Globalization in Growing Financial Markets as a Threat to the Financial Security of the Global Economy

Redo, Magdalena; Gębska, Marta

doi:10.35808/ersj/1764

Cited by 2 publications

(1 citation statement)

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“…In the era of highly developed IT technology, dynamic multiplication of capital and advanced globalization, the world of financial markets has become smaller, more transparent and transactions on it have become extremely fast (Redo, Gębska, 2020). As a result, competition is growing dynamically -investors compete with each other for more attractive investment opportunities.…”

Section: Credit Rating -Credibility Valuation Literature Overviewmentioning

confidence: 99%

The Higher Valuation of Investment Risk and More Expensive Capital in Poland as a Threat to the Development of Polish Enterprises

REDO

2023

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For years, the cost of capital in Poland has been among the highest in the EU. While in 2005–2015, interest rates on long-term loans for enterprises in Czechia and Estonia were at levels similar to Germany, in Poland, rates were always higher – in 2009–2013, even twice as high. Throughout the 18-year analysis period, enterprises in Poland paid 35% more interest than those in Czechia, and 41% more than in Estonia. Over the entire period, Polish enterprises paid PLN 57 bn more interest than if rates had been the same as in Czechia, PLN 74 bn more than in Estonia, and PLN 118 bn more than in Germany. This has resulted in higher debt among Polish enterprises, along with lower levels of innovation, creditworthiness, competitiveness, salaries, tax base, and investment profitability, and thus slower development and weaker future development prospects for the Polish economy.

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Section: Credit Rating -Credibility Valuation Literature Overviewmentioning

confidence: 99%

The Higher Valuation of Investment Risk and More Expensive Capital in Poland as a Threat to the Development of Polish Enterprises

REDO

2023

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The Problem of Asymmetric Development of the Global Financial Market

Balyuk

Balyuk²

2022

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The transformation of the modern global monetary and financial system involves the elimination of institutional and functional contradictions existing at various levels. Some contradictions arose as a result of the asymmetric development of the global financial market (GFM). The aim of the article is to substantiate the asymmetry of the GFM development as an organic phenomenon, which, on the one hand, becomes a serious obstacle to the functioning and progressive development of the world economy, and, on the other hand, is the driving force behind this development. The authors apply general logical, theoretical, empirical, and special research methods. The origins of the asymmetric development of the GFM are determined. Endogenous and exogenous factors of GFM asymmetry were revealed. The article considers examples of asymmetry in various GFM segments. The negative impact of the global financial and economic crisis of 2008–2009 and the coronavirus pandemic on increasing the asymmetry of the GFM development has been determined. Based on the analysis of the key macroeconomic indicators of the top 20 countries in terms of GDP, the asymmetric nature and the absence of stable patterns that determine the country’s position in the world ranking are revealed. The authors conclude that the asymmetry of the GFM development is an organic phenomenon, caused by a wide range of causes of endogenous and exogenous nature. Endogenous asymmetries can be partially compensated either through complete economic isolation, which is likely to lead to a slowdown in development and lagging behind other countries in the future or through active involvement in a system of world economic relations based on fair partnerships. Exogenous asymmetry, due to the peculiarities of the historically established world order, is destructive for all participants in the global economic system, including those whose interests must be protected in the first place.

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Globalization in Growing Financial Markets as a Threat to the Financial Security of the Global Economy

Cited by 2 publications

References 21 publications

The Higher Valuation of Investment Risk and More Expensive Capital in Poland as a Threat to the Development of Polish Enterprises

The Higher Valuation of Investment Risk and More Expensive Capital in Poland as a Threat to the Development of Polish Enterprises

The Problem of Asymmetric Development of the Global Financial Market

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