Rola inwestorów instytucjonalnych, banków i funduszy arbitrażowych w rozwoju globalnego rynku finansowego

• Autorzy: Andrzej Sławiński

Warianty tytułu

The Role of Institutional Investors, Banks and Arbitration Funds in Global Financial Market Development

• Języki publikacji: PL

Abstrakty

Aktywność inwestorów instytucjonalnych jest czynnikiem zwiększającym płynność lokalnych rynków kapitałowych. Rosnąca aktywność banków komercyjnych na rynkach finansowych umożliwiła dynamiczny rozwój rynków instrumentów pochodnych. Aktywność funduszy arbitrażowych jest także czynnikiem sprzyjającym zwiększaniu się liczby płynnych rynków finansowych a tym samym liczby instrumentów, które mogą być wykorzystane w zarządzaniu finansowym.

EN

Globalization of financial markets is to a significant extent a result of foreign exchange liberalization and technological advance. Foreign exchange liberalization opened possibilities for transaction on the markets of various countries. Technological advance facilitated radical lowering of the costs of transactions initiating and settling up. A spatial distance between the parties settling a deal has become insignificant. A drastic drop in the costs of access to information and processing created conditions where a foreign investor and local investors have practically the same information on the particular country's financial market as local. Globalization radically changed financial markets. Its most spectacular effect is the appearance of a large number of liquid financial markets, i.e. the ones characterised with facileness and low costs of transactions settling. Not long ago, textbooks on financial markets informed that even in the United States - where the importance of bonds (securities) was always significantly higher - high liquidity characterised only foreign exchange markets, stock markets , and treasury bill markets, while liquidity of other markets was relatively low. Since the last decade of the twentieth century, the number of liquid financial markets has been growing quickly. The Author focuses on financial markets and discusses the role of various financial institutions in development of the global financial market. He presents the influence of institutional investors on development of local capital markets, and discusses the role of banks in development of derivative instruments markets and arbitration funds. The Author concludes with the thesis of insufficient development of the financial sector on the global scale which manifests itself in rapidly growing currency reserves of several central banks. (original abstract)

Słowa kluczowe

PL

Rynki finansowe; Inwestor indywidualny; Banki; Globalizacja rynków finansowych

EN

Financial markets; Individual investors; Banks; Globalization of financial market

• Czasopismo: Zeszyty Naukowe / Szkoła Główna Handlowa. Kolegium Gospodarki Światowej
• Rocznik: 2007
• Numer: nr 21
• Strony: 42--57

Twórcy

autor

Andrzej Sławiński

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