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Rynki akcji w krajach BRIC: podobieństwa i różnice
PublicationKraje BRIC (Brazylia, Rosja, Indie i Chiny) stały się w ostatnich latach ważną częścią globalnego systemu gospodarczego i finansowego. Kraje te różnią się jednak istotnie pod względem osiągniętych poziomów rozwoju gospodarczego, w tym w sferze finansowej. Celem tekstu jest omówienie i porównanie zmian w krajach BRIC w pierwszych kilkunastu latach XXI w., które miały miejsce na jednej z najważniejszych części systemu finansowego,...
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Zachodnioafrykańska Unia Ekonomiczna i Monetarna jako przykład integracji gospodarczej i finansowej w Afryce Zachodniej
PublicationW tekście został przedstawiony jeden z kluczowych elementów procesu integracji gospodarczej zachodniej części kontynentu afrykańskiego, tj. Zachodnioafrykańska Unia Ekonomiczna i Monetarna (franc. Union économique et monétaire ouest-africaine, w skrócie UEMOA). Omówione zostały cele tego ugrupowania w obszarze integracji walutowej oraz ekonomicznej, a także najważniejsze instytucje. Zaprezentowane zostały dotychczasowe osiągnięcia...
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Russian companies on foreign stock markets: alternative to domestic market?
PublicationFirst aim of this study is to present the main aspects of the Russian stock market, including obstacles for local companies and investors. Second aim is presentation of the Russian companies listed on foreign stock exchanges. In order to perform such analysis, descriptive statistics and information about qualitative features were used. Assessment of the Russian stock market’s development level covered 2003-2012 time period. According...
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Macroeconomic functions of the Russian stock market
PublicationThe purpose of this article is to present the structure of the stock market in the Russian Federation and the significance of this part of national financial system for the whole economy, particularly the degree of main macroeconomic functions fulfillment. First part of the text includes an overview of the main theoretical concepts linked with the stock market roles as well as a brief description of results of selected studies...
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Economic Integration and Foreign Direct Investment: Review of Main Theoretical Concepts
PublicationThe objective of the article is to present key theoretical relationships between economic integration and FDI flows. The research method used is a comprehensive literature review. Most influential publications, including books, articles, working papers, etc. contributing to the subject were identified. The review consists of two essential parts: theory of FDI, and theoretical relationships between economic integration and FDI flows....
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The transformation of the Chinese stock market between 1990 and 2012
PublicationThe main purpose of this paper is to examine the transformation of the stock market in the People’s Republic of China (i.e. concentrated on stock exchanges in Shanghai and Shenzhen; the stock exchange in Hong Kong was omitted) from its beginnings in the early 1990s, through rapid development over the next two decades, up to the financial crisis of 2008 (the period examined is 1990–2012). The paper presents a short history of the...
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Exchange Traded Funds (ETFs) rynków wschodzących
PublicationETFs są instrumentami umożliwiającymi osiąganie przez inwestorów szeregu korzyści, zwłaszcza w zestawieniu z tradycyjnymi funduszami. O wysokim zainteresowaniu ETFs świadczą rosnące rozmiary rynku. Jednak wzrost zróżnicowania ETFs i wprowadzenie na rynek funduszy syntetycznych sprawiły, że pojawiły się nowe czynniki ryzyka, które muszą zostać uwzględnione zarówno przez podmioty biorące udział w obrotach, jak i przez instytucje...
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Rynki akcji w krajach wschodzących
PublicationRynki wschodzące stały się na początku XXI wieku niezwykle ważną częścią światowej gospodarki, w tym również międzynarodowych rynków finansowych. Inwestycje na rynkach wschodzących przyciągają inwestorów możliwością osiągnięcia wysokich zysków, związanych ściśle z wysokim tempem wzrostu gospodarczego, lecz konieczne jest uwzględnienie wielu czynników ryzyka w znacznym stopniu wynikających z odmiennej w stosunku do krajów rozwiniętych...
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Emisja kwitów depozytowych jako źródło finansowania przedsiębiorstw z krajów BRIC
PublicationDostęp do źródeł kapitału jest jednym z najważniejszych czynników rozwoju przedsiębiorstw, niezależnie od poziomu rozwoju krajów, w których działają. Jednym ze sposobów finansowania działalności gospodarczej jest emisja akcji na rynku pierwotnym lub wtórnym Odgrywające coraz ważniejszą rolę w światowym systemie gospodarczym kraje BRIC (Brazylia, Rosja, Indie, Chiny) cechuje różnorodność struktur finansowania przedsiębiorstw, z...
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System polityczny i gospodarczy Turcji: wybrane aspekty
PublicationTurcja stała się w ostatnich latach jednym z kluczowych graczy w globalnej polityce i gospodarce. Od 2002 r. władzę w tym kraju sprawuje konserwatywna partia AKP pod przywództwem premiera Erdoğana, który doprowadził do zmniejszenia wpływów wojska oraz istotnych zmian w polityce zewnętrznej, w wyniku których Turcja jest coraz bliżej pozycji lidera całego regionu. Nadal utrzymywane są przyjazne stosunki z USA oraz UE, mimo zahamowania...
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Wybrane problemy ekonomii finansowej w Bogactwie narodów
PublicationW rozdziale przedstawione zostały wybrane zagadnienia z zakresu ekonomii finansowej opisane przez Adama Smitha w „Bogactwie narodów” oraz dokonana została ocena ich aktualności. Przeprowadzony został przegląd literatury oraz szczegółowa analiza tekstu wybranych rozdziałów dzieła Smitha, zwłaszcza rozdziału „O pieniądzu”. Najistotniejsze zagadnienia opisane w tekście to struktura sektora bankowego, regulacje dotyczące jego funkcjonowania,...
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COMPLEXITY OF INNOVATIVE FINANCIAL PRODUCTS: THE CASE OF SYNTHETIC EXCHANGE TRADED FUNDS IN EUROPE
PublicationThe aim of the text is the presentation of the most important categories of exchange traded funds (ETFs) – physical and synthetic ones. A theoretical part of the text includes an overview of the main features of ETFs, the presentation of differences between physical and synthetic funds and the main risks posed by both types to their users and the whole financial systems. An empirical part focuses on the European market. Time span...
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Stock markets in BRIC: development levels and macroeconomic implications
PublicationThe main purpose of the article is the presentation of changes in the stock market development level and their implications for the real economy in BRIC, i.e. Brazil, Russia, India and China. Research method was case studies based on qualitative and quantitative data. First part of the text is devoted to presenting main concepts regarding theoretical linkages between the stock market and real economy. Empirical part begins with...
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Impact of Innovative Financial Products on Financial Systems: Exchange Traded Products and the Polish Financial System
PublicationExchange Traded Products (ETPs) are one of the most recent and most rapidly developing financial products. As their assets grow they have an increasing impact on financial systems in many countries, including USA, UK or Japan. Development of ETPs is linked with many opportunities and threats for the local financial systems. Their correct assessment is becoming more difficult due to the growing complexity of the available products,...
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Analiza przestrzenna branży transportu lądowego w Polsce
PublicationCelem opracowania było określenie zróżnicowania rozkładu przestrzennego branży transportu lądowego w Polsce oraz czynników wpływających na jej rozmiary. Analizę przeprowadzono na szczeblu wojewódzkim oraz powiatowym, na podstawie danych za lata 2009 i 2012. Wykorzystano analizę lokalizacji, obliczono i zinterpretowano autokorelację przestrzenną, skontruowano i oszacowano także model regresji przestrzennej. Stwierdzono, że na szczeblu...
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Structure of the US investment company industry over the period 2000 to 2017: substitution analysis
PublicationOver the last years the investment company industry has undergone deep transformation in the majority of the most advanced economies, including the United States. Traditional investment companies, such as mutual funds, have lost their market share to innovative exchange-traded funds (ETFs). The main distinctive features of ETFs are listing and trading in their units on the stock exchanges as well as lower costs for investors. The...
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Exchange-traded products in Germany: development and substitution of exchange-traded funds, exchange-traded commodities and exchange-traded notes.
PublicationResearch background: Exchange-traded products (ETPs) are one of the most rapidly growing categories of financial products. Their fast development has been boosted by innovative features. Three main categories of ETPs are exchange-traded funds (ETFs), exchange-traded commodities (ETCs) and exchange-traded notes (ETNs). ETCs and ETNs remain least known, even though their number on some stock exchanges is high. In Europe, Germany...
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POLSKIE AKTYWA W ZAGRANICZNYCH FUNDUSZACH INWESTYCYJNYCH TYPU EXCHANGE-TRADED FUNDS: ROZMIARY, STRUKTURA ORAZ ZNACZENIE DLA POLSKIEGO SYSTEMU FINANSOWEGO.
PublicationExchange-traded funds (ETFs) są jedną z najszybciej rosnących kategorii funduszy inwestycyjnych. W pewnych krajach, takich jak Polska, nie nastąpił jednak rozwój tej grupy funduszy. Celem tekstu jest omówienie wybranych zagadnień teoretycznych związanych z wpływem ETFs na system finansowy oraz ocena możliwości wystąpienia tych oddziaływań w Polsce w odniesieniu do funduszy notowanych poza granicami Polski, które posiadają polskie...
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Innovative investment funds and stability of financial systems: Nonparametric study of exchange-traded funds in Europe
PublicationThe main aim of the paper is investigation of the potential contribution of exchange-trade funds (ETFs) to the instability of the European financial systems. The paper begins with presentation of the key theoretical concepts with regard to ETFs and financial stability. We discuss the key attributes of ETFs as the innovative category of investment funds, their hypothesized impact on the financial stability as well as briefly describe...
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EXCHANGE TRADED COMMODITIES AS A CATEGORY OF INNOVATIVE PRODUCTS ON EUROPEAN FINANCIAL MARKETS
PublicationThe article presents the main features of one category of innovative financial products – exchange traded commodities (ETCs) and results of the analysis of the European market for ETCs. ETCs are products listed and traded on the stock exchanges and they offer investors returns based on various assets (commodities or currencies). In contrast with the most widely recognized exchange traded funds (ETFs), ETCs are structured as debt...
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Sustainable investing exchange-traded funds: US and European market
PublicationThe key aim of the paper is to examine the diffusion of the sustainable investing exchange-traded funds (ETFs) on the European and US ETFs markets, with the special focus on the market shares of sustainable investing and conventional funds. The model of diffusion of innovation (logistic growth model) is applied. Monthly data on the assets of ETFs in the time period of 2006-2017 are used. Increasing assets of sustainable investing...
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Funkcje sektora bankowego w gospodarce: przypadek Indii
PublicationCelem artykułu jest zbadanie wpływu sektora bankowego na sferę realną gospodarki w Indiach i określenie, w jakim stopniu oddziałuje pozytywnie, a w jakim stanowi barierę rozwojową. W pierwszej części tekstu omówione zostały teoretyczne propozycje dotyczące zależności między działalnością banków a sferą realną. Cztery podstawowe funkcje banków to zwiększanie efektywności alokacji zasobów, mobilizacja oszczędności, ograniczanie ryzyka...
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Aspekty gospodarcze "Arabskiej Wiosny Ludów"
PublicationSytuacja gospodarcza w krajach arabskich była jednym z najważniejszych czynników, które doprowadziły do fali demonstracji a następnie rewolucji i zmian ustrojowych oraz personalnych. W tekście omówione zostały systemy gospodarcze trzech krajów regionu Afryki Północnej - Tunezji, Algierii i Egiptu. Przedstawiono warunki społeczno-gospodarcze życia ludności w okresie przedrewolucyjnym, które powodowały narastanie niezadowolenia z...
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Economic significance of initial public offerings in China and India
PublicationRapid economic growth in China and India has attracted attention of many researchers, focusing on various social and economic factors underlying the success of these countries. One of the key components of country’s economy is financial system which consists of segments such as banking sector and equity market. The topic of initial public offerings (IPOs), one of the corporate financing sources, involving raising funds through...
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High accuracy multisensor hydroacoustic system for models of trawl geometry measurements
PublicationW pracy przedstawiono wieloelementowy hydroakustyczny system do pomiaru modeli włoków. System został zaprojektowany dla Akademii Rolniczej w Szczecinie i umożliwia precyzyjny pomiar geometrii projektowanych tam narzędzi połowowych w tym selektywnych worków dorszowych. Zastosowanie małych hydrofonów o wysokiej częstotliwości pracy oraz cyfrowego przetwarzania sygnałów z analizą korelacyjną umożliwiło uzyskanie bardzo dużej dokładności...
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Experimental Study of Silent Sonar
PublicationStealth is a frequent requirement in military applications and involves the use of devices whose signals are difficult to intercept or identify by the enemy. The silent sonar concept was studied and developed at the Department of Marine Electronic Systems of the Gdansk University of Technology. The work included a detailed theoretical analysis, computer simulations and some experimental research. The results of the theoretical...
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Digital signal processing applied to the modernization of Polish Navy sonars
PublicationThe article presents the equipment and digital signal processing methods used for modernizing the Polish Navy’s sonars. With the rapid advancement of electronic technologies and digital signal processing methods, electronic systems, including sonars, become obsolete very quickly. In the late 1990s a team of researchers of the Department of Marine Electronics Systems, Faculty of Electronics, Telecommunications and Informatics, Gdansk...
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Implementation of Contemporary Technologies in Naval Sonars Modernization
PublicationToday’s fast technological advancement in electronics and signal processing methods makes electronic systems, including sonars, obsolete very quickly. The Polish Navy seems to be particularly affected as its ships were built in the 1970s and 1980s. Researchers at the Gdansk University of Technology have developed a methodology for modernising Navy sonars which involves the use of new electronic sub-systems and modern, bespoke methods...
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A new division of bacterial UvrA homologues
PublicationThe UvrA protein is a DNA-binding and damage-recognition enzyme which participates in the prokaryotic type nucleotide excision repair (NER) pathway. It has recently been noted that some bacterial genomes comprise additional uvrA genes which encode five distinct types of UvrA homologue. We investigated the sequences of over 2400 bacterial genomes and found 130 examples of bacteria containing uvrA 2 genes. The sequence analyses conducted...
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Współczesne zmiany klimatyczne i ich wpływ na funkcjonowanie systemów miejskich (na przykładzie miast strefy nadmorskiej Polski)
PublicationThe purpose of this article is to present contemporary climatic changes in their actual scale, and to assess their impact on functioning of urban areas situated on the Polish coast. The results of the analysis of variability of hydro-climatic conditions that occurred in the last 65 years (1951-2015) in the area of the Polish coast suggest that important changes were concerning: (1) temperature of the air, and thickness and length...
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Wybrane aspekty zużycia ostrzy skrawających wykonanych z PcBN
PublicationObróbka materiałów twardych związana jest z obróbką materiałów o twardości powyżej 50 HRC. Obróbka ta może być obróbką wykończeniową ze względu namożliwość osiągnięcia wysokiej jakości i dokładności przedmiotów obrabianych po tejoperacji. Obróbka materiałów w stanie twardym lub utwardzonym związana jest z zastosowaniem specjalnych narzędzi, które są wykonane z nowych materiałów, takich jak PcBN. W artykule zaprezentowano wybrane...
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Physiological tests on firefighters whilst using protective clothing
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Recognition Of Colours And Collision Avoidance In Robotics Using Optical Fiber Sensors
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Research Toward The Optical Equipment For An Autonomous Robot For TviV Environment
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Separation of nicotinic acid and its structural isomers using 1-ethyl-3-methylimidazolium ionic liquid as a buffer additive by capillary electrophoresis
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PHYSICAL MODEL OF ENERGY-RELATED PROCESSES IN A ROTATING MECHANICAL SYSTEM FOR THE PURPOSES OF DIAGNOSIS OF TRANSMISSION SHAFTS
PublicationIn the present article, selected problems connected with identification of slowly changing energy-related processes accompanying high cyclic fatigue of construction materials of simple mechanical systems, with special consideration of transmission shafts, are mentioned for diagnostic purposes. The article also presents physical models of object and processes that in a simplified way reflect mechanical energy transmission from transmission...
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A LABORATORY STAND FOR THE ANALYSIS OF DYNAMIC PROPERTIES OF THERMOCOUPLES
PublicationIn the present elaboration, problems connected with measurements of high variable temperatures of gases are introduced and the impact of dynamic properties of different construction solutions of thermoelements on the accuracy of the measurements is considered. A laboratory stand built within research under doctoral thesis, destined for analysis of dynamic properties of thermocouples is also described. Results of numerical simulation...
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IDENTIFICATION OF THE INTERFECE OF LATERAL SLIDE BEARINGS
PublicationIn the paper, the model of slide bearings of motor engine, the metodology of research on this type of bearings and its results are presented measurement standpoint consisting of main elements of Briggs & Stratton 550 serie 10 T 802 model piston motor engine driven by three phase elektric engine is introduced . On the measurement standpoint are measurements were done, needed for specification...
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ENERGY ANALYSIS OF THE PROPULSION SHAFT FATIGUE PROCESS IN A ROTATING MECHANICAL SYSTEM PART II IDENTIFICATION STUDIES – DEVELOPING THE FATIGUE DURABILITY MODEL OF A DRIVE SHAFT
PublicationThe article presents a continuation of research carried out concerning identification of energy consequences of mechanical fatigue within a propeller shaft in a rotating mechanical system, while working under conditions of the loss of the required alignment of shaft lines. Experimental research was carried out on a physical model reflecting a full-sized real object: i.e., the propulsion system of the ship. It is proven, by means...
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ENERGY ANALYSIS OF THE PROPULSION SHAFT FATIGUE PROCESS IN A ROTATING MECHANICAL SYSTEM PART III DIMENSIONAL ANALYSIS
PublicationThis article presents the third and last part of the problem of diagnosing the fatigue of marine propulsion shafts in terms of energy with the use of the action function, undertaken by the authors. Even the most perfect physical models of real objects, observed under laboratory conditions and developed based on the results of their research, cannot be useful in diagnostics without properly transferring the obtained results to the...
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ENERGY ANALYSIS OF PROPULSION SHAFT FATIGUE PROCESS IN ROTATING MECHANICAL SYSTEM PART I TESTING SIGNIFICANCE OF INFLUENCE OF SHAFT MATERIAL FATIGUE EXCITATION PARAMETERS
PublicationThe article discusses the problem of mathematical modelling of energy conversion processes in a rotating mechanical system for the purpose of identifying fatigue states of propulsion shafts in this system. A simplified physical model of the analysed system, constructed in an appropriate scale, has made the basis for the experimental research. The research programme took into consideration mechanical fatigue excitation of the model...
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ICT technologies and financial innovations: The case of exchange traded funds in Brazil, Japan, Mexico, South Korea and the United States
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Information and Communication Technologies for Economic Development
PublicationThis chapter is intended to explain why and how information and communication technologies may affect the process of socio-economic development, especially with regard to economically backward economies. It sheds light on why technological changes constitute prerequisites enabling advancements along the socio-economic development pattern. It is also designed to exhibit the special relevance of information and communication technologies...
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New technologies and diffusion of innovative financial products: Evidence on exchange-traded funds in selected emerging and developed economies
PublicationExchange-traded funds (ETFs) are one of the most rapidly-expanding categories of innovative financial products that have been introduced on many financial markets, in both emerging and developed economies. Our research contributes to the present state of knowledge by examining factors, including information and communication technologies (ICTs), influencing the diffusion of ETFs. In our research, we consider also the impact of...
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What drives sustainable investing? Adoption determinants of sustainable investing exchange-traded funds in Europe
PublicationDespite the growing interest in various topics related to sustainable (ESG) investing, some issues remain understudied, such as the determinants of their utilization at the macro level. This paper contributes to the state of knowledge two-directionally. First, it shows the development of sustainable investing exchange-traded funds (ETFs) in European countries. Second, it traces the significant determinants of adopting sustainable...
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Global Digital Technology Convergence: Driving Diffusion via Network Effects
PublicationSince the 1970s, we have witnessed unprecedented diffusion of digital technologies in both speed and geographic coverage. These technologies are pervasive and disruptive, and lead to profound shifts and transformations in societies and economies. Many claim that emerging network externalities are the principal phenomenon driving the process of technology diffusion and determining its in-time dynamics. This book analyses the unique...
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Sustainable Investing. Socio-Economic Impacts of Exchange-Traded Funds
PublicationSustainable Investing: Socio-Economic Impacts of Exchange-Traded Funds examines the social and economic effects of sustainable investing ETFs and their impacts on the global financial system. The book presents the key issues with regard to sustainable investing, discussing exchange-traded funds mechanisms and categories in comparison to competing investment funds. The book outlines the theoretical determinants of ETF markets development...
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Exchange-Traded Funds in Europe
PublicationExchange-Traded Funds in Europe provides a single point of reference on a diverse set of regional ETF markets, illuminating the roles ETFs can play in risk mitigation and speculation. Combining empirical data with models and case studies, the authors use diffusion models and panel/country-specific regressions—as well as graphical and descriptive analyses— to show how ETFs are more than conventional, passive investments. With new...
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Application of Diffusion Models in the Analysis of Financial Markets: Evidence on Exchange Traded Funds in Europe
PublicationExchange traded funds (ETFs) are financial innovations that may be considered as a part of the index financial instruments category, together with stock index derivatives. The aim of this paper is to explore the trajectories and formulates predictions regarding the spread of ETFs on the financial markets in six European countries. It demonstrates ETFs’ development trajectories with regard to stock index futures and options that...
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Exchange-Traded Funds on European Markets: Has Critical Mass been Reached? Implications for Financial Systems.
PublicationExchange-traded funds (ETFs) are one of the most rapidly expanding categories of financial products in Europe. One of the key yet still unanswered questions is whether European ETF markets have reached the size at which they could affect the financial systems. In our study, we examine 13 European countries during the period 2004–2017 in order to trace whether the share of ETFs in the total assets of investment funds has reached...