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The aim of the article is to describe the institutional and legal aspects of the budgetary procedure: the stages in the decision-making process, the respective powers of the budgetary authority (European Parliament and Council), the issue of the amendments of the budget and the consequences of its rejection. It also looks at how the procedure has evolved in the light of interinstitutional agreements...
Governments world wide have come to recognize the importance of SMEs and their contribution to economic growth, employment, regional and local development. Globalization lhe acceleration of technological change and innovation create opportunities for SMEs to broaden their activities internationally. The internationalization process is described as a gradual development taking place in distinct stages...
This article refers to the problems connected with the assesment of leasing risk and its security. It points at the necessity to secure by a leasing company its leasing receivables irrespective of the user’s present - and forecasted financial situation. It especially concerns the long-term leasing agreements with amounts above 1 million PLN which include objects with low liquidity extent. This cases...
The aim of the article is to prove that without institutional reform, euro-area enlargement will complicate the way monetary policy is formulated in the ECB’s Governing Council. The paper depicts current intitutional framework, illustrates the importance of possible consequences of enlargement (mismatch between the economic and political weights, increase in decision-making costs) and describes alternative...
Sovereignty has always been a very difficult and equivocal issue in political debates on national identity of the states, particularly in the international integration process. The understanding of the notion “sovereignty” has been evolving constantly since the Ancient Greeks. The article presents the evolution of the conception of sovereignty throughout the centuries as well as the present value...
The phenomenon of the world trading system is not easy to explain. It may be analyzed
as an international regime. Its evolution reflects both deregulatory and regulatory tendencies
in economic policy. Realistic and liberal theories of international relations do not offer
convincing explanations why it was created in 1947 and why, since then, it has developed
attracting new members and enlarging...
On the Polish financial market leasing belongs, besides credit, to the most popular and
used external finance sources. It isn’t now situation for credit, which belonged to the classical
external finance sources for many years ago. However leasing has been obtaining its position
during the last ten years. Recently some important regulations concerning leasing were arranged
in Poland and it would...
The aim of the article is to compare two central banks operating under federal structure
within monetary union, namely the European System of Central Banks and the Federal
Reserve System. The analysis covers the following items: institutional framework, tasks and
objectives, strategy and instruments of monetary policy. The analysis lead to the conclusion
that the two central banking systems -...
The business of investment banking is trending toward one-stop shopping and globalization.
This article presents the history and the repeal of the Glass-Steagall Act, which determine
present level of development of investment banking. The 1933 Banking Act combined a bill
sponsored by Representative Steagall to establishing federal deposit insurance with a bill
sponsored by Senator Glass to segregate...
The purpose of this article is to present the competitiveness of Stock Exchanges in Europe
with respect to Lisbon Agenda which outline a development plan for European Union.
By means of stock exchange capitalization, number of listed companies and turnover, paper
offers four stock markets which are regarded as the most competitive in Europe: These are:
London Stock Exchange, Euronext, Deutsche...
The purpose of this article is to describe the role of the institutional framework for use of
officially supported export credits by Kreditanstalt für Wiederaufbau (KfW) Bankengruppe. The
German government provides export - financing assistance for banks and exporters through
several private and public institutions. Federal Government export credit financing schemes are
a crucial instrument for...
The article tackles the problem of requiring capital on the international financial market.
In the first, theoretical part there are pointed out the methods of issuing the international securities
as well as the world literature concerning the motives of international listings. The second part of the articlc presents the research of the author considering the factors encouraging
the companies to...
The article depicts the role of European Union in the world economy in the light of globalization
processes. It diagnoses many facets of the poor competitiveness of the integrated Europe
such as economic performance, labour productivity as well as R&D input and output. It also
shows some structural shortages of the EU economy, e.g. the European social model and the
way to overcome them in...
The European Union banking sector lias been intensively changing for some years. One of
the most important processes which affects its shape is with no doubt consolidation. The consolidation
is a result of two different events: globalization of financial markets and deepening the
EU integration, specially building the Economic and Monetary Union and the common financial
market within the EU. As...
Celem artykułu jest pokazanie stosowanych i proponowanych sposobów rozwiązania
problemu cen transferowych w transakcjach transgranicznych przedsiębiorstw
w Unii Europejskiej.
This paper examines effectiveness of exchange rate interventions carried by Czech, Hungary
and Poland. The paper analyzes tactics of interventions and monetary policies carried by
central banks during the interventions. I examine ex post influence of interventions on managing
exchange rate and exchange rate volatility. Czech, Hungary and Poland are to join ERM II to
stabilize exchange rates before...
The article contains an analyás of the problems of definition of competitiveness. The
main objective of this article is to present the different approach to the competitiveness. There
are some elements of this concept which are defined in different ways.
The purpose of this article is to present the use of depositary receipts by the institutional
and individual investors as well as the important strategy of investor relations in the process
of issuing depositary receipts.
The first part of the article refers to the institutional investors and contains the statistical
data on their investments in the depositary receipts market and the main reasons...
The purpose of this article is to present the methods of acquiring of the capital on the international financial market by companies and briefly describe such financial instruments as: depositary receipts, eurobonds and foreign shares. The first part of the article referees to the factors influencing the choice of issuing market by the companies. The impact of issuing costs, formal and legal factors...
This paper deals with changes in world economy which took place as an effect of internationalization of enterprises and liberalization. It is an attempt to answer the following guestions: what is globalization and where it goes? and what is the relation of the largest economics to this problem. In the second part of this article the author considers problem from point of view of European Union, the...
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