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With globalisation comes an increase in the threat from systemic risk. As national economies become more globally entwined many argue that insufficient attention is being given to systemic risk; a principal contributor to recent economic crises. Focusing on the Polish financial system, this book addresses this critical issue within a global economic context. It advocates that accurate risk management practices and appropriate micro and macroeconomic policies can be created and maintained in order to manage systemic risk at both a national and international level. The book reviews current systemic risk management practices, analysing stability and existing micro- and macroprudential policies, before examining the current risks involved in investing in financial instruments and those associated with investing in stock exchanges. It offers suggestions for the effective implementation of a well-designed public policy, through well managed fiscal and monetary policies, and reflects the roles of households and companies in planning, organizing, and controlling socio-economic activity to control risk. Risk Management in the Polish Financial System aims to redefine the taxonomy of systemic risk, offering practical and regulatory socio-economic processes which can be applied to current risk management practices, as well as provide a risk map for the years to come.

Inhaltsverzeichnis

Frontmatter

1. National Systemic Risk Management

Abstract
In order to manage systemic risk in an organization, such as a state, three points of reference must be established, that is a micro-organizational (households, companies), a macro-organizational (the state institutional system, the socioeconomic system of a country), and a mega-organizational one (global relationships). The most important in this case is the macro-organizational point, as looking at the executive of the state institutional system allows to assume a holistic perspective on risk within the framework of shaping the immediate systemic environment and neutralizing the threats posed by a distant systemic environment. In turn, any human activity, especially if related to trade, is connected with taking risks and the possibilities of incurring potential losses, particularly in legal and financial terms. There is also a global perspective on top of that, which should not only be taken into account but perpetually born in mind as it may pose both opportunities and threats. This is because every type of risk, systemic or incidental in nature, assumes its own significance or generates cyclical or stable costs that must be incurred in order to regain the efficiency of operation chiefly in economic terms.
Konrad Raczkowski, Marian Noga, Jarosław Klepacki

2. Stability of the Polish Financial System and the Risk Involved

Abstract
The financial system is part of the economic system, which allows the co-creation of purchasing power and the rendering of services, and makes it possible for money to circulate in the economy. The system includes
a)
the market financial system, and
 
b)
the public (fiscal) financial system (Pietrzak et al., 2008, 15-
 
Konrad Raczkowski, Marian Noga, Jarosław Klepacki

3. Management of Financial Stability Risk

Abstract
A record number of organizations -governmental, commercial/ nongovernmental — are currently dealing with the management of financial stability risk, especially in the sector of economies and financial markets. The issue has become so popular nowadays that it might seem boring and overrated. On the contrary, it is still a very underdefined process. It is difficult to successfully manage something, if in fact one does not exactly know what it is. There is no consistent and generally accepted definition of risk. Acts of law do not provide a clear statutory definition of what risk involved in financial stability is either. The definitions that have been provided are very general in nature. There is even a problem with developing an accurate definition of such seemingly prosaic risk as legal risk.
Konrad Raczkowski, Marian Noga, Jarosław Klepacki

4. The Risk of Investing in Financial Instruments

Abstract
Risk and financial instruments involved in the process of investment are currently evolving continuously. It would be difficult to attempt to clarify any of those, for we will never be able to learn the full list of all the existing financial instruments and risks that they involve or address.
Konrad Raczkowski, Marian Noga, Jarosław Klepacki

5. Strategic Risks of Investing in Stock Exchange

Abstract
An advanced process of globalization, widespread information, the instant transfer of data, information, and capital have all caused the stock exchange to become the most typical example of an area of investment nowadays, an area that has been entirely dominated by shares and within the last 20 years has transformed from several large local markets into a single global capital market.
Konrad Raczkowski, Marian Noga, Jarosław Klepacki

Backmatter

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