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Autor	Marta Wiśniewska
Tytuł	Wpływ pandemii koronawirusa (Covid-19) na zachowania inwestorów w świetle finansów behawioralnych
Title	THE IMPACT OF THE CORONAVIRUS (COVID-19) PANDEMIC ON INVESTORS’ BEHAVIOUR IN THE LIGHT OF BEHAVIOURAL FINANCE
Słowa kluczowe	pandemia koronawirusa, finanse behawioralne, decyzje inwestycyjne
Key words	coronavirus pandemic, behavioural finance, investment decisions
Abstrakt	Celem badań było poznanie opinii maklerów papierów wartościowych pracujących na GPW Warszawie, dotyczących zachowań polskich inwestorów w obliczu pandemii koronawirusa COVID-19. Badaniami objęto grupę 51 maklerów giełdowych, reprezentujących domy maklerskie o długiej historii działania. Stwierdzono, że uwarunkowania psychologiczne ludzi i nastroje panujące na giełdzie odgrywają istotną rolę w procesie decyzyjnym, a nieracjonalne zachowania inwestorów, w tym w dużej mierze efekty stadne, są podczas pandemii szczególnie widoczne. Z badań wynika, że pojawienie się koronawirusa nie wpłynęło na obniżenie aktywności polskich inwestorów. Odnotowano tym samym wyraźny wzrost zainteresowania akcjami spółek notowanych na GPW S.A. Zachowania i stosunek uczestników rynku do ryzyka był zmienny wobliczu rozwijającej się pandemii, co przejawiało się m.in. szybkim kupowaniem przecenionych walorów czy gwałtowaną wyprzedażą aktywów. Za najważniejszy czynnik wpływający na kształtowanie notowań w trakcie pandemii COVID-19 uznano ogólne zmiany na rynku krajowym i na rynkach globalnych.
Abstract	The aim of the research was to find out the opinions of stockbrokers working at the WarsawStock Exchange regarding the behaviour of Polish investors in the face of the coronavirus(COVID-19) pandemic. The research was carried out among 51 stockbrokers representingbrokerage houses with a long history of operations. It has been found that psychologicalconditions of people and stock market sentiments play an important role in the decision-makingprocess, and irrational investor behaviours, including largely herd effects, are particularly evidentduring the pandemic. The research shows that the occurrence of the coronavirus has not reducedthe activity of Polish investors. Thus, significantly growing interest in shares of companies listedon the Warsaw Stock Exchange has been noted. The behaviour and attitude of market participantstowards risk were volatile during the developing pandemic, which manifested itself in rapid buyingof overvalued assets or rapid selling of assets.
Cytowanie	Wiśniewska M. (2022) Wpływ pandemii koronawirusa (Covid-19) na zachowania inwestorów w świetle finansów behawioralnych.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 27(76): 111-122
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Pełny tekst	PEFIM_2022_n76_s111.pdf

Autor	Piotr Mielus
Tytuł	IMPACT OF PANELISTS ON WIBOR RATES – HYBRID APPROACH
Title	Wpływ panelistów na kształtowanie się stawki WIBOR – podejście hybrydowe
Słowa kluczowe	financial benchmarks, money market, hybrid method
Key words	wskaźniki finansowe, rynek pieniężny, metoda hybrydowa
Abstrakt	The reform of financial benchmarks is one of the key elements of stability and trust in the financial market. In the money market, it is difficult to implement reforms because of the disappearance of the interbank deposit market, which was a reference market for IBOR-type rates. A solution is a hybrid method which combines declarations of panelists and prices of eligible transactions. Based on historic time series, the article analyses the impact of individual banks on the published index and presents the way the hybrid method can be used for WIBOR 3M. On the grounds of empirical data, the impact of particular banks was found to be moderate and the hybrid method proved to generate an interest rate series of a similar level, but of greater variance. The key problem is a limited impact of real-transaction prices on the published rate due to a low share of concluded deals and divergence of their prices from quotes generated by so called expert judgment in the analysed period.
Abstract	Reforma wskaźników finansowych jest jednym z kluczowych elementów stabilności i zaufania na rynku finansowym. Na rynku pieniężnym, wdrożenie reformy jest trudne ze względu na zanik międzybankowego rynku depozytowego, który stanowił rynek referencyjny dla stawek typu IBOR. Rozwiązaniem jest metoda hybrydowa stanowiąca połączenie deklaracji panelistów oraz cen zawartych transakcji spełniających wyznaczone kryteria. Artykuł, na podstawie historycznych szeregów czasowych, analizuje wpływ poszczególnych banków na kształtowanie się publikowanego indeksu oraz prezentuje aplikację metody hybrydowej dla wskaźnika WIBOR 3M. Na podstawie danych empirycznych ustalono, że wpływ poszczególnych banków jest umiarkowany, a metoda hybrydowa generuje szereg stóp procentowych o podobnym poziomie stawki, ale o wyższej wariancji. Problemem jest niski udział cen transakcyjnych w procesie kształtowania stawki, ze względu na ograniczoną liczbę zawartych transakcji oraz rozbieżność ich cen z ocenami eksperckimi składanymi w okresie analizowanej próby.
Cytowanie	Mielus P. (2020) IMPACT OF PANELISTS ON WIBOR RATES – HYBRID APPROACH.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 23(72): 123-133
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Pełny tekst	PEFIM_2020_n72_s123.pdf

Autor	Lech Kujawski, Monika Liszewska, Marta Penczar
Tytuł	THE IMPACT OF FUNDING STRUCTURE ON EU BANKING SECTOR STABILITY
Title	The impact of funding structure on EU banking sector stability
Słowa kluczowe	banking sector stability, banking funding model, funding structure
Key words	banking sector stability, banking funding model, funding structure
Abstrakt	In our paper, we analyse the impact of funding structure on banking sector stability in EU countries. Our findings show that after the global financial crisis (GFC) there are four main funding models in the EU banking sectors. We document that funding structure is an important factor influencing the banking sector stability. We report that there are also some other banking business model characteristics as well as macroeconomic indicators which have impact on banking sector risk.
Abstract	In our article, we analyze the impact of the funding structure on the banking sector stability in EU countries. Our findings show that after the GFC, there are four main funding models in EU banking sectors. We document that the funding structure is an important factor determining the stability of the banking sector. We point out that there are other features of the banking business model as well as macroeconomic indicators that influence the banking sectors risk.
Cytowanie	Kujawski L., Liszewska M., Penczar M. (2020) THE IMPACT OF FUNDING STRUCTURE ON EU BANKING SECTOR STABILITY.Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 24(73): 143-154
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Pełny tekst	PEFIM_2020_n73_s143.pdf

Autor	Grażyna Ancyparowicz
Tytuł	Programy Interwencyjne w Polityce Pieniężnej Eurosystemu
Title	INTERVENTION PROGRAMS IN THE MONETARY POLICY OF THE EUROSYSTEM
Słowa kluczowe	bank centralny, luzowanie ilościowe, duży program skupu aktywów.
Key words	central bank, quantitative easing, large scale asset purchase programs.
Abstrakt	Niniejszy artykuł przedstawia uwarunkowania prawne i przesłanki tzw. luzowania ilościowego (quantitative easing, QE) w polityce pieniężnej Eurosystemu. Omówiono główne programy interwencyjnych zakupów dłużnych papierów wartościowych, wzmiankując związane z tymi programami ryzyka dla stabilności systemu finansowego, które mogą zmaterializować się w dalszej perspektywie. Podkreślono potrzebę stałego monitorowania niestandardowych instrumentów finansowych stosowanych w krajach Eurolandu, tak aby polskie centralne instytucje finansowe rozporządzały pełnym instrumentarium przeciwdziałania niekorzystnym zjawiskom w sferze krajowych finansów i gospodarki, które mogłyby zaistnieć i u nas w sytuacji kryzysowej o globalnym zasięgu. W badaniu zastosowano metodę analizy dokumentów Europejskiego Banku Centralnego (EBC) oraz wewnętrznych materiałów NBP dotyczących niestandardowych instrumentów polityki pieniężnej.
Abstract	This article presents the underlying legal and economic bases of so-called quantitative easing (QE) in the monetary policy of the Eurosystem. Large asset purchase programs and other intervention purchases of securities are discussed, and the risks of such policies for the long-term stability of the financial system are also addressed. It is noted that the non-standard financial instruments which are used in the Eurozone require close monitoring by Polish government financial institutions. This would help Poland access the full range of financial instruments that could be used to neutralize any unfavorable developments in the national financial sector and in the Polish economy which might occur in a global economic crisis. The research is based on analysis of European Central Bank documents and analytical studies of the Polish National Bank concerning non-standard instruments of financial policy.
Cytowanie	Ancyparowicz G. (2019) Programy Interwencyjne w Polityce Pieniężnej Eurosystemu .Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing [t.], nr 22(71): 7-17
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Pełny tekst	PEFIM_2019_n71_s7.pdf

Autor	Mieczysław Adamowicz, Tomasz Adamowicz
Tytuł	The World Financial Crisis and The Polish Economy
Title	The World Financial Crisis and The Polish Economy
Słowa kluczowe	financial crisis, effects of financial crisis, anti-crisis action, Poland
Key words	financial crisis, effects of financial crisis, anti-crisis action, Poland
Abstrakt	The subject of the work is to provide an overview of the global financial crisis in the years 2007-2011; its course, symptoms and effects in the world and in Poland. The work presents the causes and the sources of crisis as well as corrective measures taken by governments and financial institutions. The subject literature and information from different national and international financial institutions and organisations were used as a source of research materials and data for analysis. The financial crisis appeared in Poland with some delay and was less intensive than in other developed countries. Anti-crisis measures taken in Poland complied with the recommendations of the European Union and the International Monetary Fund. The measures taken by the Polish central bank concerned the institutional sphere, the manner in which the financial policy worked and how it was pursued, as well as the real sphere of the economy, including especially enterprises, households and public institutions.
Abstract	The subject of the work is to provide an overview of the global financial crisis in the years 2007-2011; its course, symptoms and effects in the world and in Poland. The work presents the causes and the sources of crisis as well as corrective measures taken by governments and financial institutions. The subject literature and information from different national and international financial institutions and organisations were used as a source of research materials and data for analysis. The financial crisis appeared in Poland with some delay and was less intensive than in other developed countries. Anti-crisis measures taken in Poland complied with the recommendations of the European Union and the International Monetary Fund. The measures taken by the Polish central bank concerned the institutional sphere, the manner in which the financial policy worked and how it was pursued, as well as the real sphere of the economy, including especially enterprises, households and public institutions.
Cytowanie	Adamowicz M., Adamowicz T. (2019) The World Financial Crisis and The Polish Economy.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 19(34), z. 1: 5-21
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Pełny tekst	PRS_2019_T19(34)_n1_s5.pdf

Autor	Zbigniew Korzeb
Tytuł	The Real Estate and Credit Bubble in Spain; Implications for Poland
Title	The Real Estate and Credit Bubble in Spain; Implications for Poland
Słowa kluczowe	mortgage crisis, banking sector, commercial banks, financial stability, Spain, Poland
Key words	mortgage crisis, banking sector, commercial banks, financial stability, Spain, Poland
Abstrakt	The aim of this article is to establish whether the symptoms of an emerging housing bubble can be observed on the Polish market. The concept of this study is based on a comparison between economic, financial and demographic conditions at the time of the mortgage crisis in Spain and the current situation on the housing market and on the market of housing loans granted to households in Poland. An analysis of two economic indicators, (i) housing loans to households-to-GDP expressed in growth rates and (ii) rates of house price growth, does not indicate that a speculative bubble occurs in Poland now. This, however, does not mean that the conclusions drawn from the Spanish crisis cannot and should not have a bearing on the Polish market, especially in terms of potential consequences the crisis may have for the banking sector.
Abstract	The aim of this article is to establish whether the symptoms of an emerging housing bubble can be observed on the Polish market. The concept of this study is based on a comparison between economic, financial and demographic conditions at the time of the mortgage crisis in Spain and the current situation on the housing market and on the market of housing loans granted to households in Poland. An analysis of two economic indicators, (i) housing loans to households-to-GDP expressed in growth rates and (ii) rates of house price growth, does not indicate that a speculative bubble occurs in Poland now. This, however, does not mean that the conclusions drawn from the Spanish crisis cannot and should not have a bearing on the Polish market, especially in terms of potential consequences the crisis may have for the banking sector.
Cytowanie	Korzeb Z. (2019) The Real Estate and Credit Bubble in Spain; Implications for Poland.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 19(34), z. 2: 77-88
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Pełny tekst	PRS_2019_T19(34)_n2_s77.pdf