Download or read book Foreign Capital in the Structural Transformation of the Polish Banking Sector During the Global Crisis written by Ewa Kulinska-Sadlocha and published by . This book was released on 2013 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Polish banking sector, in contrast to other major European Union countries, has been for many years dominated by banks either controlled by foreign capital or owned by a foreign credit institution. Such a situation is mainly a consequence of the privatization policy that was due to the transformation process of the Polish economy that began after the fall of communism in 1989. At the beginning of the reforms in the early 1990s, the greatest obstacle to the banking system market construction was the lack of domestic capital, as well as the right knowledge of banking.The purpose of the paper is to define the role of foreign capital in the structural transformation of the Polish banking sector during the global crisis. The analysis is based on data published by the Financial Supervision Commission (KNF), the Polish National Bank (NBP), the European Central Bank (ECB) and the information included in the National Court Register.In view of the origin of certain strategic investors -- especially from countries with large economic problems (Italy, Greece, Spain, Portugal) and the continuing difficulties many foreign strategic investors should expect further consolidation, which will reflect the mergers and acquisitions in the global financial market.
Download or read book The Impact of Market Structure and the Business Cycle of Bank Profitability written by Małgorzata Pawłowska and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Evolution of Banking Sectors in Central and Eastern Europe The Case of Poland written by Piotr Wiesiołek and published by . This book was released on 2015 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changes in the Polish financial system were so rapid that some stages of financial development were skipped. At the beginning of the transformation process, banks' main balance sheet items were short-term loans and deposits. At the end of the 1990s, foreign investors started to rapidly increase their share of banking sector assets. And with the inflow of foreign capital came the transfer of technologies, know-how, and also business models from parent companies. These models were based on granting housing loans. As a consequence, it is households rather than enterprises that are now the most important customers for banks in the Central and Eastern European (CEE) countries. In fact, the share of household loans (mainly mortgage loans) in banking sector assets in the CEE countries is the highest among all EU countries. Banks financed their activities through a growing deposit base, later supplemented by loans from parent companies. The future of the Polish banking sector will depend on the evolution of the global financial system. Banks will probably start to rely more on traditional sources of financing and their portfolio of liquid assets will be greater than before the outbreak of the global financial crisis. As for the asset side of the balance sheet, housing loans are likely to continue to occupy the dominant position. The overwhelming demand for housing (in Poland, as in other CEE countries, the vast majority of residential property is owned, rather than rented), coupled with very low average income relative to the price per square metre, make it impossible for banks to do without long-term financing. Covered bonds are a possible source of such financing. It would be desirable to design and implement instruments which could change the current structure of banking sector assets (lower the share of household loans). The existing structure is clearly not conducive to the economy's international competitiveness. The question remains, however, as to how banks might be induced to steer their credit flows away from households and towards manufacturers.Full publication: "http://ssrn.com/abstract=2692232" What Do New Forms of Finance Mean for EM Central Banks?
Download or read book Global Economic Prospects 2010 written by World Bank and published by World Bank Publications. This book was released on 2010-02-12 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The crisis has deeply impacted virtually every economy in the world, and although growth has returned, much progress in the fight against poverty has been lost. More difficult international conditions in the years to come will mean that developing countries will have to place even more emphasis on improving domestic economic conditions to achieve the kind of growth that can durably eradicate poverty.� —Justin Yifu Lin, Chief Economist and Senior Vice President The World Bank 'Global Economic Prospects 2010: Crisis, Finance, and Growth' explores both the short- and medium-term impacts of the financial crisis on developing countries. Although global growth has resumed, the recovery is fragile, and unless business and consumer demand strengthen, the world economy could slow down again. Even if, as appears likely, a double-dip recession is avoided, the recovery is expected to be slow. High unemployment and widespread restructuring will continue to characterize the global economy for the next several years. Already, the crisis has provoked large-scale human suffering. Some 64 million more people around the world are expected to be living on less than a $1.25 per day by the end of 2010, and between 30,000 and 50,000 more infants may have died of malnutrition in 2009 in Sub-Saharan Africa, than would have been the case if the crisis had not occurred. Over the medium term, economic growth is expected to recover. But increased risk aversion, a necessary and desirable tightening of financial regulations in high-income countries, and measures to reduce the exposure of developing economies to external shocks are likely to make finance scarcer and more costly than it was during the boom period. As a result, just as the ample liquidity of the early 2000s prompted an investment boom and an acceleration in developing-country potential output, higher costs will likely yield a slowing in developing-country potential growth rates of between 0.2 and 0.7 percentage points, and as much as an 8 percent decline in potential output over the medium term. In the longer term, however, developing countries can more than offset the implications of more expensive international finance by reducing the cost of capital channeled through their domestic financial markets. For more information, please visit www.worldbank.org/gep2010. To access Prospects for the Global Economy, an online companion publication, please visit www.worldbank.org/globaloutlook.
Download or read book Poland in European Union written by Alojzy Nowak and published by SCHEDAS. This book was released on 2016-01-22 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Account Liberalization written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 1998-09-30 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.
Download or read book Republic of Poland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-07-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key issues related to the economy of Poland. Thanks to its sound policies, close links to the German supply chain, and substantial EU transfers, Poland is the only country in the European Union that avoided an outright recession during the global financial crisis. However, this strong performance has masked enduring regional disparities, which are undermining the quality of growth. Poland faces significant long-term challenges as an aging population weighs on potential growth and public finances. The new government, which took office in November, has approved a Responsible Development Plan, focused on spurring growth through innovation and reducing social and regional disparities.
Download or read book The Transformation of the European Financial System written by Vitor Gaspar and published by . This book was released on 2003-01-01 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Global Financial Crisis written by Dick K. Nanto and published by DIANE Publishing. This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.
Download or read book Cross Border Bank Resolution Recent Developments written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-02-06 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developing an effective framework for cross-border resolution is a key priority in international regulatory reform. Large bank failures during the global financial crisis brought home the lack of adequate tools for resolving “too-big-to-fail” institutions. In cross-border cases, misaligned incentives and lack of robust mechanisms for resolution and cross-border cooperation left some country authorities with little choice but to take unilateral actions, which contributed to the high fiscal costs of the crisis and resulted in disorderly resolution in some cases
Download or read book Financial Transition in Europe and Central Asia written by Alexander Fleming and published by World Bank Publications. This book was released on 2001-01-01 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains 21 papers focusing on a wide range of issues concerning financial sector transition in the countries of Europe and Central Asia (ECA). It places the transition economies in the context of recent and prospective developments in global financial markets. This book also evaluates the experience of the last 10 years and reviews the progress from a command financial system to a market-based one, identifying some of the key characteristics of the financial transition.
Download or read book The Growth Report written by Commission on Growth and Development and published by World Bank Publications. This book was released on 2008-07-23 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: The result of two years work by 19 experienced policymakers and two Nobel prize-winning economists, 'The Growth Report' is the most complete analysis to date of the ingredients which, if used in the right country-specific recipe, can deliver growth and help lift populations out of poverty.
Download or read book What Caused the Financial Crisis written by Jeffrey Friedman and published by University of Pennsylvania Press. This book was released on 2011-06-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The deflation of the subprime mortgage bubble in 2006-7 is widely agreed to have been the immediate cause of the collapse of the financial sector in 2008. Consequently, one might think that uncovering the origins of subprime lending would make the root causes of the crisis obvious. That is essentially where public debate about the causes of the crisis began—and ended—in the month following the bankruptcy of Lehman Brothers and the 502-point fall in the Dow Jones Industrial Average in mid-September 2008. However, the subprime housing bubble is just one piece of the puzzle. Asset bubbles inflate and burst frequently, but severe worldwide recessions are rare. What was different this time? In What Caused the Financial Crisis leading economists and scholars delve into the major causes of the worst financial collapse since the Great Depression and, together, present a comprehensive picture of the factors that led to it. One essay examines the role of government regulation in expanding home ownership through mortgage subsidies for impoverished borrowers, encouraging the subprime housing bubble. Another explores how banks were able to securitize mortgages by manipulating criteria used for bond ratings. How this led to inaccurate risk assessments that could not be covered by sufficient capital reserves mandated under the Basel accords is made clear in a third essay. Other essays identify monetary policy in the United States and Europe, corporate pay structures, credit-default swaps, banks' leverage, and financial deregulation as possible causes of the crisis. With contributions from Richard A. Posner, Vernon L. Smith, Joseph E. Stiglitz, and John B. Taylor, among others, What Caused the Financial Crisis provides a cogent, comprehensive, and credible explanation of why the crisis happened. It will be an essential resource for scholars and students of finance, economics, history, law, political science, and sociology, as well as others interested in the financial crisis and the nature of modern capitalism and regulation.
Download or read book Fiscal Policy and Long Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Download or read book The IMF and the Silent Revolution written by Mr.James M. Boughton and published by International Monetary Fund. This book was released on 2000-09-11 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pamphlet is adapted from Chapter 1 of Silent Revolution: The International Monetary Fund, 1979-89, by the same author. That book is full of history of the evolution of the Fund during 11 years in which the institution truly came of age as a participant in the international financial system.
Download or read book Republic of Poland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-07-17 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights that Poland’s near-term growth momentum remains strong, supported by accommodative monetary and fiscal policies and sizeable European Union transfers. The economy is operating above potential, with the unemployment rate at a historical low. Growth is projected to accelerate to 3.6 percent in 2017 and remain strong in 2018. Long-term growth, however, will be more subdued, unless adverse demographics and structural constraints on investment and productivity growth are addressed. Risks to the near-term outlook are broadly balanced. Monetary policy remains accommodative, with policy rate kept at a historically low level since early 2015.
Download or read book Poland Country Study Guide Volume 1 Strategic Information and Developments written by IBP USA and published by Lulu.com. This book was released on 2013-08 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Poland Country Study Guide - Strategic Information and Developments Volume 1 Strategic Information and Developments
