Stopień integracji czeskiego giełdowego rynku akcji z giełdowym rynkiem akcji w obszarze euro

Celem artykułu jest prezentacja wyników badań empirycznych nad integracją rynku akcji w Czechach z rynkiem akcji w obszarze euro, a zatem odpowiedź na pytanie: W jakim stopniu giełdowy rynek akcji w Czechach jest zintegrowany z rynkiem akcji w obszarze euro?W badaniach zastosowano analizę statystyczną znaczenia giełdowego rynku akcji w gospodarce Czech, analizę stopnia integracji giełdowego rynku akcji w Słowacji z  giełdowym rynkiem akcji w obszarze euro przy zastosowaniu „miar opartych na wiadomościach” i modelu GARCH (1.1).Rynek akcji w Czechach odgrywa relatywnie większą  rolę w gospodarce niż w innych małych krajach obszaru euro (np. Słowenia i Słowacja).  Stopień integracji  rynku akcji w Czechach z rynkiem akcji w obszarze euro, co prawda wzrósł po przystąpieniu Czech do Unii Europejskiej, ale nadal jest niski.

Rozwój rynków finansowych a wzrost gospodarczy

The paper presents theoretical aspects of the relationship between financial market development and economic growth, and its effect in the Euro-12 area in the years 1991–2008. The first part of the paper also outlines results of selected empirical research of the influence of financial market development on economic growth. A multi-equation econometric model estimated by means of a classical method of least squares was usedand cointegration tests were also carried out. An analysis of interdependencies between the two selected indicators shows that there is a statistically significant relationship between the financial market development and economic growth in the Euro-12 area in the examined period

The Prospects of Polish Membership in the EMU on the Background of Global Recession 2007–2009

Global recession of 2007–2009 has had a significant impact on the Eurozone functioning and has aroused much controversy over the monetary union membership of the new countries (including Poland) as well as the legitimacy of the monetary union formation by countries of different development levels and different degrees of fiscal discipline. Should Poland pursue full membership in the Economic and Monetary Union? If the answer is yes, then the question arises “when”? How should economy and the state get prepared for this move? There are no unambiguous answers to these questions. The aim of this paper is to outline possible answers and, first of all, to formulate problems for the discussion. The experience of the Eurozone countries from the period of 2007–2009 indicate that the economies which fulfilled the nominal convergence criteria in an “artificial” way, i.e. without thorough reforms in the area of public finance, markets – including labour market – have incurred high costs of the recession in the situation when they have neither their own currency not monetary policy. Poland’s full membership in the Economic and Monetary Union should be preceded by thorough reforms consisting in market (including the labour market) deregulation and liberalisation and the public finance reform. In the case of public finance the changes which are necessary refer to both reducing expenditure and taxes. The change in the public expenditure structure is also indispensable

Kryzys gospodarczy a kształtowanie się kursu złotego wobec euro i dolara amerykańskiego w latach 2008–2012

The results of Polish zloty rate of exchange forming against the EUR and USD in the period of economic recession and financial crises factors influence. The speculation attack against Polish zloty in the second part of 2008, depreciation of EUR against USD, higher rate of inflation in Poland in comparison t the euro area and USA were the main factors, which influence depreciation of Polish zloty against EUR and USD in the period of 2008–2012

Globalna recesja i kryzys finansowy czy kryzys ekonomii?

Business cycle, economic expansion and recession are natural phenomena in market economy, such natural as inflow and outflow of the sea, or the phases of the moon. Recession is natural mechanism of clearance of the economy from the inefficient economic units and the mechanism of economic equilibrium restoring after turbulence connected with economic growth. Global recession begun in the 2008. But still in the end of November and beginning of December of 2007 the top point of business cycle in the American economy was noted. H. P. Minsky pays attention to the fragility of financial system before top turning point of business cycle. He states that during the dynamic economic growth the financial structures in the market economy are created which are susceptible to deflation, decrease of assets value, deep depression. Financial system stimulates consumer and investment demand, leads to full employment and high rate of economic growth, but with that process is connected with worsening of financing structure. Expansive economic policy (monetary and fiscal) intensifies negative tendencies and leads to the speculation bubbles, especially on the real estates market. Development of financial engineering, lack of the stockholders control over the relations between rate of return and risk make financial crises growing with recession deeper. The phenomena have described above determine depth of the present recession. Does present recession mean also crises of economics? It seems that no. Recession and financial crises are undoubtedly stimulus of new conceptions creation explaining the role of financial sector in the economy and in the process of economic growth. Undoubtedly, institutional economics can play substantial role in explaining of the reasons which have determined depth of present recession (problem of the owner’s control in the corporations). Government economic policy against recession is also substantial problem. Have the fiscal packets been necessary? If does not such that fiscal policy will bring long –term economic stagnation and destabilization of economies? Those questions are open. The author will try to outline answers based on the present state of the economic theory

Slovakia in the Euro area : costs and benefits

PURPOSE: Examine Slovakia’s path to the euro area, the related costs and benefits, and possible implications for Poland.DESIGN/METHODOLOGY/APPROACH: A critical review of literature on optimum currency areas and costs and benefits of joining a monetary union. Statistical analysis and econometric modelling are applied as well. An econometric model is constructed and estimated with the least-squares method (LSM). The results of the model estimation are analysed.FINDINGS: The analysis of the model estimation results suggests joining the euro area has had a significant positive effect on economic growth in Slovakia. The EUR variable has a statistically significant and quite considerable impact on GDP fluctuations in Slovakia in the period studied. The following conclusions can be posited, therefore: joining a monetary union is greatly recommended to such a small, highly open economy with an uncompetitive currency, although Slovakia joined the full Economic and Monetary Union at an unfortunate time of a financial and fiscal crisis. The pandemic crisis also had some adverse effect on the cost-benefit relation of the euro area membership. It seems, however, Slovakia has managed to gain some measurable positive effects of its joining the euro area and the benefits can be seen as outweighing the costs.PRACTICAL IMPLICATIONS: The results may serve to analyse costs and benefits of a small, open economy joining an economic and currency union and to choose an appropriate moment for such an operation. The study can be of use to researchers and political decision-makers.ORIGINALITY/VALUE: The paper raises an original problem of a small, open economy and its path to the membership of a currency union. It’s a contribution to the theory of economic and monetary unions which identifies the costs and benefits of joining a currency union using the example of Slovakia.peer-reviewe

Integration of Polish Equity Securities Market with Foreign Market and Economic Growth in Poland

Celem artykułu jest odpowiedź na pytanie: czy integracja polskiego rynku udziałowych papierów wartościowych wpływa na wzrost gospodarczy w Polsce? Sformułowano hipotezę badawczą, że integracja polskiego rynku udziałowych papierów wartościowych wpływa w sposób statystycznie i ekonomicznie istotny na rozwój rynku kapitałowego oraz wzrost gospodarczy. Jako wskaźnik integracji polskiego rynku papierów udziałowych z rynkami zagranicznymi przyjęto stosunek sumy polskich inwestycji portfelowych w udziałowe papiery wartościowe za granicą oraz zagranicznych inwestycji portfelowych w udziałowe papiery wartościowe w Polsce do PKB. Badania z zastosowaniem modeli ekonometrycznych wykazały, że wzrost stopnia integracji polskiego rynku udziałowych papierów wartościowych z zagranicą wywiera pozytywny i dość znaczny wpływ zarówno na rozwój rynku akcji, jak i na wzrost gospodarczy w Polsce.The aim of the research which is the base for this paper has been answer the question: if Polish equity securities market with foreign market influence the economic growth in Poland? Following hypothesis was formulated: integration of Polish equity securities market with foreign market influence significantly the capital market development and economic growth in Poland. In the research applied relation between the sum of the Polish portfolio investment in the equity securities abroad and foreign portfolio investment in Polish equity securities to GDP. The econometric models were implemented in the research. The results of the research indicated that increase of Polish market of equity securities with foreign market influence positively development of capital market and economic growth in Poland

Development of Financial Markets and Economic Growth: Case of Poland and Ireland

Wpływ rozwoju rynków finansowych na wzrost gospodarczy jest jednym z kontrowersyjnych problemów w teorii ekonomii. Wyniki badań R. Levine’a i innych ekonomistów zajmujących się tym zagadnieniem wydają się potwierdzać statystycznie istotny związek między rozwojem rynków finansowych a wzrostem gospodarczym. Celem referatu jest odpowiedź na pytanie czy występuje statystycznie istotny związek między rozwojem rynków finansowych a wzrostem gospodarczym w przypadku Polski i Irlandii. Badaniami objęto w przypadku Polski okres 1994–2007, zaś w przy- padku Irlandii okres 1996–2007. Wybór okresu wynikał z dostępności danych statystycznych, dotyczących badanego zjawiska w obu krajach. W referacie zaprezentowano wyniki wybranych badań innych autorów oraz wyniki badań własnych autora

Development of Financial Markets and Economic Growth: Case of Poland and Ireland

Wpływ rozwoju rynków finansowych na wzrost gospodarczy jest jednym z kontrowersyjnych problemów w teorii ekonomii. Wyniki badań R. Levine’a i innych ekonomistów zajmujących się tym zagadnieniem wydają się potwierdzać statystycznie istotny związek między rozwojem rynków finansowych a wzrostem gospodarczym. Celem referatu jest odpowiedź na pytanie czy występuje statystycznie istotny związek między rozwojem rynków finansowych a wzrostem gospodarczym w przypadku Polski i Irlandii. Badaniami objęto w przypadku Polski okres 1994–2007, zaś w przy- padku Irlandii okres 1996–2007. Wybór okresu wynikał z dostępności danych statystycznych, dotyczących badanego zjawiska w obu krajach. W referacie zaprezentowano wyniki wybranych badań innych autorów oraz wyniki badań własnych autora