Wyniki wyszukiwania - Biblioteka Nauki

1

Kryzys finansowy strefy euro

100%

Kraciuk J.

Optimum. Studia Ekonomiczne

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2013

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nr 4(64)

125-132

EN

The financial crisis in the eurozone has laid bare the weaknesses of the Economic and Monetary Union, which is being built in Europe. The main problem is the fact that the euro area is not an optimal currency area, as described by Mundell (1961). This is a result of insufficient convergence between the members of the erozone. The author attempts to present the theoretical rationale of the Economic and Monetary Union and discusses its problems. The most important causes of the financial crisis in the eurozone are also listed.

2

Towarzystwa ubezpieczeń wzajemnych w Polsce wobec kryzysu finansowego lat 2008‒2009

100%

Płonka M.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2012

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nr 889

89-101

EN

Using an analysis of 25 key financial performance indicators of selected insurance companies, this study examines the extent to which the effects of the global financial crisis of 2008–2009 affected Polish mutual insurance companies (TUW). Analysis of financial performance indicators leads to the general conclusion that the Polish insurance companies have survived the global financial crisis in good shape overall; at the same time, most indicators of effectiveness were more favourable during the financial crisis for TUW than for public insurance companies on the whole. A possible explanation for why TUWs better coped during the global financial crisis than their public counterparts was that they had deeper local roots and fewer financial links with the global financial market.

3

Rating państwa jako metoda oceny zdolności kraju do spłaty zobowiązań w obliczu kryzysu finansowego

80%

Ciak J.

Roczniki Naukowe Wyższej Szkoły Bankowej w Toruniu

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2011

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nr 10

29-40

EN

Rating is granted to many institutions - including the institution of a state— in the actual fact, it includes the ceiling of sovereign bonds. The evaluation of creditworthiness of a country conducted by rating agencies easies the issuance activity to a large extent. After all, rating is an objective and independent measure of credit risk of a given country willing to take a loan on the market. Furthermore, rating is an opinion concerning the possibility of a country serving its financial liabilities. The financial crisis in the world, manifesting itself in the decrease of gross national product in many countries, revealed the weak sides of world economy. The effect is overall economic debilitation as well as the decreased rating of particular countries.

4

BANK CRISIS AS A SYMPTOM OF INSTABLE FINANCIAL SYSTEM (Kryzys bankowy jako przejaw niestabilnosci systemu finansowego.)

80%

Golawska-Witkowska G. , Rzeczycka A.

Pieniądze i Więź

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2009

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tom 12

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nr 1(42)

128-138

EN

Banks, as the institutions of public confidence, occupy an important place in the state's economic system. The efficient functioning of any economy depends predominantly on the safe, secure and modern banking system. Disturbances in financial system's work and the effectiveness of financial mediation's services negatively affect the situation of enterprises and households. The effective functioning of banks depends to a large extent on the stability and confidence, which they acquire in the market. Financial stability is, along with high productivity, high employment levels and international cooperation, an essential condition for economic growth. A major consequence of the financial instability is financial crisis, often identified with the bank crisis, because in most developing countries the banking system has the dominant position in the financial system. The weakness of county's banking system, regardless of whether it is a highly developed country or developing country, can threaten the stability of the whole economy, both domestic and global.

5

THE FINANCIAL CRISIS AS THE ELEMENT OF ECONIMIC SYTUATION'S FLUCTUATIONS. (Kryzysy finansowe jako element wahan koniunktury gospodarczej)

80%

Golawska-Witkowska G. , Rzeczycka A.

Pieniądze i Więź

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2009

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tom 12

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nr 1(42)

70-78

EN

When analyzing the functioning of global economies, it should be noted that macroeconomic data shows trends in certain periods of growth tendencies, and in other downward tendencies. These parameters include, for example, national income, the volume production, consumption, savings, the level of employment and coverage investments. Trends observed in the world economies, shall be transferred to the individual countries. We are dealing with the real economic data fluctuations. The purpose of this paper is to identify the place of financial crisis in the process of economic fluctuations, and indication of its causes and effects, methods of identifying and reducing its negative effects.

6

Problemy ta perspektyvy rozvytku finansovo-bankivskoi systemy Ukrainy ta krain TsSIe

80%

Sedlyk O. V.

Mekhanizm Rehuluvannya Economiky

|

2011

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tom 4 (54)

257-263

EN

This article explores the problems and prospects of financial and banking system of Ukraine and the CEE countries, a comparative analysis of the problems in Ukraine and CEE countries, the causes of increasing debt and propositions for its relief for Ukraine and CEE countries.

7

CAUSES OF THE WORLD FINANCIAL CRISIS OF 2007 -2009 AND THEIR IMPLICATIONS FOR MONETARY POLICY (Przyczyny swiatowego kryzysu finansowego w latach 2007 - 2009 i implikacje dla efektywnosci ) polityki pienieznej

80%

Holubowicz L.

Optimum. Studia Ekonomiczne

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2011

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nr 3(51)

147-162

EN

The purpose of this paper is two-fold. First, it attempts to determine the causes of the financial crisis that occurred between 2007 and 2009. Second, the author gives an answer to the question of what systemic changes should be introduced to avoid a similar scenario in future. To pinpoint the causes of the crisis, a method based on verification of scientific hypotheses is used. The process of verification allows one to assert that the subprime crisis which started in the USA was caused by both introduction of the National Homeownership Strategy in 1993 and too low interest rates. As for the second problem, a good solution can be the introduction of a new monetary policy instrument. Central bank's new interest rate should determine a minimum level of mortgage loans regardless of the price of money on the interbank market.

8

THE ‘STABILITY ROLE’ OF THE PRESIDENCY OF THE COUNCIL OF THE EU IN AN EVOLVING INSTITUTIONAL FRAMEWORK

80%

Husak T.

Yearbook of Polish European Studies

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2012

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tom 15

13-26

EN

Three years after the entry into force of the Lisbon Treaty on the 1st Decem¬ber 2009, Europe is slowly emerging from an unprecedented crisis in its history. Reforms in response to the financial and then economic crisis affecting the European Union (EU) and the euro area since 2008 have transformed the European institu¬tional landscape considerably. By tracing the trends towards more differentiated forms of European integration back to a number of innovative instruments introduced over the past years, this paper outlines some of the major determinants of today’s evolving role of the rotating Presidency, which we define as the ‘stability role’.

9

The Euro and the Slovak Economy in a Period of Financial Crisis

80%

Sivák R. , Péliová J.

Argumenta Oeconomica Cracoviensia

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2012

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nr 8

127-134

EN

The Slovak Republic became a member of the European monetary union on 1 January 2009. In context of the financial and debt crisis, the evaluation of pros and cons of eurozone membership takes on a completely different perspective. The competitive disadvantage for Slovakia caused by the fixation of the conversion rate to EUR at the peak of the appreciation trend was in the financial crisis compensated to a significant extent by the elimination of currency risk. Strong dependence on the development of foreign demand is thus still being perceived. Eurozone membership has brought more risk than benefit for the field of public finance, especially with regard to the participation liabilities related to the EFSF/ESM rescue mechanisms.

10

CAUSES AND MECHANISM OF THE FINANCIAL CRISIS IN USA (Przyczyny i mechanizmy kryzysu finansowego w USA)

80%

Rosati D.

Ekonomista

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2009

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nr 3

315-351

EN

The purpose of the article is to explain the causes and the mechanism of the financial crisis in the United States , which was triggered by the crash on the subprime mortgage credit market in the mid - 2007. The starting point of the analysis is the standard partial equilibrum model of the mortgage credit market and the identification of the main factors determining the demand for, and supply of, mortgage credits. It is demonstrated that the traditional mortgage banking model, based on durable bilateral relationsip between the bank and the debtor, was replaced at the end of 1990. by a new model, based on securitization and globalization of financial markets. Statistical data for 1975 - 2007 are used to estimate regressions of demand and supply of credits with respect to several key variables. It is shown that the rapid expansion of mortgages credits in the US afler 1999 has been mainly the reflection of a major shift of the supply curve, which in turn was caused by a number of factors such as the abundance of financing linked to the inflows of foreign capital , securitization of illiquid credit assets, speculative growth of real estete prices, inconsistency between the traditional methods of risk assessment and the nature of the new financial instruments (derivatives), the implicit government guarantees extended to financial intermediation institutions, and the weakness of banking and proprietary supervision. On the other hand, the shift of the demand curve, caused by factors such as speculation, changes in household incomes, the fall of savings ratio and a low level of interest on mortgage credits, have been of lesser importance. (JEL Code: E44, G18, G21, G24)

11

THE IMPACT OF CRITICISM ON THE CHANGES IN THE INTERNATIONAL MONETARY FUND (Wplyw krytyki na zmiany zachodzace w Miedzynarodowym Funduszu Walutowym)

80%

Adamczyk M.

Ekonomia - Uniwersytet Ekonomiczny we Wroclawiu

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2011

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nr 1(13)

11-21

EN

The International Monetary Fund is in the centre of the international financial system. It has a potential to play a key role in the world economy. It is a guarantor of the world financial order and a lender in crisis situations. In the last two decades the world economy has changed and a lot of countries has been faced with the crisis. This situation has showed some shortages in the organization, government and loans programs of the IMF. The aim of this article is to show these shortages, changes and plans for the future.

12

GLOBAL ECONOMIC AND FINANCIAL CRISIS VERSUS INTERNATIONAL REFORM OF THE CURRENCY AND FINANCIAL SYSTEM (Globalny kryzys ekonomiczno-finansowy a reforma miedzynarodowego systemu walutowo-finansowego)

80%

Nosiadek G.

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2009

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nr 2(25)

13-43

EN

In the end of 2008, the financial and economic crisis engulfed the world's economy. On the one hand it originated in the weaknesses of the American economic system and economic policy, and on the other hand in the deficiencies of the world's financial architecture. A characteristic feature of the latter is an asymmetry on many planes and a lack of opportunities for global financial institutions to influence the economic policies of individual countries - at least in regard to marking the limits and boundary value problems for the economic and financial policies. The key to a provision of the world economy resistance to global financial and economic crises is the abandonment of unilateralism in conducting foreign economic policy and strengthening the role of global financial and economic institutions.

13

‘BAILOUTS’ – REVISION OF THE EU STATE AID POLICY

80%

Urban-Kozłowska J.

Yearbook of Polish European Studies

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2011

|

tom 14

55-80

EN

The current global financial crisis has both challenged and changed the European Commission’s interpretation of EU State aid law. In the first phase of the economic meltdown, the Commission systematically relied on the established EU State aid rules, notably the Guidelines on rescue and restructuring aid for firms in difficulty. As the crisis unfolded, the Commission recognised that those rules were insufficient and decided that tailor-made measures should be envisaged in order to fully address the problems faced by the banking sector. This article analyses the evolution in the Commission’s approach to State aid measures granted to ailing financial institutions. It is argued in conclusion that the revision of the State aid policy was a necessary step forward.

14

CRISIS IN COUNTRIES WITH UNDERDEVELOPED FINANCIAL MARKETS ON THE EXAMPLE OF RUSSIAN AND ALBANIAN AFFAIRS WITH INVESTMENT FUNDS IN THE FORM OF PYRAMIDS

70%

Antkiewicz S.

Pieniądze i Więź

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2010

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tom 13

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nr 4(49)

163-170

EN

(Polish title: Kryzys w krajach o slabo rozwinietych rynkach finansowych na przykladzie rosyjskich i albańskich afer z funduszami inwestycyjnymi w formie piramid). The purpose of this article is to present the most dangerous types of investment funds - pyramid schemes - in two countries: Russia and Albania. The collapse of the pyramid shook the economies of these countries and caused unrest in society. The Author presents economic conditions, genesis of these funds in the form of pyramids, reasons for undetected criminal activity and consequences of the collapse of pyramid schemes. It has been proven that often highly valued people and major companies, that are enjoying the confidence of citizens, use their position and the naiveness of small investors in order to achieve material benefits. It is almost certain that in the future, there will be new financial pyramids, and investors deceived upon significant amounts. We can only hope that national surveillance systems will detect criminal dealings in time, and shall prohibit the distribution of investment funds in the form of pyramid schemes.

15

Osoblyvosti povedinky finansovykh rynkiv krayin iz riznym rivnem ekonomichnoho rozvytku u kryzovyy ta postkryzovyy periody

70%

Strelchenko I. I.

Mekhanizm Rehuluvannya Economiky

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2017

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tom 2(76)

67-75

EN

This paper analyzed the statistics of the International Monetary Fund for a sample of 30 countries with the aim of assessing the level of similarity in the dynamics of macroeconomic indicators (GDP, exchange rate of national currency; part of the international investment position, which characterizes the external liabilities of residents to non-residents; foreign exchange reserves; the value of government bonds) during the global financial crisis and throughout the post-crisis period. To quantify the observed changes, was calculated coefficient of rank concordance Kendall for equal periods of time. Was conducted a comparative analysis of the results for the group of advanced economies and developing countries. Found significant differences in the reactions of each economic system to sharp structural changes in the financial sector by external shocks.

16

GLOBALISATION AFTER CRISIS (Globalizacja po kryzysie.)

60%

Podurgiel A.

Pieniądze i Więź

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2010

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tom 13

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nr 2(47)

5-13

EN

Globalization is defined as a historical process of liberalization and progressive integration of capital, goods and labour markets into one global market. Power force behind the globalization are transnational corporations which move not only capital and goods but also technology across national borders. Moral and economic evaluation of globalization is not clear. On the one hand, globalization brings some beneficial effects, such as, development of international trade, capital expansion in the form of foreign direct investment, greater exchange of information between countries. On the other hand, it significantly weakens the social security of working people and small businesses, deepen social inequality and hinders democracy policy. Currently, globalization is in retreat, both as a theoretical concept and a practical solution. Much of the world, especially developing countries, which in recent years strongly liberalized their commodity and capital markets, refers to it critically, because, as a result of the global crisis, they have suffered greater losses than countries that did not opened up to foreign cooperation so quickly. Global economic crisis has caused a weakening of globalization processes on all continents. Some economists and analysts call it even a deglobalisation, starting from the fact of growing protectionism. This is evidenced by the decisions of many governments around the world, involving the obstruction of access to its own internal market, encouraging the purchase of national products and services and repatriation of immigrants to their countries of origin. As a result of the economic crisis and protectionist acts of governments, the world trade turnover in the first half of 2009 decreased by 40%. Many steps to strengthen the global financial architecture were already taken, aimed at stabilizing global finance. Leaders of global economic powers discuss over the directions of work, aiming at increasing security in the world financial system. The key problems include increased regulatory oversight of hedge funds and rating agencies.

17

ACCESS TO CREDIT AND UNCONVENTIONAL MONETARY POLICY IN THE EUROZONE AFTER THE FINANCIAL CRISIS

60%

Koráb P.

Ekonomický časopis (Journal of Economics)

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2017

|

tom 65

|

nr 6

520 – 533

EN

This paper investigates the availability of bank credit to enterprises in the Eurozone after the recent financial crisis. The analysis draws from a rich firm-level dataset on perceived credit availability of micro-, small- and medium-sized, and large enterprises in 11 countries in the Eurozone during the time horizon 2010 – 2014. Employing probit and logit estimators, the empirical results suggest that GDP growth is a significant factor improving availability to small and medium-sized, and large firms. I also find evidence on the heterogeneous impact of quantitative easing conducted by the European Central Bank within the Euro area. The non-standard measures improve credit availability in the central economies, while my estimates do not show an effect in the Eurozone periphery.

18

DELAYING PAYMENTS IN THE EUROPEAN UNION: AN EMPIRICAL DYNAMIC PANEL DATA ANALYSIS

60%

Obeng I. K. E.

Ekonomický časopis (Journal of Economics)

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2017

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tom 65

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nr 10

952 – 971

EN

We analyse delaying payments of accounts receivable by combining macro-economic shocks with firm characteristics controls. We use microeconomic dataset on financial statements of selected firms in European Union member states from AMADEUS for the period 2005 – 2014, and employ the system Generalized Method of Moments (GMM) framework to analyse the dynamic models. The empirical results show positive impact of the financial crisis on delaying payments. The two-step System GMM estimator obtains significance positive estimates of the coefficient of lagged late payment. Also, we identify significance positive relationship between late payment and firm performance measures of current ratio and gearing ratio, but negative relationship between late payment and firm turnover. The results suggest firms that delay in payments might have the tendency to delay in future payments.

19

EXPANZIA TEZAURÁCIE ZLATA AKO DÔSLEDOK STRATY DÔVERY VO SVETOVÉ MENY

60%

Pavelka Ľ. , Turan A.

Ekonomický časopis (Journal of Economics)

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2014

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tom 62

|

nr 2

199 – 218

EN

Gold has been historically defined as the medium of exchange. Its role is significant even today, reflecting lack of confidence in fiat currencies and turbulences in the markets with the major reserve currencies and bonds denominated in them. Until 2009, there was an apparent trend of central banks to reduce the volume of gold reserves. However, after the full break out of the financial crisis in 2008, the trend reversed towards greater hoarding of gold. Investors are also turning to gold as an investment and increase the volume of precious metals in their portfolios. High gold price broke a record in nominal terms, however, in real terms, did not reach 60% of the price level from 1980. In submitted paper, the authors devote themselves to the analysis of gold prices and factors affecting it and present the estimates of the future price development.

20

THE IMPACT OF FINANCIAL CRISIS ON THE ECONOMY OF GREAT BRITAIN (Wplyw kryzysu finansowego na gospodarke Wielkiej Brytanii)

51%

Sporek T.

Przegląd Zachodni

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2010

|

nr 4(337)

201-209

EN

The United Kingdom has recorded a high growth rate over the past decade - higher than in the euro zone. A sudden and shocking deterioration took place in 2008 when the crisis of the financial system was further deepened and the prices in the domestic real property market decreased steadily. As far as the United Kingdom is concerned more emphasis should be put on the level of innovativeness because in most contemporary theories of economics, innovative actions constitute the major factor generating productivity growth. The British sector of financial services is extremely important for domestic and global economy. It is the fastest developing sector of economy in which the United Kingdom has the biggest comparative advantage.