Rola instytucji finansowych w systemie funkcjonowania współczesnej gospodarki kapitalistycznej
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Date
1974
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Wydział Prawa i Administracji UAM
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Abstract
Financial flows play more and more important role as the economic development
goes on financial institutions form directions and the volume of financial
flows. Financial institutions include: banking system, state budget and non-banking
financial intermediaries. During the development of capitalism non-banking intermediary
agencies such as insurance companies, pension funds, investment trusts
and so on play more and more important role compared to the banking system.
There exists a sharp competition between banking and non-banking agencies.
There are following tasks of financial institutions:
— shifting of financial resources from economic agents that are abundant in
towards those that are short of them,
— conversion of short and medium term deposits which are relatively overabundant
into long term investments which are at present the most necessary for
national economies,
— increase in liquidity of financial avoirs in order to let economic agents fix
their financial resources according to a so called portofolio optimal structure. The
portofolio optimal structure is reached when profits gained out of it are the
biggest and the risk of loosing the value of capital funds is the least. In general,
however, economic agents have no opportunity for accurate forecasting of profits
and prices in a long term and in practice it is almost impossible to attain the
portofolio optimal structure.
Moreover, while making resources in the framework of national economies
more liquid, financial institutions can fight an inflation pressure since a so called
shortage of liquidity in the economy leads to an inflationary situation because
either the quantity of money in circulation or its speed grow up.
In sum, however, the role of financial institutions is little explained and
first of all, there is no "general theory of financial flows" resembling the monetary
theory.
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Digitalizacja i deponowanie archiwalnych zeszytów RPEiS sfinansowane przez MNiSW w ramach realizacji umowy nr 541/P-DUN/2016
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 36, 1974, z. 2, s. 183-192