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Ochrona konsumentów na rynku kapitałowym w Polsce

100%
Czech M.
Finanse i Prawo Finansowe
|
2020
|
vol. 4
|
issue 28
45-63
EN
The proper functioning of the capital market is determined by maintaining the required level of security of its participants. Due to numerous threats, the capital market is particularly demanding for consumers who trade financial instruments at their own risk (individual investors). The main threats include, first of all, information deficits, volatile market conditions, as well as unfair market practices and bankruptcy of brokerage houses in which they keep financial instruments or cash.The aim of the study is to indicate the scope of protection of consumers of financial services on the capital market. The study hypothesizes that the protection of consumers on the capital market is insufficient and requires the introduction of comprehensive solutions for a consistent protection system.Two research methods are used in the article. The first method is the analysis of documents and legal acts. Its purpose is to present the scope of granting protection to consumers of brokerage services. The second research method is the empirical analysis of dynamics, the purpose of which is to identify trends and dynamics of changes in the activity of consumers of brokerage services.
PL
Prawidłowe funkcjonowanie rynku kapitałowego determinowane jest utrzymywaniem wymaganego poziomu bezpieczeństwa jego uczestników. Z uwagi na liczne zagrożenia, rynek kapitałowy jest szczególnie wymagający dla konsumentów, którzy na własne ryzyko dokonują obrotu instrumentami finansowymi (inwestorzy indywidualni). Do głównych zagrożeń zalicza się przede wszystkim deficyty informacji, zmienność uwarunkowań rynkowych, a także nieuczciwe praktyki rynkowe oraz upadłość biur maklerskich, w których utrzymują instrumenty finansowe lub środki pieniężne.Celem opracowania jest wskazanie zakresu ochrony konsumentów usług finansowych na rynku kapitałowym. W opracowaniu stawia się hipotezę, że ochrona konsumentów na rynku kapitałowym jest niewystarczająca i wymaga wprowadzenia kompleksowych rozwiązań w zakresie spójnego systemu ochrony.W artykule wykorzystuje się dwie metody badawcze. Pierwszą metodą, jest analiza dokumentów i aktów prawnych. Jej celem jest przedstawienie zakresu udzielenia ochrony konsumentom usług maklerskich. Drugą metodą badawczą jest empiryczna analiza dynamiki, której celem jest wskazanie tendencji oraz dynamiki zmian aktywności konsumentów usług maklerskich.
2
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BondSpot SA jako platforma obrotu derywatami kredytowymi

100%
Czech M.
Studia Ekonomiczne
|
2013
|
vol. 174
199-212
EN
The uncertainty in global economy, enforce the need for more effective management of credit risk. One of the aspects of this management is the use of credit derivatives. Although these instruments have been used for a long time, still are regarded as innovative instruments. In addition, these transactions in Poland still remains outside the regulated market. This causes danger of transforming them in tools that can be toxic and harmful for the Polish financial system. The aim of this study is the attempt to discuss the introduction of innovative financial instruments to over-the-counter-market (OTC). The author asks a question about the possibility of introducing credit derivatives on the regulated market, both in terms of legal aspect and potential of these instruments in the management of the credit risk. The study also presents balance between opportunities and risks of concentration on the regulated market. The study raises the hypothesis, that the introduction of credit derivatives to the organized market increase the potential of the Polish capital market, its innovation and popularity of which Warsaw could become financial center of Central and Eastern Europe.
3
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Analiza wybranych kredytowych instrumentów pochodnych w aspekcie wzrostu gospodarczego

100%
Czech M.
Studia Ekonomiczne
|
2014
|
vol. 186 cz 2
131-143
EN
Over the past few years the global economy has experienced a series of negative events, which turned out to be a consequence of the financial crisis. The crisis left mark in the global economy and led to instability and a reduction of the basic economic indicators. Consequently, several Member States have experienced an economic downturn, in which the primary source of the problem is "excessively developed" financial market, and specifically the derivatives market. The most growing segment of the financial market in the modern economy is derivatives market. This is due to the fact that these instruments offer many possibilities of their use. Research issues, will therefore hover around the market of innovative derivatives, whose natural goal is to strive for expansion. The study attempts to determine how derivatives affect the factors of economic growth and to analyze the relationship between the magnitude of increase in innovative derivatives market and economic growth.
4
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The Impact of the COVID-19 Pandemic on the Consumer Credit Market in Eurozone Countries

63%
Puszer B., Czech M.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
|
2021
|
vol. 55
|
issue 4
49-71
EN
Theoretical background: The problem of the impact of the pandemic on the consumer credit market in Eurozone countries is important both from a cognitive point of view and from the perspective of economic practice. The current state of knowledge on the consumer credit market situation in Eurozone countries is incomplete. It is more common to find works concentrating on the effect of the pandemic on the consumer credit regulations, on the banking sector, or on evaluation of the consumer credit market situation in selected Eurozone countries, selected European countries or Europe as a whole. As a result, many accounts of the impact of the pandemic on consumer credit can be found, but there are no studies presenting the situation of the consumer credit market in Eurozone countries during COVID-19 in a comprehensive and integrated manner, simultaneously combining theoretical aspects and research results.Purpose of the article: This study has two objectives. The main objective was to examine the impact of the COVID-19 pandemic on the value of consumer credit in Eurozone countries. The specific objective was to examine the dynamics and directions of changes in the value of consumer credit during the pandemic in the Eurozone. The study hypothesis is that COVID-19 has determined the amount of household consumer credit debt in Eurozone countries, but that the determinants of this debt and the direction and strength of their impact are diverse.Research methods: The achievement of the objectives and hypothesis verification was based on a critical analysis of source texts and on quantitative research, in which time series analysis and multiple linear regression analysis were used.Main findings: It has been proven that the pandemic has influenced the tendency of households to take out credit, as well as the propensity of banks to grant credit, and that it therefore has affected the behaviour of both borrowers and lenders. We also showed that in periods of increased COVID-19 transmission, there was a low propensity for using credit, while in periods of relative suppression of COVID-19 symptoms, this tendency increased. It also has been proven that COVID-19 has unevenly affected the value of loans across countries. A significant difference was observed in the strength of the impact of individual independent variables on the value of consumer credit in the Eurozone, as well as a different direction of correlation between the variables. Moreover, significant differences were found in the number of variables influencing the value of consumer loans in individual Eurozone countries.
5
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Rynek kredytowych instrumentów pochodnych w procesie zmian

63%
Pyka I., Czech M.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
|
2013
|
vol. 47
|
issue 3
EN
In the age of growing global debt, an increasing uncertainty and perturbations in the financial market, rapid development of credit derivatives is constantly observed. Although credit derivatives market is mainly over-the-counter and is not subject to strict regulatory discipline there is growing interest of credit contract – mainly CDS. This paper brings up a  transformation issue of credit derivatives market from 2005 to 2012 and concentrates on the determinants’ analysis of its growth.
PL
Artykuł nie zawiera abstraktu w języku polskim
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