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Future of Business and Finance: Challenges and Prospects after the Crisis

International Conference
Future of Business and Finance:
Challenges and Prospects after the Crisis1

finansowana w ramach umowy 584/P-DUN/2016 ze środków Ministra Nauki i Szkolnictwa Wyższego
przeznaczonych na działalność upowszechniającą naukę

 

Scope

 

The economic slowdown and the crisis are two categories which are strictly connected with the global market economy. The last spectacular crisis was dated in 1929 and since 2007 the economic world has been gaining new experience in dealing with this phenomenon. After the subprime market had broken down, and the property bubble had spoiled over, the unbalanced budgets era in Europe and outside have started. The excessive deficits and debts are nowadays one of the crucial threats for economic growth and for public authorities which are seeking for the sufficient way out. The European Union case reflects how difficult the problem of the unbalanced budgets might be. Almost every state encounters the problem of extensive deficit and debt and a lot of companies are financial distress.

The financial crisis 2007 that started in the subprime market in the US has shown the weakness of the systems and procedures supporting financial stability. At the same time the well-known Keynesian ways of fiscal stimulus and mechanism of multipliers in the contemporary economies occurred not to be sufficient for public and private finance and economic growth restoration. There are also opinions that Keynesian approach creates suitable conditions for incensement of extensive deficit and debt. In this context insolvency risk management became much more important than ever before.

In the aftermath of the economic crisis of 2007, the importance of the safety and stability of financial institutions has increased as a consequence of the numerous bailouts that many states across the globe have encountered. The banking and financial system is a unique element in the business landscape. Banks and other financial institutions play a specific role in the economy and society. The growing role and size of the financial sector has generated numerous advantages and disadvantages. The environment of low nominal growth and high unemployment is the major underlying factor driving the challenges to financial stability. The financial crisis has made it clear that the present architecture for financial security and corporate governance is very fragile. The crisis exposed the shortcomings in existing risk measurement methods for financial institutions and it has made it necessary to search for new approaches to risk assessment and management in finance, with special attention paid to banking.

The crisis of 2007 strongly affected public budgets, and as a result, many public entities were financially distressed or about to fail.  At the same time, access to external financing was limited - or nonexistent - because of the condition of financial sector, especially in the banking sector. It is very important to emphasize that fiscal stability is strongly determined by the condition of the financial sector, and the safety and stability of financial institutions, while taking into account bail outs and state aid. Taking into account the steps which were taken after the crisis of 2007 governments have been in a fiscal consolidation process since 2009 to stabilise their budgets with revenue and expenditure instruments, with special emphasis on budgetary fiscal rules. The big challenge in the context of fiscal consolidation which is based on revenue, is tax evasion and increasing the effectiveness of taxation (tax rates and tax base action). The crucial challenge is also proper pricing of public good and services, especially in the sectors where monopoly exists and where environmental costs are important, like in the case of water whose price depends on the tariffs which are usually set up by local authorities. Finally, there is the problem in the assessment of the cost of public services which varies across governments and countries, and governments do not always know the cost of public goods or services.  

After the financial crisis of 2007, the main questions have been: what is the role of the banks and financial institutions in today’s economy? And is the banking profession distorted? Many banks preferred to speculate rather than finance households and companies, which is obvious after an analysis of the crisis’ main indicators, as seen in the loans and financial assets as a proportion of total assets. Other important open questions are: what’s the role of contemporary monetary and fiscal policy and in this context what’s the role of central banks and government to prevent next crisis and stabilise economy? How to design budget constraints and financial instruments to secure business, households, governments and financial institutions against insolvency and bankruptcy risk and moral hazard? How to foster banks to finance real economy and play fair? How to create friendly environment for business and secure access to external financing? What’s the role of auditors and rating agencies in mitigating financial risk? How to regain trust to financial markets and financial institutions? What’s the role of financial market and financial institutions in overwhelming new and old social risk and financial exclusion?

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1 Międzynarodowa Konferencja Naukowa nt. Future of Business and Finance: Challenges and Prospects after the Crisis finansowana w ramach umowy 584/P-DUN/2016 ze środków Ministra Nauki i Szkolnictwa Wyższego przeznaczonych na działalność upowszechniającą naukę (International Scientific Conference. Future of Business and Finance: Challenges and Prospects after the Crisis is financed under the agreement 584 / P-DUN / 2016 by the Polish Ministry of Science and Higher Education allocated to the activities of disseminating science).

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