Challenges to Financial Stability – Perspective, Models and Policies - Volume I - A Framework for Modeling Systemic Risk Drivers of Different Markets

Author(s): / Language(s): English

During the global financial crisis exchange stock markets fell by more than 40% in Europe, USA or Japan. Real economy stopped, which was seen in international trade, direct investments and industry. These declines illustrate the scale and impact of systemic risk and its local and global consequences. In response, international supervisory and regulators have identified causes of the global financial crisis and took necessary steps to create stability of financial system, discipline in risk-taking, leverage and management of systemic risk. At the present, the global economy is facing some critical factors - supervisory improvement to minimize the risk and its impact of economy and simultaneously market participants examine the multi-faceted nature of regulation. The question is how to make sure that regulation are suitable for potential risk exposure and appropriate to financial institutions capitalization? The other topic is measures of systemic risk factors associated funding, profitability and bank liquidity through stress testing and economic analysis. What is the current level of systemic risk in the global financial system? The increased complexity of financial markets is a relatively new challenge that requires a fundamental shift in our thinking with respect to risk measurement. But we cannot manage what we do not measure. It is unlikely that a single measure of systemic risk will suffice. We anticipate that the variety of inputs ranging from financial stability, liberalization, concentration, and connectedness will all be revealing. Meaningful measurement requires a clear definition of systemic risk and thoughtful modeling of it. There are three major components to the challenge of monitoring systemic risk: the availability of data, modeling and measurement. Practical aspects of monitoring of systemic risks are, therefore, high on the policy of regulatory and supervisory community. Meet to this crucial problems regulators discuss aspects of macro-prudential frameworks, including Basel III capital buffer and monitoring of financial systems in order to detect vulnerability signs. Last years, policy makers, regulators and academics have been exploring questions related to financial stability, systemic risk and regulation. Thus, the goal of this book -Challenges to Financial Stability - Perspective, Models and Policies - is to encourage the exchange of new ideas about challenges in global trends in finance in the view of wide aspects of current critical perspective of financial system evolution. This special book addresses answers of these difficult questions. The target audience for this publication is academics, researchers and policy makers engaged in various disciplines such as evolution of the financial system, empirical financial analysis, macro and micro economic, including banking, currency and capital market, financial market liberalization and regulation, risk measurement & management. I expect that this special book will shed light on some of the challenges to stability of global financial system. The book consists of 19 chapters that are organized in 2 volumes - I. A Framework for Modelling Systemic Risk Drivers of Different Markets; II. Towards the Financial Stability -Macroprudential Policy and Perspective.

Challenges to Financial Stability - Perspective, Models and Policies - Volume II - Towards the Financial Stability -Macroprudential Policy and Perspective

Author(s): Renata Karkowska / Language(s): English

During the global financial crisis exchange stock markets fell by more than 40% in Europe, USA or Japan. Real economy stopped, which was seen in international trade, direct investments and industry. These declines illustrate the scale and impact of systemic risk and its local and global consequences. In response, international supervisory and regulators have identified causes of the global financial crisis and took necessary steps to create stability of financial system, discipline in risk-taking, leverage and management of systemic risk. At the present, the global economy is facing some critical factors - supervisory improvement to minimize the risk and its impact of economy and simultaneously market participants examine the multi-faceted nature of regulation. The question is how to make sure that regulation are suitable for potential risk exposure and appropriate to financial institutions capitalization? The other topic is measures of systemic risk factors associated funding, profitability and bank liquidity through stress testing and economic analysis. What is the current level of systemic risk in the global financial system? The increased complexity of financial markets is a relatively new challenge that requires a fundamental shift in our thinking with respect to risk measurement. But we cannot manage what we do not measure. It is unlikely that a single measure of systemic risk will suffice. We anticipate that the variety of inputs ranging from financial stability, liberalization, concentration, and connectedness will all be revealing. Meaningful measurement requires a clear definition of systemic risk and thoughtful modelling of it. There are three major components to the challenge of monitoring systemic risk: the availability of data, modeling and measurement. Practical aspects of monitoring of systemic risks are, therefore, high on the policy of regulatory and supervisory community. Meet to this crucial problems regulators discuss aspects of macro-prudential frameworks, including Basel III capital buffer and monitoring of financial systems in order to detect vulnerability signs. Last years, policy makers, regulators and academics have been exploring questions related to financial stability, systemic risk and regulation. Thus, the goal of this book -Challenges to Financial Stability - Perspective, Models and Policies - is to encourage the exchange of new ideas about challenges in global trends in finance in the view of wide aspects of current critical perspective of financial system evolution. This special book addresses answers of these difficult questions. The target audience for this publication is academics, researchers and policy makers engaged in various disciplines such as evolution of the financial system, empirical financial analysis, macro and micro economic, including banking, currency and capital market, financial market liberalization and regulation, risk measurement & management. I expect that this special book will shed light on some of the challenges to stability of global financial system. The book consists of 19 chapters that are organized in 2 volumes: Volume I - A Framework for Modelling Systemic Risk Drivers of Different Markets and Volume II - Towards the Financial Stability – Macroprudential Policy and Perspective.

Problemy zatrudnienia w organizacjach

Author(s): / Language(s): English,Russian,Polish

Outward FDI Policies in Visegrad Countries

Author(s): Andrea Éltető,Soňa Ferenčíková,Marta Götz,Tatiana Hlušková,Barbara Jankowska,Erich Kříž,Magdolna Sass / Language(s): English

Visegrad Four (V4) due to the specific dependence on foreign capital have been labelled as “dependent market economies” with a comparative advantage in the assembly of goods such as cars or consumer electronics [Noelke, Vliegenthart 2009]. This project focuses on the opposite side of international capital movements as it explores the phenomenon of outward investment made by V4 indigenous firms.

Modele biznesu przedsiębiorstw. Analiza i raportowanie

Author(s): Jan Michalak / Language(s): Polish

The book addresses the following questions: How business models are presented in annual reports, integrated reports and IPO prospectuses? How business models influence the way information is presented in financial statements? How should financial and management accounting systems be adapted in order to properly model business models? How business models can be analyzed? The book consists of four chapters. The first chapter discusses definition and classification of business models. The second chapter focuses on the analysis and evaluation of business models. the third chapter, the discussion is devoted to issues, to a lesser extent subjected to analysis in Polish and world literature, that is, reporting of business models. Third chapter is covers impact of business model on financial accounting, management accounting and integrated reporting. It presents also analysis of business model presentation in sixty strategic reports of companies listed on the London Stock Exchange and in five integrated reports. Chapter four covers ten case studies of business model reporting of companies listed on the NewConnect. New connect is Polish alternative stock market established to promote innovative business models. The book is addressed to managers, accounting specialists as well as to researchers in the fields of management, accounting and finance.

Podatek od wyjścia

Author(s): Aneta Nowak-Piechota / Language(s): Polish

The publication regards a special regulation – exit tax, which is imposed on taxpayers in connection with a change of residence (emigration) or a transfer of particular assets abroad. It can be imposed both on individuals and corporations. In this case there appears a fiction that a taxpayer disposes their assets and, therefore, is obliged to pay capital gains tax. Exit tax represents one kind of emigration taxes. It is not de facto a separate tax, but a special construction implemented usually to income tax systems. We can differentiate general and limited exit tax. The main aims of dissertation is to: 1) ascertain the objectives of exit tax; 2) establish whether exit tax provisions may be in compliance with EU law and, as a consequence, to indicate which regulations regarding this tax does not breach this law; 3)to present postulates to change model conventions on double tax treaties and tax treaty practice of countries that implemented exit tax; 4)determine relations between exit tax and provisions of Polish Constitution. Aforementioned aims of the dissertation lead to its main aim i.e. proposition of the frames of exit tax regulation that would realize its objectives and assumptions, be compliant with EU law and Constitution. It is worth, thus, ask a question: how provisions regarding exit tax should look like to fulfil aforementioned conditions? It is also crucial to present postulates concerning Poland’s treaty practice in connection with introduction of exit tax. // Monografia dotyczy szczególnego rodzaju uregulowania - podatku od wyjścia (ang. exit tax). Podatkiem tym są obciążani podatnicy w przypadku emigracji lub przeniesienia określonych składników majątku za granicę. W publikacji zaprezentowano istotę podatku od wyjścia, regulacje go dotyczące w wybranych państwach Europejskiego Obszaru Gospodarczego oraz omówiono problematykę tego rodzaju podatku w świetle prawa Unii Europejskiej, prawa międzynarodowego i Konstytucji RP. Celem głównym monografii jest zaproponowanie ram regulacji dotyczącej podatku od wyjścia, podlegającej wprowadzeni u do prawa polskiego, która realizowałaby zadania i założenia tego unormowania, a także byłaby zgodna z prawem Unii Europejskiej oraz Konstytucją RP. Książka stanowi zaktualizowaną wersję rozprawy doktorskiej - obronionej na Wydziale Prawa i Administracji Uniwersytetu Łódzkiego w 2017 roku i wyróżnionej Nagrodą Prezesa Rady Ministrów w 2018 roku.

The Structure of Ownership in the Financial Sector across the European Union

Author(s): Michał Jurek / Language(s): English

The purpose of this book is to analyse the structure of ownership in the financial sector in the selected old (France, Germany, Greece, Italy, Sweden, the United Kindom) and new (the Czech Republic, Hungary, Poland) EU member states. This subject is particularly important to the proper understanding of the scale and scope of the process of financialisation in the EU countries. General objective of the book is the investigation and evaluation of the structure of ownership in the financial sector across the EU and its consequences with the special consideration of relations between this process and withdrawal of the State from the financial sector. In order to accomplish this target, extensive research is undertaken. It encompasses the analysis of the types of financial institutions functioning in selected countries. Areas of competition, cooperation and interdependence between different types of financial institutions are identified, as well as similarities and differences in the present composition and structure of the financial sector in particular EU countries and factors behind inter-country differences. Finally, comparative analysis of evolution of structure of financial sector and its driving forces in particular countries and group of countries is presented.

Sytuacja kobiet na rynku pracy. Wybrane aspekty

Author(s): Dorota Witkowska,Krzysztof Kompa,Aleksandra Matuszewska-Janica / Language(s): Polish

Gender disparities and women discrimination on labour market seem to be the most important problems in European Union member states. Therefore, different regulations and strategies to improve situation of female employees have been introduced. To formulate such solutions, it is necessary to analyze the women’s situation on the EU labour market that was a goal of the research which we financed by National Science Center. The monography contains the results obtained for the years 2002-2014. Analysis concerns economic activity, wages and gender pay gap modelling, together with presence of women in management. Changes of labour activity in European Union countries after the crisis seem to be interesting since the crisis was mostly visible in masculine economic sectors. Economic inactivity and its determinants are also very important issues which were analyzed. Modelling of remuneration and gender pay gap are one of the basic questions. Factors which were identified as having impact on both phenomena are discussed. Women in boardrooms and the influence of the gender structure of management to the financial performance of companies have been a hot topic recently. Therefore, the results of our investigation of these issues seem to be interesting. // Nierówne traktowanie ze względu na płeć i dyskryminacja kobiet na rynku pracy są uważane w krajach Unii Europejskiej za jeden z głównych problemów, o czym świadczą m.in. zapisy legislacyjne i strategie zmierzające do poprawy pozycji kobiet. Istotna jest zatem analiza sytuacji kobiet na rynku pracy Unii Europejskiej, co było celem badań finansowanych przez Narodowe Centrum Nauki, których wstępne wyniki dotyczą lat 2002-2014. W monografii zaprezentowano w szczególności aktywność zawodową, modelowanie płac oraz obecność kobiet w kierownictwie. Interesujące wydają się zmiany aktywności na rynku pracy w krajach Unii Europejskiej po kryzysie, bowiem dotknął on przede wszystkim sektory mocno zmaskulinizowane. Ważnymi problemami są też bierność zawodowa i jej przyczyny, które poddano analizie. Modelowanie płac i badanie luki płacowej implikowanej płcią należą do podstawowych zagadnień, dlatego poświęcono im w publikacji sporo miejsca, poszukując czynników oddziałujących na oba zjawiska. Dostęp kobiet do stanowisk kierowniczych i rozważanie wpływu struktury managementu na sytuację finansową przedsiębiorstw jest natomiast stosunkowo nowym i godnym uwagi nurtem w badaniach rynku pracy.

The Future of Retail Financial Services. What policy mix for a balanced digital transformation?

Author(s): Kim Vindberg-Larsen,Sylvain Bouyon / Language(s): English

While policy-makers are gradually creating the necessary conditions tostrengthen the digital transformation of retail financial services, numerous policy issues and unanswered questions remain. The purpose of this report is to analyse the issues that were considered by the Task Force to be relevant for retail banking and non-life insurance at the present time and for the next few years to come. In order to develop a market in which retail financial services contribute to the economy in a balanced way, 12 main issues need to be further addressed.

Wspieranie zagranicznych inwestycji bezpośrednich w Polsce przez system zachęt dla inwestorów

Author(s): Tomasz Dorożyński / Language(s): Polish

Internationalisation is an important process in global economy today. It consists in creating and developing various forms of supranational connections between companies, as seen in foreign direct investment. The main aim of the research is an assessment of foreign investors’ reaction to the use of incentives. The first part of the monograph has been devoted to theoretical, legal and organisational aspects of supporting foreign investors. The second part presents empirical research into the value of incentives from the economic perspective of both the host country and the country of origin. The publication is mainly intended for economists and representatives of international business. It can also be of interest to managers, experts and public administration officials whose work is concerned with international operation of enterprises.

EKONOMICZNE I POLITYCZNE UWARUNKOWANIA upadłości państwa

Author(s): Bartosz Totleben / Language(s): Polish

Przedmiotem rozważań Autora są zagadnienia upadłości państwa, w tym główne jego determinanty. Problematyka ta od pewnego czasu pozostaje w kręgu zainteresowań ekonomistów, a także - może nawet w większym stopniu - przedstawicieli innych nauk społecznych. Wynika to z ciągłych zmian, jakie zachodzą na świecie w ostatnich dekadach, m.in. gwałtownego wzrostu liczby państw. Nie zawsze są one w stanie samodzielnie funkcjonować i dochodzi wtedy do ich upadłości, jednocześnie powstanie niektórych z nich związane jest z rozpadem tych wcześniej istniejących. Zagadnienia te są więc jak najbardziej aktualne. z recenzji prof. dr. hab. Stanisława SwadźbyW pracy nie ograniczono się jedynie do określenia istoty procesu upadłości państw i jego determinant, ale też zaprezentowano analizę czynników prowadzących do upadłości państw, wykorzystując do tego metody statystyczne i ekonometryczne. Autor postanowił określić, w jakim stopniu zidentyfikowane determinanty zwiększają prawdopodobieństwo dezintegracji systemu społeczno-gospodarczego, którego finalnym efektem jest upadłość państwa. z recenzji dr. hab. Wojciecha Gizy, prof. UEKBartosz Totleben - doktor nauk ekonomicznych specjalizujący się w ekonomii politycznej oraz instytucjonalnej. Asystent w Katedrze Makroekonomii i Badań nad Rozwojem na Wydziale Ekonomii Uniwersytetu Ekonomicznego w Poznaniu. Autor i współautor kilkunastu publikacji naukowych z zakresu instytucjonalnych uwarunkowań funkcjonowania państwa, ze szczególnym uwzględnieniem problematyki państw upadłych.

Antropologia piețelor financiare. Teme, Abordări, Metode

Author(s): Narcis Tulbure / Language(s): Romanian

The book is an introduction to the overlapping subfields of the anthropology of financial markets and the anthropology of money. It is meant for a Romanian audience interested in understanding financial practices and processes taking place after the end of socialism from an anthropological perspective. The book includes a selection of unpublished essays and several articles formerly published in English. It aims both to present a systematic and critical introduction to some of the most recent theories pertaining to the anthropology of money/ financial markets and to illustrate the virtues of ethnographic approaches to postsocialist financial practices. While the first chapter is a critical essay on the state of the two subfields, the following four chapters of the book deal with the issues of local notions of (life) insurance and the social networks through which insurance policies are distributed, indebtedness and its local predicaments during the financial crisis started in 2008, the shifting notions of risk and the financial architecture built to tame it after the subprime mortgage crisis and the Great Recession it triggered, as well as culturally informed practices involving money in several Romanian mutual funds during the postsocialist period.

Finansjalizacja wybranych rynków surowcowych na świecie

Author(s): Marcin Złoty / Language(s): Polish

Financialization transforms the existing rights, directions and rules of functioning of many levels of the economy, including the commodity market. The activity of investors in the futures market from the beginning of the 21st century began to determine the trends in prices of commodities. Implementation of solutions and instruments of the financial market to the structure of the commodity market is the contemporary dimension of the financialization of this area. The study covered the impact of financial investors on the commodity futures market on the development of spot prices of five analyzed assets – gold, silver, copper, WTI crude oil and natural gas. The analysis of the impact of the futures market factors on the current market, carried out using the Granger causality method, is aimed at determining the order of interactions between both levels of trading. The current trends and transformations of the commodity market show the constant transformation of the entire world economy, which is becoming increasingly dependent on financial systems and instruments.

Wyzwania współczesnej rachunkowości i finansów w przedsiębiorstwie

Author(s): / Language(s): Polish

A monograph devoted to selected issues belonging to two key sub-disciplines within the economic aspects of management science: corporate financial management and accounting. The studies composing the monograph discuss scientific research and analyses concerning, among others, organisational and legal functioning of guarantee funds in the case of tour operators, measurement and valuation of human capital in economic organisations, financing pro-export activities of enterprises using external funds and, finally, the role of narrative in accounting in the context of financial reporting of capital market companies. The results of scientific research being the conclusion of individual texts within the monograph may be the basis for further discussions and research related to microfinance of enterprises and accounting. Given the importance and topicality of the problems raised, the monograph addresses a wide audience: academics, PhD students and students of finance and accounting faculties, as well as managers, accountants, appraisers and officials following the changes.

FinTech

Author(s): / Language(s): Polish

Scientific monograph focused on selected issues related to new technologies in financial services (FinTech). The publication is one of the few to include scientific articles and short popular science articles published on the Facebook page written exclusively by undergraduates and graduates, coming from different scientific centers. The authors mainly represent the fields of finance, management, law and economics.

Wybrane metody ilościowe w finansach

Author(s): Dorota Witkowska / Language(s): Polish

The monograph discusses selected issues of descriptive and mathematical statistics, econometric modeling and multivariate comparative analysis. Most of the methods are illustrated with real life examples from the field of finance, highlighting the problems and limitations of the applicability of these methods. The chapters was arranged according to the systematization of the presented issues.Chapter 1-st discusses issues related to the measurement of socio-economic phenomena, methods of data acquisition and their proper presentation. The 2-nd chapter is devoted to the structure of the data description, indicating the limitations of applied methods. The next section shows how to generalize the results derived from a statistical sample. Chapter 4-th deals with cross-correlation analysis. This is followed by a discussion of methods for analyzing the dynamics of phenomena. Chapter 6-th is dedicated to classical econometric models, binary variable models and time series models. Chapter 7-th is an introduction to forecasting, and the 8-th to multidimensional comparative analysis. The last three chapters provide an in-depth illustration of the application in finance of most of the methods discussed. Thus, the 9-th chapter is a description of financial time series analysis using the example of a stock price quotations of a selected listed company. The 10-th deals with two issues - the application of selected classification methods to assess the creditworthiness of bank customers, and the assessment of the economic and financial condition of companies, taking into account various aspects of their performance, using taxonomic measures. The last chapter is devoted to the construction of hedonic price indices of artworks, which take into account their qualitative characteristics.

Nadmierny optymizm analityków sporządzających rekomendacje giełdowe w wycenach przedsiębiorstw

Author(s): Michał Radke / Language(s): Polish

The monograph has an interdisciplinary character. It is located on the border of two research areas of finance – behavioral finance and investment banking. In the case of the latter, it is mainly about the activities of financial institutions in the field of enterprise valuation in the issued stock exchange recommendations, both in theoretical and legal terms, as well as in practical approach, highlighting the most common mistakes in valuations. The main objective of the monograph is to analyze the psychological determinants of decision-making processes in the capital market, which concern not only rational premises for perceiving the value of financial assets through the prism of formal models of their valuation, but also attitudes, in particular optimism, which distorts the objective perception of value, while showing "human nature" financiers. The results of the analyzes provided by the author allowed to broaden the scope of knowledge on decision-making mechanisms in financial investment processes and their conditions. The obtained results are of practical importance both for individual and institutional investors, i.e. recipients of investment recommendations and their authors, which undoubtedly constitutes its great value.

Kapitał intelektualny a konkurencyjność banków w Polsce

Author(s): Karolina Anielak-Sobczak / Language(s): Polish

Contemporary banks operating in the knowledge-based economy are constantly looking for sources to improve their competitiveness and attractiveness in relation to the banking sector. Therefore, it becomes necessary to be able to react flexibly to changes in the market environment and to creatively use one's resources and experience. Nowadays, the banking services market has a similar product offer, similar functionality of the available distribution channels, which draws the managers' attention to the so-called soft factors of competitive advantage. Intellectual capital is the source of the bank's intangible resources, such as knowledge, employee skills, quality of service, relationships and social image as well as innovations. This monograph focuses on the structure of intellectual capital and its impact on the competitiveness of banks. The concept of dividing the bank's intellectual capital into three subsystems was presented: organizational capital (KORG), innovative capital (KINN) and institutional capital (KINS). In the monograph, the author used a multidimensional static analysis, as part of which a proprietary synthetic measure of the competitiveness of banks was built. It was calculated on the basis of 26 diagnostic indicators related to the assessment of intellectual and economic capital, which, according to the author, have the greatest impact on competitiveness. Thanks to this, she created rankings in terms of their competitiveness for a group of 10 listed commercial banks in Poland in 2009-2020.

Изследване на ефектите от влизането в сила на новите международни стандарти за финансово отчитане - 9 финансови инструменти и 17 застрахователни договори върху финансовата стабилност и ликвидност на застрахователите в България

Author(s): Mariana Petrova Mihaylova,Atanaska Filipova-Slancheva,Nikolina Nikolova,Marionela Stoilkova,Velichka Velkova / Language(s): Bulgarian

The collective monograph "Study of the effects of the entry into force of the new international financial reporting standards – 9 Financial instruments and 17 Insurance contracts on the financial stability and liquidity of insurers in Bulgaria" is the result of a research project funded by the University of National and World Economy - Sofia, Bulgaria. The topic of the academic project is new for the research activity both for the UNWE-Sofia and for the professional community in the field of the insurance industry. The relevance of this topic stems from the adoption of International Financial Reporting Standard (IFRS) 9 Financial Instruments and IFRS 17 Insurance Contracts by the International Accounting Standards Board (IASB). The adoption of the new standards comes after many years of expert work, public discussion and approval of basic problem questions. The main objective of the monographic work is the definition of variability of the effects of the entry into force of the new IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts for insurers in Bulgaria and the potential risks for their financial stability and solvency, respectively liquidity. Subject of the study is the applicable accounting legislation, including IFRS, the applicable legislation in the field of insurance, the practices of the leading insurers in Bulgaria, the applicable regulatory requirements, the results of the reviews of the insurers' balance sheets. The applied methodology includes various approaches, such as systemic, historical, structural and legislative, so that, based on observation, comparative, static and dynamic analysis, the objectives of the project can be achieved. These methods were also applied to the reviewed literature, the statistical information used, the empirical research carried out, the author's opinions, conclusions and results. The main scientific results can be summarized in the following several areas: researched are the new principles, approaches and resulting methodologies and models for accounting recognition, evaluation and presentation of financial assets and insurance contracts; studied are the amendments in the insurance regulatory framework at the EU level and, respectively, at Bulgarian level resulting from the requirements of the new IFRS applicable to insurers; presented are the adaptation possibilities and the new accounting policies development of insurers for the initial application of IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts; seven scientific articles and reports on the topic of scientific research have been published.

Gospodarka międzynarodowa. Rys teoretyczny

Author(s): Magdalena Rosińska-Bukowska,Klaudia Zielińska-Lont / Language(s): Polish

The term 'international economy' is very broad, variously defined, and increasingly complex in the 21st century. This paper assumes that it is a system of economic, social and cultural links that develop in stages between dynamically changing participants, with increasingly complex structures, that collectively facilitate the international process of production and exchange of goods, services and ideas. This process involves all countries and regions and is carried out simultaneously at many levels: micro-, meso-, macro- and meta-economic, which interact with each other.The authors' aim was to create a concise theoretical and conceptual base, necessary for a comprehensive assessment of the changes taking place in individual economies, as well as in the global economic system. The monograph is a collection of basic definitions, classifications, information on structures and mechanisms, as well as sources of theoretical foundations, which can be used as a basis for more in-depth research.Definitions and concepts relating to: trade and investment policy; international competitiveness of economies; the development of transnational corporations; the importance of globalisation processes; the evolution of the institutional structure of the international economy (including: GATT-WTO, International Monetary Fund, World Bank Group) have been presented.The paper presents the author's concept of assessing the international competitiveness of economies on the basis of a systemically-balanced model, emphasising the importance of four levels of establishing competitiveness (micro-, meso-, macro- and meta-economic) and the necessity of a comprehensive study of it, taking into account: baseline competitiveness (resources, potential), operational competitiveness (capabilities, instruments), competence competitiveness (key competences, advantage) and systemic competitiveness.