Wyniki wyszukiwania - Biblioteka Nauki

1

Unia Europejska wobec kryzysu finansów publicznych w strefie euro

100%

Kalka P.

Przegląd Zachodni

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2012

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nr 2(343)

145-170

EN

The author presents initiatives launched by the European Union in order to overcome the financial crisis of the eurozone member states. To meet this goal emergency instruments were created (aid programs for Greece, European Stability Mechanism and purchase by the European Central Bank of loans issued by countries of the eurozone in debt crisis) as well as permanent instruments (the Euro Plus Pact, sharpened regulations of the Stability and Growth Pact and the Fiscal Pact). Emergency measures did not bring about any substantial positive effects since only the financial situation of Ireland improved to some extent. The state of public finances in Greece is still critical and therefore many economists suggest that this country should declare its bankruptcy. Permanent instruments to fight debt might yield the desired effects (in the case of a majority of the eurozone countries) if they are used consistently and in accordance with their object.

2

Does a financial crisis affect operating risk? Evidence from Polish listed companies

80%

Kalinowski S. , Puziak M.

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tom 4(18)

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nr 1

64-85

EN

In turbulent times of crisis the variability of both EBIT and operating revenue increase in comparison to a relatively stable post crisis period. The main aim of this paper is to investigate this relationship across these two periods. The hypothesis is that the degree of operating leverage (DOL) is significantly higher during the crisis period (2007-2010) than in the post-crisis period (2011-2015). Additionally the authors checked whether there were significant differences across defined industries and also verified whether all industries had responded in the same way to Financial Crisis as far as DOL is concerned. The main findings are: (a) The Financial Crisis of the years 2008‑2009 significantly influenced the DOL of Polish stock companies; (b) There are substantial differences of the DOL across industries; (c) The DOL in the case of all industries investigated changed in the same direction when comparing two selected subperiods.

3

Między monetaryzmem a gospodarką regulowaną. Wpływ światowego kryzysu na rynkach finansowych (2008–2009) na modernizację liberalnych teorii rozwoju gospodarczego

80%

Koćwin J.

Ekonomia. Wrocław Economic Review

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2013

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tom 19

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nr 2

23 – 35

EN

Crisis in the financial markets (2008–2009), often referred to as the “financial bubble,” questioned the monetarist theory shaped in the second half of the 20th century, whose precursor was Milton Friedman. Decrease in the rate of economic growth in highly developed Western economies, which was a result of that crisis, forced leading economists to critical opinions on the commonly adopted monetarist (neoliberal) system of market economy. American economist Paul Krugman (U.S. President Barack Obama’s economic advisor) became a proponent of returning to controlled market economy and supported state intervention in the economy. The article is a contribution to the discussion about the new model of market economy which would exclude market failures.

4

Ramy budżetowe państw członkowskich – nowe regulacje prawne w zakresie polityki budżetowej w Unii Europejskiej

80%

Marchewka–Bartkowiak K.

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nr 3(31)

161-182

EN

The author introduces the question of rules concerning the characteristics of the budgetary frameworks – the guidelines which are intended to ensure compliance of the EU member states budgetary policy with the relevant obligations under the excessive government debt arrangements. The first section looks at the legal basis of these budgetary frameworks. The following section reviews selected effects of the budgetary frameworks on the EU member states’ policies. In the final section, the author discusses changes in the public finance sector in Poland that have been triggered by these regulations.

5

Values and Economic Crisis

80%

Pyrkosz D.

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2012

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tom 25

144-156

EN

In the midst of debates on possible causes and solutions to the current unrest in international markets, political and economic decision makers tend to primarily focus on the role of economic and financial measures and oversee the fact that the economic instability is also the result of negative occurrences beyond the economic sphere, i.e. in the area of values and culture. With reference to the findings in the 2010 World Economic Forum report and other relevant publications on the role of culture and values in economic development, the paper seeks to answer the question to what extent the present economic crisis is rooted in the crisis of some fundamental values critical not only to a sound economy but also society and what are the possible ways of dealing with it.

PL

W dyskusjach na temat możliwych przyczyn i rozwiązań obecnej niepewnej sytuacji gospodarczej na międzynarodowych rynkach, decydenci – zarówno polityczni, jak i ekonomiczni – mają tendencję do koncentrowania się na roli instrumentów gospodarczych i finansowych, pomijając tym samym fakt, że niestabilność ekonomiczna jest również rezultatem negatywnych zjawisk występujących poza sferą gospodarczą, tj. w sferze wartości i kultury. Przyjmując za punkt wyjścia wyniki raportu opublikowanego w 2010 roku przez Światowe Forum Ekonomiczne oraz odnosząc się do innych istotnych publikacji na temat roli kultury i wartości w rozwoju ekonomicznym, artykuł poszukuje odpowiedzi, do jakiego stopnia obecny kryzys ekonomiczny jest również kryzysem fundamentalnych wartości warunkujących istnienie nie tylko silnej gospodarki, ale również i zdrowego społeczeństwa. Artykuł przedstawia również postulaty zmian, które mogłyby uzdrowić sytuację.

6

ADAPTATIONS WITHIN THE FINANCIAL MARKET IN CHINA AFTER GLOBAL FINANCIAL CRISIS

80%

Glinka K.

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2016

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tom 7

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nr 4

565-591

EN

The purpose of this paper is to present the evolutionary changes occurring in the financial market of China, which were catalysed by the turmoil in the global financial market. These changes were the outcome of anti-crisis measures in macroeconomics policy undertaken at the beginning of the crisis; they were also a response to the quantitative easing policy in the USA and in the Euro Zone (i.e. an increased money supply also reaching the financial market in China). With the currently binding system of currency exchange (managed floating exchange rate), China’s policy towards capital movement, on the one hand, is an attempt to maximise the benefits of the inflow of foreign capital , whilst, on the other – to minimise the risk related to the sudden changes in the direction of the flow of capital. The consequence of such an approach is the strategy of gradual liberalisation of capital account, accompanied by the significant involvement of the state in the financial market. Some specific solutions applied to this matter, that are discussed in the paper, point to the specifics of such a strategy. The liberalisation of the national capital market was preceded by the liberalisation of the offshore market (in Hong Kong). Such a strategy allows China to take up measures directed at the internationalisation of their own currency without any significant opening of the capital account. This paper concentrates on a descriptive analysis of the above phenomenon.

7

Koniunkturalne i sektorowe uwarunkowania kreacji wartości dla akcjonariuszy

80%

Szewc-Rogalska A.

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2014

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nr 1(18)

75-86

EN

This study aims to determine to what extent the crisis in the financial market and changes in economy trends and differentiation between sectors affect the creation of value for shareholders (exemplified by companies quoted on the Warsaw Stock Exchange). In terms of the criterion of a rate of return from the sector sub-index, the fuel and media sector are conspicuous. The relation of a market price to the book value of shares achieved the highest level in the media and food sectors, as well as in civil engineering and telecommunication. The highest rate of dividend was demonstrated by telecommunication and food industry. The enumerated sectors showed a high capacity to create the value, mainly in the period of a favourable trend in the stock exchange, while they demonstrated lower destruction of value than other sectors during its deterioration.

8

Rola instrumentów pochodnych w kryzysie finansowym 2008/2009

80%

Szymańska J.

Ekonomia XXI Wieku

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2014

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nr 2(2)

34-44

EN

The article presents the development of the financial crisis in the United States in 2008/2009, which led to the global financial crisis. The aim of the paper is to systematize the knowledge of the reasons of the crisis. The author shows the correlation among the elements that caused the economy breakdown. The text describes the inception of subprime credits, i.e. mortgages granted to the individuals with poor credit history, securitization and expansion of mortgage and asset-backed securities derived from the subprime credits. The mechanism of the securitization has been broadly described, as well as the idea of the Collateralized Mortgage Obligation presented in 1977. The other derivatives mentioned in the article are Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations and Credit Default Swaps. The definitions and the clarification of their meaning are supported by the explanation why the investors have been lured and fascinated by them. The author also answers the question why the derivatives became a serious threat to the economic and financial stability. The next problem is the legal context of the crisis, for example the changes brought by Gramm-Leach-Bliley Financial Services Modernization Act of 1999 which allowed the banks to join commercial and investment activity. Such a change made the banks start to compete, to create and to sell Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations and Credit Default Swaps on a large scale. The next problem described in the text is the evolution of the shadow banking sector, i.e. the parallel banking sector, as well as the large, complex financial institutions (LCFIs) in the 1970s. The another issue is the creation and the burst of the housing bubble. The author presents the development of the real estate and mortgage market commenced by Home Mortgage Disclosure Act and Community Reinvestment Act and supported by Government Sposored Enterprises: Fannie Mae and Freddie Mac. Among the causes of the global financial crisis the important role is attributed to the credit rating agencies. They have been paid by the financial institutions to prepare the credit ratings of the risky financial instruments. Moreover they were basing on the old models. As the result, the ratings were much overstated and provided false information to the investors. The last part of the article presents how the crisis spread in the United States and how it affected the other economies.

9

Corporate Governance Versus Ethics. The Case of Goldman Sachs

80%

Aluchna M.

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2015

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tom 21(3)

107-130

EN

The purpose of this paper: The purpose of this paper is to addresses corporate governance shortcomings identified in the pre-crisis period using the example of Goldman Sachs, it attempts to reveal the company’s divergence from fundamental ethical values of the prime interest of shareholders and clients. Design/methodology/approach: This paper presents a case study of Goldman Sachs, one of the most successful yet the most controversial investment banks known for its strategy in linking politics and business. The practice of Goldman Sachs is identified within the corporate governance and business ethics framework. Findings: The case study presents and discusses Goldman Sachs’ ethically questionable operations which include helping Greece in the creative accounting for hiding the real debt level though the use of currency swaps, betting against credit default swaps while selling those instruments to clients (ABACUS scheme) and the instrumental treatment of customers referred to by the company as ‘muppets’. Research implications: The paper proposes an analysis of the structural corporate governance failures which led to the outbreak and development of the credit crunch relating them to unethical and irresponsible behaviour noted in the pre-crisis period. The lack of integrity and strong values, dominant public respect based on the level of consumption and personal wealth as well as the prime priority of generating short term profits proved to be the key drivers for the inefficiencies in corporate governance. The phantom declaration of ethical conduct and the lack of the internalization of codes of best practice led to trust crisis on the market and resulted in the deterioration of economic performance. Originality/value: The paper contributes to the development of the knowledge on both corporate governance and business ethics tracking patterns for the convergence or potential divergence of these two notions. Using the case study of Goldman Sachs it also attempts to understand the behaviour of the largest players on the stock market with regards to their business ethics and corporate governance practice. Finally, the paper studies the causes of the financial crisis rooted in the corporate quest for the highest profitability

10

Kryzys lat 2007–2009 i luka informacyjna w sektorze finansowym

80%

Siwiński W.

Management and Business Administration. Central Europe

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2013

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tom 21

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nr 2(121)

6-22

XX

Purpose: The paper aims at identifying the major information gaps related to the financial sector that have emerged during the last years, including the explanation of the reasons and consequences of these gaps. Methodology: The analysis is conducted using the descriptive methodology based on real developments in the financial sector. This analysis identifies substantial institutional changes within the financial sector combined with the introduction of new financial instruments that significantly increased information gaps related to financial developments. Findings: We found that one of the main reasons for the breakdown in the financial liquidity market was the sudden buildup of a systemic risk caused, among other things, by substantial information gaps and limitations in the transparency of financial markets. The low transparency of the financial markets has been caused by institutional changes and new financial instruments introduced within the financial sector. They were introduced by the financial institutions themselves to facilitate very risky financial activities that were very profitable for them in the short term, but – as it occurred – very disruptive for the whole financial system and the whole economy in the longer term. Research limitations: The analysis is limited only to the consideration of the causes and consequences of statistical gaps substantially reducing the transparency of the financial sector. A more comprehensive project should also explore and provide an appropriate proposal for remedy data and – even more important – a proposal to set up a macroprudential policy framework. Originality: The original contribution of the paper is the link between specific institutional changes within the financial sector as well as new financial instruments and the emergence of particular information gaps.

11

Wielka depresja a współczesny kryzys finansowy – podobieństwa i różnice. Perspektywy dla globalizacji

80%

Twardosz A.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2013

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nr 903

35-53

EN

In the 1990s and the beginning of the 21st century the world became an arena of great political and socio-economic changes. The ongoing globalisation processes and technological revolution were accompanied by unprecedented economic growth, which however came to an end with the onset of the current financial crisis, which has recently transformed into a debt crisis. The aim of the article is to present possible scenarios for the globalising world in turbulent times. A short overview of basic theories of international relations followed by a comparative analysis of the Great Depression and the current financial crisis shall enable the reader to understand the course of possible future events.

12

Polityka Europejskiego Banku Centralnego w dobie kryzysu finansowego

80%

Kozłowska J.

Zeszyty Naukowe ZPSB Firma i Rynek

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2015

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nr 1(48)

19-32

PL

Celem artykułu jest przedstawienie polityki prowadzonej przez Europejski Bank Centralny w okresie występowania kryzysu finansowego. W artykule poruszono zagadnienia na temat działań antykryzysowych jakie Europejski Bank Centralny podjął w tym czasie w celu zabezpieczenia strefy euro przed negatywnymi konsekwencjami kryzysu finansowego. Wskazano, iż Europejski Bank Centralny zareagował natychmiastowo na pierwsze symptomy kryzysu finansowego. Działania Europejskiego Banku Centralnego podzielono zgodnie z występującymi fazami kryzysu finansowego, wskazując na korzystanie z dotychczasowych, jak i nowych instrumentów oraz narzędzi polityki pieniężnej.

EN

This article are showing policy European Central Bank during the financial crisis. Author are showing the anti-crisis measures that the European Central Bank lead at this time in order to protect the euro zone from the negative consequences of financial crisis. Author are indicating that European Central Bank responded immediately to the first signs of the financial crisis. The actions of the European Central Bank are dividing according to the phases of the financial crisis, pointing to the use by the European Central Bank from existing and new instruments and tools of monetary policy

13

Kryzys finansowy a finansyzacja rynków towarowych

80%

Aspadarec W.

Management and Business Administration. Central Europe

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2013

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tom 21

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nr 2(121)

23-37

EN

Purpose: Analysis of reasons, correlations and consequences following from the impact that financial investors have on commodity markets – both before and after the crisis. Methodology: The research on the tremendous impact that the financial sector exerts on price formation in commodity markets, defined as the financialization of commodity markets, was based on a narrative approach. This approach makes use of available historical documents and attempts to reconstruct factors causing structural changes in commodity markets. As a result of these factors, commodity and financial markets (and particularly capital market) have become similar to a great extent. Findings: Drawing upon the research, it can be stated that the global financial crisis has contributed not only to a major change in the involvement of investors in commodity markets, but also to a structural change of this involvement, which is accompanied by a number of negative consequences. Originality: The research enables to draw certain conclusions, e.g. that the financialization of commodity markets is reflected in a radical price fluctuation in these markets due to which the prices are isolated from fair value. Structural changes are also discussed. They entail the attempt to counteract such negative consequences, e.g. regulations imposed to provide a greater transparency of the activity undertaken by investors in commodity markets.

14

Jakich zmian postaw moralnych konsumentów i menedżerów firm można oczekiwać po kryzysie finansowym?

80%

Banajski R.

Prakseologia

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2010

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nr 150

129-144

EN

In the first part of the article the author analyses sources of the present financial crises. In moral aspect, the main sources of that phenomenon are rooted in greed, low level of responsibility as well as neglect of moral standards (conduct) in financial sector. Second part of the article deals with consumer and manager attitudes during the crises. It is pointed out that numerous animators of the economic life see (seek) the main remedy for the crises in saving. Polish government initiated spectacular campaign to encourage saving. Financial sector, especially banks, don’t show much interest in carrying out structural changes. This is one of the premises which grow fears on whether after the crises, real changes in attitudes will be adopted by managers, especially bank managers, all other financial sector workers, and consumers who got accustomed to living on credit. This issue constitutes the third part of the article.

15

Łagodzenie ilościowe polityki pieniężnej – przyczyny, istota „new normal” polityki banków centralnych w UE

80%

Chojna-Duch E.

Kontrola Państwowa

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2015

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tom 60

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nr 3 (362)

83-108

EN

The economic and financial crisis of the recent years has shown that there is an urgent need for a reaction of global and national public institutions to the reasons for and effects of market links, mutual relations of the reactions of the state, central banks, business and financial entities, especially financial markets, as for arising and growing imbalances that stem not only from financial crises, but from the activities of these entities as well. For several years, a discussion has been held in various scientific and political circles on an optimal macroeconomic strategy for recovering from the economic slowdown. While in the policies of the EU bodies and the states, anti-crisis activities have been searched for, appropriate instruments selected, various initiatives taken, programmes of public authorities proposed, aimed at stimulating economic growth and, at present, inflation. It turned out that the main central banks are able to be, and have to be, the only institutions to effectively react to the debt crisis, stagnation and low economic recovery. The monetary policy of large central banks has finally replaced the fiscal policy in the financial stimulation process, and has become the hope for stimulating a stable economic growth and inflation, and for ending the financial crisis.

16

Budowa standardów rzetelności instytucji finansowych na rynku detalicznym w oparciu o rozwiązania systemów zarządzania

80%

Kulawczuk P.

Prakseologia

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2010

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nr 150

175-192

EN

Financial institutions in Poland represent both fair and unfair approach to retail market customers. There are numerous reasons for such a mixed policies, including: knowledge dominance over customers, association of profits as high business value, bank brands changeability in merger and acquisition processes, constructing similarities in financial products to fast moving consumer goods (FMCG), significant hurry in introducing changes and policies, and selling risky financial products under association of conservative banking. The article presents numerous cases caused by those reasons. The key assumption of the publication is that the mixed fairness policies towards customers are based on errors in management systems of financial institutions. Improvement of management systems could be a source for more transparent policies in this area and better market effects. The article analyses opportunities to establish standardization of management systems in the area of fairness towards customers and indicates the truck to reach the goal. Standardization and certification of management systems in this area is considered as reasonable solution for market confidence decline after the financial crisis.

17

Global Financial Crisis and Its Effects on Real Economies in the Light of Quantitative and Survey Data

80%

Adamowicz E. , Dudek S. , Pachucki D. , Walczyk K.

Prace i Materiały Instytutu Rozwoju Gospodarczego SGH

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2011

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tom 86:Business Surveys, Business Cycles. Polish Contribution to the 30th CIRET Conference

11-37

EN

The paper discusses the effects of global financial and banking crisis of 2007-2008 on US and selected European economies. Due to its widespread incidence it has triggered substantial research challenge. The main area of our interest is the real side of economies. However, taking into account the fact that the crisis was accompanied by substantial breakdown of corporate and consumer confidence, we use quantitative as well as survey data in the research. We study fluctuations of main economic aggregates: output, consumption, industrial production and retail trade. Quantitative variables are matched with BTS and CS counterparts (confidence and sentiment indicators) to find out whether the survey data preceded quantitative one in signalling changes in real economies, whether synchronisation, the depth and the duration of the recession were different for each variable and country, and finally whether survey/quantitative variables were coherent in describing consequences of the crisis. We analyse cyclical fluctuations of selected variables and describe characteristics of the recession in each country in order to compare reactions of selected economies to the crisis.

18

Calculations under conditions of globalization and financial crisis

80%

Skorecova E.

|

2009

|

tom z. 51

71-78

PL

Wzrastająca konkurencja oraz wymagania zglobalizowanego rynku wymagają stopniowego przekształcenia klasycznej rachunkowości w wariantowy system kalkulacji, dostarczający wielowymiarowej informacji o produkcie i rynku. Potrzeba stworzenia wielowariantowego systemu kalkulacji jest obecnie wzmacniana przez rozprzestrzeniający się kryzys finansowy. W artykule przedstawiono różnice między rachunkowością, stosowaną w wycenie produkcji oraz wykorzystywaną na potrzeby tworzenia sprawozdań finansowych a rachunkowością zarządczą. Zaakcentowano także konieczność posługiwania się rachunkowością zarządczą w przedsiębiorstwie oraz potrzebę jej ciągłego rozwoju i doskonalenia.

EN

Securing of competitiveness in the demanding market environment of globalised economies requires the gradual transformation from classical calculation system into variant calculation system providing multidimensional insight into the product as well as the market. The needed existence of variant calculation system is nowadays strengthened by spreading financial crisis. The article mentions the difference between the calculations formed for the needs of valuating the production in the financial statements and the managerial calculations. The sequence of establishing the variant calculation methods is also introduced together with the reasons of under-valuating calculations in the managerial practice

19

Stress testing as a tool for simulating the effects of crisis in banks

80%

Wiszniowski E.

Business and Economic Horizons

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2010

|

tom 1

|

nr 1

58-66

EN

Emergence of crisis in financial markets, especially banks, have forced a change in approach to risk management. It has become necessary to develop new or refine existing models of early bankruptcy threat warning, as well as establishing the potential impact of bank failures. One of the tools, indicating that resistance to the phenomenon of crisis is “stress testing”. Its aim, at least in the case of banks, is concerned with estimating the level of economic resistance towards the occurring risk. Some of these risks are: the non-payment of loans due to deterioration in the economic situation of a country, fluctuations in interest rates, exchange rates and a fall in prices of securities which are traded on stock exchanges. This article discusses the nature of stress testing and shows the current legislation in Poland and presents the results of a stress testing conducted on the largest U.S. banks in May 2009. The rank and results of these studies show the importance of the role of stress testing as a complementary research of a diagnostic and prognostic nature.

20

Stabilność finansów publicznych - gospodarka Polski w warunkach spowolnienia

80%

Wieczorek P.

Kontrola Państwowa

|

2014

|

tom 59

|

nr 1(354)

111-131

EN

The balancing of public finance and turning the tendency for public debt growth may be more difficult in Poland than in well-developed European Union member states, although the indicators of public finance sector deficit and public debt in relation to GDP are much higher there than in Poland. Measures taken in this area in Poland are less effective due to the slowdown of the Polish economy growth that – despite the improvement in 2013 – in the coming years will remain lower, in comparison to the GDP level of the period preceding the world financial crisis. It creates unfavourable macroeconomic conditions for the reconstruction of the public finance sector. The article attempts to answer the question whether – in the light of the public debt growth in Poland, whose indicator in 2013, according to Eurostat forecasts, should reach 58.2 per cent of GDP, and with difficulties in the state finance reform process – the stability of this sector is sufficiently ensured.