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The main goal of this research is to identify the direction and scale of connectedness of selected post-communist countries from Central and Eastern Europe (CEE) and major global and European sovereign bond markets, covering the period 2008–2020, including the COVID-19 pandemic. We verify the volatility spillovers in bond markets via directional method and dynamic conditional interconnectedness modelling perspectives. Unexpectedly, we discovered that CEE countries are more interlinked with each other than with global markets. Therefore, our results suggest that it is useful to look separately at advanced and developing bond markets in European countries, as it has a significant implication for bond's portfolio management.
Renata Karkowska; Szczepan Urjasz. Connectedness structures of sovereign bond markets in Central and Eastern Europe. International Review of Financial Analysis 2020, 74, 101644 .
AMA StyleRenata Karkowska, Szczepan Urjasz. Connectedness structures of sovereign bond markets in Central and Eastern Europe. International Review of Financial Analysis. 2020; 74 ():101644.
Chicago/Turabian StyleRenata Karkowska; Szczepan Urjasz. 2020. "Connectedness structures of sovereign bond markets in Central and Eastern Europe." International Review of Financial Analysis 74, no. : 101644.
This chapter examines the relation between the changes in the Polish banking sector and European Union (EU) membership. It identifies both similarities and differences among the group of countries which are seemingly homogenous in respect of their banking sector’s efficiency. The chapter discusses key developments in the Polish banking sector following EU accession. It presents a literature review regarding the integration process and banking efficiency. The chapter describes the methodology and look at the data. Major changes occurred in the ownership structure of the Polish banking sector. In terms of assets, banks with a majority of foreign capital dominated in the banking sector in Poland in 2004–2016. The European Union Single Market creates a place without internal regulatory obstacles to financial services and the movement of capital. The objective of maximizing profits not only requires that financial services be produced at a minimum cost, but it also demands that revenues be maximized.
Renata Karkowska; Anna Matysek-Jędrych. The Polish banking sector in the European Union – commonalities and differences. Poland in the Single Market 2020, 240 -262.
AMA StyleRenata Karkowska, Anna Matysek-Jędrych. The Polish banking sector in the European Union – commonalities and differences. Poland in the Single Market. 2020; ():240-262.
Chicago/Turabian StyleRenata Karkowska; Anna Matysek-Jędrych. 2020. "The Polish banking sector in the European Union – commonalities and differences." Poland in the Single Market , no. : 240-262.
This chapter brings some of the latest thinking in the growing field of innovation in risk-transferring instruments. It contributes topical insights on the challenges facing the financial industry, such as derivatives exposures across financial institutions that often contribute to systemic risk. Lack of proper knowledge of such exposures often discredits regulatory opportunity to control a financial institution, generating large-scope counterparty bailouts. There are proof points that counterparty risk in derivative exposures is not always well collateralised. However, documenting this evidence is presently impracticable due to the weak quality and lack of standardisation of derivatives exposure by financial companies. The chapter forwards some questions about a maturity transformation and liquidity risk-taking in under-collateralised derivatives. It investigates an academic explanation for a transparency standard for derivatives positions, and over-the-counter (OTC) derivatives market review. Connecting variety approaches and choosing examples of derivatives innovations, empirical studies and practical views, it presents a contemporary outlook on innovations for systemic risk importance. This chapter consists of five parts and includes the following topics: risk-transferring innovations and bank lending; development of the OTC derivatives market; structured financial market and systemic risk; transparency standard for derivatives and counterparty risk. JEL: G1, G2, G12, G20
Renata Karkowska. Innovations in risk-transferring mechanisms on financial market and systemic risk. Innovation in Financial Services 2020, 130 -148.
AMA StyleRenata Karkowska. Innovations in risk-transferring mechanisms on financial market and systemic risk. Innovation in Financial Services. 2020; ():130-148.
Chicago/Turabian StyleRenata Karkowska. 2020. "Innovations in risk-transferring mechanisms on financial market and systemic risk." Innovation in Financial Services , no. : 130-148.
High-frequency trading (HFT) as a subset of algorithmic trading (AT) constitutes a phenomenon developed in just the last two decades. Because of its short history, many HFT-related issues still haven’t been well examined. Moreover, among some of the studies covering the issues pertaining to the HFT, some inconsistencies appear. Nevertheless, the body of knowledge related to HFT grows faster and faster. Based on the issue-relevant literature, this chapter sheds light on the phenomenon of the HFT. The aim of this chapter is to present the HFT market’s features, strengths, weaknesses, threats and opportunities. The information presented in the chapter does not restrict itself to generalities. More detailed topic-related issues are also covered like trading strategies employed by HFT users (especially those considered controversial) as well as regulations and supervision over HFT. This chapter consists of five parts and includes the following topics: fundamentals of HFT; market’s users; strategies; implication of HFT for the capital market and regulation and supervision over HFT. JEL: G1, G2, G14
Renata Karkowska; Jacek Karasiński. High-frequency trading – a new challenge for capital markets. Innovation in Financial Services 2020, 217 -231.
AMA StyleRenata Karkowska, Jacek Karasiński. High-frequency trading – a new challenge for capital markets. Innovation in Financial Services. 2020; ():217-231.
Chicago/Turabian StyleRenata Karkowska; Jacek Karasiński. 2020. "High-frequency trading – a new challenge for capital markets." Innovation in Financial Services , no. : 217-231.
The paper presents the concept of a sustainable bank by developing a framework based on performance of different business models. Traditional banking and investment activities, such as trading in securities or securitization, may reduce the risk of commercial banks and provide an attractive approach to sustainable finance. Using the method of assessing the performance of a bank, the study appraises the degree of sustainability of the bank from different stakeholders’ points of view. The aim of the article is to verify the research question: how does diversification of traditional activities of commercial banks affect their sustainability? The analysis has been extended by the importance of country-specific and macroeconomic factors. The survey was conducted on 368 commercial banks from European countries, using data from the period 1998−2015. The study contributes to the ongoing discussion on the recognized profitability and sustainability nexus as an important part of sustainable finance that may be a powerful solution to financial crises.
Renata Karkowska. Business Model as a Concept of Sustainability in the Banking Sector. Sustainability 2019, 12, 111 .
AMA StyleRenata Karkowska. Business Model as a Concept of Sustainability in the Banking Sector. Sustainability. 2019; 12 (1):111.
Chicago/Turabian StyleRenata Karkowska. 2019. "Business Model as a Concept of Sustainability in the Banking Sector." Sustainability 12, no. 1: 111.
This study aims to empirically identify how a bank’s board structure (size, independence, and members’ affiliations) and quality (experience, background, and skills) affect its risk incentives. Specifically, it investigates whether banks’ solvency and corporate governance nexus changed after the 2007–2009 financial crisis. We employ a cross-country sample of 239 commercial and publicly traded banks covering 1997–2016 and a panel regression for 40 countries. We acknowledge a negative relationship between board size and bank stability and demonstrate that an independent board may have constrained rather than encouraged risk in banks. The global financial crisis has not changed much in the corporate governance and stability of banks nexus. These findings are robust even while controlling for a range of alternative sensitivity estimations for bank stability. This result indicates that in the aftermath of the market meltdown, we still need to strengthen corporate governance practices which may mitigate the adverse effects of the crisis on the banking sector.
Renata Karkowska; Jan Acedański. The effect of corporate board attributes on bank stability. Portuguese Economic Journal 2019, 19, 99 -137.
AMA StyleRenata Karkowska, Jan Acedański. The effect of corporate board attributes on bank stability. Portuguese Economic Journal. 2019; 19 (2):99-137.
Chicago/Turabian StyleRenata Karkowska; Jan Acedański. 2019. "The effect of corporate board attributes on bank stability." Portuguese Economic Journal 19, no. 2: 99-137.
Research background: Motivation for this study is the rapid development of conglomerate banking stimulated by the synergy between the traditional and parallel investment activity of banks before the 2007–2008 financial crisis. Existing studies do not answer the question about the positive influence of diversification on bank stability. They state that the combination of lending and non-interest income allows benefits to be derived from risk diversification. However, on the other hand they emphasise that non-interest and interest incomes are strongly correlated, which does not bring positive effects from diversification. Purpose: Scientific problem aimed to be solved is to verify how the diversification of activities in commercial banks into non-interest products (i.e. trading, securities-based investment activities, and derivatives) brings positive effects such as income stabilization and risk reduction. We examine the implications of banks’ risk adjusted ROA that manifest themselves as spreading and growing instability. Research methodology: We use a panel regression model, through a dataset that covers 777 international banks, in 91 selected countries of the world, spanning the period of 1996–2015. Results: We document that the diversification of a bank’s operations is varied and depends on a bank’s characteristics, including asset size. Novelty: The study contributes to the on-going discussion on the separation of retail and investment banks with a view to enhancing their profit stability.
Renata Karkowska. Model of Risk Diversification in the Banking Sector. Folia Oeconomica Stetinensia 2019, 19, 31 -42.
AMA StyleRenata Karkowska. Model of Risk Diversification in the Banking Sector. Folia Oeconomica Stetinensia. 2019; 19 (1):31-42.
Chicago/Turabian StyleRenata Karkowska. 2019. "Model of Risk Diversification in the Banking Sector." Folia Oeconomica Stetinensia 19, no. 1: 31-42.
Research background: Increased regulations reducing systemic risk are essentially underpinned by the understanding of the global nature and sources of instability of the financial system. In the economic literature, there are many arguments presented by critical supporters and opponents of measuring and reporting global systemically important entities. Purpose of the article: In response to the requirements of regulators, the article seeks to identify systematically important regulated stock markets for selected global stock exchanges by developing a composite ratio. Additionally, it provides empirical evidence concerning their risk exploration. Methods: The proposed method uses weighted average values of indicators grouped in four categories: (1) market size, (2) cross-jurisdictional activity and interconnectedness, (3) substitutability, (4) complexity. The research covers stock exchanges, reported to WFE, spanning the period 2008–2017. Findings & Value added: The study finds that the problem of systemic risk on global stock exchanges is growing despite numerous prudential regulations. In order to obtain a more complete assessment of market systemic sensitivity, regulators should take into account a wider range of indicators and calculations such as cross-jurisdictional activity and market complexity.
Renata Karkowska; Igor Kravchuk. Identification of global systemically important stock exchanges. Equilibrium 2019, 14, 31 -51.
AMA StyleRenata Karkowska, Igor Kravchuk. Identification of global systemically important stock exchanges. Equilibrium. 2019; 14 (1):31-51.
Chicago/Turabian StyleRenata Karkowska; Igor Kravchuk. 2019. "Identification of global systemically important stock exchanges." Equilibrium 14, no. 1: 31-51.
The most recent financial crisis has shown, however, that this form of investment may entail costs: although diversification reduces the bankruptcy chances for an individual bank. This study seeks to verify the importance of non-traditional banking activity for the financial stability of banks, using a sample of 1430 banks on a global scale, in 1995–2015. In particular, it verifies the fluctuations of the stability of commercial banks in the context of their asset levels. The study results have shown that the diversification of commercial banks’ income into non-traditional activities adversely affects their stability, with varying intensity for the different groups of asset volume. The study contributes to the ongoing discussion on the separation of retail and investment banks with a view to enhancing their resilience to losses and bankruptcy risk.
Renata Karkowska. Diversification of Banking Activity and Its Importance in Building Financial Stability. Sustainable Transport Development, Innovation and Technology 2019, 79 -88.
AMA StyleRenata Karkowska. Diversification of Banking Activity and Its Importance in Building Financial Stability. Sustainable Transport Development, Innovation and Technology. 2019; ():79-88.
Chicago/Turabian StyleRenata Karkowska. 2019. "Diversification of Banking Activity and Its Importance in Building Financial Stability." Sustainable Transport Development, Innovation and Technology , no. : 79-88.
Renata Karkowska. Systemic risk affected by country level development. The case of the European banking sector. Argumenta Oeconomica 2019, 2, 255 -282.
AMA StyleRenata Karkowska. Systemic risk affected by country level development. The case of the European banking sector. Argumenta Oeconomica. 2019; 2 (43):255-282.
Chicago/Turabian StyleRenata Karkowska. 2019. "Systemic risk affected by country level development. The case of the European banking sector." Argumenta Oeconomica 2, no. 43: 255-282.
Celem badania jest weryfikacja empiryczna odpowiedzi na pytanie, w jaki sposób udział zagranicznego kapitału właścicielskiego i liberalizacji finansowej wpływa na profil ryzyka sektora bankowego w Europie. Wykorzystując dane indywidualne z 381 banków europejskich w okresie 1995–2015 i metodę regresji panelowej, autorka udowadnia heterogeniczność czynników ryzyka bankowego. Analizie został poddany wskaźnik ROA ważony ryzykiem, który jest wykorzystywany jako miara niestabilności finansowej banków. Badanie stanowi istotny wkład do literatury i dotyczy grupy krajów z Europy Środkowo-Wschodniej oraz krajów rozwiniętych. Wyniki estymacji modelu wskazują na związek przyczynowy między ryzykiem bankowym a wzrostem sektora finansowego i gospodarki.
Renata Karkowska. The Relevance of Foreign Ownership and Financial Liberalization for Determining Banking Risk: A Comparative Analysis of European Countries. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 2018, 51, 139 .
AMA StyleRenata Karkowska. The Relevance of Foreign Ownership and Financial Liberalization for Determining Banking Risk: A Comparative Analysis of European Countries. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia. 2018; 51 (5):139.
Chicago/Turabian StyleRenata Karkowska. 2018. "The Relevance of Foreign Ownership and Financial Liberalization for Determining Banking Risk: A Comparative Analysis of European Countries." Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 51, no. 5: 139.
Renata Karkowska. Związek nietradycyjnej działalności banków i ich stabilności w kontekście restrykcyjności regulacji bankowych. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu 2018, 211 -220.
AMA StyleRenata Karkowska. Związek nietradycyjnej działalności banków i ich stabilności w kontekście restrykcyjności regulacji bankowych. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu. 2018; (531):211-220.
Chicago/Turabian StyleRenata Karkowska. 2018. "Związek nietradycyjnej działalności banków i ich stabilności w kontekście restrykcyjności regulacji bankowych." Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu , no. 531: 211-220.
Renata Karkowska; Igor Kravchuk. CYCLICAL ANALYSIS ON THE FINANCIAL INSTRUMENT MARKET. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu 2017, 149 -159.
AMA StyleRenata Karkowska, Igor Kravchuk. CYCLICAL ANALYSIS ON THE FINANCIAL INSTRUMENT MARKET. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu. 2017; (489):149-159.
Chicago/Turabian StyleRenata Karkowska; Igor Kravchuk. 2017. "CYCLICAL ANALYSIS ON THE FINANCIAL INSTRUMENT MARKET." Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu , no. 489: 149-159.
Renata Karkowska; Wydział Zarządzania Katedra Systemów Finansowych Gospodarki. Czy kontrola zarządu banku sprzyja jego stabilności? Badanie praktyk corporate governance w Europie w latach 2003–2014. Studia i Materiały Wydziału Zarządzania UW 2016, 2/2016, 78 -89.
AMA StyleRenata Karkowska, Wydział Zarządzania Katedra Systemów Finansowych Gospodarki. Czy kontrola zarządu banku sprzyja jego stabilności? Badanie praktyk corporate governance w Europie w latach 2003–2014. Studia i Materiały Wydziału Zarządzania UW. 2016; 2/2016 (22):78-89.
Chicago/Turabian StyleRenata Karkowska; Wydział Zarządzania Katedra Systemów Finansowych Gospodarki. 2016. "Czy kontrola zarządu banku sprzyja jego stabilności? Badanie praktyk corporate governance w Europie w latach 2003–2014." Studia i Materiały Wydziału Zarządzania UW 2/2016, no. 22: 78-89.
The goal of this study is to identify empirically how country-level development, taking into account the financial and macroeconomic environment, affect the risk profiles of the banking sector in Europe. Through a dataset that covers 3,399 European banks spanning the period 1996–2011, and the methodology of panel regression, the empirical findings document the heterogeneity of banking risk determinants. I examine the implications of bank leverage that manifest itself as spreading and growing instability. The study contributes to and combines the different strands of literature and understanding of the importance of the links between the variables. It also contributes to the literature by focusing on a group of countries from Central and Eastern Europe and the Commonwealth of Independent States that have not been studied before. The extended model provides a causal link between risk in the banking sector and the growth of the financial market and macroeconomy. I apply four measures of country-level development that are available in previous studies: share of foreign ownership in the banking sector; the financial freedom index; the real growth rate; and stock market capitalization. Using these measures, I obtain different results which highlight the fact that the effect of macroeconomic and financial development on banking sector risk-taking is ambiguous.
Renata Karkowska. The Relevance of Financial and Economic Factors for Determining Banking Risk Across Europe. SSRN Electronic Journal 2016, 1 .
AMA StyleRenata Karkowska. The Relevance of Financial and Economic Factors for Determining Banking Risk Across Europe. SSRN Electronic Journal. 2016; ():1.
Chicago/Turabian StyleRenata Karkowska. 2016. "The Relevance of Financial and Economic Factors for Determining Banking Risk Across Europe." SSRN Electronic Journal , no. : 1.
Renata Karkowska. Sources of Foreign Currency Debt in European Countries. Problemy Zarządzania - Management Issues 2016, 14, 74 -88.
AMA StyleRenata Karkowska. Sources of Foreign Currency Debt in European Countries. Problemy Zarządzania - Management Issues. 2016; 14 (4 (63)):74-88.
Chicago/Turabian StyleRenata Karkowska. 2016. "Sources of Foreign Currency Debt in European Countries." Problemy Zarządzania - Management Issues 14, no. 4 (63): 74-88.
Renata Karkowska. Corporate Governance Rules and Profitability of European Banks. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 2016, 79, 609 -616.
AMA StyleRenata Karkowska. Corporate Governance Rules and Profitability of European Banks. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia. 2016; 79 ():609-616.
Chicago/Turabian StyleRenata Karkowska. 2016. "Corporate Governance Rules and Profitability of European Banks." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 79, no. : 609-616.
Renata Karkowska. Bank solvency and liquidity risk in different banking profiles – the study of European banking sectors / Ryzyko niewypłacalności i płynności w różnych profilach działalności banków – badanie dla europejskiego sektora bankowego. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu 2016, 1 .
AMA StyleRenata Karkowska. Bank solvency and liquidity risk in different banking profiles – the study of European banking sectors / Ryzyko niewypłacalności i płynności w różnych profilach działalności banków – badanie dla europejskiego sektora bankowego. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu. 2016; (428):1.
Chicago/Turabian StyleRenata Karkowska. 2016. "Bank solvency and liquidity risk in different banking profiles – the study of European banking sectors / Ryzyko niewypłacalności i płynności w różnych profilach działalności banków – badanie dla europejskiego sektora bankowego." Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu , no. 428: 1.
Renata Karkowska; Igor Kravchuk. Struktura inwestorów na GPW w Warszawie w kontekście zmian makroekonomicznych i rynkowych / Structure of investors in the Warsaw Stock Exchange in the context of macroeconomic and market changes. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu 2016, 1 .
AMA StyleRenata Karkowska, Igor Kravchuk. Struktura inwestorów na GPW w Warszawie w kontekście zmian makroekonomicznych i rynkowych / Structure of investors in the Warsaw Stock Exchange in the context of macroeconomic and market changes. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu. 2016; (449):1.
Chicago/Turabian StyleRenata Karkowska; Igor Kravchuk. 2016. "Struktura inwestorów na GPW w Warszawie w kontekście zmian makroekonomicznych i rynkowych / Structure of investors in the Warsaw Stock Exchange in the context of macroeconomic and market changes." Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu , no. 449: 1.
While contemporary systemic risk takes many forms, usually all kinds of wellknown risks overlap in time and space. Considering leverage undertaken by banksas a potential source of systemic risk, the author attempts to discover the factorsintensifying this phenomenon. The article presents the results of a study on datafrom individual banks in 31 European states for the period 2000–2010. The primaryobjective of this study is to verify the diversification of sources of systemicrisk in the banking sectors of developing and developed countries. Evidence ofheterogeneity of systematic risk’s determinants in European countries is provided.
Renata Karkowska. Indywidualizacja źródeł ryzyka systemowego w krajach europejskich. Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace 2015, 1, 151 -163.
AMA StyleRenata Karkowska. Indywidualizacja źródeł ryzyka systemowego w krajach europejskich. Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace. 2015; 1 (3):151-163.
Chicago/Turabian StyleRenata Karkowska. 2015. "Indywidualizacja źródeł ryzyka systemowego w krajach europejskich." Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace 1, no. 3: 151-163.