Brak transparentnosci rynków finansowych jako przyczyna zaburzen w latach 2007-2008

• Authors: Anna Krzesniak

Title variants

EN

THE LACK OF LIQUIDITY AND TRANSPARENCY OF THE FINANCIAL MARKETS AS SELECTED TRIGGERS OF THE MARKET TURBULENCE 2007-2008

• Languages of publication: PL

Abstracts

EN

The article illustrates how the lack of liquidity and transparency of the financial markets has contributed to the escalation of the global financial crisis. The large write-offs of the financial institutions were mainly caused by the lack of liquid markets for the structured credit derivatives. As the first signals of decreasing confidence in the valuations of these financial innovations were observed, the lack of liquid markets made it impossible to estimate and settle potential losses. Furthermore, the crisis uncovered the lack of transparency of the new financial markets which then resulted in the liquidity squeeze of many OTC markets. Using the recent financial developments in the CDO market, the article underlines the role of liquidity and transparency in the efficiency of the market. The article suggests that new tests of liquidity and transparency will be developed as the aftermath of the recent turbulence. Such tests would help to determine which financial innovations are best position to create a liquid market and which can stay in the marketplace only as tailored made financial products.

Discipline

• ECONOMICS: ECONOMICS

• Publisher: Komitet Nauk o Finansach PAN
• Journal: FINANSE Czasopismo Komitetu Nauk o Finansach PAN
• Year: 2009
• Issue: 1
• Pages: 27-50
• Document type: ARTICLE

Contributors

author

Anna Krzesniak

• Anna Krzesniak, Szkola Glówna Handlowa w Warszawie, Katedra Skarbowosci, al. Niepodleglosci 162, 02-554 Warszawa, Poland

Identifiers

CEJSH db identifier

10PLAAAA082822