SOCIAL AND ECONOMIC DETERMINANTS OF THE PROCESSES OF ECONOMIC GLOBALIZATION THAT SHAPE THE DEVELOPMENT OF THE BANKING SYSTEM IN POLAND
Journal Title: Globalization, the State and the Individual - Year 2016, Vol 2, Issue 10
Abstract
Since the 70s of the last century globalization processes in various eco- nomic and social spheres have intensified in developed and developing coun- tries. One of these areas are financial systems and institutions. Therefore, the observed increase in the importance of deregulation processes, compu- terization and internationalization, which contributed significantly to the modification of financial systems functioning in various countries. Also in Poland sińce 1989 a growing importance of globalization processes in the field of socio-economic and cultural unification of the community in Poland has been noticed. Due to the ongoing process of marketization and the transformation of the Polish economy, this process was also determined by successively increasing integration of financial markets and the develop- ment of ICT. A key role is played by the social and economic determinants, formed on the basis of standards transferred from the countries of Western Europę to Poland. Current financial system in Poland, including the banking sector is one of the most globalized sectors of the economy. This process has intensified sińce the Polish accession to the European Union in 2004. A broad scope of globalization of financial markets in Poland was exposed in the context of the course of the last financial crisis of 2008. Currently, it is widely accepted that the process of globalization of financial markets and the banking system in Poland is determined mainly by factors such as administratiye and superyisory functions of central banking and superyisory bodies in the financial system, as well as the adaptation of legał norms to the standards of Western developed countries.
Authors and Affiliations
Dariusz Prokopowicz
Keywords
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