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The importance of swap transactions in the evolution of the Polish currency market and the OTC interest rate derivatives market

Author

Listed:
  • Robert W. Włodarczyk

    (Cracow University of Economics, College of Economics, Finance and Law, Department of Theory of Economics ul. Rakowicka 27, 31-510 Kraków, Poland)

  • Magdalena Sikorska

    (Cracow University of Economics, College of Economics, Finance and Law, Department of Theory of Economics ul. Rakowicka 27, 31-510 Kraków, Poland)

Abstract

Objective: The article aims to present the importance of swap transactions in the evolution of the Polish currency market and the OTC interest rate derivatives market. Research Design & Methods: The theoretical considerations in the article were based on a critical analysis of the literature on the subject. In turn, the empirical part of this article was developed using numerical parameters characterizing the studied phenomenon. Findings: It cannot be unequivocally confirmed that swaps, due to their universality and design, are the most frequently used instrument of the Polish currency market and the OTC interest rate derivatives market. This is because, although, on the currency market, the main share in transactions was achieved by currency swaps, in the case of the OTC interest rate market, interest rate swap (IRS) transactions no longer record the largest share. Contribution & Value Added: The issue of swap contracts, according to the authors of the thesis, is the subject of limited interest in the Polish research literature, and this article was to be a response to the need to systematize knowledge about these instruments and a synthetic presentation of their development.

Suggested Citation

  • Robert W. Włodarczyk & Magdalena Sikorska, 2019. "The importance of swap transactions in the evolution of the Polish currency market and the OTC interest rate derivatives market," International Entrepreneurship Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 5(4), pages 109-122.
    • Handle: RePEc:krk:ientre:v:5:y:2019:i:4:p:109-122
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    More about this item

    Keywords

    swap; currency market; derivatives market; futures market; financial risks;
    All these keywords.

    JEL classification:

    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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