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1

The Market under Control - Interest Rates in the Second Republic

100%
Leszczynska C., Lisiecka L.
Roczniki Dziejów Społecznych i Gospodarczych
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2005
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vol. 65
167-194
EN
The principles of the functioning of the money market in the Second Polish Republic were subjected to far-reaching regulations which pertained both to legal aspects and the level of binding credit rates. The beginnings of the 'controlled market' can be found in the statute on usury (part of the reforms introduced by Wladyslaw Grabski), passed in 1924. This law, conceived as provisional, was supposed to overcome the 'high prices' of money, but it became a permanent element of the financial system, with consequences transcending the original intentions of its authors. The article analyses the configuration of interest rates in the years 1924-1938, and indicates the impact exerted by anti-usury legislation. The authoresses demonstrate the dependencies between the maximum rate, the interest of short-term credit, and the central bank rate. The fact that the government regulated the prices of credit must have obviously influenced the level of deposit rates. As the maximum rate was lowered, private banks began to aim at limiting competition for deposits; with this purpose in mind, in 1927 they created a cartel agreement about maximum deposit rates. In 1933 the government also introduced maximum deposit rates in communal savings banks and credit cooperatives. The existence of a maximum rate statute affected the way in which several banks, already functioning assumed shape: the Bank of Poland, private banks, state banks, and the non-bank market. The price of credit in each one of them was regulated, directly or indirectly, by the State. It is difficult to ascertain objectively whether the usury law proved to be more useful or detrimental. A discussion concerning those questions became intensified during the 1930s, when they were studied more widely by economists (e.g. by E. Taylor, M. Breit, S. Buczkowski, T. Solowij). A complete assessment of the correctness of the theses formulated by them calls for further economic research.
2

PRÁVNA POVAHA BANKOVÝCH VKLADOV V KONTEXTE SPOLOČENSKÉHO VÝVOJA

100%
Mičátek V., Lenhartová K.
Právny obzor. Teoretický časopis pre otázky štátu a práva (Juridical Review. Theoretical journal for the questions of state and law)
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2016
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vol. 99
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issue 1
29 – 38
EN
The article deals with the issue of financial crisis, which has been a dominant society-wide topic for more than six years. The authors discuss Roman depositum and mutuum, or the deposit and loan for use. It looks at the history of these institutes and explains their nature in the light of present bank account agreement. Contrary to supporters of bank fractional reserve demand deposits, the article explains that such agreement (treating loans and deposits interchangeably) is impermissible due to a priori legal and economic principles.
3

Wspolczesne problemy rozwoju bankowosci hipotecznej w Polsce

100%
Szelagowska A., Marlega M.
Contemporary Economics
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2007
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issue 1(1)
29-38
EN
In many countries the mortgage banking plays a basic role in the housing funding. The Polish model of the housing funding in large measure grounded on banking loans. However, more than 95% of mortgage loans come from universal banks. Mortgage banks, which have existed in the Polish economy for 10 years still play a small role in housing funding.
4

ZA HRANICAMI FILANTROPIE. PRVÉ ROKY PREŠPORSKEJ SPORITEĽNE (1842 – 1849)

100%
Gaučík Š.
|
2021
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vol. 69
|
issue 3
439 – 464
EN
This study deals with the circumstances of establishment of the Pressburger Sparkassa as well as its business activities and business ambitions in the period 1842–1849. It was precisely in the Hungarian context that in the first half of the 19th century their „hybrid“ forms were created. These institutions were on the borders of profit and philanthropy and their social mission also expanded gradually. Under the particular Hungarian conditions, the savings – banks grew rapidly into more or less dominant bank depositories led by the most influential and wealthiest businessmen, however, they observed in their titles the word: “savings – bank” for a long time. The Pressburger Sparkassa became a pioneer in spreading the business principle in Hungarian banking. This financial institution was initiated in the city’s society by generally recognized personalities, merchants and aristocrats, representatives of the local mainly German and to a lesser extent Hungarian elite in 1841. In fact, it acted as a depository bank from the beginning on. Foreign impulses played an important role as well as domestic initiatives, the promotion of the ideas of savings and banking, and last but not least, the business experience of Pressburg traders.
5

MARKET STRUCTURE AND FINANCIAL STABILITY OF BANKS IN CENTRAL AND EASTERN EUROPEAN COUNTRIES: DOES CONCENTRATION MATTER?

88%
Karkowska R., Pawłowska M.
Ekonomický časopis (Journal of Economics)
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2019
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vol. 67
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issue 9
953 – 972
EN
The aim of this paper is to verify the impact of the market structure on financial stability in the banking sectors in Central and Eastern European countries, with particular emphasis on the change in the concentration and the share of foreign capital in the period 1999 – 2015. Using the methodology of panel regression, GMM estimator, we examine the implications of banks’ concentration on bank stability of a group of countries from Central and Eastern Europe. Because many empirical studies have examined the role of market concentration, we complement our results with findings on the market concentration-bank fragility trade-off. Employing a concentration ratio (CR5 and HHI) we find that CEE banks are more fragile within a concentrated environment. Our results also reveal that the persistence of risk is affected by the level of bank concentration and this effect is exacerbated mainly during downturns. Finally, the results of this research did not lead to any definite conclusions as to the role of foreign capital participation and rather indicate the impact of bank size and concentration on bank stability.
6

ZMĚNY V SOUSTAVĚ PENĚŽNICTVÍ V KONTEXTU ŠIKOVY EKONOMICKÉ REFORMY V ČESKOSLOVENSKU VE DRUHÉ POLOVINĚ 60. LET

75%
Chalupecký P., Johnson Z., Fabianková K.
Ekonomický časopis (Journal of Economics)
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2011
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vol. 59
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issue 7
719 – 736
EN
Although banking was not initially considered as essential, the planned implementation of selected elements of market economy and rehabilitation of money functions forced founding of an appropriate institutional environment. Besides the role of money and banks in socialist economy, the paper analyses the proposed modifications in the banking system and management of foreign currencies. During reorganization of the State Bank of Czechoslovakia the concept of separate emission and commercial banking was promoted. Changes in constitutional arrangements were to be initially reflected in the organization of monetary policy. After August 1968 reform proposals were gradually left. Finally, de facto no major changes were made. Despite this, changes in the banking sector endured to a certain extent, and they became a basis for attempts at activation of money in the following twenty years.
7

CONFIDENCE IN EUROPEAN RETAIL BANKING: ASSESSING RELATIONSHIP WITH ECONOMIC FUNDAMENTALS

75%
Barbu T. C., Boitan I.
Ekonomický časopis (Journal of Economics)
|
2018
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vol. 66
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issue 2
181 – 198
EN
The paper explores the various typologies of confidence indices and barometers that have been developed by audit and consultancy firms, research centres or banking associations with the purpose to assist banks in better understanding customers’ needs, perceptions and expectations. The study gravitates around the European banking sector, by relying on the customer experience index developments during 2011 – 2015. We follow a twofold statistical approach, meant to investigate whether the index dynamics may be significantly determined by changes in several broad coverage variables, and respectively the presence of a two-way causality between the index and variables included in the sample. The findings obtained are of interest not only for banks, but also for public authorities and financial regulators, as the customers’ confidence index used in the study appears to drive subsequent changes in the level of several macroeconomic, financial and institutional variables.
8

VLIV EXTERNÍHO FINANCOVÁNÍ NA MIKROFINANČNÍ ROZVOJ – MAKROPOHLED

75%
Janda K., Tran V. Q., Zetek P.
Ekonomický časopis (Journal of Economics)
|
2015
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vol. 63
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issue 2
115 – 132
EN
Microfinance institutions finance their business activities primary with clients’ deposits, equity and subsidiary or with external funding. The aim of our thesis is to determine whether the external funding, macroeconomic development and the size of banking sector have some impact on a microfinance performance. Our findings reveal that the growth of external sources is positively associated with the number of female borrowers, interest rates or total expenditure. A significant negative effect can appear if the ratio of external funding to total assets is being uncontrollably increased over time.
9

BANKING SECTOR IN THE PROCESS OF EUROPEAN INTEGRATION: HOW DID EU ACCESSION AND EURO ADOPTION AFFECT COST EFFICIENCY OF SLOVAK BANKING SECTOR?

75%
Čupiċ M., Širaňová M.
Ekonomický časopis (Journal of Economics)
|
2018
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vol. 66
|
issue 2
115 – 138
EN
The aim of this paper is to examine the influence of the accession of Slovakia to the European Union and the Euro zone (Euro area) on the efficiency of Slovak banks. We use data envelopment analysis to estimate bank efficiency, and ordinary least squares and tobit regression to estimate influence of possible bank efficiency determinants. Our analysis shows that the bank efficiency increases both after the accession of Slovakia to the European Union and the Euro zone. We find that the adoption of the Euro has positive impact on bank efficiency in the longer run, although it can have short term negative impact. Our results suggest that efficiency of Slovak banks was not affected by macroeconomic conditions and banking reforms, which is in line with the argument that Slovak banking sector is in the advanced stage of development when influence of these factors is of less importance. We also find that large banks are more efficient than small banks, and foreign banks are more efficient than domestic banks.
10

ZÁPAS SLOVENSKÉHO A NEMECKÉHO FINANČNÉHO KAPITÁLU O POZÍCIE V PEŇAŽNÍCTVE SLOVENSKA 1939 – 1945

63%
Hallon Ľ.
Historický časopis (Historical Journal)
|
2010
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vol. 58
|
issue 1
37-59
EN
One of the main aims of the government circles of the Slovak Republic in the 1939-1945 was the control of finance and business sphere by the national Slovak capital. The pre-condition for implementing these plans was strengthening of the position of national Slovak banking by means of concentration of finance. However, the government program in finance and business struck against the plans of Nazi Germany for the expansion of its banks and companies into the industrial complex of Slovakia and the whole Central Europe. One of the key conditions for achieving the aims of German capital was participation in the financial system of individual countries by means of bank affiliations. The leading financial institutions of Slovakia came into a conflict of interests with the incomparably larger banking centres of Nazi Germany. German capital, represented by two affiliated banks in Bratislava, entered the process of concentration of finance, and applied economic and political pressure to strengthen their position in the Slovak financial sphere. There was some degree of compromise to demonstrate good will towards allies or vassals. Therefore, banking became one of the few economic fields, where the regime to some extent achieved its aim of nationalizing foreign capital.
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