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The aim of this article is to analyse legal developments in the collective investment
institutions` market in Europe and their potential impact on the shape of the European financial
market. In the case of UCITS funds (primarily open-end funds aimed at individual investors) the
most important will be implementation of the provisions of Directive 2009/65/EC of the European
Parliament...
EMU is not in the centre of debate on global imbalances, as its external position is „close to
balance”. However, divergences between surplus and deficit countries as well as its heterogeneity
can predict the asymmetry in adjustment process under one of the alternative scenario. In a highly
globalised world, monetary union does not isolate the member countries form the global
imbalances...
The main aim of the paper is to analyse the changes in the group of the world’s top
transnational corporations (TNCs) in the context of creation of integrated currency area – the
Eurozone.
The author tried to assess how creation of the monetary union affected the position of
transnational corporations of European origin. Researches were done on...
The paper attempts to look at the financial crisis on two levels – macro – analyzing the situation
of Spain, Italy, Portugal, Ireland and the micro – reference to examples of international
companies. The introduction describes the origins of the crisis and the conditions of the “spill
over” of its effects on various areas, including geographical and sectoral. The second, crucial part
of the paper,...
The main objective of this article is to present the alternative markets in Europe. The special
attention is put to AIM in London and Alternext in Eurozone as a leaders. Poland has also created
a market financing the growth of young companies with a large growth potential, organized and
operated by the Warsaw Stock Exchange. This three markets – AIM, Alternext and NewConnect,
were described...
Great Britain is one of the two EU 15 countries which refused to join the Economic-
Monetary Union. Despite the passage of time, Great Britain’s stand on this matter has not changed,
although the last worldwide economic crisis and its consequences intensified discussion whether
from Great Britain’s point of view it is worth considering possibilities of joining the euro zone.
...
The aim of the paper is to analyze the directions of capital flows in the global economy including
major lenders and borrowers, and the answer to the question whether the ongoing global
economic crisis affected their structure. During the period 2003–2011 the so–called Lucas paradox
could be observed. This paradox is understood as the incompatibility between the directions of
capital flows in...
The aim of the paper is to present the role of the interest rate in the main economic theories.
In the paper Author analyses the basic determinants affecting the level of interest rates. The
research allows to answer the question whether according to the economic theory the common
interest rate policy is apprioprate for all the countries of the euro zone.
The aim of the article is to present the issue of Sovereign Wealth Funds (SWF), which experience nowadays a dynamic grow. SWF are differently classified, which - to a great extent is due to their lack of transparency, as well as arbitrary treatment by particular countries. The grow of prices of commodities, balance of payments surpluses in Asian countries (mainly China), widening of global imbalances,...
Stabilizing exchange rates against euro before accession to EMU and implementation euro
as an official currency is one of the Maastricht criteria. That is why the role of foreign exchange
interventions will be so important. This paper offers the brief guidance on the operational aspect of
foreign exchange interventions, describes and classifies the types of interventions. The paper examines
effectiveness...
The main aim of the paper is to investigate the process of creation of international currency –
euro in European Monetary Union. In the paper the Author analyses four stages of the building of
monetary union as well as the role of dollar and European Currency Unit (or other european currencies)
as international currency.
Currency Board as an alternative for exchange rate regime has been popular since the 90-ties
among the countries on the way to stabilization of their economies. The macroeconomic and
monetary stability is subdued to the condition of credibility of the regime. The credibility can't be
achieved without the sound banking system. The specific relations between the central bank and ...
The paper aims to statistically verify the assumptions of the Dornbusch model in Poland’s
economy in the years from 2007 to 2009. The study determines the role of the exchange rate in
achieving equilibrium in the financial market in Poland and the effectiveness of the exchange rate
adjustment mechanism: the rate – price in achieving the equilibrium of trade balance. The
conclusions...
The immanent problem of the international monetary system is the adjustment asymmetry
(also called “asymmetrical burden sharing”). The same problem arises on the regional level, in the
case of monetary union. The adjustment asymmetry means that surplus countries are in a better
position s compared to deficit countries, as they are not compelled to adjustment. This is why
many economist try to...
The main legislation defining the conditions for the operation of investment funds in euro
area are two directives: Directive 2009/65/EC of the European Parliament and of the Councilon
the coordination of laws, regulations and administrative provisions relating to undertakings for
collective investment in transferable securities (UCITS IV Directive) andDirective 2011/61/EU of
the European Parliament...
The aim of the article is to present the monetary policy instruments used by the European Central
Bank during the financial crisis of 2007–2010. There have been many instruments aimed at providing
liquidity to the banking system and reducing short –term interest rates volatility. Apart from the classical
instrument of interest rates reductions, ECB used a broad set of standard instruments and procedures...
The main objective of this article is to present the main stock exchanges and alternative markets
in European Union’s countries after MiFID implementation. The special attention is put to
London Stock Exchange, NYSE Euronext, Deutsche Borse and NASDAQ OMX Group as a leaders.
This paper analyses the structure of the European capital market after the MTF (Mullitirateral
Trading Facilities) appearance...
Participation in the integration grouping is an important asset to the economy in terms of its
attractiveness to foreign investors. Elimination of trade barriers within the common market, macroeconomic
stabilization, lower political risk, legal stability and transparency (including the harmonization
of rules) and institutional development become an important incentive for foreign direct
investment,...
Foreign direct investments (FDI) are an important source of not only financial capital but
also technology, knowledge and skills. They are also one of the key factors of structural changes in
the Polish economy. Joining European Union has meant participation in the single market and
significant facilitation in the flow of foreign capital. This article aims to assess the importance...
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