Zeszyty czasopisma

Tom 9 (2022): Zeszyt 56 (January 2022)

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Tom 7 (2020): Zeszyt 54 (January 2020)

Tom 6 (2019): Zeszyt 53 (January 2019)

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Informacje o czasopiśmie
Format
Czasopismo
eISSN
2543-6821
Pierwsze wydanie
30 Mar 2017
Częstotliwość wydawania
1 raz w roku
Języki
Angielski

Wyszukiwanie

Tom 6 (2019): Zeszyt 53 (January 2019)

Informacje o czasopiśmie
Format
Czasopismo
eISSN
2543-6821
Pierwsze wydanie
30 Mar 2017
Częstotliwość wydawania
1 raz w roku
Języki
Angielski

Wyszukiwanie

20 Artykułów
access type Otwarty dostęp

The unobserved economy and the Dutch national accounts after the benchmark revision 2015

Data publikacji: 23 Dec 2019
Zakres stron: 1 - 24

Abstrakt

Abstract

In 2018, Statistics Netherlands carried out a general benchmark revision of their national accounts statistics. The base year was 2015. Special attention was paid to the exhaustiveness of the estimates. Among other, these include estimates for illegal activities and tax evasion. In the first step, the main (illegal and off the record) activities that were not included in the regular data sources underlying the national accounts were identified. In the second step, estimates were made for each identified activity, based on the scarce information data sources available, supplemented with assumptions. This paper describes the second step. The value added of illegal activities in 2015 was estimated at 4.8 billion euros, which is 0.7% of gross domestic product (GDP). The explicit adjustment for tax evasion was about 3.9 billion euros, which is slightly <0.6% of GDP.

Słowa kluczowe

  • national accounts
  • illegal activities
  • tax evasion
  • underground economy

JEL Classification

  • E01
  • E26
access type Otwarty dostęp

Evaluating the Relationship Between Financial Sustainability and Socio-Economic Development of Countries

Data publikacji: 23 Dec 2019
Zakres stron: 25 - 38

Abstrakt

Abstract

This paper examines the mainstream theories of “financial sustainability” and “financial development”. It is suggested understanding “financial development” as the complex dynamic characteristics of the financial sector, which is formed under the influence of financial and economic policy factors and the financial market functioning. The paper provides the methodology of relationship between financial sustainability and socio-economic development of countries evaluation. Based on the matrix method, it is proved that the differences in developed and developing countries occur due to the relationship between financial sustainability and financial development.

Słowa kluczowe

  • financial sustainability
  • socio-economic development
  • financial development
  • financial sector
  • financial market

JEL Classification

  • G20
  • G28
  • O16
access type Otwarty dostęp

Determinants of foreign direct investment from EU-15 Countries in Poland

Data publikacji: 23 Dec 2019
Zakres stron: 39 - 52

Abstrakt

Abstract

During the last two decades, Poland has become a large recipient of inward foreign direct investment (FDI). This article uses standard panel data techniques to study empirically the determinants of inward FDI in Poland during the period 1996–2015 made by multinational enterprises coming from the old European Union (EU)-15 member states. The estimated specification is derived from the knowledge-capital (KC) model and includes two types of capital: human and physical. The assembled empirical evidence points to the horizontal motive as the primary reason for undertaking FDI in Poland by multinational firms based in the old EU-15 member states. Moreover, the KC model does not seem to explain better the pattern of inward FDI in Poland compared to the standard ad hoc gravity model of international capital mobility.

Słowa kluczowe

  • factor endowments
  • foreign direct investment
  • EU-15 member states
  • panel data analysis
  • Poland

JEL Classification

  • F23
  • P33
access type Otwarty dostęp

Synergies in the Land Use Sector: What Is the Best Policy Approach When Co-benefits and Trade-offs Are Involved?

Data publikacji: 06 Mar 2020
Zakres stron: 53 - 69

Abstrakt

Abstract

Mitigation and adaptation are the main strategies to address climate change. Both of them are interrelated instruments and key elements of an integral approach to tackle the phenomenon. This interrelation is particularly strong in the land use sector, an area in which practically any policy has a significant effect on the goals of both strategies. Yet, in practice, mitigation and adaptation are treated as two different instruments. A poor understanding about the interactions between the mentioned strategies remains as a barrier to implement the integrated approach. To contribute to fill-in this knowledge gap, a hypothetical ecologic-economic system simulated under deep uncertainty was used to test environmental and welfare implications of different policy configurations. Taking the unregulated economy as a benchmark, the outcomes of the mentioned interventions were classified as synergies or different forms of trade-offs. Results indicate that measures based on internalization of externalities overcame monetary compensation schemes. Moreover, when externalities were corrected, synergies were more frequent and associated to higher environmental and welfare gains. Furthermore, the policy configuration that exhibited best synergic properties was an intervention integrating mitigation and adaptation measures. This indicates that synergies may be more accessible than previously considered, however, current policy approach and incentives may not be the best tools to trigger them.

Słowa kluczowe

  • Adaptation
  • Mitigation
  • Ecosystem Services
  • Deforestation
  • Forest Degradation

JEL Classification

  • Q57
  • Q23
  • Q24
access type Otwarty dostęp

Comparison of Block Maxima and Peaks Over Threshold Value-at-Risk models for market risk in various economic conditions

Data publikacji: 13 Mar 2020
Zakres stron: 70 - 85

Abstrakt

Abstract

The aim of the presented study was to assess the quality of VaR forecasts in various states of the economic situation. Two approaches based on the extreme value theory were compared: Block Maxima and the Peaks Over Threshold. Forecasts were made on the daily closing prices of 10 major indices in European countries, divided into two groups: emerging countries (Bulgaria, Czech Republic, Lithuania, Latvia, Poland, Slovakia and Hungary) and developed countries (England, France and Germany). Three states of economic situation were analysed: the pre-crisis (2007), the crisis (2008) and the post-crisis (2009) period as out-of-sample. The main conclusion obtained is the too slow process of adapting static EVT-based forecasts to market movements. While in the pre-crisis period the results were satisfactory, in the period of crisis VaR forecasts were too often exceeded.

Słowa kluczowe

  • Value-at-Risk
  • extreme value theory
  • forecasting
  • market risk

JEL Classification

  • C53
  • C58
  • G17
access type Otwarty dostęp

Basic income guarantee in the perspective of institutional economics

Data publikacji: 19 Mar 2020
Zakres stron: 86 - 107

Abstrakt

Abstract

The main problem of this article is the basic income guarantee in the perspective of institutional economics. The author evaluates theoretical literature considering the topic and discusses past empirical research. The predicted and the actual outcomes of the programme are compared and synthesized using the New Institutional Economics framework. Hence the basic income guarantee is presented as a social policy proposition, and also as an institution in the meaning of this branch of economics. Originality of this approach relies on the novel use of institutional tools in the discussion considering the problem, mainly in the context of the empirical and theoretical results’ comparison.

Słowa kluczowe

  • the basic income guarantee
  • institutional economics
  • social policy
  • inequalities

JEL Classification

  • E02
  • H55
  • J08
access type Otwarty dostęp

Are subsidies for Polish enterprises effective: empirical results based on panel data

Data publikacji: 25 Mar 2020
Zakres stron: 108 - 131

Abstrakt

Abstract

The objective of this article was to identify and evaluate the effectiveness of subsidies used by companies, as well as to develop an approach to assess the effectiveness of subsidies for the manufacturing sector of Polish economy. In order to organise the results obtained by researchers dealing with the efficacy of subsidies, a meta-analysis, i.e. a quantitative assessment of empirical literature, was carried out. Based on the data from the financial statements of medium-sized and large Polish companies, published in Monitor Polski B (a former Official Journal of the Republic of Poland), an evaluation study was conducted to verify the research hypotheses. Based on the obtained results, it was found that the aid in the form of subsidies did not have a significant impact on the productivity of the subsidised companies, growth rate of assets or profitability.

Słowa kluczowe

  • subsidies for companies/public
  • evaluation study

JEL Classification

  • H25
  • H32
  • L25
  • L53
access type Otwarty dostęp

Quality attributes in the non-market stated-preference based valuation of cultural goods

Data publikacji: 26 Mar 2020
Zakres stron: 132 - 150

Abstrakt

Abstract

Evidence-based policies require well-established research and reliable data. One of the major difficulties in delivering such data for cultural policies lies in measuring culture, expressing its ephemeral nature in numbers and indicators, as research used to do in other sectors. Stated-preference based non-market valuation is one of the few tools able to reveal the benefits that cultural goods deliver to the society for cost–benefit analysis. The prevalent problem in this kind of studies is poorly defined, ambiguous goods. When attempting to define them, we cannot forget that the essence of art and culture, which is in itself worth measuring, is quality. The goal of the article was to review previous uses of quality measurements of arts and culture in stated-preference based non-market valuation research, most of which are dedicated to performing arts and cultural heritage.

Słowa kluczowe

  • quality measurement
  • stated preferences
  • non-market valuation
  • performing arts
  • cultural heritage

JEL Classification

  • Z1
  • Z18
  • H44
access type Otwarty dostęp

Google Street View image predicts car accident risk

Data publikacji: 18 Apr 2020
Zakres stron: 151 - 163

Abstrakt

Abstract

Road traffic injuries are a leading cause of death worldwide. Proper estimation of car accident risk is critical for the appropriate allocation of resources in healthcare, insurance, civil engineering and other industries. We show how images of houses are predictive of car accidents. We analyse 20,000 addresses of insurance company clients, collect a corresponding house image using Google Street View and annotate house features such as age, type and condition. We find that this information substantially improves car accident risk prediction compared to the state-of-the-art risk model of the insurance company and could be used for price discrimination. From this perspective, the public availability of house images raises legal and social concerns, as they can be a proxy of ethnicity, religion and other sensitive data.

Słowa kluczowe

  • Generalized Linear Model
  • risk modelling
  • insurance pricing
  • satellite imagery
  • Google Street View

JEL Classification

  • G22
  • C83
  • C52
access type Otwarty dostęp

Labour Market Institutions and Amplification of Employment Fluctuations

Data publikacji: 29 Apr 2020
Zakres stron: 164 - 173

Abstrakt

Abstract

Labour market reforms have been undertaken to eliminate labour market rigidities in European countries since 1970s. The important features of the reforms are the reduction in adjustment costs and the introduction of fixed-term contracts (FTC). Some empirical studies point out that employment fluctuations have become more volatile after the reforms. This paper presents a model with FTC and analyzes the effects of the key features of the reforms. Numerical examples show that an expected productivity shock causes the oscillatory behaviour of employment. Moreover, a reduction in adjustment costs amplifies fluctuations. In the labour market literature, a number of studies point out the importance of trade unions in European countries. This paper also analyzes the effects of union influence, and the numerical examples indicate that the stronger union influence leads to larger employment fluctuations.

Słowa kluczowe

  • employment fluctuations
  • fixed-term contracts
  • trade unions
  • labour market reforms

JEL Classification

  • E24
  • J30
  • J51
  • J63
access type Otwarty dostęp

A theory of global economic growth in the very long-run: is a grand innovation slowdown inevitable?

Data publikacji: 06 Jun 2020
Zakres stron: 175 - 188

Abstrakt

Abstract

The paper shows how the original semi endogenous and balanced growth model of Phelps (1966), and my extended version of it (Gomulka, 1990), could be useful in explaining the key ‘stylized facts’ of global long-term growth so far, and in predicting its dynamics in the future. During the last two centuries the sector of R&D and education, producing qualitative changes, has been expanding in the world’s most developed countries much faster than the sector producing conventional goods. The extended model is used to explore and evaluate. the consequences for the global long-term growth of the end of this unbalanced growth, of the completion of the catching up by most of the world’s less developed countries, and of the expected eventual stabilization of the size of the world population. The theory yields a thesis, new in the literature, that the rate of global per capita GDP growth will eventually return to the historically standard very low level, thus implying that the world’s technological revolution is going to be an innovation super-fluctuation.

Słowa kluczowe

  • Endogenous growth theory
  • Phelps
  • Hat-shaped relationship
  • Long-term global growth slowdown
  • Key growth trends
  • Key growth stylized facts

JEL Classification

  • F01
  • O33
  • O41
  • O47
access type Otwarty dostęp

Financial leasing in Albania and the impact that internal factors of a SME would have on the probability to be financed by lease

Data publikacji: 26 May 2020
Zakres stron: 189 - 198

Abstrakt

Abstract

Small- and medium-sized enterprises (SMEs) are the backbone of the economy and their need to be financed remains one of the most discussed topics in the business world (World Bank, 2014; IFC, 2010). Financial leasing is a midterm financial instrument mainly used for the procurement of machinery, equipment, tools and/or property (IFC, 2009). Although the financial leasing in Albania started in 2001, this form of business financing has experienced difficulties in spreading, getting recognised and being used by the public in Europe which is different from other countries. About 19 years after the creation of the first leasing companies, this financing option continues to be used at a low scale by businesses and individuals and it remains segmented into the market despite its large potential and the need for financing similar to SMEs. Why is financial leasing not yet used in Albania and which are some of the factors that would influence its use in the future? The purpose of this article is to identify the reasons of why the financial leasing market in Albania is in stagnation and understand some of the factors that influence the demand from a SME to be financed through lease. To achieve this and understand firms’ behaviour, questionnaire has been distributed to companies that have used lease to finance their asts and those that have never used it before. The model used to analyse the results of the questionnaires is the logistic regression. As we will see through the article, factors in need for financing by SMEs or the knowledge firms have about leasing have a direct impact on the possibility of firms to use lease.

Słowa kluczowe

  • leasing
  • SMEs
  • finance
  • leasing market
  • leasing companies
  • conduct of businesses

JEL Classification

  • G23
  • G40
  • G41
  • H70
  • D22
access type Otwarty dostęp

Liquidity and solvency of a company and the rate of return – an analysis of the Warsaw Stock Exchange

Data publikacji: 06 Jun 2020
Zakres stron: 199 - 220

Abstrakt

Abstract

The purpose of the article is to analyse the impact of various financial ratios used to evaluate a company’s liquidity and solvency on the rates of return on the shares of companies listed on the Warsaw Stock Exchange. In the context of developing countries, the relationship between liquidity and solvency on the one hand and the return on equity on the other is still not clear. Poland is the most economically developed country in Central and Eastern Europe. A thorough analysis is necessary to take appropriate action and introduce adequate regulations in the country, as well as to create the foundation for researching other economies in this region. In addition, this article includes new estimators that have not yet been taken into account but that may affect the rates of return, which will contribute to the literature on the subject and to the development of knowledge on the volatility of returns on shares. In the study, we have calculated the time-varying beta coefficients of the capital asset pricing model (CAPM) model and analysed portfolios based on three liquidity ratios and four solvency ratios, which were computed using the CAPM, Fama–French and Carhart models. The empirical study described in the article focuses on companies listed on the Warsaw Stock Exchange in the period from 1 January 1999 to 30 June 2013. Regressions were estimated by the least-squares method and by quantile regression. Based on the results, it was found that listed companies at risk of bankruptcy are able to meet their short-term liabilities. Liquidity and solvency measured by financial ratios significantly affect the sensitivity of the rate of return on shares to the risk factors expressed in the CAPM, Fama––French and Carhart models.

Słowa kluczowe

  • liquidity
  • solvency
  • asset pricing models
  • CAPM
  • portfolio analysis

JEL Classification

  • G12
  • G32
  • G33
  • G35
access type Otwarty dostęp

Can public intervention improve local public sector economic performance? The analysis of Special Economic Zones in Poland

Data publikacji: 06 Jun 2020
Zakres stron: 221 - 245

Abstrakt

Abstract

Boosting the local economic growth and cohesion policy may be supported by using the public intervention. The local governments may benefit directly and indirectly from the place-based policy implemented as Special Economic Zones (SEZ). SEZ directly increase the employment and the number of firms, while, indirectly, they can raise the local public sector financial performance in the long run by increasing revenues from personal and corporate income taxes. This article assesses the efficiency of this policy at the local level in the context of an institutional environment and inter-agent local diffusion. It also uses the statistical methodology based on the comparison of the empirical density distributions of the economic and financial indicators within the institutional groups to detect the global shift or divergence or convergence patterns. This article examines the Polish experience of public intervention in 1995–2016 with 14 SEZ located in more than 350 different locations. It proves that in general, the financial and economic situation of the municipalities with SEZ did not improve. An institutional analysis of the SEZ operating conditions indicates that the weak operating requirements for SEZ firms together with a poor location cannot constitute a catalyst for local development.

Słowa kluczowe

  • public intervention
  • public finance
  • spatial development
  • cohesion policy
  • Special Economic Zones

JEL Classification

  • R12
  • R53
  • C21
access type Otwarty dostęp

The nature and meaning of the Directive 2013/34/EU on financial statements according to the CJ EU

Data publikacji: 17 Jun 2020
Zakres stron: 246 - 261

Abstrakt

Abstract

The Directive 2013/34/EU is a fundamental part of European Union (EU) legislation harmonising the regime of financial and non-financial reporting throughout the entire EU, including reporting about corporate social responsibility (CSR). Inasmuch as its transposition deadline expired in 2015, it is possible and also highly elucidating to holistically study its nature and actual transposition. A related literature summing up, accompanied with a legislation and transposition review compiled via the EUR-Lex database, makes for a solid foundation for a holistic and critical exploration of the related case law of the ultimate judicial authority for the interpretation and application of the Directive 2013/34/EU, namely the Court of Justice of the EU (CJ EU). Researching this case law within the Curia database brings forth an interesting meta-analysis, refreshed by Socratic questioning, which reveals the approach of the CJ EU to the Directive 2013/34/EU. The hypothesis suggests that this case law of the CJ EU offers valuable and as-yet hitherto-neglected indices, signifiers about the EU conforming to the perception of the nature and meaning of the Directive 2013/34/EU. These indices could be pivotal for further improvement of the harmonized regime of financial and non-financial reporting, for the boosting of CSR and also for supporting European integration and its legitimacy.

Słowa kluczowe

  • Court of Justice of the EU
  • financial and non-financial reporting
  • Directive 2013/34/EU

JEL Classification

  • G38
  • K22
  • M14
  • O43
access type Otwarty dostęp

Corporate bonds or bank loans? The choice of funding sources and information disclosure of Polish listed companies

Data publikacji: 08 Jul 2020
Zakres stron: 262 - 285

Abstrakt

Abstract

The paper aims to find what determines the choice of companies listed on the Warsaw Stock Exchange (WSE) between public debt (corporate bonds) and private debt (bank loans). For this purpose, we estimate logistic regression models and panel models of corporate borrowing determinants to compare the impact of enterprise characteristics on financing with the use of corporate bonds or bank loans. In this study, we are interested in explanatory variables that explain the role of transparency measured by the level of information disclosure; and a risk proxy of the variability of operational cash flows and investment risk (retrieved from generalised auto-regressive conditional heteroscedasticity [GARCH] models estimated on companies’ stocks [shares] trading on the WSE).

Słowa kluczowe

  • corporate bonds
  • bank loans
  • disclosure
  • cash flow variability
  • investment risk

JEL Classification

  • M21
  • M48
access type Otwarty dostęp

The benefits of the Velvet Revolution in Armenia: Estimation of the short-term economic gains using deep neural networks

Data publikacji: 08 Jul 2020
Zakres stron: 286 - 303

Abstrakt

Abstract

This article primarily aims to estimate the impact of the Armenian revolution and test the hypothesis, that is, the benefits of revolution and establishment of democracy can be seen even in the first year after the political change. To calculate the short-term net surplus of the revolution, we estimated the difference between the projection of Armenian economic activity for the four quarters after the revolution, using only pre-revolutionary (assuming there was no revolution) and real data for the same period after the revolution. Using deep neural network models, such as recurrent neural networks and convolutional neural networks (CNN), we compared prediction accuracy with structural econometrics, such as autoregressive integrated moving average and error correction model, using pre-revolutionary data (2000Q1–2018Q1) for Armenia and combinations of models using an ensembling mechanism. As a result, CNN overperformed the rest of the models. The CNN simulation on post-revolutionary data indicates that during the period 2018-Q2–2019-Q1, Armenia gained approximately 850 million EUR in terms of GDP, thanks to the revolution and the new government. Moreover, out of seven models, the five best models in terms of accuracy indicated that the revolution had no negative impact on the Armenian economy, as the actual values were within or above the 95% confidence interval of the prediction.

Słowa kluczowe

  • Armenia
  • revolution
  • GDP
  • neural networks
  • ensembling mechanism

JEL Classification

  • C45
  • E02
  • P16
access type Otwarty dostęp

Role of clusters in the Polish innovation system

Data publikacji: 08 Jul 2020
Zakres stron: 304 - 310

Abstrakt

Abstract

This article presents the role of clusters in the Polish innovation system. This role has evolved in recent years due to maturing of cluster organisations and the expansion of their ability not just to provide services for cluster members but also to perform selected public tasks. This study aims to provide a better understanding of the nature and extent to which clusters can contribute to the objectives of development policies and thus to the economic development of the Polish economy and answer the question what role clusters can play in the innovation system. Based on a survey of 44 cluster organisations in Poland and interviews with cluster managers, the study explores the possibility of engaging Polish cluster organisations in the implementation of public policies. The results confirm that many of the Polish clusters achieved such a level of development that they themselves see the possibility of engaging in public tasks, for example education and specialised training, helping enterprises in digital transformation, monitoring technological trends, and so on. Therefore, it is justified pursuing a dual cluster policy. This duality means focus on two objectives: supporting cluster organisations on the one hand and implementing cluster-based development policies on the other hand.

Słowa kluczowe

  • clusters
  • cluster initiatives
  • cluster organisations
  • cluster policy
  • innovation system

JEL Classification

  • O25
  • O32
  • O38
access type Otwarty dostęp

What determines foreign direct investment in Russia?

Data publikacji: 08 Jul 2020
Zakres stron: 311 - 322

Abstrakt

Abstract

This article focuses on the determinants of inward foreign direct investment (FDI) in Russia. The article briefly describes the historical context of foreign investment policymaking in Russia since the beginning of the economic transition to an open market economy after the dissolution of the Soviet Union. When compared to other developing countries, Russia's FDI stocks continue to lag despite a set of proactive measures undertaken by the national government. Following the literature review, the most commonly cited determinants explaining inward FDI in Russia include market size, labour productivity, trade and investment barriers, domestic exchange rate, rule of law and institutional framework.

This article aims to contribute empirically to the study of determinants of inward FDI in Russia.

This article uses the Pseudo-Poisson Maximum Likelihood (PPML) estimation technique, the robustness of the PPML estimation is then verified using a standard autoregressive integrated moving average (ARIMA) model with the Durbin–Watson autocorrelation test.

Our benchmark results suggest the efficiency-seeking motive of FDI over a market seeking and horizontal motive as a main reason for inward FDI in Russia. The ARIMA regression indicates the absence of statistical significance of economic openness and variables of labour productivity. Overall, the market size and tax rate variables have the most positive effects on the inward FDI, while barriers to trade and sanctions have the most negative effects. The results confirm that for transitional economies, integration into the world economy, proactive local development and tax cuts for outside investors remain to be critical when it comes to attracting FDI.

Słowa kluczowe

  • foreign direct investment
  • economic transition
  • Russia

JEL Classification

  • F23
  • P33
access type Otwarty dostęp

Determinants of audit fees: Evidence from Poland

Data publikacji: 26 Aug 2020
Zakres stron: 323 - 336

Abstrakt

Abstract

Unlike many studies concerning audit fees in Western Europe or the United States, literature concerning this kind of research is very limited in Central and Eastern Europe. This study aimed to show what factors shape audit fees in Poland. It was conducted based on data collected from the financial statements of 111 companies listed on the Warsaw Stock Exchange in 2018. The study used a linear regression model to verify the determinants of audit fees. The research results indicate a positive relationship between audit fees and company size, measures of complexity (in addition to the ratio of inventories and receivables to total assets) and the fact that a company is audited by the ‘Big Four’ accounting firms.

Słowa kluczowe

  • audit fee
  • statutory auditor
  • accounting
  • Warsaw Stock Exchange

JEL Classification

  • JEL: M42
  • M48
20 Artykułów
access type Otwarty dostęp

The unobserved economy and the Dutch national accounts after the benchmark revision 2015

Data publikacji: 23 Dec 2019
Zakres stron: 1 - 24

Abstrakt

Abstract

In 2018, Statistics Netherlands carried out a general benchmark revision of their national accounts statistics. The base year was 2015. Special attention was paid to the exhaustiveness of the estimates. Among other, these include estimates for illegal activities and tax evasion. In the first step, the main (illegal and off the record) activities that were not included in the regular data sources underlying the national accounts were identified. In the second step, estimates were made for each identified activity, based on the scarce information data sources available, supplemented with assumptions. This paper describes the second step. The value added of illegal activities in 2015 was estimated at 4.8 billion euros, which is 0.7% of gross domestic product (GDP). The explicit adjustment for tax evasion was about 3.9 billion euros, which is slightly <0.6% of GDP.

Słowa kluczowe

  • national accounts
  • illegal activities
  • tax evasion
  • underground economy

JEL Classification

  • E01
  • E26
access type Otwarty dostęp

Evaluating the Relationship Between Financial Sustainability and Socio-Economic Development of Countries

Data publikacji: 23 Dec 2019
Zakres stron: 25 - 38

Abstrakt

Abstract

This paper examines the mainstream theories of “financial sustainability” and “financial development”. It is suggested understanding “financial development” as the complex dynamic characteristics of the financial sector, which is formed under the influence of financial and economic policy factors and the financial market functioning. The paper provides the methodology of relationship between financial sustainability and socio-economic development of countries evaluation. Based on the matrix method, it is proved that the differences in developed and developing countries occur due to the relationship between financial sustainability and financial development.

Słowa kluczowe

  • financial sustainability
  • socio-economic development
  • financial development
  • financial sector
  • financial market

JEL Classification

  • G20
  • G28
  • O16
access type Otwarty dostęp

Determinants of foreign direct investment from EU-15 Countries in Poland

Data publikacji: 23 Dec 2019
Zakres stron: 39 - 52

Abstrakt

Abstract

During the last two decades, Poland has become a large recipient of inward foreign direct investment (FDI). This article uses standard panel data techniques to study empirically the determinants of inward FDI in Poland during the period 1996–2015 made by multinational enterprises coming from the old European Union (EU)-15 member states. The estimated specification is derived from the knowledge-capital (KC) model and includes two types of capital: human and physical. The assembled empirical evidence points to the horizontal motive as the primary reason for undertaking FDI in Poland by multinational firms based in the old EU-15 member states. Moreover, the KC model does not seem to explain better the pattern of inward FDI in Poland compared to the standard ad hoc gravity model of international capital mobility.

Słowa kluczowe

  • factor endowments
  • foreign direct investment
  • EU-15 member states
  • panel data analysis
  • Poland

JEL Classification

  • F23
  • P33
access type Otwarty dostęp

Synergies in the Land Use Sector: What Is the Best Policy Approach When Co-benefits and Trade-offs Are Involved?

Data publikacji: 06 Mar 2020
Zakres stron: 53 - 69

Abstrakt

Abstract

Mitigation and adaptation are the main strategies to address climate change. Both of them are interrelated instruments and key elements of an integral approach to tackle the phenomenon. This interrelation is particularly strong in the land use sector, an area in which practically any policy has a significant effect on the goals of both strategies. Yet, in practice, mitigation and adaptation are treated as two different instruments. A poor understanding about the interactions between the mentioned strategies remains as a barrier to implement the integrated approach. To contribute to fill-in this knowledge gap, a hypothetical ecologic-economic system simulated under deep uncertainty was used to test environmental and welfare implications of different policy configurations. Taking the unregulated economy as a benchmark, the outcomes of the mentioned interventions were classified as synergies or different forms of trade-offs. Results indicate that measures based on internalization of externalities overcame monetary compensation schemes. Moreover, when externalities were corrected, synergies were more frequent and associated to higher environmental and welfare gains. Furthermore, the policy configuration that exhibited best synergic properties was an intervention integrating mitigation and adaptation measures. This indicates that synergies may be more accessible than previously considered, however, current policy approach and incentives may not be the best tools to trigger them.

Słowa kluczowe

  • Adaptation
  • Mitigation
  • Ecosystem Services
  • Deforestation
  • Forest Degradation

JEL Classification

  • Q57
  • Q23
  • Q24
access type Otwarty dostęp

Comparison of Block Maxima and Peaks Over Threshold Value-at-Risk models for market risk in various economic conditions

Data publikacji: 13 Mar 2020
Zakres stron: 70 - 85

Abstrakt

Abstract

The aim of the presented study was to assess the quality of VaR forecasts in various states of the economic situation. Two approaches based on the extreme value theory were compared: Block Maxima and the Peaks Over Threshold. Forecasts were made on the daily closing prices of 10 major indices in European countries, divided into two groups: emerging countries (Bulgaria, Czech Republic, Lithuania, Latvia, Poland, Slovakia and Hungary) and developed countries (England, France and Germany). Three states of economic situation were analysed: the pre-crisis (2007), the crisis (2008) and the post-crisis (2009) period as out-of-sample. The main conclusion obtained is the too slow process of adapting static EVT-based forecasts to market movements. While in the pre-crisis period the results were satisfactory, in the period of crisis VaR forecasts were too often exceeded.

Słowa kluczowe

  • Value-at-Risk
  • extreme value theory
  • forecasting
  • market risk

JEL Classification

  • C53
  • C58
  • G17
access type Otwarty dostęp

Basic income guarantee in the perspective of institutional economics

Data publikacji: 19 Mar 2020
Zakres stron: 86 - 107

Abstrakt

Abstract

The main problem of this article is the basic income guarantee in the perspective of institutional economics. The author evaluates theoretical literature considering the topic and discusses past empirical research. The predicted and the actual outcomes of the programme are compared and synthesized using the New Institutional Economics framework. Hence the basic income guarantee is presented as a social policy proposition, and also as an institution in the meaning of this branch of economics. Originality of this approach relies on the novel use of institutional tools in the discussion considering the problem, mainly in the context of the empirical and theoretical results’ comparison.

Słowa kluczowe

  • the basic income guarantee
  • institutional economics
  • social policy
  • inequalities

JEL Classification

  • E02
  • H55
  • J08
access type Otwarty dostęp

Are subsidies for Polish enterprises effective: empirical results based on panel data

Data publikacji: 25 Mar 2020
Zakres stron: 108 - 131

Abstrakt

Abstract

The objective of this article was to identify and evaluate the effectiveness of subsidies used by companies, as well as to develop an approach to assess the effectiveness of subsidies for the manufacturing sector of Polish economy. In order to organise the results obtained by researchers dealing with the efficacy of subsidies, a meta-analysis, i.e. a quantitative assessment of empirical literature, was carried out. Based on the data from the financial statements of medium-sized and large Polish companies, published in Monitor Polski B (a former Official Journal of the Republic of Poland), an evaluation study was conducted to verify the research hypotheses. Based on the obtained results, it was found that the aid in the form of subsidies did not have a significant impact on the productivity of the subsidised companies, growth rate of assets or profitability.

Słowa kluczowe

  • subsidies for companies/public
  • evaluation study

JEL Classification

  • H25
  • H32
  • L25
  • L53
access type Otwarty dostęp

Quality attributes in the non-market stated-preference based valuation of cultural goods

Data publikacji: 26 Mar 2020
Zakres stron: 132 - 150

Abstrakt

Abstract

Evidence-based policies require well-established research and reliable data. One of the major difficulties in delivering such data for cultural policies lies in measuring culture, expressing its ephemeral nature in numbers and indicators, as research used to do in other sectors. Stated-preference based non-market valuation is one of the few tools able to reveal the benefits that cultural goods deliver to the society for cost–benefit analysis. The prevalent problem in this kind of studies is poorly defined, ambiguous goods. When attempting to define them, we cannot forget that the essence of art and culture, which is in itself worth measuring, is quality. The goal of the article was to review previous uses of quality measurements of arts and culture in stated-preference based non-market valuation research, most of which are dedicated to performing arts and cultural heritage.

Słowa kluczowe

  • quality measurement
  • stated preferences
  • non-market valuation
  • performing arts
  • cultural heritage

JEL Classification

  • Z1
  • Z18
  • H44
access type Otwarty dostęp

Google Street View image predicts car accident risk

Data publikacji: 18 Apr 2020
Zakres stron: 151 - 163

Abstrakt

Abstract

Road traffic injuries are a leading cause of death worldwide. Proper estimation of car accident risk is critical for the appropriate allocation of resources in healthcare, insurance, civil engineering and other industries. We show how images of houses are predictive of car accidents. We analyse 20,000 addresses of insurance company clients, collect a corresponding house image using Google Street View and annotate house features such as age, type and condition. We find that this information substantially improves car accident risk prediction compared to the state-of-the-art risk model of the insurance company and could be used for price discrimination. From this perspective, the public availability of house images raises legal and social concerns, as they can be a proxy of ethnicity, religion and other sensitive data.

Słowa kluczowe

  • Generalized Linear Model
  • risk modelling
  • insurance pricing
  • satellite imagery
  • Google Street View

JEL Classification

  • G22
  • C83
  • C52
access type Otwarty dostęp

Labour Market Institutions and Amplification of Employment Fluctuations

Data publikacji: 29 Apr 2020
Zakres stron: 164 - 173

Abstrakt

Abstract

Labour market reforms have been undertaken to eliminate labour market rigidities in European countries since 1970s. The important features of the reforms are the reduction in adjustment costs and the introduction of fixed-term contracts (FTC). Some empirical studies point out that employment fluctuations have become more volatile after the reforms. This paper presents a model with FTC and analyzes the effects of the key features of the reforms. Numerical examples show that an expected productivity shock causes the oscillatory behaviour of employment. Moreover, a reduction in adjustment costs amplifies fluctuations. In the labour market literature, a number of studies point out the importance of trade unions in European countries. This paper also analyzes the effects of union influence, and the numerical examples indicate that the stronger union influence leads to larger employment fluctuations.

Słowa kluczowe

  • employment fluctuations
  • fixed-term contracts
  • trade unions
  • labour market reforms

JEL Classification

  • E24
  • J30
  • J51
  • J63
access type Otwarty dostęp

A theory of global economic growth in the very long-run: is a grand innovation slowdown inevitable?

Data publikacji: 06 Jun 2020
Zakres stron: 175 - 188

Abstrakt

Abstract

The paper shows how the original semi endogenous and balanced growth model of Phelps (1966), and my extended version of it (Gomulka, 1990), could be useful in explaining the key ‘stylized facts’ of global long-term growth so far, and in predicting its dynamics in the future. During the last two centuries the sector of R&D and education, producing qualitative changes, has been expanding in the world’s most developed countries much faster than the sector producing conventional goods. The extended model is used to explore and evaluate. the consequences for the global long-term growth of the end of this unbalanced growth, of the completion of the catching up by most of the world’s less developed countries, and of the expected eventual stabilization of the size of the world population. The theory yields a thesis, new in the literature, that the rate of global per capita GDP growth will eventually return to the historically standard very low level, thus implying that the world’s technological revolution is going to be an innovation super-fluctuation.

Słowa kluczowe

  • Endogenous growth theory
  • Phelps
  • Hat-shaped relationship
  • Long-term global growth slowdown
  • Key growth trends
  • Key growth stylized facts

JEL Classification

  • F01
  • O33
  • O41
  • O47
access type Otwarty dostęp

Financial leasing in Albania and the impact that internal factors of a SME would have on the probability to be financed by lease

Data publikacji: 26 May 2020
Zakres stron: 189 - 198

Abstrakt

Abstract

Small- and medium-sized enterprises (SMEs) are the backbone of the economy and their need to be financed remains one of the most discussed topics in the business world (World Bank, 2014; IFC, 2010). Financial leasing is a midterm financial instrument mainly used for the procurement of machinery, equipment, tools and/or property (IFC, 2009). Although the financial leasing in Albania started in 2001, this form of business financing has experienced difficulties in spreading, getting recognised and being used by the public in Europe which is different from other countries. About 19 years after the creation of the first leasing companies, this financing option continues to be used at a low scale by businesses and individuals and it remains segmented into the market despite its large potential and the need for financing similar to SMEs. Why is financial leasing not yet used in Albania and which are some of the factors that would influence its use in the future? The purpose of this article is to identify the reasons of why the financial leasing market in Albania is in stagnation and understand some of the factors that influence the demand from a SME to be financed through lease. To achieve this and understand firms’ behaviour, questionnaire has been distributed to companies that have used lease to finance their asts and those that have never used it before. The model used to analyse the results of the questionnaires is the logistic regression. As we will see through the article, factors in need for financing by SMEs or the knowledge firms have about leasing have a direct impact on the possibility of firms to use lease.

Słowa kluczowe

  • leasing
  • SMEs
  • finance
  • leasing market
  • leasing companies
  • conduct of businesses

JEL Classification

  • G23
  • G40
  • G41
  • H70
  • D22
access type Otwarty dostęp

Liquidity and solvency of a company and the rate of return – an analysis of the Warsaw Stock Exchange

Data publikacji: 06 Jun 2020
Zakres stron: 199 - 220

Abstrakt

Abstract

The purpose of the article is to analyse the impact of various financial ratios used to evaluate a company’s liquidity and solvency on the rates of return on the shares of companies listed on the Warsaw Stock Exchange. In the context of developing countries, the relationship between liquidity and solvency on the one hand and the return on equity on the other is still not clear. Poland is the most economically developed country in Central and Eastern Europe. A thorough analysis is necessary to take appropriate action and introduce adequate regulations in the country, as well as to create the foundation for researching other economies in this region. In addition, this article includes new estimators that have not yet been taken into account but that may affect the rates of return, which will contribute to the literature on the subject and to the development of knowledge on the volatility of returns on shares. In the study, we have calculated the time-varying beta coefficients of the capital asset pricing model (CAPM) model and analysed portfolios based on three liquidity ratios and four solvency ratios, which were computed using the CAPM, Fama–French and Carhart models. The empirical study described in the article focuses on companies listed on the Warsaw Stock Exchange in the period from 1 January 1999 to 30 June 2013. Regressions were estimated by the least-squares method and by quantile regression. Based on the results, it was found that listed companies at risk of bankruptcy are able to meet their short-term liabilities. Liquidity and solvency measured by financial ratios significantly affect the sensitivity of the rate of return on shares to the risk factors expressed in the CAPM, Fama––French and Carhart models.

Słowa kluczowe

  • liquidity
  • solvency
  • asset pricing models
  • CAPM
  • portfolio analysis

JEL Classification

  • G12
  • G32
  • G33
  • G35
access type Otwarty dostęp

Can public intervention improve local public sector economic performance? The analysis of Special Economic Zones in Poland

Data publikacji: 06 Jun 2020
Zakres stron: 221 - 245

Abstrakt

Abstract

Boosting the local economic growth and cohesion policy may be supported by using the public intervention. The local governments may benefit directly and indirectly from the place-based policy implemented as Special Economic Zones (SEZ). SEZ directly increase the employment and the number of firms, while, indirectly, they can raise the local public sector financial performance in the long run by increasing revenues from personal and corporate income taxes. This article assesses the efficiency of this policy at the local level in the context of an institutional environment and inter-agent local diffusion. It also uses the statistical methodology based on the comparison of the empirical density distributions of the economic and financial indicators within the institutional groups to detect the global shift or divergence or convergence patterns. This article examines the Polish experience of public intervention in 1995–2016 with 14 SEZ located in more than 350 different locations. It proves that in general, the financial and economic situation of the municipalities with SEZ did not improve. An institutional analysis of the SEZ operating conditions indicates that the weak operating requirements for SEZ firms together with a poor location cannot constitute a catalyst for local development.

Słowa kluczowe

  • public intervention
  • public finance
  • spatial development
  • cohesion policy
  • Special Economic Zones

JEL Classification

  • R12
  • R53
  • C21
access type Otwarty dostęp

The nature and meaning of the Directive 2013/34/EU on financial statements according to the CJ EU

Data publikacji: 17 Jun 2020
Zakres stron: 246 - 261

Abstrakt

Abstract

The Directive 2013/34/EU is a fundamental part of European Union (EU) legislation harmonising the regime of financial and non-financial reporting throughout the entire EU, including reporting about corporate social responsibility (CSR). Inasmuch as its transposition deadline expired in 2015, it is possible and also highly elucidating to holistically study its nature and actual transposition. A related literature summing up, accompanied with a legislation and transposition review compiled via the EUR-Lex database, makes for a solid foundation for a holistic and critical exploration of the related case law of the ultimate judicial authority for the interpretation and application of the Directive 2013/34/EU, namely the Court of Justice of the EU (CJ EU). Researching this case law within the Curia database brings forth an interesting meta-analysis, refreshed by Socratic questioning, which reveals the approach of the CJ EU to the Directive 2013/34/EU. The hypothesis suggests that this case law of the CJ EU offers valuable and as-yet hitherto-neglected indices, signifiers about the EU conforming to the perception of the nature and meaning of the Directive 2013/34/EU. These indices could be pivotal for further improvement of the harmonized regime of financial and non-financial reporting, for the boosting of CSR and also for supporting European integration and its legitimacy.

Słowa kluczowe

  • Court of Justice of the EU
  • financial and non-financial reporting
  • Directive 2013/34/EU

JEL Classification

  • G38
  • K22
  • M14
  • O43
access type Otwarty dostęp

Corporate bonds or bank loans? The choice of funding sources and information disclosure of Polish listed companies

Data publikacji: 08 Jul 2020
Zakres stron: 262 - 285

Abstrakt

Abstract

The paper aims to find what determines the choice of companies listed on the Warsaw Stock Exchange (WSE) between public debt (corporate bonds) and private debt (bank loans). For this purpose, we estimate logistic regression models and panel models of corporate borrowing determinants to compare the impact of enterprise characteristics on financing with the use of corporate bonds or bank loans. In this study, we are interested in explanatory variables that explain the role of transparency measured by the level of information disclosure; and a risk proxy of the variability of operational cash flows and investment risk (retrieved from generalised auto-regressive conditional heteroscedasticity [GARCH] models estimated on companies’ stocks [shares] trading on the WSE).

Słowa kluczowe

  • corporate bonds
  • bank loans
  • disclosure
  • cash flow variability
  • investment risk

JEL Classification

  • M21
  • M48
access type Otwarty dostęp

The benefits of the Velvet Revolution in Armenia: Estimation of the short-term economic gains using deep neural networks

Data publikacji: 08 Jul 2020
Zakres stron: 286 - 303

Abstrakt

Abstract

This article primarily aims to estimate the impact of the Armenian revolution and test the hypothesis, that is, the benefits of revolution and establishment of democracy can be seen even in the first year after the political change. To calculate the short-term net surplus of the revolution, we estimated the difference between the projection of Armenian economic activity for the four quarters after the revolution, using only pre-revolutionary (assuming there was no revolution) and real data for the same period after the revolution. Using deep neural network models, such as recurrent neural networks and convolutional neural networks (CNN), we compared prediction accuracy with structural econometrics, such as autoregressive integrated moving average and error correction model, using pre-revolutionary data (2000Q1–2018Q1) for Armenia and combinations of models using an ensembling mechanism. As a result, CNN overperformed the rest of the models. The CNN simulation on post-revolutionary data indicates that during the period 2018-Q2–2019-Q1, Armenia gained approximately 850 million EUR in terms of GDP, thanks to the revolution and the new government. Moreover, out of seven models, the five best models in terms of accuracy indicated that the revolution had no negative impact on the Armenian economy, as the actual values were within or above the 95% confidence interval of the prediction.

Słowa kluczowe

  • Armenia
  • revolution
  • GDP
  • neural networks
  • ensembling mechanism

JEL Classification

  • C45
  • E02
  • P16
access type Otwarty dostęp

Role of clusters in the Polish innovation system

Data publikacji: 08 Jul 2020
Zakres stron: 304 - 310

Abstrakt

Abstract

This article presents the role of clusters in the Polish innovation system. This role has evolved in recent years due to maturing of cluster organisations and the expansion of their ability not just to provide services for cluster members but also to perform selected public tasks. This study aims to provide a better understanding of the nature and extent to which clusters can contribute to the objectives of development policies and thus to the economic development of the Polish economy and answer the question what role clusters can play in the innovation system. Based on a survey of 44 cluster organisations in Poland and interviews with cluster managers, the study explores the possibility of engaging Polish cluster organisations in the implementation of public policies. The results confirm that many of the Polish clusters achieved such a level of development that they themselves see the possibility of engaging in public tasks, for example education and specialised training, helping enterprises in digital transformation, monitoring technological trends, and so on. Therefore, it is justified pursuing a dual cluster policy. This duality means focus on two objectives: supporting cluster organisations on the one hand and implementing cluster-based development policies on the other hand.

Słowa kluczowe

  • clusters
  • cluster initiatives
  • cluster organisations
  • cluster policy
  • innovation system

JEL Classification

  • O25
  • O32
  • O38
access type Otwarty dostęp

What determines foreign direct investment in Russia?

Data publikacji: 08 Jul 2020
Zakres stron: 311 - 322

Abstrakt

Abstract

This article focuses on the determinants of inward foreign direct investment (FDI) in Russia. The article briefly describes the historical context of foreign investment policymaking in Russia since the beginning of the economic transition to an open market economy after the dissolution of the Soviet Union. When compared to other developing countries, Russia's FDI stocks continue to lag despite a set of proactive measures undertaken by the national government. Following the literature review, the most commonly cited determinants explaining inward FDI in Russia include market size, labour productivity, trade and investment barriers, domestic exchange rate, rule of law and institutional framework.

This article aims to contribute empirically to the study of determinants of inward FDI in Russia.

This article uses the Pseudo-Poisson Maximum Likelihood (PPML) estimation technique, the robustness of the PPML estimation is then verified using a standard autoregressive integrated moving average (ARIMA) model with the Durbin–Watson autocorrelation test.

Our benchmark results suggest the efficiency-seeking motive of FDI over a market seeking and horizontal motive as a main reason for inward FDI in Russia. The ARIMA regression indicates the absence of statistical significance of economic openness and variables of labour productivity. Overall, the market size and tax rate variables have the most positive effects on the inward FDI, while barriers to trade and sanctions have the most negative effects. The results confirm that for transitional economies, integration into the world economy, proactive local development and tax cuts for outside investors remain to be critical when it comes to attracting FDI.

Słowa kluczowe

  • foreign direct investment
  • economic transition
  • Russia

JEL Classification

  • F23
  • P33
access type Otwarty dostęp

Determinants of audit fees: Evidence from Poland

Data publikacji: 26 Aug 2020
Zakres stron: 323 - 336

Abstrakt

Abstract

Unlike many studies concerning audit fees in Western Europe or the United States, literature concerning this kind of research is very limited in Central and Eastern Europe. This study aimed to show what factors shape audit fees in Poland. It was conducted based on data collected from the financial statements of 111 companies listed on the Warsaw Stock Exchange in 2018. The study used a linear regression model to verify the determinants of audit fees. The research results indicate a positive relationship between audit fees and company size, measures of complexity (in addition to the ratio of inventories and receivables to total assets) and the fact that a company is audited by the ‘Big Four’ accounting firms.

Słowa kluczowe

  • audit fee
  • statutory auditor
  • accounting
  • Warsaw Stock Exchange

JEL Classification

  • JEL: M42
  • M48

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