Integration processes of the European market of investment funds from the perspective of emerging markets

Elżbieta Kubińska

Abstract


The purpose of this article is to compare Polish investment funds market to other European coun- tries, with particular reference to Central and Eastern Europe, in terms of market size, funds allocation. Investing in mutual funds is one of the reasons of globalization and integration of financial markets. The integration of financial markets of EU countries is supported by Financial Services Action Plan (FSAP) established by European Commission in 1999. The most important legislative initiatives taken under the FSAP are MiFID and UCITS directives, whose main objective is to raise the level of harmonization of financial services among the countries. UCITS IV directive was launched in Poland on 1 February 2013. The analysis was based on annual reports published by the association EFEMA. The size of Pol- ish investment funds market, as well as other CEE countries, is not comparable to the Western Europe countries. However, the gap is decreasing, we observe in CEE countries high growth rate and trends prevailing in the developed countries. Poland plays a leading role in this process. Poland has the biggest investment funds market among the analyzed group of New Member States, almost four times bigger than the average for the group.

Keywords


investment funds; emerging markets; the law of financial markets (MiFID, UCITS)

Full Text:

PDF (Język Polski)

References


Annual Report 2009, European Fund and Asset Management Association, http://www.efama.org/Publications/Public/Annual%20Reports/Annual%20Report%202009.pdf (dostęp: 15.01.2013).

Annual Report 2010, European Fund and Asset Management Association, http://www.efama.org/Publications/Public/Annual%20Reports/Annual%20Report%202010.pdf (dostęp: 15.01.2013).

Annual Report 2011, European Fund and Asset Management Association, http://www.efama.org/Publications/Public/Annual%20Reports/Annual%20Report%202011.pdf (dostęp: 15.01.2013).

Dębski W. (2005), Fundusze inwestycyjne w Polsce po wstąpieniu do Unii Europejskiej, „Bank i Kredyt”, nr 10, s. 27–38.

EBF Report on Integration of European Financial Markets; European Financial Stability and Integration Report 2011, http://www.ecb.int/pub/pdf/other/financialintegrationineurope201204en.pdf (dostęp: 16.01.2013).

Fund Fees in Europe 2011, Report of European Fund and Asset Management Association, http://www.efama.org/Publications/Statistics/Other%20Reports/EFAMA_Fund%20Fees%20in%20Europe%202011.pdf (dostęp: 16.01.2013).

http://ec.europa.eu/internal_market/investment/ucits-directive/index_en.htm (dostęp: 16.01.2013).

http://www.imf.org/external/pubs/ft/survey/so/2012/car071912a.htm (dostęp: 16.01.2013).

Integracja europejskiego rynku finansowego – zmiana roli banków krajowych, Zeszyty BRE Bank – CASE nr 80, Warszawa, 2005.

Iwanicz-Drozdowska M. (2009), Integracja rynków finansowych – jej rodzaje i znaczenie, [w:] Integracja rynków finansowych w Unii Europejskiej od A do Z, Narodowy Bank Polski, Warszawa 2009.

Kowalak T. (2003), Znaczenie Financial Services Action Plan dla budowy wspólnego rynku finansowego w Unii Europejskiej, „Ruch Prawniczy, Ekonomiczny i Socjologiczny”, R. LXV, z. 3, s. 181–199.

Mrzygłód U. (2011), Procesy integracyjne na rynkach kapitałowych Unii Europejskiej, Materiały i Studia NBP 2011, z. 257.

Pilecka A. (2009), Plan działań w zakresie usług finansowych (FSAP) – założenia, realizacja i wpływ na rynki finansowe w Unii Europejskiej, [w:] Integracja rynków finansowych w Unii Europejskiej od A do Z, Narodowy Bank Polski, Warszawa.

Żebrowska-Suchodolska D., Karpio A., (2010), Polski rynek otwartych funduszy inwestycyjnych na tle rynku europejskiego, Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing 2010, nr 4 (53), s. 322–331.




DOI: http://dx.doi.org/10.17951/h.2014.48.1.111
Date of publication: 2015-04-27 14:05:01
Date of submission: 2015-04-14 21:03:06


Statistics


Total abstract view - 703
Downloads (from 2020-06-17) - PDF (Język Polski) - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2015 Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia