Wyniki wyszukiwania - Biblioteka Nauki

1

The Growing Importance of the Financial Sector in the Founding Countries of the European Union

100%

Florczak T.

Finanse i Prawo Finansowe

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2020

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tom 2

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nr 26

37-49

EN

The economies of the 21st century countries operate on the principle of connected vessels. A significant element of changes in economies is the growth of the financial sector. The process of financial sector growth is often referred as financialization. The significant impact of this sector on economic development was shown during the financial crisis of 2008. Financialization is more visible in highly developed countries. Undoubtedly the founding countries of the European Union belong to highly developed countries. It is possible that the financialization is higher in bigger countries like France, Germany, Italy or United Kingdom, which can also have bigger financial sectors. From the other side there is also country, which economy is based on banks. The aim of the article is to indicate the growth of the financial sector in the founding countries of the European Union. To determine the growth of the financial sector, the author used the indicators appearing in the literature of subject. There are indicators relating to functioning of the economy and banking sector. The second method helps to determine in which country financialization is higher. To made the research there was used zero unitarization method. The results of the study allows to determine in which of the subjects the financial sector is at a higher level of development. It is possible, that during researched period there were changes in financializiation of researched countries.

2

Financial exclusion as a result of limited financial literacy in the context of the financialization process

100%

Maciejasz-Świątkiewicz M.

Nauki o Finansach

|

2015

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nr 4(25)

90-101

EN

Today financial literacy and consciousness seems to be indispensable for the proper participation in the financial services market. In the face of the financialization process, the lack of or even insufficient financial knowledge and consciousness, can lead to serious consequences, including financial exclusion. Financial consciousness can be defined as a phenomenon connected with being aware of financial incidents and processes and having the capability to explore and evaluate these phenomena, or as a complex psychological formation acting to control one’s financial behaviour. Financial literacy is a part of financial consciousness. This article shows how and in what way financial literacy and consciousness are responsible for the financial exclusion diagnosed in the survey. The aim of the article is to answer the question whether the lack of or insufficient financial literacy can be responsible for financial exclusion.

3

Kryzys finansowy a finansyzacja rynków towarowych

100%

Aspadarec W.

Management and Business Administration. Central Europe

|

2013

|

tom 21

|

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.

4

Financialization in the Regional Aspect. An Attempt to Measure a Phenomenon.

100%

Gemzik-Salwach A. , Perz P.

Central European Economic Journal

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2018

|

tom 5

|

nr 52

EN

The aim of the work was to analyze the possibilities of measuring the phenomenon of financialization on a regional basis. The article attempts the move with the measurement of financialization from the level of countries to the level of regions. In the paper, some variables that can measure financialization at the level of voivodeships were used to create an index of regional financialization. The research proposal was verified empirically, using data from 2005–2015 for 16 Polish voivodeships. The results obtained allowed for the ranking of individual regions of the country, in terms of the degree of intensification of financialization. The regional approach is a subject, which is poorly recognized in the literature on the subject. However, according to the authors of the article, individual regions of the country may have a different degree of intensity of financialization, and knowledge on this subject may form the basis for strategic decisions regarding further development of these regions. The authors of the work wanted to pay attention to this issue and initiate further research in this direction. The presented methodology is only an attempt to measure this phenomenon and can be developed in subsequent studies.

5

The impact of the financial sector on economic growth

100%

Włodarczyk B. , Szturo M.

FINANSE Czasopismo Komitetu Nauk o Finansach PAN

|

2018

|

nr 1(11)

9-25

EN

The approach of a unilateral impact of the financial sector on economic growth was invalidated by the last financial crisis which very quickly changed into a global economic crisis. The aim of the study is the analysis of the impact of the financial sector on economic growth in the context of the growing phenomenon of financialization, which was one of the significant reasons of the financial crisis. The study was focused on presenting the growing scale of this phenomenon and analysing the impact of money supply in USD and EUR on world GDP and the GDP of the USA and the Eurozone. The following hypothesis was postulated: the growing process of financialization causes the growth of the USD and EUR supply, influencing changes in the world GDP, the GDP of the USA and the Eurozone. The study confirmed the hypothesis of the relation of the money supply with changes in economic growth. However, influencing economic growth with the money supply causes the purchasing power of business entities to decrease and causes growing debt. Furthermore, it does not contribute to the strength of the real economy. A repair of the current “system“ should not be sought for in constantly increasing macroprudential regulations, but in a return to a country’s interventionism, leading to a change in the priorities of the actions of financial institutions; mainly banks, and the supply of money based on fixed parities (gold, energy).

6

Ufinansowienie gospodarki i finansowy wzrost wartości

100%

Franc-Dąbrowska J.

Ekonomista

|

2018

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nr 6

701-718

PL

W artykule podjęto problematykę ufinansowienia gospodarki oraz powiązania tego procesu ze wzrostem wartości. Przedstawiona została istota i historia finansjalizacji. Następnie zostały podjęte rozważania nad powiązaniem między ufinansowieniem gospodarki a przyczynami i skutkami kryzysu finansowego, w tym wady i zalety finansjalizacji. Trzecim elementem rozważań była kwestia powiązania operacji finansowych ze sferą realną gospodarki. Następnie zaproponowano rozpatrywanie działalności finansowej generującej dodatkową wartość na dwie sfery: pierwszą, którą można uznać za wynikającą z procesów ewolucji finansów (którą umownie nazwano „financial evolution”), i drugą, którą uznano za skutek „ciemnej strony finansów”, a która wynika z oszustw i nadużyć finansowych (którą umownie nazwano „financial fraud”). Ostatecznie zaproponowano model obiegu pieniądza w gospodarce z uwzględnieniem zjawiska finansjalizacji.

EN

The article discusses the issue of financialization the economy and the connection between this process and the increase of value. The essence and history of finance are presented. Subsequently, consideration was given to the link between the financialization of the economy and the causes and effects of the financial crisis, including the pros and cons of financialization. The third element of the discussion was the connection of financial operations to the real economy. It was proposed to consider financial activity generating additional value in two areas: the first to be considered as a result of evolutionary processes (which was termed “financial evolution”) and the second one which was considered as a result of the “dark side of finance” and which resulted from fraudulent activities (which was termed “financial fraud”). Finally, a model of money circulation in the economy was proposed, taking into account the phenomenon of financialization.

RU

Статья посвящена проблематике финансиализации экономики и увязке этого процесса с ростом стоимости. Представлена суть и история финансиализации. Затем автор анализирует связь между финансиализацией экономики и причинами и последствиями финансового кризиса, в том числе достоинства и недостатки финансиализации. Третьим элементом анализа был вопрос увязки финансовых операций с реальной сферой экономики. Затем автор предложил рассмотреть финансовую деятельность, генерирующую добавленную стоимость, в разбивке на две сферы: первую, которую можно вывести из процессов эволюции финансов (условно названную «financial evolution») и вторую, вытекающую из «темной стороны финансов» и проявляющуюся в форме мошенничества и финансовых афер (условно названную «financial fraud»). В заключение автор предложил модель оборота денег в экономике с учетом явления финансиализации.

7

Revisiting conventional wisdom: does financialization have to leave sovereigns subordinated?

100%

Ząbkowicz A. , Czech S.

Ekonomia. Rynek, Gospodarka, Społeczeństwo

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2016

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nr 47

135-148

EN

The financialization process is considered to leave debtor states critically dependent on international financial capital, which may then exercise indirect power over government policy, to the point where the state becomes a hostage to financial markets’ ‘state of confidence’. Such relations between the state and internationalized capital are perceived to come with two strings attached, as the state listens to financial markets because it is in debt and must settle accounts while still requiring external financing; and as financial deepening or credit is considered a vehicle of economic growth. It is the contention of this paper that conventional wisdom as to the correctness of debtor-state behavior in the above circumstances is open to challenge.

8

Finansyzacja gospodarki krajów Europy Środkowo-Wschodniej

89%

Gołębiowski G. , Szczepankowski P.

Ruch Prawniczy, Ekonomiczny i Socjologiczny

|

2015

|

tom 77

|

nr 4

197-215

EN

The blurring boundary between the financial and real economy, as well as the growing autonomy of the financial sector have been observed since the late 1970s. This phenomenon has been referred to in literature as financialization. The article presents several definitions of the financialization process, which occupies an important place in the modern economic world. The paper presents the reasons, sources and effects of financialization, followed by a discussion on the right measures of that process. These measures are then used for an empirical study of the degree of financialization in selected Central and Eastern European countries. The analysis led to the conclusion that the scale of the financialization phenomenon in this part of Europe is relatively small, but not completely uniform in individual countries. The scale of financialization in the Czech Republic, Hungary, Estonia, and Poland should be assessed to be rather similar, while Slovak economy is the most resistant to the financialization process.

PL

Obserwowana od końca lat siedemdziesiątych XX w. zacierająca się granica pomiędzy finansową i realną sferą gospodarki oraz dokonująca się autonomizacja sektora finansowego spowodowały zainteresowanie się ekonomistów tematyką, określaną w literaturze pojęciem finansyzacji. W artykule dokonano systematyki definicji finansyzacji, zjawiska odgrywającego istotne znaczenie we współczesnym świecie. Wskazano również jego przesłanki, źródła i skutki, a także omówiono wykorzystywane w badaniach mierniki oceny stopnia finansyzacji gospodarki, co dało podstawę do analizy finansyzacji gospodarek w wybranych krajach Europy Środkowo-Wschodniej. Analiza doprowadziła do sformułowania wniosku, że skala tego zjawiska w tej części Europy jest stosunkowo niewielka. Indywidualny poziom mierników wykorzystywanych do oceny tego zjawiska jest zróżnicowany w poszczególnych krajach. Niemniej jednak po ich zagregowaniu skalę finansyzacji gospodarek Czech, Węgier, Estonii i Polski należy oceniać na zbliżonym poziomie. Najbardziej odporna na zjawisko finansyzacji okazała się gospodarka Słowacji.

9

Finansyzacja jednostek samorządu terytorialnego na przykładzie miast metropolitarnych w Polsce

89%

Ostrowska A. , Wichowska A.

Ruch Prawniczy, Ekonomiczny i Socjologiczny

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2020

|

tom 82

|

nr 4

285-301

EN

The article addresses the problem of the process of the financialization of local self-government units. First of all, the characterization of this phenomenon is made, then a measurement proposal is presented, using the analysis of the structure of balance sheet assets and liabilities and the debt of metropolitan cities in 2007–2017. The research results lead to inconclusive conclusions. In the early years of the research period, increasing indicators of the financializaton of assets and liabilities, as well as an increase in debt, were observed, which indicated the symptoms of the financial crisis. In the second part of the research period, the values of the indicators characterizing the indebtedness of metropolitan cities decreased, but the financialization assets and liabilities ratios increased slightly. The final assessment of these trends will be possible in the longer term and will require consideration of other, immeasurable factors, such as a city’s financial policy, statutory law, and the quality of public services provided by municipalities.

PL

W artykule podjęto problem procesu finansyzacji jednostek samorządu terytorialnego. W pierwszej kolejności dokonano charakterystyki tego zjawiska, następnie przedstawiono propozycję jego pomiaru wykorzystującą analizę struktury aktywów i pasywów bilansu oraz zadłużenia miast metropolitalnych w latach 2007–2017. Wyniki badań prowadzą do niejednoznacznych wniosków. W początkowych latach okresu badawczego zaobserwowano rosnące wskaźniki finansyzacji aktywów i pasywów, jak i wzrost zadłużenia, co wskazywało na przejawy kryzysu finansowego. W drugiej części okresu badawczego wartości badanych wskaźników charakteryzujących zadłużenie miast metropolitalnych zmalały, ale wskaźniki finansyzacji aktywów oraz pasywów nieznacznie wzrosły. Ostateczna ocena tych tendencji będzie możliwa w dłużej perspektywie czasu i wymagała będzie uwzględniania także innych, niemierzalnych czynników, takich jak: polityka finansowa miast, stanowione prawo lub jakość usług publicznych świadczonych przez samorządy miejskie.

10

Financialization as one of the sources of contemporary economic crises

88%

Tyński A. , Witkowski W. , Wróblewski J.

Catallaxy

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2023

|

tom 8

|

nr 1

47-62

EN

Motivation: Financialization is a multidimensional, complex process, which is currently developing very strongly and which can affect the economy in a positive or negative way. A positive impact usually materializes in the form of an increase in the level of GDP, and a negative one in the form of supremacy of the financial area over the real sphere, an increase in the role of financial activity of non-financial entities, and even the autonomy of the financial sphere in relation to the real sphere.Aim: The purpose of this article is to identify and assess the impact of the financialization process on the modern economy and to look at this process as one of the potential sources of financial crises. This article focuses on the negative effects of financialization and uses the example of the American crisis of 2008.Materials and methods: review and critical review of the literature and reports from the financial sector, with particular emphasis on the negative impact of financialization on the US financial sector in 2008.Results: The first part presents the essence and characteristics of financialization and attempts to systematize this process. In the second part, financialization was looked at through the prism of the risk it brings, the materialization of the effects of which may lead to serious economic turbulence, and even to financial crises. The level of these effects was presented and assessed, as well as the methods of action of the American government, which contributed to minimizing the effects of the 2008 crisis, but which at the same time cannot be considered effective in the fight against financialization.

11

CAPITALISM ON ITS OWN. DEVELOPMENT OF MORTGAGE MARKET IN POLAND AS A PROCESS OF FINANCIALIZATION OF HOUSEHOLDS

88%

Lewicki M.

Polityka Społeczna

|

2014

|

tom 41

|

nr 1(10) ENG POLAND IN TIMES OF UNCERTAINTY

31-36

EN

„Family on its own” – a label of the government’s program supporting young mortgagors defines neatly the social, political and economic transformation, associated with the housing question in Poland. Tighter and more complex intermingling of financial and housing markets indicates processes of the households financialization: universal banks’ capitalization through the mortgage debt of households seems to delineate future tendencies that push the banks towards households’ offers rather than towards provision of capital for commercial investment. The state, deregulating the market and pulling back from an active role on the housing market throughout 1990-ties and at the threshold of the new millennium, has become much more active in promotion of the stronger dependencies between financial and housing markets, mainly through the governmental programs supporting individual (households’) inverstment in the purchase of an apartment but also – taking a specific role of the “FIRE – extinguisher” on the financial market securing its liquidity in times of crisis. As a consequence, as my hypothesis claims, households in Poland will be submitted to the processes of their “liquidation”.

12

Finansyzacja gospodarki w ujęciu makroekonomicznym

87%

Urban D.

Ruch Prawniczy, Ekonomiczny i Socjologiczny

|

2020

|

tom 82

|

nr 1

231-245

EN

This article attempts a holistic analysis of the phenomenon of the financialization of the economy using a macroeconomic approach. The first part of the article deals with terminological issues. In the second part the author presents the determinants of financialization and the stages of the process from a historical perspective. The third part of this article analyses economic phenomena and business processes linked to financialization: transformation on commodity markets, inflation targeting as a goal of monetary policy, the impact of the financial sector on economic growth and asset inflation on capital markets.

PL

W artykule podjęto próbę holistycznego spojrzenia na zagadnienie finansyzacji gospodarki, przyjmując perspektywę makroekonomiczną. Część pierwsza przybliża kwestie terminologiczne. Część druga poświęcona została ukazaniu czynników determinujących rozwój finansyzacji oraz etapy rozwoju tego zjawiska. W części trzeciej przedstawiono zjawiska ekonomiczne i procesy gospodarcze, których wystąpienie lub nasilenie jest wiązane z procesem finansyzacji (m.in. przekształcenia na rynkach towarowych, politykę monetarną zakładającą sterowanie inflacją, oddziaływanie sektora finansowego na wzrost gospodarczy, czy też inflację aktywów).

13

Finansjalizacja gospodarki: wymiary dyskusji

75%

Ratajczak M.

Bezpieczny Bank

|

2017

|

nr 3 (68)

7-22

PL

Celem artykułu jest próba przestawienia najistotniejszych, zdaniem autora, możliwych wymiarów dyskusji o finansjalizacji. W opracowaniu, w którym w pierwszej części zawarto krótką charakterystykę tego, co można określić mianem dojrzałej finansjalizacji, zaprezentowano siedem zasadniczych obszarów dyskusji o finansjalizacji. Pierwszy to mające wymiar lokalny kwestie semantyczne związane z tłumaczeniem na język polski angielskiego terminu financialization. Kolejne wymiary czy też obszary dyskusji o finansjalizacji wyróżnione w artykule mają wymiar uniwersalny i dotyczą takich kwestii, jak: definicja finansjalizacji i określanie jej zakresu, zakres historyczny dyskusji o finansjalizacji, wymiar geograficzno-kulturowy finansjalizacji oraz wymiary doktrynalny i ustrojowy tego zjawiska. W ramach dyskusji o finansjalizacji wskazano także szczególnie istotne obszary badań wymagające dalszych pogłębionych studiów, a w tym prób empirycznej weryfikacji formułowanych w literaturze hipotez.

XX

Paper’s main goal is to present the most important elements of discussion on financialization. Paper starts with a short characteristic of mature finacialization. Next, seven fundamental elements of discussion on financialization have been presented. First one has semantic and local character and it concerns polish translation of English term. Other elements are: definition and interpretation of financialization, historic dimension of financialization, geographical and cultural scope of financialization, and doctrinal foundation of discussion on financialization. Main elements of future studies needed on financialization are also presented.

14

Przejawy finansyzacji polskich spółek giełdowych w opinii menedżerów. Wyniki badań własnych

75%

Socha B. , Urban D.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

|

2019

|

tom 53

|

nr 4

EN

Theoretical background: The article discusses the issue of financialization defined as partial decoupling of the financial sector from the real economy. This phenomenon can be considered from the point of view of economies, markets (including commodity markets), financial and non-financial companies as well as household. The article deals with the issue of financialization of Polish listed companies. The main symptom of this phenomenon is increased importance of financial operations in the process of generating added value.Purpose of the article: To assess the declarative degree of financialization of selected listed companies as well as to identify factors that may be related to the phenomenon of financialization in the analyzed entities.Research methods: The analysis of literature and presentation of the results of authors’ own qualitative research. In the empirical part, the measures of central tendency, classification based on the k-means method and the Mann–Whitney U test were used.Main findings: The obtained results suggest that the phenomenon of financialization does not seem to play a significant role in shaping the operating activity of Polish listed companies from the analyzed sectors. In addition, it was shown that the innovative potential, market position, size of the company and sales markets may be related to the degree of finanacialization. This paper contributes to the national literature with the phenomenon of financialization of non-financial enterprises in the context of changes taking place in the enterprise from the financial managers’ perspective.

PL

Uzasadnienie teoretyczne: Artykuł dotyczy kwestii finansyzacji rozumianej jako częściowe odseparowanie sfery finansowej od sfery realnej gospodarki. Zjawisko to rozpatrywane jest w literaturze z punktu widzenia gospodarek, rynków (w tym rynków towarowych), przedsiębiorstw finansowych i niefinansowych oraz gospodarstw domowych. W opracowaniu poruszono problematykę finansyzacji polskich spółek giełdowych, której przejawem jest wzrost znaczenia operacji finansowych w procesie generowania wartości dodanej.Cel artykułu: Deklaratywna ocena stopnia finansyzacji wybranych spółek giełdowych, a także identyfikacja czynników, które mogą mieć związek ze zjawiskiem finansyzacji w analizowanych podmiotach.Metody badawcze: Analiza literatury oraz prezentacja i omówienie wyników badań własnych o charakterze jakościowym. W części empirycznej wykorzystano miary tendencji centralnej, klasyfikację opartą na metodzie k-średnich oraz test U Manna-Whitneya.Główne wnioski: Zjawisko finansyzacji, zgodnie z uzyskanymi wynikami, wydaje się obecnie nie odgrywać znaczącej roli w kształtowaniu działalności operacyjnej polskich spółek giełdowych z analizowanych sektorów. Ponadto wykazano, iż potencjał innowacyjny, pozycja rynkowa, wielkość spółki oraz rynki zbytu mogą mieć związek ze stopniem finansyzacji. Wartością dodaną, jaką niniejsze opracowanie wnosi do krajowej literatury, jest ukazanie zjawiska finansyzacji przedsiębiorstw niefinansowych w kontekście zmian zachodzących w przedsiębiorstwie w opinii menedżerów finansowych.

15

Teoria krytyczna Thorsteina Veblena.

75%

Mika B.

Nowa Krytyka

|

2017

|

nr 38

139-155

EN

The goal of the article is to recall main features of socioeconomic reflection of Thorstein Veblen. We assume that Veblen’s observations on the transformations of work, financialization, and monopolization (and even the expansion of intellectual property rights) are still valuable. Veblen is a respected and worshiped classic thinker of social science, but also paradoxically forgotten. Forgotten in the sense that his uncompromising critique of capitalism is often hidden beneath noble labels. This article aims to identify the main plots of Thorstein Veblen’s critical thinking on society and the economy.

16

The financing structure of Polish non-financial enterprises in the face of financialisation challenges

75%

Rydzewska A.

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

|

2020

|

tom z. 142

263--272

EN

Purpose: The aim of this article was to examine whether financialization phenomena affected the financing structure of non-financial enterprises operating in Poland. Changes in the financing structure in the era of financialization are manifested by the growing share of debt (foreign capital), the increase in the importance of securities while reducing the share of credit as sources of financing business activities and the growing involvement of (passive) derivatives. Design/methodology/approach: The analysis was conducted on the basis of indicators identifying the share of foreign capital in total liabilities, the structure of passive financial instruments and the structure of passive derivatives. Findings: Based on the empirical analysis, it was found that the phenomenon of the financing structure of financialization is not noticeable on the example of the surveyed business entities. The share of foreign capital in total liabilities of enterprises in 2010-2018 was around 0.5. In the financial assessment, it is the optimal financing structure. Research limitations/implications: Financialization is a developing phenomenon. The presented research covered the years 2010-2018, therefore research on the discussed issue should be continued. Originality/value: The originality of the article is associated with the analysis of the increase in the importance of debt in financing operations in relation to enterprises in Poland, including by industry.

17

„Za mała, by sfinansjalizować?”. Procesy finansjalizacji i polska gospodarka

75%

Lewicki M.

Prakseologia

|

2014

|

nr 155

125-173

EN

The rise of the financial sector – and alteration of its functions in capitalism – has been discussed not only by economists but also by sociologists and political economists. Financialization is “(…) the increasing role of financial motives, financial markets, financial actors and financial institutions in the operation of the domestic and international economies” (Epstein 2005: 2). It is not a brand new process in sociology. However its scale and nature become an ever more popular element of the current diagnoses. Its main assumption is that crises of capita list economies are not anomalies and their scale is dependent on the (lack of) control according to the market laws. The idea that the form of crises and their scale seem to be even more grave and take into account the interdependencies between national economies is becoming paradigmatic in the social sciences. The analysis starts with a review of financialization theories, proposed in political economy and sociology. I then empirically examine the Polish financial sector of the last 15 years with a particular focus on the role of mortgages.

18

Finansjalizacja a problem upadłości przedsiębiorstw

75%

Dec P.

Ekonomika i Organizacja Przedsiębiorstwa

|

2017

|

nr 2 (805)

12-23

PL

Artykuł dotyczy problematyki upadłości przedsiębiorstw w kontekście intensywnego rozwoju sfery finansowej w działalności przedsiębiorstw, a w szerszym ujęciu funkcjonowaniu gospodarek krajowych. Warunki funkcjonowanie podmiotów gospodarczych zarówno w skali krajowej, jak i międzynarodowej nieustannie się zmieniają, na co niewątpliwie ma również wpływ bardzo szeroka oferta coraz to nowszych usług finansowych dedykowanych przedsiębiorcom. Tymczasem statystyka międzynarodowa dotycząca upadłości przedsiębiorstw nie wskazuje istotnego ograniczana tego zjawiska. Autor dowodzi, że przedsiębiorcy w dalszym ciągu spotykają się zarówno z barierą finansowania działalności, jak i nieprzejrzystością oraz mankamentami w działaniu regulacji upadłościowych. Jest to o tyle zastanawiające, gdyż potencjał rozwoju różnego rodzaju usług finansowych, a także samych instytucji i firm prowadzących taką działalność wskazywałby na możliwość szybkiego i elastycznego dostosowania się tego rynku do oczekiwań jego klientów. W artykule podjęto próby analizy wpływu postępującej finansjalizacji na zmniejszenie problemu upadłości przedsiębiorstw.

EN

The article concerns the problems of business failure in the context of intensive development of the financial sphere of business activities, and, more broadly, the functioning of national economies. Conditions of functioning of economic entities, both nationally and internationally are constantly changing, which undoubtedly also affects a very wide range of newer and newer financial services dedicated to entrepreneurs. Meanwhile, international statistics on corporate bankruptcy does not show a significant reduced this phenomenon. The author proves that entrepreneurs continue to face both the barrier of financing, as well as opacity and shortcomings in the operation of bankruptcy regulations. While the potential for the development of various types of financial services, as well as the institutions themselves and the companies engaged in these activities would indicate the ability to quickly and flexibly adapt the market to the expectations of its customers. The article attempts to analyze the impact of ongoing financialisation reduce the problem of bankrupt companies.

19

„Za mała, by sfinansjalizować?”. Procesy finansjalizacji i polska gospodarka

75%

Lewicki M.

Prakseologia

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2014

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nr 155

125-173

EN

The rise of the financial sector – and alteration of its functions in capitalism – has been discussed not only by economists but also by sociologists and political economists. Financialization is “(…) the increasing role of financial motives, financial markets, financial actors and financial institutions in the operation of the domestic and international economies” (Epstein 2005: 2). It is not a brand new process in sociology. However its scale and nature become an ever more popular element of the current diagnoses. Its main assumption is that crises of capitalist economies are not anomalies and their scale is dependent on the (lack of) control according to the market laws. The idea that the form of crises and their scale seem to be even more grave and take into account the interdependencies between national economies is becoming paradigmatic in the social sciences. The analysis starts with a review of financialization theories, proposed in political economy and sociology. I then empirically examine the Polish financial sector of the last 15 years with a particular focus on the role of mortgages.

20

Znaczenie inwestorów instytucjonalnych w finansjalizacji strefy euro

75%

Karaś P. , Kravchuk I.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2015

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tom 49

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nr 4

EN

The term “institutional investor” is not unequivocal. However, the semantic differences occurring in the legal acts and literature do not mean that this group cannot be a subject of scientific research. The analysis of the financial depth of the Eurozone economy and cluster analysis based on indicators of the financial structure of individual countries of the euro area show an increasing financialization, the process in which institutional investors play an important role.

PL

Określenie „inwestor instytucjonalny” nie jest jednoznaczne. Semantyczne różnice występujące w aktach prawnych i literaturze nie oznaczają jednak, że grupa ta nie może być przedmiotem badań naukowych. Analiza głębokości finansowej gospodarki strefy euro oraz analizy skupień na podstawie wskaźników struktury finansowej poszczególnych krajów strefy euro wskazuje na rosnącą finansjeryzację – proces, w którym inwestorzy instytucjonalni mają do odegrania ważną rolę.