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THE TRANSMISSION MECHANISM OF UNCONVENTIONAL MONETARY POLICY

Author(s): Jakub Janus / Language(s): English / Issue: 1/2016

Keywords: unconventional monetary policy; monetary transmission mechanism; central banking; quantitative easing

The implementation of unconventional (nonstandard) monetary policy instruments by the leading central banks at the wake of the financial and economic crisis was the most significant shift in the practice of central banking in the recent years. Evaluation of their effects is not feasible without a thorough recognition of the transmission mechanism of various balance-sheet policies, such as quantitative easing. The transmission channels of a standard interest-rate policy are based on a group of theories that are relatively coherent and well-documented. On the contrary, identification of similar framework for unconventional measures proved to be a complicated task. The aim of this paper is to extract and evaluate the theoretical efficiency of particular channels of unconventional monetary policy. This goal requires references to at least several, to some extent mutually exclusive, theories. It is also inevitable to draw one’s attention to the relative significance of identified channels, depending on the nature of used unconventional tools, as well as on reactions of financial institutions and other economic agents to undertaken actions. This paper discusses three broad channel of the unconventional policies transmission mechanism: the signaling channel, the liquidity channel, and the portfolio-balance channel.

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“FETTERED” AND “UNFETTERED” CAPITALISM IN J.A. SCHUMPETER’S CONCEPT OF TAX STATE AND ECONOMIC DEVELOPMENT – ISSUES IN BANKING PERSPECTIVE

Author(s): Karol Śledzik / Language(s): English / Issue: 1/2016

Keywords: Schumpeter; capitalism; Tax State; economic development; banking

Economic development and transformation processes have become much more intense in economic reality in the last years than they have ever been before. At this time a lot of questions were raised about the causes of the actual Global Crisis, future crises, the factors affecting the modern economy, about the essence of contemporary capitalism, demographic problems and overgrown bureaucracy. The most spectacular threat to capitalism, (based on private entrepreneurship) according to Schumpeter, stems from the high, growing and progressive taxation. Schumpeter saw clearly that the financing of public goods and services (requiring taxes, maybe even relatively high) is something other than a clerical control of the economic system that violates the natural economic mechanism. Moreover, Schumpeter says explicitly that an entrepreneur does not have to be one person, he even states that the country (state) itself, or its agenda, can act as an entrepreneur. Therefore, it can be concluded that we may have to deal with “Tax State”, which is typical for “fettered capitalism”, and with “entrepreneurial state”, which is typical for “unfettered capitalism”. The main goal of this paper is to present two different approaches to the economic development concept: Schumpeter’s “fettered” and “unfettered” capitalism in the context of “Tax State” and interventionism. The Author analyzes presented concept in contemporary issues from the banking perspective. In the paper, the Author used critical analysis as a research method. This allowed to identify gaps in the current state of knowledge and the scientific discussion focused on J.A. Schumpeter’s theoretical concept. Analysis was performed in 2015.

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PERSPECTIVES OF INTRODUCTION SUSTAINABLE PROCUREMENT IN PUBLIC PROCUREMENT IN RUSSIA

Author(s): Irina Romodina,Maxim Silin / Language(s): English / Issue: 1/2016

Keywords: sustainable development; public procurement; sustainable public procurement

The paper is about sustainable public procurement as a new global trend in the development of a sustainable economy. The main question raised is the following: how could sustainable public procurement be implemented in Russia? We aim to answer the question by presenting the findings of survey, covering public procurement practices of 51 contracting authorities and documentation analysis of 400 public tenders, and investigating Russian legislation. The conducted survey aims to identify the aspects of sustainable public procurement already used by public authorities in procuring practices in Russia. The analysis of Russian legislation allows to define in which sections of procurement documentation different aspects of sustainability could be included. This paper provides a unique survey of sustainable procurement practices across the Russian public sector. Research also shows the prerequisites of implementation of sustainable public procurement in Russia.

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CONTEMPORARY NATURE OF STOCK EXCHANGE IN VIEW OF THE PROCESS OF DEMUTUALIZATION

Author(s): Alina Rydzewska / Language(s): English / Issue: 1/2016

Keywords: demutualization; stock exchange; company; government; society

As part of the demutualization process, stock exchanges are transformed into the traditional membership structure (mutual) for entrepreneurial structure. The aim of the article is to analyze changes in the functioning of the stock exchanges due to the organizational and legal form and the consequences of these changes. As a research hypothesis, it is assumed that the process of demutualization determined the changes in the rules of functioning of the stock exchanges and created threats from point of view of socio-economic functions. In order to verify the hypothesis, we use: analysis of causes, logical analysis and analysis of statistical data about the 57 stock exchanges- members of WFE. The conducted analysis allows to verify the hypothesis that demutualization process determined the changes in the rules of functioning of stock exchanges, as well as created a threat from the point of view of socio-economic functions. The contribution (value added) of this article is the conducted analysis verifying the essence of stock exchanges from the perspective of the processes of demutualization.

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ECO-INNOVATIONS IN THE BUSINESS PRACTICE OF THE COMPANIES TRADED ON THE WARSAW STOCK EXCHANGE – AN OVERVIEW OF SELECTED RESULTS

Author(s): Bogna Janik,Krzysztof Kołodziejczyk / Language(s): English / Issue: 1/2016

Keywords: Eco-innovation; green economy; sustainability; environment

The main objective of the study is to identify and assess some chosen aspects of eco-innovativeness of the companies listed within such indices as WIG Energy, WIG Oil & Gas, WIG Basic Materials of the Warsaw Stock Exchange. The scope of this analysis encompasses selected results which facilitate achieving environmental benefits. The investigation, however, does not discuss either expenditure on eco-innovative activities or the instruments measuring the influence of eco-innovation. The analysis of the investigated dilemma was based mainly on two research methods, namely survey analysis, as well as digital and documentary source analysis. The results indicate a relatively high eco-innovativeness of the companies in terms of organizational and marketing activities and low in product and services aspects.

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SOURCES OF FINANCING KNOWLEDGE-BASED ECONOMY: THE CASE OF FORMAL, NON-FORMAL AND INFORMAL EDUCATION IN POLAND

Author(s): Iwona Kowalska / Language(s): English / Issue: 1/2016

Keywords: finance; education; economy; knowledge; system

Globalization, negative demographic trends, new sources of knowledge and volatile job market are the determining factors behind the change in approach to the education system in Poland. Formal, non-formal and informal education is the sine qua non of the implementation of a knowledge-based economy in Poland. This process, however, requires an in-depth analysis of the funding of education. So far there have been no Polish publications analyzing the funding of the three aforementioned forms of education. Therefore, the aim of this paper is to assess the possibilities to implement knowledge-based economy with regard to the current funding of formal, non-formal and informal education in Poland. The study involved the analysis of national and EU documents on subject and object oriented funding of educational tasks and procedures for determining the amount of funding allocated to these tasks. The analysis showed that the barrier inhibiting the implementation of knowledge-based economy is the lack of legal regulations enabling the implementation of new solutions for financing education in Poland. These solutions involve the effective joint funding from the state budget, local government budgets and private funds (provided by employers and learners). This requires urgent conceptual work and initiating implementation projects in the area of public finance in Poland.

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CORPORATE REPUTATION AND CUSTOMER LOYALTY AS THE MEASURES OF COMPETITIVE ENTERPRISE POSITION – EMPIRICAL ANALYSES ON THE EXAMPLE OF POLISH BANKING SECTOR

Author(s): Danuta Szwajca / Language(s): English / Issue: 1/2016

Keywords: reputation; customer loyalty; competitive position; banking sector

In order to determine the competitive position of a company not only the traditional measures of market position (market share) and financial position (financial ratios) are used, but also the qualitative measures concerning intangible resources. Customer satisfaction and customer loyalty are the two most commonly applied qualitative measures. Due to the growing importance of intangible resources, and of reputation in particular, the need arises to use the reputation indicator as a measure of competitive position in achieving a long-term competitive advantage and building the enterprise value. The purpose of this article is to identify the competitive position indicated by the level of corporate reputation in comparison with the customer loyalty indicator and the most popular traditional measures based on the example of banking sector. For calculation of qualitative measures the method of survey was used, conducted among the retail banking customers. The study showed a weak relationship between reputation and loyalty: the banks that received the highest ratings of reputation, obtained the poorest results in terms of loyalty. Due to the limited subjective and methodological scope of research, the results cannot constitute a sufficient basis to prove this thesis, however, they may constitute a good starting point for conducting broader research in this area.

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CORPORATE BANKRUPTCY AND SURVIVAL ON THE MARKET: LESSONS FROM EVOLUTIONARY ECONOMICS

Author(s): Katarzyna Boratyńska / Language(s): English / Issue: 1/2016

Keywords: corporate bankruptcy and survival; creative destruction, evolutionary economics

The following paper is a theoretical and empirical study. The terminological differences between bankruptcy and insolvency have been indicated and compared in the article. Most frequently considered aspects of bankruptcy appear in definitions. The first of them emphasizes the economic character of bankruptcy. Insolvency is a culmination of a lack of financial means and the loss of solvency, which does not have a fading tendency, but develops into a permanent phenomenon. In legal terms, insolvency is an institution, whose purpose is to stop the accumulation of debts and most frequently it consists on the liquidation of the debtor's estate. The main purpose of the study is a critical review of the scientific achievements of the representatives of evolutionary economics within the scope and mechanism of bankruptcy and the survival of enterprises. The analyzed case of the Beta company, which went bankrupt, indicates that the companies which are not able to undertake proper adjustments to competitive conditions of the market at the right moment are eliminated from it. The theoretical law “the survival of the fittest” finds then its reflection in practice. The following research methods were used in the article: a descriptive analysis and the trajectories of J. Argenti in terms of models. Detailed examinations of files of insolvency proceedings of the Beta company have been carried out.

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PUBLIC-PRIVATE MIX AND PERFORMANCE OF HEALTH CARE SYSTEMS IN CEE AND CIS COUNTRIES

Author(s): Błażej Łyszczarz / Language(s): English / Issue: 2/2016

Keywords: health care system; public-private mix; transition economies; health status

The role of the public and private sector in health care systems remains one of the crucial problems of these systems' operation. The purpose of this research is to identify the relationships between the performance of health systems in CEE and CIS (Central and Eastern Europe and Commonwealth of Independent State) countries, and the mix of public-private sector in the health care of these countries. The study uses a zero unitarization method to construct three measures of health system performance in the following areas: (1) resources; (2) services; and (3) health status. The values of these measures are correlated with the share of public financing that represents the public-private mix in the health systems. The data used is from World Health Organization’s Health for All Database for 23 CEE and CIS countries and comprises the year 2010. The results show that the performance of health systems in the countries investigated is positively associated with a higher proportion of public financing. The strongest relationship links public financing with performance in the area of services production. For policy makers, these results imply that health systems in post-communist transition economies could be susceptible to a decreasing role of the state and that growing reliance on the market mechanism in health care can deteriorate the operation of these systems.

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HEALTHCARE IN THE LIGHT OF THE CONCEPT OF WELFARE STATE REGIMES – COMPARATIVE ANALYSIS OF EU MEMBER STATES

Author(s): Dorota Kawiorska / Language(s): English / Issue: 2/2016

Keywords: welfare state regimes; health care; decommodification

This paper addresses issues related to health care in the context of the debate about the typology of welfare state regimes and comparative studies conducted in reference to the debate. Particular attention has been paid to the phenomenon of decommodification as one of the key dimensions that define welfare regimes identified in the literature associated with this debate. The study presents a health decommodification index, on the basis of which an attempt has been made to assess the decommodification potential of health care, taking into account the situation in the 28 EU Member States in 2012. The identification of a widely understood accessibility of publicly funded health care as a basic measure for assessing the decommodifying features of health programs is an important result of the empirical analysis. The study has also confirmed the views expressed in the literature about the existence of practical obstacles standing in the way of developing a universal typology of welfare states.

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THE ROLE OF THE STATE IN CREATING GREEN ECONOMY

Author(s): Paulina Szyja / Language(s): English / Issue: 2/2016

Keywords: sustainable development; environment; state; green economy; energy

Since the crisis of the real economy in 2008, an intense discussion about the need for changes in the economy, supported by a number of declarations on the global scale, has been developed. The analysis of the causes and effects of the economic downturn and the challenges of the future have had a huge impact on this state of affairs. As a result, some states have taken action to remedy the situation. Many of them were aimed at structural changes in production, consumption and environmentally friendly investment. At the same time, the concept of "low carbon economy" and "green economy" gained importance. The aim of this paper is to present the role of the state in the economy in terms of creating conditions for a green economy. The thesis of the publication is: implementation of structural changes related with creating a green economy requires involvement of the state.

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ANALYSIS OF THE EFFECTIVENESS OF PUBLIC SERVICES PROVISION BY LOCAL GOVERNMENTS IN THE YEARS 2007–2013

Author(s): Joanna Czaplak / Language(s): English / Issue: 2/2016

Keywords: public services; analysis of effectiveness; local governments

The aim of this article is a multi-faceted analysis of efficiency of public services provision on the example of Polish local governments and on the basis of local governments ranking published by daily newspaper “Rzeczpospolita”. The ranking list shows the local governments which care the most about development and quality of life. The established research period 2007–2013 will allow to answer the questions: did the leaders of ranking change and did the financial crisis in 2008–2009 have a significant impact on quality of life, and therefore on the efficiency of public services provision in the researched local governments? In the first part of this article the author considers the difficulties in defining the quality of life and public service efficiency. This chapter also presents research methods on the efficiency of public services provision used in the literature. The next part of the article includes the characteristic of local governments ranking list as a wide dataset, which characterizes efficiency of public services provision. The third part contains the analysis of the effectiveness of public services provision in the Polish local governments divided into three categories: cities with district rights, urban and rural municipalities, rural municipalities. In the last chapter of the article, a reader can be find the characteristic of the best fifteen cities with district rights in the public services provision and thus in developing the quality of life of residents.

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INCOME TAX EXEMPTION AS A REGIONAL STATE AID IN SPECIAL ECONOMIC ZONES AND ITS IMPACT UPON DEVELOPMENT OF POLISH DISTRICTS

Author(s): Adam A. Ambroziak / Language(s): English / Issue: 2/2016

Keywords: regional state aid; special economic zones; regional development; public support

Special Economic Zones (SEZs) were established to attract entrepreneurs to invest in Polish regions in order to increase their social and economic development. One of the most important incentives offered in SEZs is state aid in the form of an income tax exemption. The objective of this paper is to verify if the regional state aid granted to entrepreneurs in SEZs has had a positive impact on the social and economic development of Polish poviats. The conducted research allowed for the conclusion that regional state aid in SEZs in the form of an income tax exemption was of a relatively higher importance to the poorest regions, while its significance was much lower in better developed areas in Poland. Moreover the intensity of regional state aid granted to entrepreneurs in SEZs had a positive influence on the social and economic development of the poorest and sometimes less developed poviats in Poland, while the more developed poviats with SEZs did not record better or much better results compared to poviats without SEZs.

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INSTITUTIONAL EFFICIENCY OF LOCAL GOVERNMENT IN ISSUING ADMINISTRATIVE DECISIONS, EXEMPLIFIED BY THE PERFORMANCE OF THE LOCAL GOVERNMENT APPEAL BOARD IN OLSZTYN

Author(s): Wiesława Lizińska,Renata Marks-Bielska,Karolina Babuchowska,Magdalena Wojarska / Language(s): English / Issue: 2/2016

Keywords: local authorities; institutional efficiency; administrative decisions

Institutions and institutional structures play an important role in the theory and research of processes involved in economic progress. The competitive position of territorial units depends on their effective performance, especially on the efficiency of local governments. Skills, qualifications and functional abilities of local authorities gain importance. In this context, creating and stimulating the economic growth locally is essential, because it equates with building the foundation of development processes in all areas of life. Our purpose was to evaluate the institutional efficiency of local authorities manifested by administrative decisions they take. The data submitted to our analysis consisted of appeals against decisions taken by local governments. The objective was to analyze the appeals filed to local government appeal boards and how they were examined in compliance with the binding law. The time period spanned the years 2007 to 2013. The analysis covered appeals lodged to the Local Government Appeal Board in Olsztyn.

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THE ANALYSIS OF THE COMPETITIVENESS OF THE BIGGEST ENTERPRISES IN THE CONSTRUCTION INDUSTRY IN PODLASKIE REGION COMPARED TO THE SECTOR, BASED ON NAGASHIMA'S RADAR

Author(s): Andrzej Kowalczuk / Language(s): English / Issue: 2/2016

Keywords: Nagashima's radar; construction industry; analysis of competitiveness; financial indicators

The purpose of the paper is to analyse the competitiveness of the largest enterprises of the construction industry operating in Podlaskie Voivodeship, against the background of other firms from the sector in the years 2010–2012. The analysis uses the so-called Nagashima's radar, which enables a synthetic depiction of the relative changes of selected sets of indicators concerning the analysed entities from the construction industry. The conducted research into the analysis of competitiveness of largest construction companies of Podlaskie, as compared with the rest of the sector, reveals that the period 2010–2012 saw both increases and decreased in the indicators regarding the profitability, financial stability, capital activity, growth, and efficiency of the studied companies. In 2012, in comparison with the preceding year, a downturn was observed in e.g.: some of the profitability indicators, growth indicators, and labour efficiency indicators.

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THE COST OF CAPITAL IN THE EFFECTIVENESS ASSESSMENT OF FINANCIAL MANAGEMENT IN A COMPANY

Author(s): Aneta Michalak / Language(s): English / Issue: 2/2016

Keywords: capital; cost of capital; value pricing

Financial management in a company is a decision process subject to achievement of the main goal of the company, that is its value maximization. Estimation of the cost of capital is of great significance in this area. The cost of capital affects the key decisions of the board concerning the scale of investment undertakings, determination of the target, demanded amount and pace of capital growth, shaping of optimal capital structure and other areas of financial management in a company such as capital budgeting, processes of takeovers and fusions etc. It is also a parameter in calculating the return on investment and in other analyses. The utilization of information about the cost of capital in the decision-making process in the company is strictly connected with the assessment of financial management in the company using market value added. The objective of the paper is to indicate the place of the cost of capital in assessing the effectiveness of financial management in a company, performed by the method of market value added. The considerations conducted are grounded on the assumption that if we base the effectiveness assessment of financial management in a company on the market value added growth, then the cost of capital will be one of the main parameters in each of the theoretical models presented concerning the company value pricing. In this way, the cost of capital is a parameter in the effectiveness assessment of financial management in a company at the same time. The article is of theoretical-cognitive and methodological character. It constitutes a reason for further empirical research confirming the relation proved in the theory of the relation between the cost of capital and company value, which is a basis for assessing the effectiveness of financial management in the company.

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THE IMPACT OF SOME VARIABLES ON THE VAT GAP IN THE MEMBER STATES OF THE EUROPEAN UNION COMPANY**

Author(s): Ingrid Majerová / Language(s): English / Issue: 3/2016

Keywords: tax gap; value added tax; Corruption Perception Index; GDP growth; VTTL model; regression analysis

One of the most serious problems of fiscal character is the issue of the tax gap. The tax gap is defined as the amount of tax liability faced by taxpayers that is not paid on time. The tax gap comes from three main areas of non-compliance with the tax law – firstly, from underreporting of income, secondly, from underpayment of taxes, and thirdly, from non-filing of returns. The tax evasions in the area of value added tax create one of the largest groups of tax gaps. This article describes the current situation in the field of tax gap in selected countries of the European Union. The aim of this paper is to determine the dependence of the VAT gap on three variables: the Corruption Perception Index CPI, GDP growth rate and the basic VAT rate. The method of regression analysis was used, which was performed on data in the years 2000–2011. Although it could be assumed that tax burden will affect the VAT gap the most, the highest dependence was shown in the case of Corruption Perception Index.

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PROTECTING THE ORGANIZATION AGAINST RISK AND THE ROLE OF FINANCIAL AUDIT ON THE EXAMPLE OF THE INTERNAL AUDIT

Author(s): Sylwia Bożek,Izabela Emerling / Language(s): English / Issue: 3/2016

Keywords: risk; risk identification; risk management; financial audit; internal audit

In the contemporary economic reality and organization’s activities aiming at effectiveness and efficiency of functioning, a lot of significance is attached to a financial audit as an important instrument for protecting the organization against the risk factors. The aim of this article is to present theoretical and practical (on the basis of the examined example) aspects concerning the (internal) financial audit in the organization within the context of its assessment of the exposure to risk. The applied research methods are based on the method of conceptual analysis of the literature on the examined field, as well as on the case study of the auditing task. The results of the performed analyses and examinations allow to state that the financial audit constitutes an effective tool for protecting the organization against internal, as well as external risks.

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PEER PRODUCTION IN THE INTERNET AND UNAUTHORIZED COPYING OF AN INTELLECTUAL PROPERTY IN THE BIT-TORRENT NETWORK

Author(s): Sławomir Czetwertyński / Language(s): English / Issue: 3/2016

Keywords: peer production; unauthorized copying; intellectual property; BitTorrent

This paper deals with the phenomenon of peer production in the context of unauthorized copying of information goods. Acc. to Yochai Benkler, it is a form of production operation based on a community. It is widely applied in the Internet and consequently, such information goods as GNU/Linux and Wikipedia have been established. Although the peer production has promoted growth in importance of, among others, free software or an open source initiative, it is also related to unauthorized copying of an intellectual property commonly called Internet piracy. The huge scale of this phenomenon, which is nearly 24% of entire Internet traffic, must not be ignored. In the paper a hypothesis has been put forward that low efficiency of counteracting of intellectual property unauthorized copying results from that fact that, to a great extent, it is generated in a process of the peer production. In turn, the goal of the paper is verification of the thesis in the progress of considerations regarding the nature of both the peer production and the unauthorized copying. A research field was limited to a P2P file exchange network based on a BitTorrent protocol.

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EURO CRISIS AND THE EMU INSTITUTIONAL REFORMS

Author(s): Jaroslaw Kundera / Language(s): English / Issue: 1/2013

Keywords: crisis; EMU; institutions

The main goal of this article is to find the answer for the question about the necessary reform to be undertaken in the EU to save the euro as a common cur-rency. The author envisages three scenarios of the euro area’s future development. In his opinion, the most probable one are the institutional reforms in the euro area. The essential element of the reform is to establish a proper mix between the ECB’ monetary policy and fiscal policies in the member states. All proposed steps against the euro crisis are mutually correlated: monetary integration requires stricter fiscal integration, fiscal integration requires banking union, but banking union is going to require some form of a political union. This way the debt crisis in the euro area may present an opportunity to renew the strength of the European institutions.

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