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Dylematy wyboru samorządowych instrumentów dłużnych

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EN
Debt instruments allow local government units to perform both current and investment tasks that are not covered in the budget. Thus, they enable the acceleration of the implementation of tasks aimed at ensuring the development of society. These entities usually choose credit as a debt instrument. In the article, the authors present a discussion on the criteria, but also the dilemmas of choosing local government debt instruments. The aim of the study is to indicate the criteria for selecting debt instruments by local government units in the light of budgetary and financial conditions. The authors also consider the barriers and limitations in the process of selecting a debt instrument.
EN
Debt instruments allow local government units to perform both current and investment tasks that are not covered in the budget. Thus, they enable the acceleration of the implementation of tasks aimed at ensuring the development of society. These entities usually choose credit as a debt instrument. In the article, the authors present a discussion on the criteria, but also the dilemmas of choosing local government debt instruments. The aim of the study is to indicate the criteria for selecting debt instruments by local government units in the light of budgetary and financial conditions. The authors also consider the barriers and limitations in the process of selecting a debt instrument.
EN
Innovative financial instruments, in the context of the funding schemes of the European Union, are different from funding by way of direct subsidies. These financial instruments can be divided in two large groups: instruments offering risk capital and equity capital and debt instruments. The instruments help to engage resources from the private sector in projects which might be considered too risky without the said instruments and the implementation of which would be impossible or related to significantly higher expenses for the promoter of the project. As seen from Estonia’s perspective, up until now the use and impact of innovative financial instruments have generally met the expectations. In view of the diversity of areas and target groups of the innovative financial instruments planned within the framework of European Union’s Financial Framework 2014-2020, it may be presumed that several new instruments will be successfully implemented in Estonia.
EN
The article focused on the debt problems in local government units. The purpose of the article is an indication of the availability and the effects of the use of debt instruments with regard to the level of indebtedness of local government. Legal analysis on the regulation is made and the extent of the use of debt instruments by government entities. There are showed the overall analysis of the level of indebtedness of local government units as a  function of the use of debt instruments. In the context of an analysis estimates the effects of debt researched units.
PL
Artykuł nie zawiera abstraktu w języku polskim
EN
The article aims to answer a question what should the optimal financial structure of FDI inflows to Poland be for stimulating growth processes. The study on the dependence between financial components of FDI inflows and GDP for Poland covers the period 2004: Q1–2019: Q4. Results of the VAR/VECM model and forecast error variance decomposition indicated that in the optimal (growth-enhancing) structure of FDI inflows the share of equities and the reinvestment of earnings should be maximised.
EN
The spatial structure of the world economy is divided into countries of economic center, semi-periphery and periphery. Changes of the spatial structure of the world economy and globalization trends are marked. A key element of the growing of globalization process is foreign direct investment(FDI) and activities of transnational corporations. Declining trend in foreign direct investment is marked in conditions of instability of world economic development, shifts in FDI regional structure and their impact on countries with developing market economies. On the basis of the regional monitoring of the foreign direct investment the CIS market is described, in particular of the countries of the Customs Union and Belarus. The volumes of the Belarusian direct investment abroad are outlined, the forms of presence in foreign markets are indicated, the development of the commodity distribution networks, created by Belarusian enterprises and geography of inflow and outflow of FDI, is analyzed. The directions of improving the investment climate in Belarus and improve its position in the world rankings are marked.
EN
Publicity of corporate debt instruments’ market in Poland has enabled companies to more effectively raise funds by borrowing from retail creditors, parallel to the existing ability to raise equity capital. This market has also opened the way for public companies to issue convertible bonds, which, in turn, without the presence of the issuer's equity securities in the public market, become problematic for potential investors. It is difficult to think of the option to convert the bonds into shares without knowing the market value of equity of the debtor. On the other hand, issuers are careful, when raising capital deferred in time, through the issuance of fungible security. Some give bond buyers a very low chance of the profitability of conversion, while others receive a statement from the bondholders in the first available terms of executing conversion option. Do issuers in this way use convertible instruments for the purpose, which they are actually supposed to serve?
PL
Upublicznienie rynku instrumentów dłużnych przedsiębiorstw w Polsce umożliwiło spółkom bardziej efektywne pozyskiwanie środków finansowych poprzez zaciąganie długu u wierzycieli detalicznych, równolegle z istniejącą już możliwością pozyskiwania kapitałów własnych. Rynek ten otworzył także spółkom publicznym drogę do emisji obligacji zamiennych, które z kolei bez obecności instrumentów udziałowych emitenta na rynku publicznym, stają się problematyczne dla potencjalnych inwestorów. Trudno jest patrzeć na opcję zamiany obligacji na akcje bez znajomości wartości rynkowej kapitału własnego dłużnika. Z drugiej strony emitenci są na własny sposób ostrożni w zakresie odroczonego w czasie zwiększania kapitału własnego poprzez emisję walorów zamiennych. Jedni dają bardzo niskie szanse nabywcom obligacji na opłacalność konwersji, natomiast inni otrzymują oświadczenia od obligatariuszy w pierwszych dostępnych terminach wykonania opcji zamiany. Czy emitenci w ten sposób wykorzystują instrumenty zamienne do celu, któremu one tak naprawdę powinny służyć?
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