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result of solid fundamentals and to what extent it is just another “ no - brainer ” trade that may last for quite a while but may also end suddenly. research conducted at the national bank of poland and by other institutions indicates that financial markets have become much more integrated in recent years, global factors drive the performance of emerging market currencies much more than just a few years back, that home bias is being reduced and even a well - known feldstein - horioka puzzle is almost gone 10, ie the cross - country correlation between saving and investment rates has declined markedly. favorable global liquidity conditions, attractive rates of returns and good economic prospects draw global investors to polish financial markets. additionally, poland ’ s accession to the eu and the future see dooley m., folkerts - landau d., garber p. „ an essay on the revived bretton woods system “, nber working paper 9971, september 2003 ; and a series of other papers published by these authors in 2004 and 2005. http : / / www. um. warszawa. pl / v _ syrenka / miasto / mosty - 9. htm international monetary fund “ global financial stability report ”, march 2006. bank for international settlements “ bis quarterly review. international banking and financial market developments ”, march 2006. feldstein m. “ monetary policy in a changing international environment : the role of capital flows ”, nber working paper 11856, december 2005. entry into the euro area have made the polish t - bond market, with the average daily net turnover of pln 6 billion ( the largest and the most liquid market in the region ), more attractive to foreign investors. eu membership has enabled institutional investors, that are allowed to invest in instruments issued within the community, to increase their exposure to polish securities. in 2004, non - residents ’ investments in t - bonds issued in poland rose by about pln 20 billion, and in 2005 - by a further pln 7 billion. the beginning of 2006 was also marked by new records on the warsaw stock exchange amid purchases made by foreign investors and domestic investment funds. in 2005, the number of ipos amounted to 35 and the market capitalization increased by almost 50 %. however, one should not take these favorable global liquidity conditions for granted. federal reserve has already raised the interest rate to 5 percent. the ecb is in the process of normalizing interest rates and the bank of japan has