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Chinese yuan has the best opportunity among the emerging markets currencies to become a widely used international currency. The potential of the Chinese yuan derives from China's economic size, macroeconomic stability, diversified... more
Chinese yuan has the best opportunity among the emerging markets currencies to become a widely used international currency. The potential of the Chinese yuan derives from China's economic size, macroeconomic stability, diversified structure of trade, as well as from the high rate of economic growth. Availability of capital assets denominated in Chinese yuan, which could be used in the context of global capital investment is, however, limited due to the restrictions on capital flows. At the same time, the rapid increase in the volume of trade settlements in Chinese yuan, as well as the issue of bonds denominated in yuan by the Chinese government and enterprises located in Hong Kong, created several channels of the yuan participation in the international trade. This article aims to identify the determinants of the growing importance of the Chinese currency in the context of the characteristics of an international currency and its operating conditions during the crisis
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Koniec XX wieku przyniósł nową falę kryzysów finansowych w krajach wschodzących rynków (emerging markets). Kryzys dotknął kraje takie jak: Meksyk, Tajlandia, Korea Południowa, Indonezja, Malezja, Rosja, Brazylia, Turcja, Argentyna, a... more
Koniec XX wieku przyniósł nową falę kryzysów finansowych w krajach wschodzących rynków (emerging markets). Kryzys dotknął kraje takie jak: Meksyk, Tajlandia, Korea Południowa, Indonezja, Malezja, Rosja, Brazylia, Turcja, Argentyna, a także gospodarki mniejszych krajów: Ekwador, Ukraina, Urugwaj i Republika Dominikany. Kryzysy te nazwano kryzysami XXI wieku lub kryzysami rachunku kapitałowego dla podkreślenia roli, jaką w ich powstawaniu odegrała globalizacja rynków finansowych i wzrost mobilności międzynarodowego kapitału1. W odróżnieniu od kryzysów zadłużeniowych lat 80. XX wieku, będących wynikiem powolnego wzrostu deficytów na rachunkach obrotów bieżących bilansu płatniczego, kryzysy XXI wieku są efektem nagłych zmian w kierunkach przepływów kapitałowych2. Gwałtowne odwrócenie się strumienia kapitału może być spowodowane zarówno słabymi fundamentami polityki gospodarczej krajów wschodzących rynków oraz błędami w niej popełnianymi, jak i zmiennością nastrojów inwestorów, zarażenie...
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Termin ryzyko ma szczegolne znaczenie w finansach, jest bowiem punktem wyjścia wiekszości rozwazan normatywnych. W finansach miedzynarodowych ryzyko jest na ogol traktowanie jako kategoria obiektywna i mierzalna. W szeroko rozumianym... more
Termin ryzyko ma szczegolne znaczenie w finansach, jest bowiem punktem wyjścia wiekszości rozwazan normatywnych. W finansach miedzynarodowych ryzyko jest na ogol traktowanie jako kategoria obiektywna i mierzalna. W szeroko rozumianym zarządzaniu ryzykiem w dzialalności gospodarczej przyjmuje sie, ze interpretacja ryzyka wynika z czynnikow mierzalnych i jest zawsze efektem intersubiektywnego dyskursu. Celem artykulu jest przedstawienie sposobow definiowania ryzyka w zarządzaniu ryzykiem niewyplacalności kraju. Przedmiotem rozwazan jest ustalenie, ktore interpretacje ryzyka odgrywają decydującą role w procesach jego operacjonalizacji, oraz dokonanie wstepnej oceny przydatności tych interpretacji.
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Chinese yuan has the best opportunity among the emerging markets currencies to become a widely used international currency. The potential of the Chinese yuan derives from China's economic size, macroeconomic stability, diversified... more
Chinese yuan has the best opportunity among the emerging markets currencies to become a widely used international currency. The potential of the Chinese yuan derives from China's economic size, macroeconomic stability, diversified structure of trade, as well as from the high rate of economic growth. Availability of capital assets denominated in Chinese yuan, which could be used in the context of global capital investment is, however, limited due to the restrictions on capital flows. At the same time, the rapid increase in the volume of trade settlements in Chinese yuan, as well as the issue of bonds denominated in yuan by the Chinese government and enterprises located in Hong Kong, created several channels of the yuan participation in the international trade. This article aims to identify the determinants of the growing importance of the Chinese currency in the context of the characteristics of an international currency and its operating conditions during the crisis.
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Chinese yuan has the best opportunity among the emerging markets currencies to become a widely used international currency. The potential of the Chinese yuan derives from China's economic size, macroeconomic stability, diversified... more
Chinese yuan has the best opportunity among the emerging markets currencies to become a widely used international currency. The potential of the Chinese yuan derives from China's economic size, macroeconomic stability, diversified structure of trade, as well as from the high rate of economic growth. Availability of capital assets denominated in Chinese yuan, which could be used in the context of global capital investment is, however, limited due to the restrictions on capital flows. At the same time, the rapid increase in the volume of trade settlements in Chinese yuan, as well as the issue of bonds denominated in yuan by the Chinese government and enterprises located in Hong Kong, created several channels of the yuan participation in the international trade. This article aims to identify the determinants of the growing importance of the Chinese currency in the context of the characteristics of an international currency and its operating conditions during the crisis.
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The debt problem of poor countries has attracted considerable public attention in the 1990’s through the Jubillee 2000 campaign for debt cancellation. The United Nations’ Millennium Declaration and the associatedMillennium Development... more
The debt problem of poor countries has attracted considerable public attention in the 1990’s through the Jubillee 2000 campaign for debt cancellation. The United Nations’ Millennium Declaration and the associatedMillennium Development Goals (MDGs) have played an important role in the recognition of debt as a global issue by focusing the world’s attention on the plight of the poorest, and making debt relief one of the development goals. In Monterrey in March 2002 the international community agreed that external debt relief could play an important role in financing development and accelerating progress toward the MDGs.