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Wyświetlanie 1-15 z 104
Tytuł:
Zabezpieczenie ryzyka stopy procentowej w kredytowaniu działalności przedsiębiorstw
The Hedging of Interest Rate Risk in Enterprises’ Loans
Autorzy:
Klimontowicz, Monika
Pyka, Anna
Powiązania:
https://bibliotekanauki.pl/articles/2182059.pdf
Data publikacji:
2018-07-30
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
ryzyko stopy procentowej
transakcje IRS
transakcje FRA
transakcje
CIRS
opcje na stopę procentową
interest rate risk
interest rate swap
forward rate agreements
currency interest
rate swap
interest rate options
Opis:
Poprawiająca się koniunktura gospodarcza, złagodzenie polityki kredytowej banków oraz niski poziom stóp procentowych sprzyjają zwiększaniu zobowiązań kredytowych firm. Kredyty te są zwykle kredytami o zmiennym oprocentowaniu, co powoduje trudności w oszacowaniu kosztu pozyskanego kapitału wynikające z ryzyka wzrostu stóp procentowych. Wychodząc naprzeciw potrzebom klientów w tym zakresie, banki oferują szereg produktów mających na celu zabezpieczenie przedsiębiorstw przed tego typu ryzykiem. Celem artykułu jest określenie przesłanek korzystania przez przedsiębiorstwa z instrumentów zabezpieczających ryzyko zmian stóp procentowych. Realizacja tego celu wymagała omówienia ryzyka transakcyjnego wynikającego ze zmiany stóp procentowych, scharakteryzowania dostępnych na polskim rynku instrumentów zabezpieczających to ryzyko oraz przeanalizowania związanych z nimi korzyści i ryzyk.
The improving economic situation, loosened credit policy of banks and a low level of interest rates foster the increase in enterprises’ credit obligations. Variable rates that are characteristic of those credits cause some difficulties in capital cost estimation resulting from the risk of interest rate increase. To meet enterprises’ expectations, banks are offering a range of products aimed at hedging such a risk. The purpose of the paper is to define the prerequisites for using interest rate hedging instruments in enterprises’ policies. It required characterising the nature of transactional risk resulting from interest rate changes, presenting financial instruments offered by banks operating on the Polish banking market and analysing advantages and threats connected with such transactions.
Źródło:
Studia i Materiały; 2018, 1(27) cz. 2; 54-64
1733-9758
Pojawia się w:
Studia i Materiały
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Wpływ wysokości długu publicznego na koszty jego obsługi
Impact of the Level of Public Debt on its Service Costs
Autorzy:
Brzozowski, Michał
Powiązania:
https://bibliotekanauki.pl/articles/956883.pdf
Data publikacji:
2013
Wydawca:
Akademia Leona Koźmińskiego w Warszawie
Tematy:
interest rate
public debt
Non-linearity
Opis:
Purpose: The article aims at analyzing the functional form of the relation between the level of public debt and the government bond yields in both developed and developing countries. A surge in public indebtedness following the financial crisis in 2008-2010 undermined the credibility of sovereigns in the credit markets. As a result, the government bond yields have risen, thus amplifying the problem of rapidly expanding public debts. The purpose of the article is to estimate the threshold value of government debt above which its service costs rapidly increase. Methodology: The relation between the 10-year government bond real interest rate and the level of debt is investigated with the use of spline regression with cubic splines. The regression model is estimated using annual data for 66 countries that spans between the years 1980-2010. An additional analysis is conducted for the last decade and after splitting the sample into high-income and catching-up countries. Findings: In the sample that covers all countries and the whole 1980-2010 period no relation between the level of debt and interest rate has been detected. In the years 2001-2010 the threshold value of debt above which the real interest rate starts to grow rapidly is estimated to be around 150% of GDP in catching-up countries and about 110% of GDP in high-income countries. Research implications: An analysis of the impact of fiscal policy on the level of interest should take into account the likely non-linearity of the relationship. Originality: Spline regression has not yet been used in the analysis of the relation between debt and interest rate.
Źródło:
Management and Business Administration. Central Europe; 2013, 21, 2(121); 49-63
2084-3356
Pojawia się w:
Management and Business Administration. Central Europe
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Wpływ ratingów kredytowych państw europejskich na koszt kapitału
Autorzy:
Chodnicka, Patrycja
Powiązania:
https://bibliotekanauki.pl/articles/630042.pdf
Data publikacji:
2015
Wydawca:
Szkoła Główna Handlowa w Warszawie
Tematy:
credit ratings, interest rate, credit risk
Opis:
The purpose of this paper is to analyze the impact of the countries’ credit ratingson the cost of capital through review of the subject literature and panel datamodels for the 35 European countries for the period 2005–2013.
Źródło:
Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace; 2015, 3, 4; 91-102
2082-0976
Pojawia się w:
Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Low Interest Rates – A Real Threat to German Banks or First-Class Whining?!
Autorzy:
Hastenteufel, Jessica
Fuchs, Lena
Powiązania:
https://bibliotekanauki.pl/articles/1396858.pdf
Data publikacji:
2020
Wydawca:
Akademia Górniczo-Hutnicza im. Stanisława Staszica w Krakowie. Wydawnictwo AGH
Tematy:
interest
low interest rate phase
banking
monetary policy
Opis:
The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming increasingly difficult for banks to generate sufficient income from the interest margin. This is partly due to the European Central Bank’s expansive monetary policy. However, other factors, such as advancing digitization, also play a role here. The structure of the German banking market and the mostly strong focus of German banks on interest-bearing business are also increasingly becoming a problem. Still, the question arises, whether the current phase of low interest rates is actually a serious threat to banks or whether they are complaining at a high level.
Źródło:
Managerial Economics; 2020, 21, 2; 127-156
1898-1143
Pojawia się w:
Managerial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Interest Rate Risk in Nonfinancial Company
Autorzy:
Bulski, Michał
Powiązania:
https://bibliotekanauki.pl/articles/591158.pdf
Data publikacji:
2013
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Ryzyko
Stopa procentowa
Interest rate
Risk
Opis:
Ryzyko stopy procentowej w przedsiębiorstwie niefinansowym
Źródło:
Studia Ekonomiczne; 2013, 127; 49-64
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Control in loan transactions: adjusting the payments to the real inflation rates
Autorzy:
Cruz Rambaud, S.
González Sánchez, J.
Powiązania:
https://bibliotekanauki.pl/articles/205670.pdf
Data publikacji:
2013
Wydawca:
Polska Akademia Nauk. Instytut Badań Systemowych PAN
Tematy:
adjustment
loan
payment
inflation
interest rate
Opis:
This paper explores the effect of inflation on general financial transactions and particularly on loans. For this purpose, inflation is specified in the mathematical expression of a capitalization or discounting function. Thus, we write these functions as the product of an inflation-free capitalization or discounting function and the law of variation of the money purchasing power. As an immediate consequence, we show that the instantaneous rate of a capitalization or discounting function is the sum of the instantaneous rates of each component. Later, this decomposition is applied to simple and compound financial transactions, leading to the equivalence among deflated amounts by means of an inflation-free capitalization or discounting function. This analysis is applied to a loan transaction where we introduce six methods to adjust the payments to the real inflation, because, in a beginning, these payments were calculated with the predicted inflation rates.
Źródło:
Control and Cybernetics; 2013, 42, 4; 829-853
0324-8569
Pojawia się w:
Control and Cybernetics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
COMPARATIVE ANALYSIS OF THE TERM STRUCTURE OF INTEREST RATES (Analiza komparatywna koncepcji czasowej struktury stóp procentowych. Podejscie analityczne i krytyczne)
Autorzy:
Gemzik-Salwach, Agata.
Powiązania:
https://bibliotekanauki.pl/articles/599670.pdf
Data publikacji:
2010
Wydawca:
Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
Tematy:
INTEREST RATE
TERM STRUCTURE OF INTEREST RATES
YIELD CURVE
Opis:
The term structure of interest rates is one of the basic and the most important areas of interest to financial markets and the economies. Theories of interest-rate structure describe the factors determining the variation in interest rates and explain the mechanisms of their formation. The structure of the interest rate gives all information required to forecast term interest. This paper is an attempt to systematize and organize the knowledge. The first section of this article describes theories of the term structure of interest rates, determinants of the relationship between the interest rate and the time to maturity, and mechanisms shaping the level of interest rates. The article is focused on basic assumption of the theories. The next section shows the main methods of estimation of the yield curve. All concepts presented in the article have been compiled together and compared.
Źródło:
Finansowy Kwartalnik Internetowy e-Finanse; 2010, 6, 2; 40-52
1734-039X
Pojawia się w:
Finansowy Kwartalnik Internetowy e-Finanse
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
THE APPLICATION OF REGRESSION ANALYSIS IN TESTING UNCOVERED INTEREST RATE PARITY
Autorzy:
Kisielińska, Joanna
Czech, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/453467.pdf
Data publikacji:
2013
Wydawca:
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie. Katedra Ekonometrii i Statystyki
Tematy:
uncovered interest rate parity
exchange rate
linear regression model
Opis:
The aim of the paper is to evaluate and compare two linear regression models proposed by Froot and Frankel (1989) and to show their application in verification of the uncovered interest rate parity (UIP) hypothesis in the selected ten exchange rate markets. The paper shows that both models proposed by Froot and Frankel (1989) are formally equivalent, but they may give different regression results. Many researchers claim that uncovered interest rate parity tends to hold more frequently in emerging markets than in developed economies. The paper is focused on five developed and five emerging economies. It is partly confirmed that developing countries work better in terms of UIP.
Źródło:
Metody Ilościowe w Badaniach Ekonomicznych; 2013, 14, 1; 232-242
2082-792X
Pojawia się w:
Metody Ilościowe w Badaniach Ekonomicznych
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Central banks exit strategies in theory and practice. The case of the Polish National Bank’s policy
Autorzy:
Szelągowska, Anna
Powiązania:
https://bibliotekanauki.pl/articles/522481.pdf
Data publikacji:
2015
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Exit strategy
Low interest rate policy
Monetary policy
Opis:
This paper makes an attempt in discussing the pros and cons of central banks exiting from unconventional monetary policy strategies. Having in mind the latest international economic research concerning the optimal entrance and exit strategies of the zero interest rate policy, it is worth discussing the results of the contemporary central banks in preserving the financial system and supporting the real economy. The main aim of this paper is the assessment of the Polish central bank’s low rate interest rates policy effectiveness and to find out its influence on the economy. The following research problem is discussed: should central banks use the exit strategy from zero interest rates and if yes, why and when. This task requires to put forward the following research hypothesis: too late implementation of the cycle of low interest rates by the National Bank of Poland does not help improvement of the Polish economy situation.
Źródło:
Journal of Economics and Management; 2015, 21; 128-143
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Effects of central bank financial strength on policy outcomes – a study of selected African countries
Autorzy:
Popoola, Abiodun
Powiązania:
https://bibliotekanauki.pl/articles/522330.pdf
Data publikacji:
2018
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Central bank financial strength
Exchange rate
Inflation
Interest rate
Policy
Opis:
Aim/purpose – The purpose of this paper is to investigate the relationship between financial strength and policy outcomes of central banks in Africa. This is against the background of challenging policy tasks facing African central banks and the fact that they increasingly have to respond to occurrences that stem from the volatile global financial system. Design/methodology/approach – Three panel regression models were developed and estimated to capture the effects of the financial strength of the central banks of ten selected countries on their inflation outcomes, official exchange rate, and interest rate. Annual data derived from the balance sheets of ten African central banks as well as macroeconomic variables from World Development Indicators for the period 2000-2014 were used for the empirical analysis. Findings – This study found out that: central bank financial strength is not a significant determinant of inflation outcomes in African countries; central bank financial strength has a significant impact on the determination of official exchange rate in Africa; and central bank financial strength is not a significant factor in the determination of interest rates by central banks in Africa. Research implications/limitations – A major implication is that central bank financial strength is necessary for result-oriented exchange rate policy in African countries. However, studies employing other estimation methods may make for more robust results. Also, the inclusion of central banks that report the results of their operations in other languages apart from English may make for better generalization. Originality/value/contribution – This study is unique in that it has focused exclusively on central banks of countries in Africa. It has also added value by considering the effect of central bank financial strength not only on inflation, but also on exchange rate and interest rate which are issues of serious concern in developing countries.
Źródło:
Journal of Economics and Management; 2018, 34; 147-169
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Monetary Determinants of House Prices in Central and Eastern European Countries
Czynniki monetarne cen nieruchomości w krajach Europy Środkowej i Wschodniej
Autorzy:
Shevchuk, Viktor
Powiązania:
https://bibliotekanauki.pl/articles/2158930.pdf
Data publikacji:
2022
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
house prices
interest rate
exchange rate
Central and Eastern Europe
Opis:
This research aimed at the empirical estimation of the monetary determinants of house prices in the Czech Republic, Hungary, Poland, and Romania. The application of quarterly panel data for the period 2010-2019 indicates that a central bank policy rate increase was responsible for the fall in house prices, with a similar effect on house prices by a higher consumer inflation and nominal (real) exchange rate undervaluation. There was no reaction of house prices to the business cycle. However, the housing boom had a positive contribution to cyclical changes in output, while not affecting consumer prices and exchange rate.
Przeprowadzone badanie ma na celu oszacowanie empiryczne czynników monetarnych dla cen nieruchomości w Republice Czeskiej, na Węgrzech, w Polsce i w Rumunii. Wykorzystując kwartalne dane panelowe z lat 2010-2019, stwierdzono, że wzrost stopy procentowej banku centralne- go powoduje spadek cen nieruchomości, przy podobnym oddzialywaniu inflacji konsumenckiej i nie- doszacowanego kursu walutowego w ujęciu nominalnym i realnym. Ceny nieruchomości nie zależą od cyklu koniunkturalnego, ale boom na rynku nieruchomości pozytywnie oddziałuje na cykliczne zmiany dochodu, nie mając jednocześnie wpływu na ceny konsumenckie i kurs walutowy.
Źródło:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu; 2022, 66, 4; 132-146
1899-3192
Pojawia się w:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Interest rate dynamics on savings: Evidence from Sri Lanka
Autorzy:
Aslam, A. L. Mohamed
Powiązania:
https://bibliotekanauki.pl/articles/1165693.pdf
Data publikacji:
2018
Wydawca:
Przedsiębiorstwo Wydawnictw Naukowych Darwin / Scientific Publishing House DARWIN
Tematy:
Dynamics
Economists
Interest rate
Policymakers
Savings
Sri Lanka
Opis:
Economists believe the interest rate is an interim agent for savings, which promotes the people to lose their present consumption continuously. So, this study also assumed that there was a relationship between the interest rate and savings. Based on that, the objective of this study was to explore the interest rate dynamics on savings in Sri Lank over the period of 1977 to 2017. In this study annual time series data for the following variables: interest rate, savings, and gross domestic product were used, and the Johansen and Juselius cointegration technique was employed to test the cointegration relationship between the variables. In this study, interest rate was considered as key independent variable and savings was dependent variable. Both Augmented Dickey-Fuller (ADF) and Kwiatkowski – Phillips – Schmidt – Shin tests were employed to test the stationarity of the variables. In terms of these tests, all variable were stationary at first difference level. Furthermore, interest rate and savings had the long run relationship and there was short-run causality between interest rate and savings which was confirmed by the results of Vector Error Correction model (VECM). Therefore, the interest rate had long - run and short - run relationship on the savings in Sri Lanka. Finally, this study recommends the policy makers should consider interest rate friendly policy to boost the savings in Sri Lanka.
Źródło:
World Scientific News; 2018, 107; 224-232
2392-2192
Pojawia się w:
World Scientific News
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Effect of Growth Drivers on Cooperative Societies
Autorzy:
Akpoviroro, Kowo Solomon
Amos, Akinbola Olufemi
Olalekan, Akinrinola
Powiązania:
https://bibliotekanauki.pl/articles/1166076.pdf
Data publikacji:
2018
Wydawca:
Przedsiębiorstwo Wydawnictw Naukowych Darwin / Scientific Publishing House DARWIN
Tematy:
Growth Drivers
Interest Rate
Patronage
Savings Plan
Welfare
Opis:
A cooperative society has remained a major concern especially in the developing countries like Nigeria. This study was born out of necessity to provide answers to fundamental questions raised on cooperatives societies. The objectives of this research was to ascertain the significant relationship between growth drivers and cooperative societies and to investigate significant relationship between cooperative societies and growth drivers such as interest rate, savings plan and to determine if amount borrowed has assisted to increase welfare and satisfaction of members. The primary data was gathered using structured questionnaire. The survey method was used and a cross-sectional design was adopted. The two institution chosen are the Federal University of Agriculture, Abeokuta (FUNAAB), and Covenant University (CU). Total population of the selected cooperative society in FUNAAB is 573 and the total population of the selected cooperative society in CU is 697. The data was analysed using statistical package for the social sciences, (SPSS). It also made use of analysis of variance (ANOVA), Simple linear regression analysis was used to test hypotheses one and correlation analysis was employed to test hypothesis two. The study indicate that interest rate of cooperative societies is a significant predictor of patronage of the cooperative, it was revealed that there exist a relationship between loan repayment periods, savings plan and the satisfaction of members of the cooperative The study recommended the need for the improvement in the performance of the cooperative societies.
Źródło:
World Scientific News; 2018, 106; 117-130
2392-2192
Pojawia się w:
World Scientific News
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Wybrane sposoby modelowania krzywej dochodowości
Selected Methods of Yield Curve Modelling
Autorzy:
Przybylska-Mazur, Agnieszka
Powiązania:
https://bibliotekanauki.pl/articles/586109.pdf
Data publikacji:
2015
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Krzywa dochodowości
Stopa procentowa
Interest rate
Yield curve
Opis:
Stopy procentowe są ważnym wskaźnikiem branym pod uwagę przy ocenie efektywności i stabilności inwestycji na rynku finansowym. Modele wykorzystujące krzywą dochodowości są narzędziami pomocnymi przy ocenie kształtowania stóp procentowych. Jednak występuje problem z wyborem optymalnego sposobu oszacowania krzywej dochodowości. W artykule zestawiono najczęściej stosowane sposoby modelowania krzywej, czyli model Nelsona i Siegela oraz model Svenssona, z alternatywnym sposobem konstrukcji krzywej dochodowości - z konstrukcją krzywej swapowej.
The interest rates are an important indicator taken into account when assessing the effectiveness and sustainability of investments in the financial market. Models using the yield curve are tools to be helpful in assessing the shaping of interest rates. However, there is a problem with the choice of the optimal method of estimating the yield curve. In this article we collate the most commonly used methods for modeling the curve, i.e. the model of Nelson and Siegel's and Svensson's model with the alternative construction of the yield curve - with the construction of the swap curve.
Źródło:
Studia Ekonomiczne; 2015, 242; 116-128
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies
Autorzy:
Arslanalp, Serkan
Poghosyan, Tigran
Powiązania:
https://bibliotekanauki.pl/articles/565634.pdf
Data publikacji:
2016
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Government bond yields
investor base
interest rate determinants.
Opis:
Asset allocation decisions of international investors are at the core of capital flows. This paper explores the impact of these decisions on long-term government bond yields, using a quarterly investor base dataset for 22 advanced economies over 2004‒2012. We find that a one percentage point increase in the share of government debt held by foreign investors can explain a 6‒10 basis point reduction in long-term sovereign bond yields over the sample period. Accordingly, international flows to core advanced economy bond markets over 2008‒12 are estimated to have reduced 10-year government bond yields by 40‒65 basis points in Germany, 20‒30 basis points in the U.K., and 35‒60 basis points in the U.S. Incontrast, foreign outflows are estimated to have raised 10-year government bond yields by 40‒70 basis points in Italy and 110‒180 basis points in Spain during the same period. These results suggest that changes in the foreign investor base for sovereign debt can have economically and statistically signifi cant effects on sovereign bond yields, independent of other standard macroeconomic determinants of bond yields.
Źródło:
Journal of Banking and Financial Economics; 2016, 2(6); 45-67
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 104

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