Suchergebnisse

The basic goal of the article is analyse the current regulations about credit rating agency and their activity in European Union and United States and answer the question which one the issuer or investor paid credit rating model is better, as a result building the own credit rating management model. It has been made a literature review abut actual models of risk management. Then are presented the current trends and propositions of changes in regulations. There have been described models: "issuer pays" and "investor pays" and introduced the original model management agency, taking into account the rating of four players, namely: the investor, issuer, rating agency and supervisory institutions. It has been put the following hypothesis: The introduction of regulations on credit rating agencies and credit ratings, improve the social welfare and the quality of the presented notes. ; Celem artykułu jest analiza aktualnych przepisów regulujących działalność agencji ratingowych stosowanych w krajach Unii Europejskiej oraz Stanach Zjednoczonych, a także odpowiedź na pytanie, który z modeli: "emitent płaci" czy "inwestor płaci" jest lepszy z punktu widzenia funkcjonowania rynku finansowego i w związku z tym zbudowanie autorskiego modelu zarządzania agencją ratingową. Dokonano również przeglądu literatury dotyczącej aktualnych modeli zarządzania ryzykiem. Następnie zaprezentowano bieżące trendy i propozycje zmian w przepisach. Opisano modele "emitent płaci" i "inwestor płaci" oraz przedstawiono autorski model zarządzania agencja ratingową przy uwzględnieniu czterech graczy, a mianowicie: inwestora, emitenta, agencji ratingowej oraz instytucji nadzorczej. Postawiono hipotezę badawczą, że wprowadzenie regulacji prawnych dotyczących agencji ratingowych oraz credit ratingów poprawia wypłatę społeczną oraz podnosi jakość prezentowanych not.

Loans indexed and denominated in foreign currencies were granted in Poland to those not receiving income in a foreign currency, in the period from 2000 to 2013. In this period, housing loans were the fastest growing item in bank assets in Poland. Only in the period from December 2002 to the end of 2012, the share of housing loans in the assets of banks increased more than five times, and in receivables from the non-financial sector increased fourfold. A significant change in foreign exchange rates (e.g. CHF, EUR, USD and JPY) in relation to the zloty contributed directly to the current value of the costs of operating liabilities, as well as the valuation of the total mortgage obligations relating to foreign exchange, the value of credit and its costs calculated in PLN. The significant ease of obtaining a mortgage in foreign currencies in relation to the PLN loan resulted in the entry into the group of borrowers of individuals and households who would not receive a PLN loan at the time, and would not, therefore, lead to a real estate purchase transaction. The author points out the social consequences of the emergence of a significant group of citizens burdened with high indebtedness. In his opinion, a generation of "credit slaves" emerged as a new social phenomenon - living with the awareness of a long-standing unpaid financial obligation. This limits the socio-economic activity, and builds indifference to debt, i.e. a state in which each subsequent commitment 'does not worsen' such a bad situation. The author also presents the proposals and activities of political groups and the borrower community itself aimed at solving this situation. The subject of the analysis is the scale and socio-economic effects of placing mortgage loans relating to foreign currencies on the market. The aim of the study is an attempt to identify the socio-economic effects and scale of the public policy negligence against the crisis of the so-called 'foreign currency loans'. The analysis was carried out on the data from the period 1989-2016.

Dyskusja wokół kwestii konfliktu interesów między funkcją realizacji polityki pieniężnej a funkcją nadzoru bankowego wpływa na rozwiązanie instytucjonalne polegające na włączeniu lub niewłączaniu funkcji nadzoru do zadań banku centralnego. Z tego też względu przez wiele lat Europejski Bank Centralny (EBC) nie sprawował nadzoru w stosunku do instytucji kredytowych. Przy konstrukcji Europejskiego Systemu Banków Centralnych zwyciężyła koncepcja niemiecka całkowitego wydzielenia nadzoru z EBC. Gdyby nie kryzys finansowy lat 2008-2013, prawdopodobnie do dziś EBC nie sprawowałby nadzoru nad instytucjami kredytowymi. Pomimo utworzenia w 2011 r. Europejskiego Urzędu Nadzoru Finansowego dwa lata później zdecydowano się powierzyć EBC nadzór bankowy nad najważniejszymi instytucjami finansowymi na obszarze Unii Europejskiej. Trudno dziś rozstrzygnąć, czy połączenie polityki pieniężnej i nadzoru pod jednym dachem EBC było posunięciem korzystnym, dopiero za kilka lat będzie można ocenić, czy zwiększyła się efektywność nadzoru. ; The discussion involving the conflict of interest between the implementation of monetary policy and banking supervision influences the institutional solution to the question of the inclusion or non-inclusion of the supervisory function among the tasks of the central bank. Consequently, credit institutions were, for many years, left unsupervised. This situation would have probably continued until today, had it not been for the financial crisis of 2008-2013. Despite the appointment of the European Financial Supervision Office in 2011, supervision of the main EU financial institutions has recently been vested in the European Central Bank. Whether this decision was the right move will only be known in (the) years to come, when the effectiveness of this supervisionhas been assessed.

Celem Procesu Bolońskiego było stworzenie w 2010 roku atrakcyjnego i konkurencyjnego Europejskiego Obszaru Szkolnictwa Wyższego. (EOSW). Artykuł miał zaprezentować najważniejsze reformy w europejskich systemach szkolnictwa wyższego, które dotyczyły: zwiększenia jakości w szkolnictwie wyższym, poprawienia mobilności wśród studentów i nauczycieli, współpracy, systemu wspólnych trzystopniowych studiów, wykorzystania systemu punktów (ECTS) oraz zatrudnialności. Proces Boloński osiągnął znaczące rezultaty, a państwa uczestniczące w nim dokonały istotnych zmian. ; The essential objective of the Bologna Process was the launching o f a competitive and attractive European Higher Education Area (EHEA) in 2010. The main aim of the article is to present the most important reforms in Europe's higher education system as concerns improvement in the quality o f higher education, enhancing mobility o f students and teachers, cooperation, the common three-cycle degree system, system o f credits (ECTS) and employability. The Bologna Process has achieved remarkable results and the participating countries have made significant changes.

Socio-economic conditions of refugees' settlement in Bulgaria in the 1920s.The influx of immigrants into Bulgaria during the first two decades of 20th century was aresult of the two lost armed conflicts and border shifts between 1913 and 1918. These changesin turn resulted in disruption of the socio-political and economic situation within the country.The government was unable to efficiently overcome the consequences of high immigration,which aggravated the already present social and economic difficulties and threatened the internal stability of the state. On the other hand, in spite of the grave political and economiccrisis, certain measures were undertaken to counter the negative tendencies, with state supportfor the agricultural settlement. The partial success of the above was possible due to theagriculture reform introduced in 1924 and financial credits from abroad (1926, 1928). Theoutcome was sufficient for the Bulgarian government to deem the settlement action a success, an enhancement of the country's internal stability and appeasement of the general public. Nevertheless, a number of pressing issues remained, resulting mostly from a lack of systemic support to the immigrants and their families. The refugee integration process was hindered bythe lack of a secure economic foundation and the differences among the particular socialgroups. ; The influx of immigrants into Bulgaria during the first two decades of 20th century was aresult of the two lost armed conflicts and border shifts between 1913 and 1918. These changesin turn resulted in disruption of the socio-political and economic situation within the country.The government was unable to efficiently overcome the consequences of high immigration,which aggravated the already present social and economic difficulties and threatened the internal stability of the state. On the other hand, in spite of the grave political and economiccrisis, certain measures were undertaken to counter the negative tendencies, with state supportfor the agricultural settlement. The partial success of the above was possible due to theagriculture reform introduced in 1924 and financial credits from abroad (1926, 1928). Theoutcome was sufficient for the Bulgarian government to deem the settlement action a success, an enhancement of the country's internal stability and appeasement of the general public. Nevertheless, a number of pressing issues remained, resulting mostly from a lack of systemic support to the immigrants and their families. The refugee integration process was hindered bythe lack of a secure economic foundation and the differences among the particular socialgroups.

The influence of the US on the forms and course of the integration processes in Western Europe was very strong, especially in the first post-war years. It was the influence of an external force which, being free of the internal contradictions stemming from Western Europe's interests, had at its disposal real capabilities to impose integration concepts beneficial to itself. Such integration was in line with both the economic and military interests of the United States during this period. The main reasons prompting Western European countries in the first post-war years to accept the solutions suggested by the United States were: the said countries' difficult economic situation, fear of the communist parties' coming to power, and the reluctant (hostile) attitude towards the USSR and the communist bloc. The combination of these causes served to temporarily neutralize the centrifugal tendencies and muted the divergence of interests between the individual countries of Western Europe. Such motives of integration also influenced the character of the emerging Western European political, military and economic organizations. The economic development of Western European countries, whose sources, in addition to the Marshall Plan, should be seen also in other factors, later led to a shift of integration initiatives from the American side to the European one. From a formal point of view, the effects of US policy in the period up to 1950 entailed: the establishment of NATO, the creation of the OEEC and the signing of the agreement on the EUP.