Perspectives and Forecasts of Development of the Polish Capital Market at the Eve of Poland’s Accession to the European Union

The capital market in Poland is very young. Practically the year 1991 may be considered as the date of its foundation. In order to assess its development and operating principles till now one should compare it with other capital markets — i.e. the mature markets that have operated for a number of years and the new ones, which. like the Polish market, have only a short history of operation. This comparison makes it necessary to take into account the division of capital markets according to the principles functioning in them — this division distinguishes markets operating according to the Anglo-Saxon model and markets operating according to the German — Japanese model. The perspectives of development of the Polish capital market should also be assessed — in particular taking into consideration the globalization of economy and Poland's accession to the European Union. Because of the liquidation of legal and technical barriers limiting the international transfer of capital, capital markets in particular countries, including Poland, do not form separate, isolated organisms which do not react to economic events taking place in other countries any more