the current capital framework. Therefore, this article examines the various measurement approaches, addresses inherent weaknesses and moreover, presents the future measurement approach developed by the supervisory authorities.

8

Low Interest Rates – A Real Threat to German Banks or First-Class Whining?!

100%

Hastenteufel J., Fuchs L.

Managerial Economics

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2020

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vol. 21

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issue 2

127-156

EN

The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming increasingly difficult for banks to generate sufficient income from the interest margin. This is partly due to the European Central Bank’s expansive monetary policy. However, other factors, such as advancing digitization, also play a role here. The structure of the German banking market and the mostly strong focus of German banks on interest-bearing business are also increasingly becoming a problem. Still, the question arises, whether the current phase of low interest rates is actually a serious threat to banks or whether they are complaining at a high level.

9

The impact of the COVID-19 pandemic on the German banking industry - a critical analysis of regulatory easing for banks

100%

Hastenteufel J., Haag A., Eschenröder M.

Managerial Economics

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2021

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vol. 22

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issue 2

95-112

EN

The COVID-19 pandemic was a challenge for all aspects of life. Besides others, this includes health and social life as well as the overall state of the economy. To contain the spread of the coronavirus, governments throughout the world imposed temporary closures (lockdowns). The banking industry was affected by these lockdowns in multiple ways. To mitigate the potential negative impact of the COVID-19 pandemic on banks, the national and international supervisory authorities passed comprehensive measures. The aim of this paper is to highlight the main regulatory facilitations for German banks by focusing on measures regarding capital buffers and the operating areas of banks. Besides this, an expert study was conducted to analyze how the measures are perceived by German banks and to develop recommendations for action. The results of the study show that the measures have mainly had a signaling effect on banks. However, measures like the easing of capital requirements are also related to higher risks for the banks. The results illustrate that most banks have hesitated in taking these additional risks if they can avoid them, with other measures like general moratoria on payments considered helpful. Overall, the results demonstrated that the experts prefer a cautious approach to using the easing measures.

10

Stress testing as a tool for simulating the effects of crisis in banks

100%

Wiszniowski E.

Business and Economic Horizons

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2010

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vol. 1

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issue 1

58-66

EN

Emergence of crisis in financial markets, especially banks, have forced a change in approach to risk management. It has become necessary to develop new or refine existing models of early bankruptcy threat warning, as well as establishing the potential impact of bank failures. One of the tools, indicating that resistance to the phenomenon of crisis is “stress testing”. Its aim, at least in the case of banks, is concerned with estimating the level of economic resistance towards the occurring risk. Some of these risks are: the non-payment of loans due to deterioration in the economic situation of a country, fluctuations in interest rates, exchange rates and a fall in prices of securities which are traded on stock exchanges. This article discusses the nature of stress testing and shows the current legislation in Poland and presents the results of a stress testing conducted on the largest U.S. banks in May 2009. The rank and results of these studies show the importance of the role of stress testing as a complementary research of a diagnostic and prognostic nature.

11

Ekonomiczne aspekty działalności templariuszy

100%

Żurek Ł.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2011

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issue 870

105-117

EN

The Templar Knights, an order that existed from the 11th to the beginning of the 14th centuries left behind a rich legacy of business activities. The activities were of various types, and their agriculture, financial and banking achievements are all deserving of attention. Thanks to its funds, the Order of the Temple contributed to the development of financial and banking services that had never existed. Of paramount importance were travellers’ cheques and loans granted both private individuals and countries. The influence of their wide-ranging activities was evident throughout Western Europe (because of the highly developed network of monastic castles) and the Holy Land, and contributed to the prevalence of banking services in medieval Europe.

12

Regulations of the financial market in Poland. Equilibrium vs. inversion

100%

Dziawgo L., Dziawgo D.

Nauki o Finansach

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2018

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issue vol. 23 no. 4

9-24

EN

The subject of this study is the legal regulations concerning the banking and stock market sector. The research objective is to identify the issue of the adequacy of legal regulations on the modern financial market. The object of the research is the banking institutions and companies listed on the stock exchange. The following research methods were used, i.e. the analysis of the literature, analysis of legal acts, observations, descriptive, comparative and case study analysis. It was found that there has been an increase in the level of detail and restrictiveness of legal regulations in recent years, both in relation to the banking sector and to the stock market. In addition, the legislative revolution not only continues, but is also gaining momentum. Thus we could formulate a conclusion about the inversion of the modern financial market. The financial market was to facilitate business operations through access to capital. Currently, excessive regulations indicate the growing legal barriers to entering the financial market and conducting business activity in it.

13

Funkcjonalny wymiar konfliktu na rynku usług bankowych w Polsce

100%

Berger M., Mitręga M.

Nauki o Zarządzaniu

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2015

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issue 3 (24)

20-32

EN

Managing conflicts in customer relationships is one of most important and, at the same time, one of least explored, research areas within the larger area of relationship marketing studies. Such studies were not conducted in post-communist countries, which may be treated as a gap in the emerging theory of relationship conflict management. This paper presents research results that identify multi-dimensionality of conflict from the perspective of customers in banking industry in Poland. This study emphasizes four aspects of conflict handling, and the influence of these factors on customer satisfaction in relationship with the bank. This study is grounded in so-called “equity theory” with regard to exchange relationships.

14

Virtual reality as the indicator of the modern banking

100%

Kołodziej M.

Nauki o Finansach

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2017

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issue 2(31)

44-51

EN

The dynamism of changes occurring in the social-economic space determines need for the systematic development, understood as seeking innovative solutions. Given that 46% of the world population uses the Internet and the 31% declares that they are active users of social media, no rationally formulated corporate strategy can omit the potential of computer technologies. One of the advanced solutions which are successively adapted in the sector of banking services is virtual reality. It seems that every industry from video games developers to healthcare is looking for innovative ways to integrate some sort of virtual reality platform into their day-to-day systems. The aim of the article is the presentation of the concept of virtual reality in the context of banking. The article proves the implementation of VR in banking generates competitive advantage. Additionally, it presents various aspects of applications, market trends and forecasts of the subsequent development of this phenomenon. Moreover, there is an attempt to answer a question, whether virtual reality improves the effectiveness of the banking activity

15

Factors of influence on relationship banking of Polish firms

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Węcławski J., Pernsteiner H.

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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2017

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issue 482

261-271

EN

One factor in the field of relationships to banks is the so-called relationship banking, which is a well-known practice in the bank oriented economies in Europe. Relationship banking means a long run relationship between one or a small number of banks to firms, especially in lending, so the terminus is in this field relationship lending. On the basis of a huge telephonequestionnaire in Poland concerning financial management we have tried to answer some research questions in the field of relationship banking in detail in order to bring light into this somewhat dark area of relationships between banks and firms. The main aspect of relationship banking is the duration of this relationship. Using empirical methodology, we analyse this relationship on the basis of the length of time as well as aspects such as the age of the firm, the number of bank relationships, the industry, the influence of strategies and the access to credits.

16

Rozwój polskiego sektora finansowego w I dekadzie XXI wieku

100%

Opolski K., Dwórznik M.

MAZOWSZE Studia Regionalne

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2014

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issue 15

91-107

PL

W artykule została przedstawiona analiza powiązania rozwoju sektora finansowego z rozwojem go-spodarki realnej w pierwszej dekadzie XXI wieku. Na początku artykułu została przeprowadzona ocena stanu gospodarki realnej na podstawie wskaźników, które są wykorzystywane przy analizie rozwoju gospodarki realnej. Wśród nich znajdą się zmiany: poziomu produktu krajowego brutto (PKB), spoży-cia ogółem, nakładów inwestycyjnych, rozwoju sektora budownictwa mieszkaniowego (mieszkania oddane do użytkowania), stopy bezrobocia, stopy inflacji, obszaru wymiany międzynarodowej (ra-chunku bieżącego bilansu płatniczego, wartości eksportu i importu towarów) oraz stanu zadłużenia państwa (instytucji rządowych i samorządowych) oraz gospodarstw domowych. W drugiej części arty-kułu została przedstawiona zmiana wybranych zmiennych, charakteryzujących sektor finansowy. Oceniając, pod kątem wartości, rozwój sektora finansowego, należy odnieść się do jego segmentów, dla których dostępne są informacje. Instytucją prezentującą najbardziej obszerny zakres danych doty-czących sektora finansowego jest Narodowy Bank Polski. Przy prezentacji rozwoju sektora finanso-wego warto wziąć pod uwagę rozwój aktywów, będących w posiadaniu banków oraz dynamicznie rozwijającej się bankowości spółdzielczej, instytucji pośredniczących w przepływie środków na rynku kapitałowym (fundusze inwestycyjne) oraz obszaru pozabankowego. W ramach obszaru pozabanko-wego warto zwrócić uwagę na segmenty obszaru, kierujące ofertę głównie do przedsiębiorstw: facto-ringu i leasingu. W latach 2000-2012 dynamicznie rozwijał się w ramach sektora finansowego nowy obszar, shadow banking. Z tego powodu została przeprowadzona jego dokładniejsza analiza, m.in. pod kątem segmentacji. W artykule przeprowadzono również analizę zależności pomiędzy rozwojem gospodarki realnej a sektora finansowego. Wyniki analiz wykazały, że największa zależność pomiędzy wybranymi charakterystykami gospodarki realnej występuje z aktywami bankowości komercyjnej, bankowości spółdzielczej oraz aktywami SKOK (biorąc pod uwagę średnią wartości bezwzględnej korelacji). Najniższa korelacja występuje w przypadku wskaźnika cen towarów i usług konsumpcyjnych oraz sektora budownictwa mieszkaniowego (mieszkań oddanych do użytkowania). Na podstawie przeprowadzonych analiz można stwierdzić, że w pierwszej dekadzie XXI wieku, mimo wystąpienia kryzysu finansowego, polski sektor finansowy oraz gospodarka realna rozwinęły się.

EN

This article presents an analysis combining the development of the financial sector with the develop-ment of the real economy in the first decade of the twenty-first century. At the beginning of the article was conducted assessment of the state of the real economy based on indicators that are used in the analysis of the development of the real economy. These will include: change in the level of gross domestic product (GDP), total consumption, investment, the development of the housing sector (housing completions), unemployment rate, inflation rate, the area of international trade (current account balance of payments, the value of exports and imports goods), and the level of debt the state (government) and private households. In the second part of the article was presented the changing of selected variables characterizing the financial sector. In assessing value in terms of de-velopment of the financial sector should be made to its segments, for which data are available. Institution presenting the most comprehensive range of data relating to the financial sector is the Polish National Bank. With the presentation of financial sector development should take into account the development of assets held by banks and dynamically developing cooperative banking, intermediary institutions in the flow of funds on the capital market (mutual funds) and the area outside the bank. Within the area outside the bank should pay attention to directing segments area especially suited to businesses: factoring and leasing. In the years 2000 - 2012 dynamic development of the financial sector a new area, the shadow banking. For this reason it has been carried out more detailed analysis, including for segmentation. The article also examines the relationship between the development of the real economy and the financial sector. The results of the analysis showed that the highest correlation between selected characteristics of the real economy is out of the assets of the commercial banking, cooperative banking and asset credit unions (taking into account the average absolute value of the correlation). The lowest correlation occurs when the price index of consumer goods and services, and the housing sector (dwellings completed). Based on the analyzes it can be stated that in the first decade of the twenty-first century, despite the world financial crisis, polish financial sector and the real economy were developing.

17

Amerykańska policy mix w przeciwdziałaniu następstwom załamania rynków finansowych

100%

Samojlik B.

MAZOWSZE Studia Regionalne

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2010

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issue 4

65-90

PL

Po raz pierwszy w historii bankowości centralnej , amerykański bank centralny FED , przejął na siebie główny ciężar przywracania normalnego działania rynków finansowych. Rynek finansowy to zintegrowane części globalnego rynku finansowego ale współzależności między segmentami globalnego ryku finansowego nie mają charakteru sprzężenia zwrotnego. Efektywne działanie jednego segmentu rynku finansowego nie oznacza, ze w innym segmencie rynku finansowego pojawia się efektywność. Od połowy 2008 amerykański rząd wyczerpał możliwości fiskalnego pobudzania gospodarki ograniczaniem podatków i wzrostem wydatków. Ciężar antyrecesyjnej polityki wziął na siebie amerykański bank centralny, FED. FED nie ma budżetowych ograniczeń długu czy deficytu, ma nieograniczoną swobodę kreowania pieniądza z jedynym zastrzeżeniem , że nie prowadzi to do inflacji. Od połowy 2008 FED wykorzystał swoje uprawnienia, zwłaszcza sekcję 13(3) ustawy o banku centralnym, do tworzenia warunków dla przywracania działania rynków finansowych. Obecnie międzybankowy rynek transgraniczny funduszy dolarowych w UE i na świecie, powrócił dzięki swap’om walutowym FED do normalności i swap’y walutowe FED z bankami centralnymi na świecie zmniejszyły się do zera. Przez ekstensywne wykorzystanie okna dyskontowego głównie w ramach programu TAF, nastąpiła również w zasadzie normalizacji rynku międzybankowego. Problemem nadal pozostaje rynek wtórny sekurytyzowanych kredytów hipotecznych, mieszkaniowych i komercyjnych, kredytów samochodowych, konsumpcyjnych i innych przyszłych dochodów możliwych do sekurytyzacji. W istocie, problemem jest zaangażowanie FED, emisja pieniądza, w kredyty hipoteczne nabyte przez sponsorowane przez rząd amerykańskie firmy Fannie, Freedie, Ginnie, wtórnego rynku kredytów hipotecznych. Jest to najważniejsze obecnie zaangażowanie amerykańskiego banku centralnego. Jak z tego wyjść, pozostaje kwestią otwartą, tzw. strategia wyjścia pozostaje nieokreślona. Najważniejszy wniosek dla bankowości centralnej UE wynikający z praktyki FED, to elastyczność w wszechstronnym wykorzystaniu instrumentów polityki monetarnej wobec instytucji depozytowych i niedepozytowych w warunkach braku przestrzeni fiskalnej rządu i długotrwałości procedur budżetowych, uniemożliwiającej szybką reakcję na zjawiska recesyjne a zwłaszcza na błyskawiczne, liczone w godzinach, negatywne skutki utraty płynności i katastrofalne skutki efektu domina, jeśli utrata ta dotyczy jednostek, które są „za duże, żeby można było pozwolić sobie na ich upadłość”. Jak do tej pory FED sprostał tym wyzwaniom.

EN

The first time in a history of central banking, an American central bank, FED, accepted an obligation to restore the normal functioning of financial markets. A specific country financial market integrates part of global financial market. There are no a fool feet back between parts of financial markets. An efficient functioning of a certain part of financial market does not mean that the other parts are efficient. Spillover effects In the end of September of 2008 an American economy lost its fiscal space to stimulate the process of growth through tax cuts and deficit spending. The burden of a stimulation to improve an efficient functioning of the economy has been accepted by the central bank. Contrary to federal government the FED does not have budgetary or federal debt limits. The FED has an unlimited ability to create supply of money and transfer reserve funds, according to section 13(3), not only to depository institutions but to any entity by acceptance of its securities, on one condition it has to preserve a price stability. Since August 2008 FED extensively have been using its money creation power to cover the gap of liquidity creation because of vanished internal and cross-border financial markets. The assets of FED increased almost threefold and on the liability said of its balance sheet there were an unprecedented increase of excess reserves of depository institutions. The enormous liquidity creation by FED restored the cross-border banking relations and swap operations of the FED with major central banks /of the magnitude close to 0,6bln$/ are no longer needed. The extensive discount window operations through Term Auction Facility /TAF/ restored liquidity of depository institutions. Acceptance of securities of nonbanking institution endangered by loss of liquidity and ultimately by bankruptcy, and being “to big to fail” , helps solving their problems in orderly manner and preserve their existence and liquidity until a final solution. Currently a major FED involvement, on the amount above 1 bln$, is in the secondary market mortgage loans GSE / Fannie, Freedie and Geenie/. The exit strategy of the FED from MBS market and return of the excess reserves of the depository institutions to standard level is still open. In the remarkable short period of time the FED had been able to substitute the lack of the fiscal space of the federal government and its inability, because of a long, formal, politically driven, budgetary procedures, to extend promptly counter recession measures, to substitute non existing interbank market, because the lack of confidence among its participants, of short term funds through the discount window /TAF/ program, to substitute the lack of the financial market for private debt securities /and specifically MBS/, by extensive use of section 13(3) to provide liquidity on the most important segments of that market and specifically to those entities being “ too big to fail”. Up to now the FED is meeting those extraordinary challenges.

18

Zastosowanie obligacji przychodowych w finansowaniu rozwoju infrastruktury w Polsce

100%

Banak M.

MAZOWSZE Studia Regionalne

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2012

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issue 9

41-52

PL

Artykuł prezentuje metody finansowania inwestycji infrastrukturalnych przez samorządy i spółki komunalne. Największy nacisk położony został na instrumenty finansowania zewnętrznego. Szczególną uwagę zwrócono na wykorzystanie obligacji, zarówno przez jednostki samorządu terytorialnego, jak spółki komunalne, przy czym szerzej omówiono możliwości wykorzystania rzadko stosowanego w Polsce instrumentu finansowego, jakim są obligacje przychodowe. Zaprezentowano również przykłady polskich przedsiębiorstw komunalnych, w szczególności przedsiębiorstw komunikacji miejskiej, które skorzystały z tego typu obligacji.

EN

Infrastructural investments have considerable role in spatial policy of local governments. On the one hand they are important factor of localization and a tool of local marketing. On the other hand they are, as the tool of spatial policy, complementary to local spatial development plans. Plans are a formal base of pursuing the policy, which physical dimension is created by investments. To rationalize the providing of public services local governments established utility enterprises, in larger cities form of a limited liability company. Their investments can be financed by municipalities, which can e. g. bring the initial capital or raise it. Municipalities and utility enterprises have limited funds, so they have to use external sources of capital like bank loans or bonds. The second measure of raising capital is more and more popular in Poland. Municipal bonds market is growing and new emissions are quoted on Warsaw Stock Exchange. In the same time utilities are issuing revenue bonds. This financial instrument exists in Poland since 2000, but it is used only occasionally. Till the end of 2011 only 3 enterprises have issued them, but the forecasts for this market show that it has potential to develop after 2013, when EU support will be lower than nowadays.

19

A foreigner or a Pole – which employee to choose?

100%

Dobrzyńska A.

Faculty of Management Working Paper Series

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2014

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issue WPS 1/2014

1-20

EN

The work presents the results of the preliminary research on the employment of foreigners’ that were conducted among Polish banking institutions being the international corporations with a global reach. The initial results of the analysis shows the potential impact that specific employment policies exert on personal attitudes of foreign executives and operations of the companies in which they are employed. The analysis described in this work identifies the most important elements which hinder the development of those banks whose employment policies are based on the assumption that hiring foreigners is more beneficial than taking on local managers regardless of their familiarity with Polish market mechanisms. The qualitative research that were conducted in the form of the scenario-based interviews, were carried out with both, a group of managers (mainly heads of HR departments and senior executives) cooperating with the foreigners on everyday basis, and the foreigners themselves. The preliminary studies have revealed a number of trends and phenomenon that were described within this work.

20

Kulturowo-religijny stosunek do bankowości a wielkie religie świata

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Kurkliński L., Warsaw School of Economics, lkurkli@sgh.waw.pl

Annales. Etyka w Życiu Gospodarczym

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2015

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vol. 18

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issue 3

EN

The article is dedicated to the attitude of the great world religions (Judaism, Christianity, Islam, Buddhism, Hinduism and Confucianism) to the world of finance, including banking. The issue of usury plays a key role together with the evolution of ethical aspects related to obtaining compensation for money lending. The analysis is focused on the other aspects of banking activities, such as saving, investing, and institutional development of the banking sector as well. The author underlines the far-reaching convergence between religions in this area, in spite of the considerable variation in historical and geographical conditions of their formation. The importance of cultural (religious) differences, including the nuances or more fundamental aspects, has a significant impact on bank management in different regions. For successful development, large multinational corporations have to take into consideration the abovementioned circumstances, regardless of globalization processes.

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