<abstract xmlns="http://www.w3.org/1999/xhtml"> In the last thirty years, the world's economies have changed significantly. New technology deve­lopments have enabled the transition from the industrial economy to the network economy. The network economy is based on information technology, connectivity and human knowledge. Its development has caused changes in the way of life, consumer behaviour on the markets and compa­nies’ business models, especially the process of goods and services creation and distribution. Elec­tronic commerce and services have become one of the fastest developing fields of the economy. As a result, the role of government has diminished while the role of markets has increased economic transactions between countries and their citizens have substantially risen, and financial transactions have grown remarkably. This changing landscape has been characterised by globalization and financialisation.The increasing role of financial motives, financial markets, and financial institutions have influenced domestic and international transactions. A new category of finance called e-finance has been created and implemented. Despite the advantages of electronic finance networks, concurrently there are some disadvantages of their diffusion. The purpose of the paper is to present both aspects of financialisation and its influence on the financial and banking system. This purpose determines the structure of the paper. As financialisation is a relatively new term the first section of the paper focu­ses on defining its phenomenon. This part presents different authors’ perspectives and definitions. Next, the influence of financialisation on the Polish financial system’s quantitative and qualitative structure is discussed. The last section focuses on the current role and functions of banks in the finance system network structure as a result of a rapidly changing technological environment. </abstract>

Financialisation as a Result of the Network Economy’s Development

<abstract xmlns="http://www.w3.org/1999/xhtml"> Financialization of households is a result of the growing role of financial systems and instruments in the economy. The increased role of financial phenomena in financial and non-financial decisions taken by households is not proportional to capabilities of their perception and understanding by households which possess basic knowledge in finance. The missing link between institutions and financial markets offering more complex financial solutions and the consumer may be a financial advisor who can perform many important roles with respect to households. The aim of this article is to present financialization of the economy and households and the role that can be played by financial advisors in decreasing the imbalance of information between the consumer and financial institutions, as well as the lack of symmetry in understanding financial information by the consumer.</abstract>

Financialization of The Economy and the Need for Personal Finance Advisory Services

<abstract xmlns="http://www.w3.org/1999/xhtml"> This article aims to extend evaluation of the classic multifactor model of Carhart (1997) for the case of global equity indices and to expand analysis performed in Sakowski et. al. (2015). Our intention is to test several modifications of these models to take into account different dynamics of equity excess returns between emerging and developed equity indices. Proposed extensions include a volatility regime switching mechanism (using dummy variables and the Markov approach) and the fifth risk factor based on realized volatility of index returns.Moreover, instead of using data for stocks of a particular market (which is a common approach in the literature), we check performance of these models for weekly data of 81 world investable equity indices in the period of 2000-2015. Such an approach is proposed to estimate an equity risk premium for a single country.Empirical evidence reveals important differences between results for classical models estimated on single stocks (either in international or US-only frameworks) and models evaluated for equity in­dices. Additionally, we observe substantial discrepancies between results for developed countries and emerging markets. Finally, using weekly data for the last 15 years we illustrate the importance of model risk and data overfitting effects when drawing conclusions upon results of multifactor models. </abstract>

Faculty of Economic Sciences, Warsaw University and Union Investment TFI S.A.; PS: Faculty of Economic Sciences, Warsaw University

MW: Faculty of Economic Sciences, Warsaw University and Quedex Derivatives Exchange,

Cross-Sectional Returns with Volatility Regimes from a Diverse Portfolio of Emerging and Developed Equity Indices

<abstract xmlns="http://www.w3.org/1999/xhtml"> This paper examines the relationship between financial sector transformation and income inequality. We construct an econometric model of income concentration for a panel of 16 OECD countries in the years 1995-2009. From our study, financial sector transformation, measured individually by three indicators (GDP share of stock market value traded, bank income and private credit), emerges as a nexus of complex and interconnected phenomena, which are strongly associated with the concentration of income at the top of the distribution.</abstract>

Financial Sector Transformation and Income Inequality-An Empirical Analysis

<abstract xmlns="http://www.w3.org/1999/xhtml"> The article is dedicated to changes in the cultural attitude of Polish society towards the banking sector under the conditions of progressing financialization and arising consequences for the ban¬king sector. First of all, attention is focused on the cultural characteristics of Poles, their attitude towards finance, especially in the period of transition. The main reference to cultural conditions relates to the tendency to save, incur loans, and the attitude towards banks. It is complemented, among other things, by the model of cultural dimensions by G. Hofstede and S. Schwartz, in line with which attempts are made to explain the mechanisms shaping the financial (banking) system and the financialization tendency. This picture is confronted with the present shape and evolution of the Polish banking sector since 1989, including the role of foreign capital. In particular, attention is focused on the image of banks towards challenges related to the global financial crisis and the main problem of Polish banking institutions, namely household mortgage debt in foreign currencies. The author presents a thesis that significant financialization cannot be indicated in Poland and the historical and cultural aspects do not cause its expansion to the same degree as in a number of other countries. However, certain features, such as preference for loans rather than savings, are favorable for this direction.</abstract>

Financialization and the Cultural Attitude of Polish Society towards the Banking Sector

<abstract xmlns="http://www.w3.org/1999/xhtml"> The reasons for disintermediation in the financial systems can be found on both sides of supply and demand. This progressing phenomenon is a result of numerous changes in the post-crisis financial sector landscape. In this article, the authors analyse the underlying causes of the shift away from formal financial institutions in the area of financial services as well as present the Polish payment services market as an example of banks’ receding role in the traditional intermediation between market players.</abstract>

The Development of Payment Services as an Example of Disintermediation in the Financial System

AHEAD OF PRINT

Volume 20 (2024): Issue 1 (March 2024)

Volume 19 (2023): Issue 4 (December 2023)

Volume 19 (2023): Issue 3 (September 2023)

Volume 19 (2023): Issue 2 (June 2023)

Volume 19 (2023): Issue 1 (March 2023)

Volume 18 (2022): Issue 4 (December 2022)

Volume 18 (2022): Issue 3 (September 2022)

Volume 18 (2022): Issue 2 (June 2022)

Volume 18 (2022): Issue 1 (March 2022)

Volume 17 (2021): Issue 4 (December 2021)

Volume 17 (2021): Issue 3 (September 2021)

Volume 17 (2021): Issue 2 (June 2021)

Volume 17 (2021): Issue 1 (March 2021)

Volume 16 (2020): Issue 4 (December 2020)

Volume 16 (2020): Issue 3 (September 2020)

Volume 16 (2020): Issue 2 (June 2020)

Volume 16 (2020): Issue 1 (March 2020)

Volume 15 (2019): Issue 4 (December 2019)

Volume 15 (2019): Issue 3 (September 2019)

Volume 15 (2019): Issue 2 (June 2019)

Volume 15 (2019): Issue 1 (March 2019)

Volume 14 (2018): Issue 4 (December 2018)

Volume 14 (2018): Issue 3 (September 2018)

Volume 14 (2018): Issue 2 (June 2018)

Volume 14 (2018): Issue 1 (March 2018)

Volume 13 (2017): Issue 4 (December 2017)

Volume 13 (2017): Issue 3 (September 2017)

Volume 13 (2017): Issue 2 (December 2017)

Volume 13 (2017): Issue 1 (November 2017)

Volume 12 (2016): Issue 4 (December 2016)

Volume 12 (2016): Issue 3 (October 2016)

Volume 12 (2016): Issue 2 (June 2016)

Volume 12 (2016): Issue 1 (March 2016)

Volume 11 (2015): Issue 4 (December 2015)

Volume 11 (2015): Issue 3 (September 2015)

Volume 11 (2015): Issue 2 (June 2015)

Volume 11 (2015): Issue 1 (March 2015)

Financial Internet Quarterly

   Our journal The Financial Internet Quarterly is already indexed in Emerging Sources Citation Index!   Established in 2004 with the support of the National Central Bank of Poland, the Financial Internet Quarterly (FIQ), initially 'Financial Internet Quarterly e-Finanse', is a scientific Journal published by The University of Information Technology and Management in Rzeszow, Poland. As a peer-reviewed, open-access Journal, FIQ plays a pivotal role in bridging the research gap within the European financial scholarly community, appealing to a wide array of finance professionals, academics, and students. By eliminating Article Processing Charges (APCs), it ensures unrestricted access to its comprehensive research findings. FIQ's scope spans crucial financial disciplines. It offers insights into corporate finance, focusing on investment strategies and governance. The journal delves into banking, covering risk management and financial innovation, and explores public finance topics like fiscal policy and taxation. It also examines capital markets, analyzing securities trading and market dynamics, alongside addressing insurance, accounting, and legal aspects of financial management. This broad coverage ensures FIQ's role as a pivotal platform for finance-related discourse, upheld by its distinguished Editorial Board. The Editorial Board, consisting of esteemed scholars, ensures that FIQ maintains rigorous academic standards and relevance in its publications. This commitment positions FIQ as an essential resource for advancing knowledge and fostering dialogue within the global financial community. Why subscribe and read The aim of this quarterly publication is the popularization of financial knowledge and the presentation of new ideas in this field. We publish articles covering a wide range of financial topics, including issues related to business finance, public finance, insurance, banking, accounting, capital markets and the legal aspects of financial management.  Why submit  The journal have constructive double – blind peer review process and efficient publication process.  Rejecion Rate   7%   Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 