IDEAS home Printed from
   My bibliography  Save this article

Impact of Innovative Financial Products on Financial Systems: Exchange Traded Products and the Polish Financial System


  • Adam Marszk

    (Gdańsk University of Technology)


Exchange Traded Products (ETPs) are one of the most recent and most rapidly developing financial products. As their assets grow they have an increasing impact on financial systems in many countries, including the USA, UK or Japan. Development of ETPs is linked with many opportunities and threats for the local financial systems. Their correct assessment is becoming more difficult due to the growing complexity of the available products, thus posing problems not only for the participants of the financial markets (including buyers and sellers of ETPs as well as intermediaries) but also for the supervising authorities. The main ETP development trends (e.g. size of the global assets under management) are outlined in this article. Structural changes are discussed in the context of their impact on both local and global financial systems. One of the key topics is the consequences of the changing landscape of the most popular type of ETP – Exchange Traded Funds (ETFs). Simple and safe physical ETFs are being replaced by complicated synthetic ETFs, significantly increasing possible risks for the holders of such products, for other entities involved in their creation and distribution, and, consequently, for the whole financial system. The last part of the article is devoted to the Polish perspective on this topic. It may be argued that in Poland the role of ETPs (even ETFs) is still marginal. ETPs can influence the Polish financial system, however, through a number of links between Polish and foreign financial institutions and markets. As a result, fast transmission of the future shocks caused by such products is increasingly more probable.

Suggested Citation

  • Adam Marszk, 2016. "Impact of Innovative Financial Products on Financial Systems: Exchange Traded Products and the Polish Financial System," International Economics, University of Lodz, Faculty of Economics and Sociology, issue 14, pages 114-132, June.
  • Handle: RePEc:ann:inecon:y:2016:i:14:p:114-132

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item


    Exchange Traded Funds; financial innovations; financial stability; mutual funds;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ann:inecon:y:2016:i:14:p:114-132. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (International Economics). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.