BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Author
Kalinowski Marcin (Wyższa Szkoła Bankowa w Gdańsku)
Title
Procesy globalizacji na rynkach finansowych - szanse i zagrożenia
Financial Markets Globalization - Threats and Opportunities
Source
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2013, nr 62, s. 297-307, rys., bibliogr. 24 poz.
Keyword
Globalizacja, Rynki finansowe, Kwity depozytowe
Globalization, Financial markets, Depository receipts
Note
streszcz., summ..
Abstract
W okresie minionych dekad nastąpiło silne wzajemne powiązanie rynków finansowych na świecie. Rynki finansowe stały się rynkami globalnymi. W rezultacie, na krajowe rynki finansowe wpływa coraz więcej czynników zewnętrznych. Procesy globalizacji współczesnych rynków finansowych sprawiają, że funkcjonują one niemal jako jedna całość. Dominującymi tendencjami na rynkach finansowych są zmiany związane z globalizacją, będącą pochodną liberalizacji, czyli swobody przepływu kapitału. Globalizacja oznacza wzrost integracji w różnych wymiarach. Wskazuje się na integrację narodów, regionów oraz struktur gospodarczych, w ramach których następuje konsolidacja rynków finansowych. Celem niniejszej pracy jest analiza szans i zagrożeń związanych z globalizacją rynków finansowych na świecie. W wyniku przeprowadzonych analiz stwierdzić można, że globalizacja rynków finansowych niesie za sobą szereg korzyści i wiele zagrożeń. (skrócony abstrakt oryginalny)

During the past decades the financial markets in the world have been bound together. They have become global. As a result, the domestic financial markets are more and more affected by external factors. Financial markets globalization processes caused financial markets to exist almost as a single market. Financial markets globalization changes are derived from the liberalization. Globalization is a sign of increased integration of different dimensions. The integration of nations, regions and economic structures, in which financial markets globalization takes place, are indicated. The aim of this study is to analyze the opportunities and threats of financial markets globalization in the world. As a result of the analysis in this paper, it can be stated that financial markets globalization brings many opportunities and many threats. The benefits include the fact that globalization favors the implementation of proper capital allocation functions. In addition, the financial markets globalization increases the financial possibilities of investors and capital recipients. The greatest financial markets globalization threat is the possibility of rapid changes in the mass capital and investors flow out of the country. Additional risks associated with foreign markets investments is currency risk. It is also worth noting that the financial markets globalization is a factor significantly increasing the financial crises risk.(original abstract)
Accessibility
The Main Library of Poznań University of Economics and Business
Szczecin University Main Library
Full text
Show
Bibliography
Show
  1. Aspadarec W.: Procesy konsolidacji rynków kapitałowych a GPW, [w:] Rynki Finansowe wobec procesów globalizacji, red. L. Pawłowicz, R. Wierzba, Gdańska Akademia Bankowa, Warszawa 2003.
  2. Baker H.K., Nofsinger J.R., Weaver D.G.: International Cross-Listing and Visibility, NYSE Working Paper, January 1999, 99-01.
  3. Chaplinksy S., Ramchand L.: The Impact of Global Equity Offerings, "Journal of Finance" 2000, No. 55 (6).
  4. Claessens S., Kligebiel D., Schmukler S.L.: Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers, Policy Research Working Paper Series 2816, The World Bank, 2002.
  5. Demirguc-Kunt A., Levine R.: Firms' Financing Choices in Bank-Based and Market-Based Economies in Financial Structure and Economic Growth, MIT Press, 2001.
  6. J.P. Morgan: Depositary Receipt, Year in Review 2010.
  7. Doidge C.: Do Changes in Law Matter for Corporate Ownership and Control? Evidence for Emerging Markets Firms that Lists in the U.S., Ohio State University, 2001.
  8. Doidge C., Karolyi G.A., Stulz R.: Why are firms listed in the U.S. worth more?, Ohio State University, 2001.
  9. Dollar D., Kraay A.: Trade, Growth and Proverty, Finance & Development, wrzesień 2001, IMF.
  10. Foerster S.: The Long Run Performance of Global Equity Offerings, "Journal of Financial and Quantitative Analysis" 2000, No. 35.
  11. Hargis K.: International Cross-Listing and Stock Market Development in Emerging Economies, "International Review of Economics and Finance" 2000, 9 (2).
  12. IMF Economic Forum, Globalization: a blessing or a curse?, IMF Survey, International Monetary Fund, 13 maja 2002.
  13. Karolyi G.A.: The Role of American Depositary Receipts in the Development of Emerging Equity Markets, "Review of Economics and Statistics" 2004, No. 86.
  14. Levine R., Schmukler S.: Migration, Sillovers and Trade Diversion: The Impact of Internationalization on Domestic Stock Market Liquidity, NBER Working Paper 2003, No. 9614.
  15. Ljundqvist A., Jenkinson T., Wilhelm W.: Global Integration in Primary Equity Markets: The role of U.S. Banks and U.S. Underwriters, mimeo, New York University, September 2000.
  16. Miller D.: Why do foreign list in the United States? An empirical analysis of the depositary receipt market, "Journal of Financial Economics" 1996, No. 51.
  17. Moel A.: The Role of American Depositary Receipts in the Development of Emerging Markets, "Economia", Fall 2001, Brooking Institution.
  18. Nsouli S.M., Schaechter A.: Challenges of the E-banking Revolution, Finance and Development, wrzesień 2001, IMF.
  19. Oręziak L.: Globalizacja rynków finansowych, [w:] Globalizacja od A do Z, Narodowy Bank Polski, 2004.
  20. Pagano M., Panetta F., Zingales L.: Why Do Companies Go Public: An Empirical Analysis, "Journal of Finance" 1998, No. 53:1.
  21. Pagano M., Roell A., Zechner J.: The Geography of Equity Listing: Why Do European Companies List Abroad? CSEF Working Paper, October 1999, 28.
  22. Reese W.A. Jr., Weisbach M.S.: Protection of Minority Shareholder Interest, Cross-listing in the United States and Subsequent Equity Offerings, Tulane University/University of Illinois, January 2000.
  23. Sarkissan S., Schill M.J.: The Overseas Listing Decision: New Evidence of Promixity Preference, mimeo, McGill University/University of California, April 2000.
  24. Schmukler S., Vesperoni E.: Globalization and Firms' Financing Choices: Evidence from Emerging Economies, World Bank Policy Research Working Paper 2001, 2323.
Cited by
Show
ISSN
1640-6818
1733-2842
Language
pol
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu