Leszek Dziawgo, Danuta Dziawgo
Integration or domination? Thoughts on the management of the Polish financial market integration with the international financial market



The process of the Polish financial market integration with the international financial market is going on. There are numerous aspects of the integration. One of them is a serious involvement of foreign capital in the Polish financial market. Is the Polish capital only of a marginal importance in the market? Does integration with the international financial market mean, in terms of capital, an inevitable domination of the foreign capital in the Polish financial market?

The article´s aim is to draw attention to the magnitude of foreign capital involvement in selected segments of the Polish financial market. The banking sector was ignored as well known in terms of foreign capital involvement. However, it was stressed that a bank´s position would be more and more dependent on its capture on financial markets. The article analysis selected fragmentary financial markets in Poland. These are: investment funds market, pension funds market, short-term debt securities market, domestic bonds and eurobonds markets, insurance companies market, and credit-rating market. Based on preliminary conclusions it may be assumed that fragmentary financial markets have generally been fully conquered by the foreign capital. This is likely to affect further marginalization of the Polish capital in the domestic market, and enhance foreign capital domination in the Polish financial market. As a consequence, our management of the integration with the international financial market may obtain unsatisfactory evaluation.


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