scholarly journals Foreign Capital in Poland During Recession

2015 ◽  
Vol 16 (2) ◽  
pp. 45-59
Author(s):  
Mirosław Wypych
Keyword(s):  
Foreign Capital ◽  
Global Financial Crisis ◽  
Economic Downturn ◽  
The European Union ◽  
System Transformation ◽  
Foreign Investors ◽  
Scientific Hypothesis ◽  
National Bank ◽  
The Global Financial Crisis ◽  
Parent Companies

AbstractThe system transformation which started in the last decade of the previous century and the accompanying transition into market oriented economy have contributed to the increase of foreign investors’ interest in committing their capital in Poland. The interest grew even more after Poland joined the European Union. With limited national financial resources and great demand for the same, foreign investment has been a desirable factor supporting and accelerating economic growth.The objective of this paper is to evaluate the changes in the level and structure of foreign capital in Poland in the years 2008–2013, that is during the period of economic downturn following the global financial crisis. The point is, first of all, to find an answer to the following question: to what extent has the economic destabilisation caused by the crisis influenced the decisions of foreign investors concerning investing their capital in Poland? This allows to verify the following scientific hypothesis: during crisis stability of the financial system of the country in which parent companies have their seats is more important for foreign investors than financial security of the host country. The analysis covers total foreign capital, that is both direct and portfolio investment, as well as derivatives and credit facilities. The empirical part of the study has been based on the information published by the National Bank of Poland.

Kryzys modernizacyjny a działania Unii Europejskiej na rzecz wzrostu gospodarczo-społecznego

2015 ◽  
pp. 96-121
Author(s):  
Justyna Miecznikowska
Keyword(s):  
European Union ◽  
Global Financial Crisis ◽  
National Level ◽  
Policy Instruments ◽  
Economic Downturn ◽  
The European Union ◽  
National Interests ◽  
Territorial Expansion ◽  
The Global Financial Crisis ◽  
The Eu

The purpose of the analysis is to demonstrate, in the historical perspective covering the period between 2000 and 2014, the series of modernisation efforts, undertaken within the European Union, which aimed at increasing the rationality of economic and social processes occurring in the single European market. The assumption was that a thorough examination of the current process of EU reforms would allow for the identification of sources of the modernisation crisis. The adopted research hypothesis assumes that the present modernisation crisis is a consequence of the weakness of European governance and insufficient adaptation of the EU policy instruments to the constantly changing political and economic challenges, such as globalisation, territorial expansion and the global financial crisis. Effective modernisation of the European Union is hindered by the manner of implementation of EU’s tasks and objectives at the national level (based on the open method of coordination) and challenged by the interstate competition escalating within the EU in times of economic downturn and arising from the divergent interpretations of national interests. The present modernisation crisis manifests itself in the failure to comply with the adopted economic and social development strategies and the threat of regressive changes.

scholarly journals Comparative Analysis of Financial Stability Policy of The National Bank of Serbia and The European Central Bank

2015 ◽  
Vol 53 (2) ◽  
pp. 142-161
Author(s):  
Mirjana Jemović ◽  
Borko Krstić
Keyword(s):  
European Union ◽  
Financial Services ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
System Stability ◽  
The European Union ◽  
National Bank ◽  
The Global Financial Crisis ◽  
The Eu

AbstractThe Republic of Serbia has successfully completed the first part in the European Union integration process, being granted candidate status for membership in the European Union (EU). The stage of accession negotiations is in progress, and it includes the full harmonization with the EU acquis, whereby the analytical review of legislation, the so-called screening is being carried out in 35 chapters. The global financial crisis that affected our country in 2008 has required a timely reaction of the National Bank of Serbia (NBS) in order to preserve the financial system stability, especially the banking sector as its most important segment. As the financial services sector adjusts within chapter 9, the aim of this paper is to assess the level of compliance of national legislation with the EU legislation regarding banking sector. Along with the regulatory initiatives in the field of preserving financial stability in the EU countries, the NBS has paid great attention to the harmonization of its financial stability policy with the financial stability policy of the European System of Central Banks (ESCB).

Ocena antykryzysowej polityki gospodarczej Stanów Zjednoczonych i wybranych państw członkowskich Unii Europejskiej w latach 2005–2014

2016 ◽  
pp. 26-46
Author(s):  
Marcin Jan Flotyński
Keyword(s):  
United States ◽  
European Union ◽  
Financial Markets ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
The European Union ◽  
High Volatility ◽  
The Global Financial Crisis ◽  
Domestic Products

The global financial crisis in 2007–2009 began a period of high volatility on the financial markets. Specifically, it caused an increased amplitude of fluctuations of the level of gross domestic products, the level of investment and consumption and exchange rates in particular countries. To address the adverse market circumstances, governments and central banks took actions in order to bolster the weakening global economy. The aim of this article is to present the anti-crisis actions in the United States and selected member states of the European Union, including Poland, and an assessment of their efficiency. The analysis conducted indicates that generally the actions taken in the United States in response to the crisis were faster and more adequate to the existing circumstances than in the European Union.

INFLATION TARGETING: IT'S NOT BROKE, IT DOESN'T NEED FIXING, BUT CAN IT SURVIVE?

2010 ◽  
Vol 01 (01) ◽  
pp. 59-80
Author(s):  
PIERRE L. SIKLOS
Keyword(s):  
Monetary Policy ◽  
Inflation Targeting ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Asset Price ◽  
Central Banks ◽  
Economic Downturn ◽  
Price Increases ◽  
The Global Financial Crisis ◽  
Nominal Anchor

Until the end of 2005 there were few outward signs that the inflation targeting (IT) monetary policy strategy was deemed fragile or that the likelihood of abandoning it was high. In light of the severe economic downturn and the global financial crisis that has afflicted most economies around the world since at least 2008, it is worth reconsidering the question of the fragility of the inflation targeting regime. This paper reprises the approach followed in Siklos (2008) but adds important new twists. For example, the present study asks whether the continued survival of IT is due to the fact that some of the central banks in question did take account of changes in financial stress. The answer is no. Indeed, many central banks are seen as enablers of rapid asset price increases. The lesson, however, is not that inflation targeting needs to be repaired. Instead, refinements should be considered to the existing inflation targeting strategy which has evolved considerably since it was first introduced in New Zealand 20 years ago. Most notably, there should be continued emphasis on inflation as the primary nominal anchor of monetary policy, especially in emerging market economies (EME), even if additional duties are assigned to central banks in response to recent events.

scholarly journals Comparison of the Approach of the Czech National Bank and the European Central Bank to the Effects of the Global Financial Crisis

2021 ◽  
Vol 10 (2) ◽  
pp. 18-46
Author(s):  
Andrea Cecrdlova
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Financial Crisis ◽  
Central Bank ◽  
European Central Bank ◽  
Global Financial Crisis ◽  
Central Banks ◽  
European Central ◽  
National Bank ◽  
The Global Financial Crisis

The latest global crisis, which fully erupted in 2008, can have a significant impact on central banks credibility in the long run. During the last crisis, monetary authorities encountered zero interest rate levels and, as a result, started to use non-standard monetary policy instruments. The Czech National Bank decided to use a less standard instrument in November 2013, when it started to intervene on the foreign exchange market in order to keep the Czech currency at level 27 CZK / EUR. However, the European Central Bank also adopted a non-standard instrument, when chose a path of quantitative easing in 2015 in order to support the euro area economy by purchasing financial assets. The question remains whether the approach of Czech National Bank or the approach of European Central Bank in the crisis and post-crisis period was a more appropriate alternative. With the passage of time from the global financial crisis, it is already possible to compare the approaches of these two central banks and at least partially assess what approach was more appropriate under the given conditions. When comparing the central banks approaches to the crisis, the Czech National Bank was better, both in terms of the rate of interest rate cuts and the resulting inflation with regard to the choice of a non-standard monetary policy instrument. The recent financial crisis has revealed the application of moral hazard in practice, both on behalf of the European Central Bank and the Czech National Bank, which may have a significant impact on their credibility and independence in the coming years.

scholarly journals Electoral Shocks

2019 ◽  
Author(s):  
Edward Fieldhouse ◽  
Jane Green ◽  
Geoffrey Evans ◽  
Jonathan Mellon ◽  
Christopher Prosser ◽  
...  
Keyword(s):  
Global Financial Crisis ◽  
The European Union ◽  
Electoral Volatility ◽  
Liberal Democrats ◽  
Scottish National Party ◽  
Electoral Choice ◽  
General Elections ◽  
Scottish Independence ◽  
The Global Financial Crisis ◽  
The Uk

This book offers a novel perspective on British elections, focusing on the importance of increasing electoral volatility in British elections, and the role of electoral shocks in the context of increasing volatility. It demonstrates how shocks have contributed to the level of electoral volatility, and also which parties have benefited from the ensuing volatility. It follows in the tradition of British Election Study books, providing a comprehensive account of specific election outcomes—the General Elections of 2015 and 2017—and a more general approach to understanding electoral change.We examine five electoral shocks that affected the elections of 2015 and 2017: the rise in EU immigration after 2004, particularly from Eastern Europe; the Global Financial Crisis prior to 2010; the coalition government of the Conservatives and the Liberal Democrats between 2010 and 2015; the Scottish Independence Referendum in 2014; and the European Union Referendum in 2016.Our focus on electoral shocks offers an overarching explanation for the volatility in British elections, alongside the long-term trends that have led us to this point. It offers a way to understand the rise and fall of the UK Independence Party (UKIP), Labour’s disappointing 2015 performance and its later unexpected gains, the collapse in support for the Liberal Democrats, the dramatic gains of the Scottish National Party (SNP) in 2015, and the continuing period of tumultuous politics that has followed the EU Referendum and the General Election of 2017. It provides a new way of understanding electoral choice in Britain, and beyond, and a better understanding of the outcomes of recent elections.

scholarly journals Problems and Prospects for the Development of the UK Banking System in the Process of New Industrialization and Digitalization

2021 ◽  
Vol 93 ◽  
pp. 05017
Author(s):  
Olga Sokolova ◽  
Nadezhda Goncharova ◽  
Pavel Letov
Keyword(s):  
Capital Market ◽  
Global Financial Crisis ◽  
Banking System ◽  
The European Union ◽  
Important Trend ◽  
The Subject ◽  
The Global Financial Crisis ◽  
The Uk ◽  
High Degree ◽  
New Industrialization

The gist of this article boils down to the development of British banking system in the conditions of new industrialization and digitalization. The banking system of Great Britain is characterized by a high degree of concentration and specialization of banking, a well-developed banking infrastructure, and a close connection with the international loan capital market. London is the world's oldest financial center. The English banking system has the world's widest network of overseas branches. The UK banking system is relatively independent from the credit systems of the European Union. Nevertheless, banking legislation is focused on the unification of banking law within the European Community and supervision of banking activities. In the context of the global financial crisis, the UK banking system, as in other countries, has been severely tested. The most important trend in the development of the UK banking system is the blurring of boundaries between certain types of credit institutions. The subject of the research is the UK banking system in the context of new industrialization and digitalization.

scholarly journals Ownership Concentration and Performance Recovery Patterns in the European Union

2019 ◽  
Vol 11 (4) ◽  
pp. 953 ◽  
Author(s):  
Alexandra Horobet ◽  
Lucian Belascu ◽  
Ștefania Curea ◽  
Alma Pentescu
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Corporate Performance ◽  
Manufacturing Sector ◽  
Ownership Concentration ◽  
The European Union ◽  
And Performance ◽  
The Global Financial Crisis

Our study addresses the link between ownership concentration and corporate performance in the manufacturing sector in the European Union in an economic environment stressed by the global financial and sovereign debt crises. This is, to our knowledge, the first attempt to tackle differences between companies with different origin-countries in EU from the perspective of ownership concentration and corporate performance in a period marked by the adverse impact of the global financial crisis. Ownership concentration is measured by the number of shareholders and the percentage of their individual and collective holdings, while performance is measured by accounting-based and market-based indicators. Our results, based on a detailed and methodical statistical analysis, show a clear division between Western and Eastern companies in terms of ownership concentration and performance, with an impact on businesses’ recovery patterns. Overall, there is a positive link between ownership concentration and corporate performance in the case of Western companies, but not for Eastern-based companies. Moreover, ownership concentration has supported business recovery in EU, but particularly for Western companies. On the other hand, our results suggest that market investors’ assessment of corporate performance is disconnected from business fundamentals and do not acknowledge the role of ownership concentration (either beneficial of detrimental) for performance assessment.

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