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    Wyświetlanie 1-5 z 5
    Tytuł:
    Global Liquidity Determinants Across Emerging and Advanced Countries
    Autorzy:
    Karkowska, Renata
    Powiązania:
    https://bibliotekanauki.pl/articles/565660.pdf
    Data publikacji:
    2015
    Wydawca:
    Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
    Tematy:
    global liquidity
    emerging countries
    credit supply
    financial instability
    Opis:
    The paper explores the concept of global liquidity and its determinants, focusing on the banking system in advanced and emerging markets. We explore the implications of the interaction between liquidity and its local, global and financial markets determinants. We also analyze the global liquidity channels, i.e. whether foreign banks play a significant role in the country’s financial system. The study focuses on the investigation of banks’ liquidity determinants in 42 countries (advanced and emerging/developing countries) over the 2000–2011 period. The results show the significance of the differences in global liquidity depending on the country’s level of development. We find support to the conjecture that globalization and global banks’ leverage may convey some useful information on global liquidity. We also present an important observation that banks’ lending in advanced countries is shielded from the monetary policy because of their ability to freely access alternative sources of funds.
    Źródło:
    Journal of Banking and Financial Economics; 2015, 1(3); 152-170
    2353-6845
    Pojawia się w:
    Journal of Banking and Financial Economics
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Savings and Liquidity Gluts and the American Long-Term Interest Rates Before the Great Financial Crisis
    Autorzy:
    Parosa, Grzegorz
    Powiązania:
    https://bibliotekanauki.pl/articles/904332.pdf
    Data publikacji:
    2019
    Wydawca:
    Uniwersytet Ekonomiczny w Krakowie, Małopolska Szkoła Administracji Publicznej
    Tematy:
    Great Financial Crisis
    savings glut
    banking glut
    liquidity glut
    global liquidity
    Opis:
    Objectives: This article examines the impact of the global savings glut on the long-term interest rates in the United States before the Great Financial Crisis. It presents the impact mechanics of global savings on interest rates, discusses arguments supporting and contradicting the significance of this phenomenon, presents an alternative concept, namely global liquidity glut, and estimates the significance of both phenomena in shaping long-term interest rates in the USA before the crisis. Research Design & Methods: First, the impact of purchases of the US treasury bonds made by foreign investors on long-term interest rates is being assessed. Second, metrics representing global savings and liquidity gluts are being used to explain those purchases. Finally, a counterfactual exercise is used to reveal the impact that each of those factors had on the American ten-year treasury yields. Findings: The statistical analysis of both effects shows that foreign purchases of the Treasuries lowered the US longterm interest rates by up to 140 bps, with excess global savings depressing them by approximately 45 bps, and excess liquidity by another 75 bps. Implications / Recommendations: Monetary policy, as well as savings rates, might have wider than only local consequences. Excess liquidity and savings in one country can impact interest rates in other areas. Contribution / Value Added: This article presents an alternative and neglected in literature explanation for the phenomena of low long-term interest rates before the Great Financial Crisis in the USA, namely global liquidity glut that depressed interest rates more powerfully than excessive global savings, contributing to the development of the investment bubble on the housing market and, thus, the Great Financial Crisis.
    Źródło:
    Zarządzanie Publiczne / Public Governance; 2019, 4(50); 63-82
    1898-3529
    2658-1116
    Pojawia się w:
    Zarządzanie Publiczne / Public Governance
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Endogenous money supply, global liquidity and financial transactions: Panel evidence from OECD countries
    Autorzy:
    Śliwiński, Paweł
    Powiązania:
    https://bibliotekanauki.pl/articles/22443112.pdf
    Data publikacji:
    2023
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    endogenous money supply
    domestic credit
    global liquidity
    financial transactions
    quantity theory of credit
    Opis:
    Research background: Endogenous money creation is an inherent feature of today?s economies and widely accepted phenomenon. As the various theories of money rely on the money quantity equation, most empirical research is heading towards the analysis of the two-way relationship between the quantity of money and nominal GDP. In today's world, with the extraordinary development of the financial sector, money is used not only for transactions in the real economy, but increasingly also for purchasing financial assets. This observation was absorbed by Werner in the quantity theory of disaggregated credit. Purpose of the article: The aim of the paper is to join the debate on endogenous character of money supply by tasting a disaggregated equation of money. It assumes that the domestic money supply is positively determined not only by growth in GDP-based transactions but also by growth in non-GDP-based transactions (financial transactions). Additionally, it is assumed that in the age of globalization it can be also positively influenced by the global liquidity.  Methods:  Testing of the above-mentioned hypotheses takes place with the use of panel unit roots tests, panel Granger causality test and panel estimations (OLS, models with fixed/random effects, GMM). In the study, annual data from 2002 to 2018 for OECD countries were chosen for statistical research. Findings & value added: The article confirms the hypothesis that real and financial economic activity together with global liquidity positively influence domestic credit and thus money supply. As the amount of money in an economy is driven not only by the real economy but also by the financial economy, prudential regulations that restrict leverage (and thus control the amount of credit) and limit risk-taking during price bubbles periods should be therefore considered. In the research, the reaction of domestic money supply to the changes in US money supply is positive. It confirms the importance of spill-over effect of expansionary policy in major economies to other economies.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2023, 18, 1; 121-152
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Beneficial Ownership in Cash Pooling Arrangements
    Autorzy:
    Cieślewicz, Natalia
    Powiązania:
    https://bibliotekanauki.pl/articles/1963184.pdf
    Data publikacji:
    2020
    Wydawca:
    Akademia Leona Koźmińskiego w Warszawie
    Tematy:
    beneficial owner
    liquidity management
    loan agreement
    interest
    market value
    capital group
    pool leader
    global agent
    OECD
    transfer prices
    cash pooling
    Opis:
    Cash pooling is a method of managing financial resources, which works well primarily in enterprises with an extensive corporate structure and operating within capital groups. The choice of a given form of cash pooling will depend on the entrepreneur’s individual preferences. Although using this method has many advantages, it still raises legal doubts. There is a lack of provisions in Poland that would precisely regulate this type of agreement. In many cases, the design of the cash pooling agreement is similar to a loan agreement. However, it is worth paying attention to the basic differences, such as the fact that the essence of cash pooling is not an obligation to transfer a specific monetary value to an entity specified in the contract. These and other specific features of cash pooling agreements mean that it is not always obvious to which entity and on what terms an entity can be granted the status of beneficial owner. An additional, verification obligations imposed on the Polish payer and the need to act with due diligence are practical impediments.
    Źródło:
    Krytyka Prawa. Niezależne Studia nad Prawem; 2020, 12, 1; 58-75
    2080-1084
    2450-7938
    Pojawia się w:
    Krytyka Prawa. Niezależne Studia nad Prawem
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Beneficial ownership w porozumieniach cash poolingu
    Beneficial Ownership in Cash Pooling Arrangements
    Autorzy:
    Cieślewicz, Natalia
    Powiązania:
    https://bibliotekanauki.pl/articles/1963187.pdf
    Data publikacji:
    2020
    Wydawca:
    Akademia Leona Koźmińskiego w Warszawie
    Tematy:
    rzeczywisty właściciel
    beneficial owner
    umowa pożyczki
    odsetki
    wartość rynkowa
    grupa kapitałowa
    pool leader
    agent globalny
    OECD
    ceny transferowe
    pula środków pieniężnych
    zarządzanie płynnością
    liquidity management
    loan agreement
    interest
    market value
    capital group
    global agent
    transfer prices
    cash pooling
    Opis:
    Cash pooling jest metodą zarządzania środkami finansowymi sprawdzającą się przede wszystkim w przedsiębiorstwach o rozbudowanej strukturze korporacyjnej i działających w ramach grup kapitałowych. Wybór danej formy cash poolingu będzie zależał od indywidualnych preferencji przedsiębiorcy. Chociaż korzystanie z tej metody ma wiele zalet, to wciąż budzi wątpliwości prawne. W Polsce brakuje przepisów, które precyzyjnie regulowałyby tego typu porozumienia. W wielu przypadkach konstrukcja umowy o cash pooling przypomina umowę pożyczki. Warto jednak zwrócić uwagę na podstawowe różnice, jak na przykład to, że istotą cash poolingu nie jest zobowiązanie do przeniesienia określonej wartości pieniężnej na określony w umowie podmiot. Te i inne specyficzne cechy porozumień cash poolingowych sprawiają, że nie zawsze oczywiste jest, któremu podmiotowi i na jakich zasadach można przyznać status beneficial owner. Dodatkowym utrudnieniem praktycznym są obowiązki weryfikacyjne narzucone na polskiego płatnika oraz konieczność działania z należytą starannością.
    Cash pooling is a method of managing financial resources, which works well primarily in enterprises with an extensive corporate structure and operating within capital groups. The choice of a given form of cash pooling will depend on the entrepreneur’s individual preferences. Although using this method has many advantages, it still raises legal doubts. There is a lack of provisions in Poland that would precisely regulate this type of greement. In many cases, the design of the cash pooling agreement is similar to a loan agreement. However, it is worth paying attention to the basic differences, such as the fact that the essence of cash pooling is not an obligation to transfer a specific monetary value to an entity specified in the contract. These and other specific features of cash pooling agreements mean that it is not always obvious to which entity and on what terms an entity can be granted the status of beneficial owner. An additional, verification obligations imposed on the Polish payer and the need to act with due diligence are practical impediments.
    Źródło:
    Krytyka Prawa. Niezależne Studia nad Prawem; 2020, 12, 1; 35-57
    2080-1084
    2450-7938
    Pojawia się w:
    Krytyka Prawa. Niezależne Studia nad Prawem
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-5 z 5

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