Rozwój rynków finansowych a stabilność systemu finansowego gospodarki

• Autorzy: Andrzej Sławiński

Warianty tytułu

The Development of Financial Markets and the Financial Stability

• Języki publikacji: PL

Abstrakty

Omówiono zróżnicowany wpływ rozwoju rynków finansowych na stabilność systemu finansowego gospodarki polskiej. Autor zwrócił uwagę na kryzysy finansowe wywołane nadmierną ekspansją gospodarczą, pęknięcia bąbli spekulacyjnych, rozwój rynku instrumentów pochodnych oraz rynku kapitałowego.

EN

The chapter analyses relationships between the development of financial markets and the financial stability. In a short-term period financial markets may weaken stability of the financial system, because their functioning add to the strength of the financial accelerator. Financial markets may increase a boom n the economy and thus may increase the risk of the bust and the related risk of a financial crisis. A special case of such a situation is a burst of speculative bubble in the stock market. The development of derivative markets was expected to increase the risk of financial crises, as it increased the possibilities to use the leverage. In practice, the development of derivative markets contributed to financial stability, because it enlarged greatly the possibilities of hedging against the risk and contributed also to the proliferation of methodologies enabling monitoring of risk. This enabled, in turn, to adjust capital of different types of institutions to the risk they take in the market. The development of financial markets contributes to the stability of the financial system, because it reduces also the crucial problem of asymmetry of information. The increasing role of the stock markets and the commercial paper markets increases the public access to information on the issuers of such papers. This reduces moral hazard and adverse selection problems. The development of financial markets in Poland was characterised by the rapid development of OTC markets and relatively slow development of the stock market. This produces a situation, in which effectiveness of the domestic firms is monitored by banks, but there is a lack of the stock market role in corporate control. (original abstract)

Słowa kluczowe

PL

Rynki finansowe; Rynek kapitałowy; System finansowy; Stabilizacja gospodarcza; Kryzys finansowy; Cykl koniunkturalny; Instrumenty pochodne

EN

Financial markets; Capital market; Financial system; Economic stabilization; Financial crisis; Business cycles; Derivatives

• Czasopismo: Roczniki Kolegium Analiz Ekonomicznych / Szkoła Główna Handlowa
• Rocznik: 2003
• Numer: z. 11
• Strony: 179--194

Twórcy

autor

Andrzej Sławiński

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