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Volume 58 (2022): Edizione 1 (March 2022)

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Volume 57 (2021): Edizione 3 (September 2021)

Volume 57 (2021): Edizione 2 (June 2021)

Volume 57 (2021): Edizione 1 (March 2021)

Volume 56 (2020): Edizione 4 (December 2020)

Volume 56 (2020): Edizione 3 (September 2020)

Volume 56 (2020): Edizione 2 (June 2020)

Volume 56 (2020): Edizione 1 (March 2020)

Volume 55 (2019): Edizione 4 (December 2019)

Volume 55 (2019): Edizione 3 (September 2019)

Volume 55 (2019): Edizione 2 (June 2019)

Volume 55 (2019): Edizione 1 (March 2019)

Volume 54 (2018): Edizione 4 (December 2018)

Volume 54 (2018): Edizione 3 (September 2018)

Volume 54 (2018): Edizione 2 (June 2018)

Volume 54 (2018): Edizione 1 (March 2018)

Volume 53 (2017): Edizione 4 (December 2017)

Volume 53 (2017): Edizione 3 (September 2017)

Volume 53 (2017): Edizione 2 (June 2017)

Volume 53 (2017): Edizione 1 (March 2017)

Volume 52 (2016): Edizione 1 (December 2016)

Volume 51 (2016): Edizione 1 (September 2016)

Volume 50 (2016): Edizione 1 (June 2016)

Volume 49 (2016): Edizione 1 (March 2016)

Volume 48 (2015): Edizione 1 (December 2015)

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Volume 46 (2015): Edizione 1 (June 2015)

Volume 45 (2015): Edizione 1 (March 2015)

Volume 44 (2014): Edizione 1 (December 2014)

Volume 43 (2014): Edizione 1 (September 2014)

Volume 42 (2014): Edizione 1 (June 2014)

Volume 41 (2014): Edizione 1 (March 2014)

Volume 40 (2013): Edizione 1 (December 2013)

Volume 39 (2013): Edizione 1 (September 2013)

Volume 38 (2013): Edizione 1 (June 2013)

Volume 37 (2013): Edizione 1 (March 2013)

Dettagli della rivista
Formato
Rivista
eISSN
2543-5361
Pubblicato per la prima volta
17 Oct 2014
Periodo di pubblicazione
4 volte all'anno
Lingue
Inglese

Cerca

Volume 54 (2018): Edizione 3 (September 2018)

Dettagli della rivista
Formato
Rivista
eISSN
2543-5361
Pubblicato per la prima volta
17 Oct 2014
Periodo di pubblicazione
4 volte all'anno
Lingue
Inglese

Cerca

8 Articoli

Editorial

access type Accesso libero

Editorial

Pubblicato online: 30 Sep 2018
Pagine: 167 - 168

Astratto

Research Article

access type Accesso libero

Crude oil, natural gas, and economic growth: impact and causality analysis in Caspian Sea region

Pubblicato online: 30 Sep 2018
Pagine: 169 - 184

Astratto

Abstract

The main objective of this study was to investigate the impact and causality of crude oil and natural gas on economic growth in the Caspian Sea region. Here, the study applies ordinary least square (OLS) method and Granger causality test using time series data from 1997 to 2015 to ascertain the impact and causality of crude oil and natural gas on economic growth. The results, according to the OLS method, evince that crude oil and natural gas have a significant impact on economic growth of the region. Alongside, considering causality test, gross domestic product (GDP) does Granger cause (unidirectional) crude oil price and export which denotes that GDP can help to forecast crude oil price and export; however, crude oil price and export cannot help to forecast GDP. Surprisingly, this direction is unlikely for GDP and natural gas. GDP and natural gas have unidirectional, but opposite causal relationship, i.e., natural gas price and export do Granger cause GDP which signify that natural gas price and export can help to forecast GDP; however, GDP cannot help to forecast crude oil price and export.

Parole chiave

  • Caspian Sea Region
  • European Union
  • Crude Oil
  • Natural Gas
  • Economic Growth
access type Accesso libero

Comparison of chosen aspects of Energy Security Index for the natural gas sector in Poland and Ukraine

Pubblicato online: 30 Sep 2018
Pagine: 185 - 196

Astratto

Abstract

The energy security is a subject often picked by government representatives of current times, who take actions influencing geopolitical relationship of Europe and globe. It is an important aspect because of its economical, ecological and environmental nature. Tensions between countries of Eastern Europe, legislative changes made by European Union and rapidly increasing demand in the energy sector lead players to securing their resources and its supplies, along with infrastructure. Energy Security Index (WBE) proposed by A. Sokołowski (2010) and Kościuszko Institute is an effective tool for measurement, impartial assessment and classification of analyzed economies, checking their flexibility and possibilities in the international energy arena. The index is built as multidimensional comparison analysis, which gives the prospect of creating rankings. This article presents the essence of energy security in the context of an economic potentiality in the gas sector, with the chosen elements counting into WBE and its applications. The vast aggregate is created by calculations, using worked data, to summarize assessment of energy security status of examined country. The authors tried to compare chosen elements of WBE of neighboring Polish and Ukrainian economies. As an addition, based on data availability, information is enriched by appropriate commentary. Graphics shows the essence and summary of gas transportation infrastructure in both countries and gives the idea of possibilities of cooperation between them.

Parole chiave

  • energy security
  • energy security index
  • Poland
  • Ukraine
  • natural gas
access type Accesso libero

Selected methods of securing the refining sector against crude oil price fluctuations

Pubblicato online: 30 Sep 2018
Pagine: 197 - 209

Astratto

Abstract

The contemporary refining sector has to contend with many types of risks, among which price risk is considered to be the foremost. Moreover, refineries define it as a commodity risk and identify it with both opportunities and threats carried by changes in prices of crude oil and products of refining. In this paper, we present selected methods that may protect enterprises in the refinery sector from the consequences of rapid fluctuations in oil prices. The focus is mostly on the opportunities offered by commodity options. Skillful combination of the above-mentioned derivatives in optional strategies enables hedging of the purchase prices of raw materials within fixed price ranges. In order to examine the effectiveness of using these strategies, the parameters of the commodity options from the New York Mercantile Exchange are utilized. The analysis of the West Texas Intermediate (WTI) crude oil prices covers the period from June 2014 to March 2018. Three different strategies from the vertical spread group have been taken into consideration, namely, short butterfly spread, long strip, and long strap. European call and put options with different strike prices have been used in the construction of these strategies. The comparison of the results achieved in the research indicates that there is an answer to the question of strategies that ought to be used at various levels of oil price changes. Moreover, the empirical results reveal that during rapid fluctuations in crude oil price (<10% month on month [MOM]), the median of most variants (80%) for the three considered strategies was positive. Furthermore, 70% of variants gave positive results, with price changes between 5% and 10%, whereas for price fluctuations of >5%, the strategies turned out to be an ineffective protection. The best results with rapid fluctuations in oil prices were obtained in the long strip strategy. Additionally, increasing the exercise price of options used in this strategy improved the mean for the final results. The higher exercise prices of the options also resulted in greater sensitivity of the effectiveness of the long strip strategy on the level of changes in oil prices. For the strategy variant with the At The Money (ATM)+10% options, the Pearson’s correlation coefficient between the final result and the WTI oil prices in the analyzed period amounted to –0.91. For variants with the ATM+5% and ATM options, the value of this coefficient was –0.85 and –0.71, respectively. It is also worth noting that the consequence of increasing strike price in the long strip strategy was higher standard deviations for the final results. The empirical results might be useful information for oil refineries. It can help refineries to create a more successful price risk management policy, which may thus protect the companies from the negative consequences of unfavorable crude oil price movements.

Parole chiave

  • price risk
  • commodity options
  • option strategies

JEL Classification

  • G32
  • Q02
access type Accesso libero

Improving energy efficiency and building a low-emission economy based on example of Lesser Poland Voivodeship

Pubblicato online: 30 Sep 2018
Pagine: 210 - 218

Astratto

Abstract

Improving energy efficiency and building a low-emission economy are fundamental elements of sustainable development. The concept is based on a rational-energy economy and is aimed at limiting the negative consequence of the impact of energy on the environment. The main purpose of the paper is to assess the application of activities for both improving energy efficiency and building a low-emission economy, undertaken in Małopolska . Thermomodernization, installations of renewable energy sources, replacement of inefficient heating sources, and low-emission transport are among the cofinanced activities in the implemented programs. The first section of this paper discusses existing legal acts in the European Union, at the national and provincial levels, related to the analyzed issue. The second section contains description of the actions undertaken for improving energy efficiency and air quality, as well as for increasing the use of renewable energy sources, in Małopolska. The third section includes a qualitative assessment of the effects obtained and further directions for activities in this field.

Parole chiave

  • energy efficiency
  • low-carbon economy
  • low emission
  • sustainable development
  • Lesser Poland
access type Accesso libero

Sustainability of fiscal policy in Poland in the period 2004–2017

Pubblicato online: 30 Sep 2018
Pagine: 219 - 226

Astratto

Abstract

The aim of this paper is to analyze fiscal sustainability in Poland after joining EU between 2004-2017. Unlike previous studies, which analyzed weak measures of fiscal sustainability, we analyze fiscal sustainability measures in the strong sense. Contrary to previous studies we estimate individual, not panel, fiscal reaction functions which allows us to provide possibly a more accurate picture of fiscal policy outcomes in Poland. Moreover, our empirical analysis takes a closer look at the series of structural breaks that occurred after the global crisis. Based on our analysis we may tentatively conclude that despite cyclical fiscal deterioration during the crisis fiscal policy in Poland has been sustainable in the strong sense up until 2017.

Parole chiave

  • fiscal sustainability
  • fiscal policy
  • global crisis

JEL Classification

  • C22
  • E60
  • H63
access type Accesso libero

Employee engagement and performance: a systematic literature review

Pubblicato online: 30 Sep 2018
Pagine: 227 - 244

Astratto

Abstract

Scholars and practitioners indicate that low level of employee engagement at work is currently one of the most alarming global economic problems. The potential consequence of this phenomenon is declining work performance. Therefore, it becomes important to understand the concept of work engagement, its meaning for employees, and implications for employers. The article is a systematic review of the body of literature, presenting the results of research on the association between employee engagement and various performance categories. The paper’s objective is to summarize prior studies based on their ordering and categorization, identify gaps in the current knowledge, and propose an agenda for future research. The article presents these findings in a synthetic manner, offering practical and academic implications arising therefrom. Results of the review indicate that, in the case of most peer-reviewed publications, a statistically significant relation between employee engagement and numerous categories and subcategories of performance was confirmed.

Parole chiave

  • employee engagement
  • work engagement
  • process performance
  • outcome performance

JEL Classification

  • J24
  • J53

Book Review

access type Accesso libero

Book Review – “Putinomics. Power and Money in Resurgent Russia” by Chris Miller

Pubblicato online: 30 Sep 2018
Pagine: 245 - 248

Astratto

8 Articoli

Editorial

access type Accesso libero

Editorial

Pubblicato online: 30 Sep 2018
Pagine: 167 - 168

Astratto

Research Article

access type Accesso libero

Crude oil, natural gas, and economic growth: impact and causality analysis in Caspian Sea region

Pubblicato online: 30 Sep 2018
Pagine: 169 - 184

Astratto

Abstract

The main objective of this study was to investigate the impact and causality of crude oil and natural gas on economic growth in the Caspian Sea region. Here, the study applies ordinary least square (OLS) method and Granger causality test using time series data from 1997 to 2015 to ascertain the impact and causality of crude oil and natural gas on economic growth. The results, according to the OLS method, evince that crude oil and natural gas have a significant impact on economic growth of the region. Alongside, considering causality test, gross domestic product (GDP) does Granger cause (unidirectional) crude oil price and export which denotes that GDP can help to forecast crude oil price and export; however, crude oil price and export cannot help to forecast GDP. Surprisingly, this direction is unlikely for GDP and natural gas. GDP and natural gas have unidirectional, but opposite causal relationship, i.e., natural gas price and export do Granger cause GDP which signify that natural gas price and export can help to forecast GDP; however, GDP cannot help to forecast crude oil price and export.

Parole chiave

  • Caspian Sea Region
  • European Union
  • Crude Oil
  • Natural Gas
  • Economic Growth
access type Accesso libero

Comparison of chosen aspects of Energy Security Index for the natural gas sector in Poland and Ukraine

Pubblicato online: 30 Sep 2018
Pagine: 185 - 196

Astratto

Abstract

The energy security is a subject often picked by government representatives of current times, who take actions influencing geopolitical relationship of Europe and globe. It is an important aspect because of its economical, ecological and environmental nature. Tensions between countries of Eastern Europe, legislative changes made by European Union and rapidly increasing demand in the energy sector lead players to securing their resources and its supplies, along with infrastructure. Energy Security Index (WBE) proposed by A. Sokołowski (2010) and Kościuszko Institute is an effective tool for measurement, impartial assessment and classification of analyzed economies, checking their flexibility and possibilities in the international energy arena. The index is built as multidimensional comparison analysis, which gives the prospect of creating rankings. This article presents the essence of energy security in the context of an economic potentiality in the gas sector, with the chosen elements counting into WBE and its applications. The vast aggregate is created by calculations, using worked data, to summarize assessment of energy security status of examined country. The authors tried to compare chosen elements of WBE of neighboring Polish and Ukrainian economies. As an addition, based on data availability, information is enriched by appropriate commentary. Graphics shows the essence and summary of gas transportation infrastructure in both countries and gives the idea of possibilities of cooperation between them.

Parole chiave

  • energy security
  • energy security index
  • Poland
  • Ukraine
  • natural gas
access type Accesso libero

Selected methods of securing the refining sector against crude oil price fluctuations

Pubblicato online: 30 Sep 2018
Pagine: 197 - 209

Astratto

Abstract

The contemporary refining sector has to contend with many types of risks, among which price risk is considered to be the foremost. Moreover, refineries define it as a commodity risk and identify it with both opportunities and threats carried by changes in prices of crude oil and products of refining. In this paper, we present selected methods that may protect enterprises in the refinery sector from the consequences of rapid fluctuations in oil prices. The focus is mostly on the opportunities offered by commodity options. Skillful combination of the above-mentioned derivatives in optional strategies enables hedging of the purchase prices of raw materials within fixed price ranges. In order to examine the effectiveness of using these strategies, the parameters of the commodity options from the New York Mercantile Exchange are utilized. The analysis of the West Texas Intermediate (WTI) crude oil prices covers the period from June 2014 to March 2018. Three different strategies from the vertical spread group have been taken into consideration, namely, short butterfly spread, long strip, and long strap. European call and put options with different strike prices have been used in the construction of these strategies. The comparison of the results achieved in the research indicates that there is an answer to the question of strategies that ought to be used at various levels of oil price changes. Moreover, the empirical results reveal that during rapid fluctuations in crude oil price (<10% month on month [MOM]), the median of most variants (80%) for the three considered strategies was positive. Furthermore, 70% of variants gave positive results, with price changes between 5% and 10%, whereas for price fluctuations of >5%, the strategies turned out to be an ineffective protection. The best results with rapid fluctuations in oil prices were obtained in the long strip strategy. Additionally, increasing the exercise price of options used in this strategy improved the mean for the final results. The higher exercise prices of the options also resulted in greater sensitivity of the effectiveness of the long strip strategy on the level of changes in oil prices. For the strategy variant with the At The Money (ATM)+10% options, the Pearson’s correlation coefficient between the final result and the WTI oil prices in the analyzed period amounted to –0.91. For variants with the ATM+5% and ATM options, the value of this coefficient was –0.85 and –0.71, respectively. It is also worth noting that the consequence of increasing strike price in the long strip strategy was higher standard deviations for the final results. The empirical results might be useful information for oil refineries. It can help refineries to create a more successful price risk management policy, which may thus protect the companies from the negative consequences of unfavorable crude oil price movements.

Parole chiave

  • price risk
  • commodity options
  • option strategies

JEL Classification

  • G32
  • Q02
access type Accesso libero

Improving energy efficiency and building a low-emission economy based on example of Lesser Poland Voivodeship

Pubblicato online: 30 Sep 2018
Pagine: 210 - 218

Astratto

Abstract

Improving energy efficiency and building a low-emission economy are fundamental elements of sustainable development. The concept is based on a rational-energy economy and is aimed at limiting the negative consequence of the impact of energy on the environment. The main purpose of the paper is to assess the application of activities for both improving energy efficiency and building a low-emission economy, undertaken in Małopolska . Thermomodernization, installations of renewable energy sources, replacement of inefficient heating sources, and low-emission transport are among the cofinanced activities in the implemented programs. The first section of this paper discusses existing legal acts in the European Union, at the national and provincial levels, related to the analyzed issue. The second section contains description of the actions undertaken for improving energy efficiency and air quality, as well as for increasing the use of renewable energy sources, in Małopolska. The third section includes a qualitative assessment of the effects obtained and further directions for activities in this field.

Parole chiave

  • energy efficiency
  • low-carbon economy
  • low emission
  • sustainable development
  • Lesser Poland
access type Accesso libero

Sustainability of fiscal policy in Poland in the period 2004–2017

Pubblicato online: 30 Sep 2018
Pagine: 219 - 226

Astratto

Abstract

The aim of this paper is to analyze fiscal sustainability in Poland after joining EU between 2004-2017. Unlike previous studies, which analyzed weak measures of fiscal sustainability, we analyze fiscal sustainability measures in the strong sense. Contrary to previous studies we estimate individual, not panel, fiscal reaction functions which allows us to provide possibly a more accurate picture of fiscal policy outcomes in Poland. Moreover, our empirical analysis takes a closer look at the series of structural breaks that occurred after the global crisis. Based on our analysis we may tentatively conclude that despite cyclical fiscal deterioration during the crisis fiscal policy in Poland has been sustainable in the strong sense up until 2017.

Parole chiave

  • fiscal sustainability
  • fiscal policy
  • global crisis

JEL Classification

  • C22
  • E60
  • H63
access type Accesso libero

Employee engagement and performance: a systematic literature review

Pubblicato online: 30 Sep 2018
Pagine: 227 - 244

Astratto

Abstract

Scholars and practitioners indicate that low level of employee engagement at work is currently one of the most alarming global economic problems. The potential consequence of this phenomenon is declining work performance. Therefore, it becomes important to understand the concept of work engagement, its meaning for employees, and implications for employers. The article is a systematic review of the body of literature, presenting the results of research on the association between employee engagement and various performance categories. The paper’s objective is to summarize prior studies based on their ordering and categorization, identify gaps in the current knowledge, and propose an agenda for future research. The article presents these findings in a synthetic manner, offering practical and academic implications arising therefrom. Results of the review indicate that, in the case of most peer-reviewed publications, a statistically significant relation between employee engagement and numerous categories and subcategories of performance was confirmed.

Parole chiave

  • employee engagement
  • work engagement
  • process performance
  • outcome performance

JEL Classification

  • J24
  • J53

Book Review

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