<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Subject and purpose of work:</bold> This paper studies the process of integration of Poland in the EU Single Market. It makes use of official statistics from a wide range of institutions (IMF, OECD, Eurostat, and Statistics Poland) in order to define structural patterns, shedding light on the overall integration of the country with the rest of the world.
<bold>Materials and methods:</bold> The results show the structural evolution of the Polish economy, mainly in terms of its integration process within the EU Single Market.
<bold>Results:</bold> The Single Market has indeed provided an urge for Poland’s integration.
<bold>Conclusions:</bold> Poland can so far be considered a success story in the process of integration in the EU Single Market.
</abstract>

Poland in the European Union Single Market

<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Subject and purpose of work:</bold> The study aims to explore the role of social capital in the new concept of “effective” cluster, by exploiting not only its human and financial assets but also the social networks with the cluster.
<bold>Materials and methods:</bold> The study presents the case-study findings of the five life-sciences clusters which were conducted in 2018-2019. Additionally, the article discusses the role of social capital and the collaborative efforts within the life sciences clusters during the Covid-19 pandemic.
<bold>Results:</bold> All the analyzed cluster environments have their own social dynamics. Considering the scale and scope of social ties, the Cambridge and Medicon Valley clusters conform with the concept of the “functional clusters”, while the Bay Area and Seattle clusters can be classified as “effective clusters”.
<bold>Conclusions:</bold> All the cluster ecosystems have evolved from different origins and they follow different evolutionary paths. Yet, clusters with richer social capital achieve higher collaborative synergy, leading to an increase in knowledge spillovers and innovations. Public policies should focus on the active promotion of social networks and market-oriented intermediaries connecting main cluster partners.
</abstract>

Social Capital and Social Networks in the Life Sciences Industry Clusters. An Analysis of Selected Case Studies

<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Subject and purpose of work:</bold> Cryptocurrencies are a phenomenon that has been strengthening its place in the world of finance for over ten years and which is becoming a frequent investment tool. The aim of this study is to compare the level of risk measures of investments in the cryptocurrency market with investments in global capital markets in 2011-2020.
<bold>Materials and methods:</bold> The study used the quotations of the analysed instruments. The level of risk was estimated using standard deviation and semi-standard deviation of daily logarithmic rates of return.
<bold>Results:</bold> Investment in cryptocurrencies is more risky than in shares of the largest international companies. The level of risk decreases with the duration of the cryptocurrency presence on the market.
<bold>Conclusions:</bold> Achieving extraordinary rates of return generates an increased demand and volatility of cryptocurrencies’ quotations. The level of risk of investing in cryptocurrencies is much higher than in the indexes of global capital exchanges.
</abstract>

Risk of Investment in Cryptocurrencies

<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Subject and purpose of work:</bold> The aim of the article is to define the current state of modern business services sector in Lublin and prospects for development against the background of the largest centers in the country.
<bold>Materials and methods:</bold> Pursuing the main goal, the authors based their study on the literature on the subject, research reports on the market of modern business services and content from industry websites. The analysis covered several modern business service centers operating on the market, the structure of business processes, the level of employment and the level of local specialization of selected cities.
<bold>Results:</bold> The sector of modern business services is developing intensively throughout Poland. Dynamic development is also taking place in Lublin. The city has the largest number of BPO, SSC, IT and R&amp;D centers in eastern Poland. The workplaces in the sector is constantly growing. IT services currently have a particularly large share in the sales structure of Lublin centers.
<bold>Conclusions:</bold> The development of modern business services sector in Lublin is an opportunity for a dynamic economic development of the city and the region.
</abstract>

Current State of the Sector of Modern Business Services in Lublin and Prospects for Development

<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Subject and purpose of work:</bold> The aim of the study was to determine the significance of the borderland location as a factor in the development of the Terespol commune. The paper answers the questions how the borderland location is perceived by the inhabitants, whether it gives an opportunity for the development of the Terespol commune, and what is the significance of the borderland location compared to other factors in the commune’s development.
<bold>Materials and methods:</bold> The study uses the method of a survey with a representative sample of 50 inhabitants of the Terespol commune. The literature on the subject related to the factor of the borderland location and its role in local development as well as planning documents concerning the development of the commune were investigated. The analyzes were supplemented with a review of official statistical databases describing economic activity in the commune. The time scope of the research covers the years 1990-2021.
<bold>Results:</bold> In the light of the research, the borderland location is the leading factor in the development of the commune, and keeping it on the current development path and the growing significance of this factor may increase the chance of building a “New Silk Road”. Other development potential are rich natural and landscape values which favour the expansion of tourism and agriculture. The potential of the local community – residents, local entrepreneurs, and local government – is assessed as low. In the opinion of the inhabitants the potential of the location is also not fully used.
<bold>Conclusions:</bold> The commune’s potential should be used in the development of additional production specialties, its multifunctionality and better adaptation to new socio-economic conditions resulting from the economic transformation and the challenges of increasing competitiveness. It is necessary to activate other functions and factors, whose significance has decreased over the years, including human capital activation. A fuller use of the commune’s potential should be based to a greater extent on the participation of the local community.
</abstract>

Borderland Location as a Factor of the Development of the Terespol Commune

<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Subject and purpose of work:</bold> The study aims to evaluate the growth performance of spice crops in Haryana state of India.
<bold>Materials and methods:</bold> The study is based on secondary data obtained over the period of 17 years i.e., from 2001-2002 to 2017-2018. Four spice crop – ginger, turmeric, garlic and fenugreek were selected from rabi and kharif season on the basis of the largest area sown. In order to analyze the data descriptive statistics (mean and C.V.) and CGR (compound growth rate) were employed.
<bold>Results:</bold> T he s tudy r evealed a significant p ositive g rowth r ate o f 2.20%, 4.50% and 2.20% in the area, production and productivity of ginger in the district of Panchkula, respectively. In the district of Yamunanagar, a growth rate 13.80% and 10.20% was found in the area and production of turmeric. However, a negative productivity growth rate of -3.20% was also revealed. A positive growth rate 1.50%, 3.30% and 0.17% was found in the area, production and productivity of garlic in Karnal district. In the district of Yamunanagar, a growth rate for fenugreek of 7.30% and 7.60% and 13.90% in the area, production and productivity was found. The state of Haryana recorded a significant growth of 1.7%, 2.8% and 1.1% per annum in the area, production and productivity of spice crops respectively.
<bold>Conclusions:</bold> T he s tudy r evealed a positive g rowth rate across all the selected spice crops, indicating improving prospects of spice crops in Haryana state.
</abstract>

The Growth Performance of Selected Spice Crops in Haryana State

<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Subject and purpose of work:</bold> Based on community-wide charges that shopping malls discriminate against small business tenants, this paper seeks: firstly to identify the principal determinants of shopping mall rentals, and secondly to understand if there exists a statistically significant dispersion in rentals against MSMEs.
<bold>Materials and methods:</bold> Relative Importance Index and SPSS (statistical tests) were used to analyze the survey-based data which was acquired from eleven shopping malls in Lusaka.
<bold>Results:</bold> The MSME tenants pay on average $20.32/m2 more t han anchor tenants and $19.12/m2 more than chain stores, ironically on account of capital limitations. MSMEs also face an additional risk during sudden economic shocks due to untenable lease provisions and poor negotiating influence.
<bold>Conclusions:</bold> The study concludes by acknowledging that the MSME sector is covertly vitiated by the imposition of high rental premiums. It recommends that shopping malls should have an affirmative simpler letting policy. Furthermore, a shopping mall association should-be commissioned to exclusively safeguard the interests of MSMEs.
</abstract>

Department of Urban and Regional Planning

Lease Price Differentiation and its Influence on the Attraction of Micro, Small and Medium Enterprises’ (MSMES) to Major Shopping Malls in Zambia

<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Subject and purpose of work:</bold> The study aims to assess the nature, extent and sources of debt and the measures of the burden of debt on farmers.
<bold>Materials and methods:</bold> The study was based on primary data collected (by field survey) from a sample of 600 farmers selected from Haryana state in India. With regards to the selection of farmers/respondents, a proportionate sampling technique was employed. For the analysis of the collected data, average (or mean value) and percentage techniques were used. The data were collected in January, February and March, 2021.
<bold>Results:</bold> The study revealed that the average amount of debt per sampled farmer is 563 960 rupees. This amount of debt is very high. Institutional sources played a major role in loan disbursement to farmers. Of the total amount owed, one third of all the debt was incurred from non-institutional sources at a higher rate of interest; 67.03% was incurred for productive purposes and the remaining 32.97% of debt was incurred for non-productive purposes. Non-productive debt adds nothing to agricultural production. 67% of all farmers in the state belong to marginal and small farm-size category. Thus, at small size of land holdings, at higher rate of interest charged by non-institutional sources and non-productive loans are the main cause of farmer indebtedness.
<bold>Conclusions:</bold> Farmers have been trapped under the burden of debt and are not in a situation to pay their loans back within the prescribed period of time.
</abstract>

Indebtedness Among Farmers in Haryana State, India

<abstract xmlns="http://www.w3.org/1999/xhtml">

<bold>Subject and purpose of work:</bold> This paper uses Cobb-Douglas optimization to formulate an optimal transaction cost algorithm within the constraint of a generalized legal framework.
<bold>Materials and methods:</bold> The author has adopted a Lagrangian approach to formulate the social utility function, then, from a set of legally allowed strategies established the Karush-Kuhn-Tucker conditions for the legal game so as to find the optimal parameters within the social utility function. Finally, the optimal transaction cost algorithm was developed.
<bold>Results:</bold> The Bordered Hessian Matrix from the partial differentials of the social utility function showed that there is a particular parameter within the social utility function which describes the optimal transaction cost. An adjustment of this parameter is essential in mechanism design for legal games.
<bold>Conclusions:</bold> The author has shown how transaction costs influence the set of strategies played by players in a legal game, and has described the essence of a social utility function and how it can be optimized.
</abstract>

Axiomatic Formulation of the Optimal Transaction Cost Theory in the Legal Process Through Cobb-Douglas Optimization

AHEAD OF PRINT

Volume 17 (2024): Issue 1 (March 2024)

Volume 16 (2023): Issue 4 (December 2023)

Volume 16 (2023): Issue 3 (September 2023)

Volume 16 (2023): Issue 2 (June 2023)

Volume 16 (2023): Issue 1 (March 2023)

Volume 15 (2022): Issue 4 (December 2022)

Volume 15 (2022): Issue 3 (September 2022)

Volume 15 (2022): Issue 2 (June 2022)

Volume 15 (2022): Issue 1 (March 2022)

Volume 14 (2021): Issue 4 (December 2021)

Volume 14 (2021): Issue 3 (September 2021)

Volume 14 (2021): Issue 2 (June 2021)

Volume 14 (2021): Issue 1 (March 2021)

Volume 13 (2020): Issue 4 (December 2020)

Volume 13 (2020): Issue 3 (September 2020)

Volume 13 (2020): Issue 2 (June 2020)

Volume 13 (2020): Issue 1 (March 2020)

Volume 12 (2019): Issue 4 (December 2019)

Volume 12 (2019): Issue 3 (September 2019)

Volume 12 (2019): Issue 2 (June 2019)

Volume 12 (2019): Issue 1 (March 2019)

Volume 11 (2018): Issue 4 (December 2018)

Volume 11 (2018): Issue 3 (September 2018)

Volume 11 (2018): Issue 2 (June 2018)

Volume 11 (2018): Issue 1 (March 2018)

Volume 10 (2017): Issue 4 (December 2017)

Volume 10 (2017): Issue 3 (September 2017)

Volume 10 (2017): Issue 2 (June 2017)

Volume 10 (2017): Issue 1 (March 2017)

Economic and Regional Studies / Studia Ekonomiczne i Regionalne

Print ISSN: 2083-3725, Online ISSN: 2451-182X Dear Authors and Readers,  Welcome to the website of the international, open access, bilingual scientific journal "Economic and Regional Studies / Studia Ekonomiczne i Regionalne", published by John Paul II University of Applied Sciences in Biala Podlaska (Poland).  Editor-in-ChiefMieczysław Adamowicz  Accessible also on platform: www.ers.edu.pl/en and in print.  FROM THE EDITOR / OD REDAKCJI  Dear Authors and Readers  "Economic and Regional Studies / Studia Ekonomiczne i Regionalne" is an international open access journal published in two languages: English and Polish since 2011. First two years it was published bi-annually, since 2013 as the quarterly. The journal is available in electronic and printed versions. We consider electronic English language version as a basic one, while the Polish language version provided greater access to the magazines content for national reader in Poland. Since the beginning the journal is available on the web platform www.ers.edu.pl/en of the publisher: John Paul II University of Applied Sciences in Biala Podlaska (Poland, Europe). Paper submission and peer review process are implemented through editorial system: www.editorialsystem.com/editor/ersen.  We accept original papers which have not been published elsewhere and have a clear scientific, cognitive and scholary value. Paper submited for publication undergo preliminary editorial review and are subject to blind review by two or more external experts. The periodical is available in English and Polish online and in print version.  The magazine has an open character and implements international publishing ethical and standards. The electronic version allows free access to all current and archived issues and articles. Actually, publishing articles in the journal is free from any payments.  Index Copernicus Journal Master List, ICV 2012: 5.62; ICV 2013: 6.48; ICV 2014: 70.81 (6.96); ICV 2015: 81,26; ICV 2016: 92.91; ICV 2017: 100,00; ICV 2018: 100,00  Polish Ministry of Science and Higher Education, 2011-2012: 2 points; 2013-2014: 4 points; 2015-2018: 9 points  Focus and Scope  "Economic and Regional Studies / Studia Ekonomiczne i Regionalne" is an international journal of multi and interdisciplinary research and policy analysis in broad regions at the world. The main mission of the magazine is to broaden theoretical knowledge, contribute to the policy debates and disseminate results of empirical research across a wide range of economic and social sciences, mainly as following:    Business, Economics and Finance,  Socio-economic Geography and Spatial Management,  Community, Rural/ Urban and Regional Development.   Journal provides information on general and sectoral economic problems, practices and policies, on contemporary and historical development in these disciplines from local, regional, national, European and global perspectives.  Journal is open for publishing original research results as well as for overview and review articles, reports an surveys, policy debates, announcements of research and conference results, case studies and other scientific publications.  Texts in Polish which are correctly translated into English are published free of charge. In case of sending a text in only one language version,either in Polish or in English,the authors will bear the costs of translating the article into the other missing language. The authors may be also asked to cover the costs of verification of the submitted texts in English. The translations are conducted by a Translation Office which currently cooperates with the Editors and the current cost per 1 translation page (that is, 1800 characters including spaces) amounts to 30 PLN gross.  An article is passed on for translation after obtaining a positive review of the submitted language version, after corrections if necessary and upon its approval for print by the Editor in Chief.  Digitalization of Economic and Regional Studies/ Studia Ekonomiczne i Regionalne – task financed from the resources of the Polish Minister of Science and Education for disseminating science under Agreement No. 819/P-DUN/2018  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 