CEEOL - Search Result

SOVEREIGN DEBT CRISIS OF THE EUROZONE COUNTRIES

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

Keywords: sovereign debt; crisis of the euro area; EMU monetary policy; European semester; fiscal pact; European stability mechanism

The aim of the publication is to examine the fiscal position of the euro area countries and fiscal policy architecture in Europe after the outbreak of the financial and economic crisis started in 2008. The first part of the publication consists of the analyses of the budgetary situation of euro area countries and complications with the increasing costs of servicing the public debt in the European market affected by the financial liquidity crisis. In the second section the most important changes in the framework of budgetary policies coordination process in the euro zone are presented. The final section describes the role and activities of the European Central Bank in minimising the negative consequences of the debt crisis in the euro zone.

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DIFFERENCES IN UNEMPLOYMENT AMONG PERSONS IN A SPECIAL SITUATION ON THE LABOUR MARKET ON THE EXAMPLE OF POLISH PROVINCES

Author(s): Anna Murawska / Language(s): English / Issue: 3/2016

Keywords: labour market; unemployment rate; unemployed person; determinants; standard of living;

The unemployment level in a region and economic activity on the labour market are considered the most important determinants of individuals’ standard of living. The article aims to assess regional differences in indicators characterising the situation on the labour market depending on the selected social and demographic features of the unemployed. In order to achieve this objective, information from secondary sources, primarily statistical yearbooks and other source materials, was used. General data relating to Poland and sixteen provinces was analysed. The assessment of regional differences and the relationship between them used basic indices and ratios in the form of numerical evaluation. Coefficients of intensity, structure, variation and correlation were calculated. Differences in the level of unemployment in Polish provinces depend on such factors as place of residence, age, sex, level of education of the unemployed, seniority and duration of unemployment. Residents of provinces with a favourable situation on the labour market have a notably higher income and standard of living.

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ACCOMPLISHMENT OF THE EUROPEAN UNION LIFELONG LEARNING OBJECTIVES IN POLAND

Author(s): Barbara Kryk / Language(s): English / Issue: 3/2016

Keywords: life-wide life-long learning; European Union; Poland

One of the preconditions for the economic success of a country is education, which today should assume the form of lifelong and life-time learning-LLL). This condition is so important that it was first reflected in the the Lisbon Strategy goals and, subsequently, in the Europe 2020 strategy and its flagship initiatives. It is known that each EU Member State is obliged to achieve the common goals. Hence, this work undertakes to assess the degree to which the EU LLL goals have been accomplished in Poland. This work presents: the essence of LLL, the educational goals set out in the two abovementioned strategies, and the EU recommendations for Poland in this field. Selected indicators were used to determine the level of educational achievements in the country. The following research methodologies were applied for the purpose of this paper: desk research, indicator-based research and deductive research.

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SMALL AND MEDIUM ENTERPRISES AND THE SUPPORT POLICY OF LOCAL GOVERNMENT

Author(s): Mieczysław Adamowicz,Aldona Machla / Language(s): English / Issue: 3/2016

Keywords: small and medium enterprises sector; support policy of SME; factors and barriers for SME’s development

The subject of this research are small and medium enterprises (SME) in the Polish economy, the support of this sector by local government and the functioning of small and medium enterprises in the local system of the town and commune of Pułtusk. The aim of this study is to present the condition and the role of SME in the local systems in light of the selected features of this sector in the country and evaluation of support for SME given by local government of the town and the commune. The case study research methods applied were literature research, documentation review and survey-based research using questionnaire. The survey was conducted in spring, 2014, on a random sample. The research resulted in learning the profile of a local entrepreneurs and the action characteristics of SME in the examined unit. The diagnosis of the sector’s situation was made, the stimulating and limiting factors of its prosperity were identified. The SME support system of local government and the entrepreneurs’ expectations towards commune government in the field of development of local enterprises were evaluated. The results and conclusions confirm the need for development of local government activity in formulating and implementation of the development of local enterprises policy.

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PROSPECTS FOR THE DEVELOPMENT OF PROSUMER ENERGY IN POLAND

Author(s): Magdalena Zajączkowska / Language(s): English / Issue: 3/2016

Keywords: prosumer; energy sources; renewable sources of energy; climate and energy policies

Renewable energy will play a key role in the transition towards a competitive, secure and sustainable energy system. In 2014 the European Commission proposed an objective to increase the share of renewable energy to at least 27% of the EU's energy consumption by 2030. The European Council endorsed this target which is binding at EU level. The Renewable Energy Directive (Directive 2009/28/EC of the European Parliament and of the Council of 23 April 2009 on the promotion of the use of energy from renewable sources and amending and subsequently repealing Directives 2001/77/EC and 2003/30/EC) was implemented in Poland on 20 February 2015 by the new renewable energy sources act. The objective of this article is to analyse the current state of the Polish energy sector related to the prosumer energy industry. It also describes the future potential for the development of prosumer energy in Poland. The analysis was conducted in the light of the new EU climate and energy initiatives. At the beginning, the article presents the current general state in the EU’s energy sector. European Union Climate and Energy Package targets up to 2050 and the state of renewable energy use gives the background to conduct an analysis of prospects for the development of prosumer energy in Poland. That is why the last part is devoted to the prosumer energy sector in Poland in the context of European Union regulations. The critical analysis of the current situation in that sector has made it possible to evaluate prospects for the development of prosumer energy in Poland in the context of the recently introduced legal regulations.

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INNOVATION IN CONTEMPORARY ECONOMIES

Author(s): Elżbieta Pohulak-Żołędowska / Language(s): English / Issue: 3/2016

Keywords: innovation; knowledge; market economies; the state

The hereby article discusses the issues related to the existing or required support given by the State to enterprises in order to provide them conditions to innovate. Neoclassical economy puts an emphasis to the price mechanism as a decision making effective tool, but enterprises meet many barriers in creating and introducing innovation, like high cost, high risk or lack of demand for innovation. These phenomena tend to inhibit innovation of enterprises. This means that market is not an efficient mechanism for innovation activity of enterprises, and its imperfections provoke the State’s intervention. The goal of the article is to shape the objectives of State’s impact on decisions of innovative enterprises. Research method is the critical literature review and public data on State’s support on business R&D analysis. The research results show State’s support for both – incremental and radical innovation, which proves that innovative activity of enterprises is far from being a spontaneous, market-based process.

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CONTEMPORARY ORGANIZATION AND A PERSPECTIVE ON INTEGRATION AND DEVELOPMENT

Author(s): Anna Piekarczyk / Language(s): English / Issue: 3/2016

Keywords: systemic approach; know-why methodology; integration; development

The modern organization is becoming more complex and dynamic. Handling such an organization often requires new solutions in order to quickly counter complexity in economy, politics and private life sectors. The cure to this situation may be understanding the complex connections between elements in the system. Thereupon, in the article the modern organization is presented with the use of a network using know-why type thinking as also a model of an effective system taken from nature, which refers to two determinants – integration and development. The aim of the article is an attempt to answer the question what conditions have to be fulfilled, for the organization to give a feeling of integration and development with a detailed focus on the balance between the two factors.

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POTENTIAL INSTRUMENTS THAT THE ECB COULD TAKE IN ORDER TO FACE THE EURO ZONE CRISIS

Author(s): Myriam J. Maier / Language(s): English / Issue: 1/2013

Keywords: Euro zone crisis; monetary/fiscal policies; Open Market Operations (OMO); Interest rates and Fiscal Pact

The Euro Zone crisis involves a wide range of situations in which economies, financial institutions and assets have lost a substantial portion of their value. The economic impact of the crisis has propelled economies to devise more aggressive strategies to face the crisis as discussed in the context of this review which adds to the body of knowledge available for economists to face future crises.

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THE FISCAL UNION AS A REMEDY FOR THE ECONOMIC AND FINANCIAL CRISIS IN THE EUROPEAN UNION

Author(s): Jolanta Gałuszka / Language(s): English / Issue: 1/2013

Keywords: tax competition; fiscal union; globalization of tax policy

Financial crisis and a global deep recession has led to new government interventions, and the nation's governors have struggled with the resulting budget deficits, unemployment, and other economic problems in their states. Many states are facing major fiscal problems in coming years. Rising debt and growing health and pension costs threaten tax increases down the road. At the same time, intense global economic competition makes it imperative that states improve their invest-ment climates. To that end, some governors are pursuing broad-based tax reforms, such as cutting income tax rates and spending restraint to get their states back on track. The purpose of the article is to identify the impact of globalization and the international environment on the process of tax harmonization in the EU from the perspective of proposal to establish a fiscal union. Moreover, I would like to answer whether a deeper fiscal harmonization will help to achieve the objectives of fiscal consolidation in the time of global tax competition and free movement of capital, goods, services and labour force. The article is divided into several small parts. These parts include the examples/small case studies, which would help stressing the pros and cons of fiscal union and its potential consequences also in the field of economic freedom. Methodology in the article is based on the descriptive analysis of statistical data, source materials and Polish and English literature.

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INNOVATIONS AND SUSTAINABLE DEVELOPMENT OUTLINEOF PROBLEMS

Author(s): Gabriela Wronowska / Language(s): English / Issue: 1/2013

Keywords: sustainable development, innovations

The topic dealt with in the paper is very timely and has assumed major importance from the viewpoint of development of research into economies based on sustainable development and application of research findings in specific solutions in the economy. The paper postulates that innovation is a fundamental and necessary instrument for implementing sustainable development throughout the whole economy. In order to confirm the thesis, first the paper attempts to identify the role of innovation in various areas of the economy. Secondly, it identifies the sources of innovation and areas of the economy which most require new innovative solutions. The study is based on literature, both domestic and foreign. The author analyses theoretical and empirical publications available on the market. Older publications turned out to be necessary and helpful in describing the evolution of the approach to sustainable development of the economy from a historical point of view. Newer works provide a basis for the compilation of a vast majority of the paper. The paper is a preliminary step in a more detailed research into various aspects of an economy based on sustainable development.

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STRATEGIES FOR CREATING NEW BUSINESS, A SOCIOCULTURAL AND INSTITUTIONAL APPROACH

Author(s): José G. Vargas-Hernández / Language(s): English / Issue: 1/2013

Keywords: entrepreneur; company; socio-cultural approach; theories on the creation of companies

This paper aims to summarize the main theories from socio-cultural or institutional approach to encourage the creation of new businesses. Given this context, it raised the importance of theoretical study of the factors that influence decision making in the development of new businesses and how it affects the environment in which they operate the same business. The research method used was to review the existing literature by analyzing the major theories involved in the creation of companies, emphasizing the socio-cultural approach. The analysis concludes the activity of entrepreneurship to encouraging the creation of companies, being an important factor in economic development.

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ACTIVITY OF MICROFINANCE INSTITUTIONS IN THE PERIOD OF THE GLOBAL FINANCIAL CRISIS

Author(s): Paweł Galiński / Language(s): English / Issue: 1/2013

Keywords: microfinance institutions; loans; deposits

The article examines the models of microfinance institutions (MFIs) and some alterations in this field. The regional distribution of MFIs has been shown, as well as their main ties with the real economy against a background of commercial banks. The study also provide some findings on the influence of the financial crisis, which erupted in the late 2007, on the microfinance sector. Therefore, the author analyzed the literature and quantitative data in order to determine these relation-ships.

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SELECTED PROBLEMS OF INTEGRATIONOF FOREIGNERS IN THE CZECH REPUBLIC

Author(s): Libuše Macáková / Language(s): English / Issue: 1/2013

Keywords: integration; immigration; education; health care

The aim of this paper is to characterize the problems of immigration and subsequent integration of foreigners in the Czech Republic. The starting point is a brief historical perspective on the development of migration policies of the Czech Republic and the development of immigration in recent years. The aspects discussed in particular are education and health care, as the main factors affecting the integration of immigrants. The analysis suggests a pivotal role of the state in the activities focused on the integration of foreigners, an important role is played by non-profit organizations. In the end of the paper attention is focused on the Czech public attitude to immigration. Active immigration policy in the Czech Republic began in 2003. Currently, integration is understood as an essential part of the immigration policy of the Government of the Czech Republic. Integration of foreigners into the Czech society is directly linked to the process of immigration and is crucial for the smooth immigrant participation in the local labor market and life in the country. The main problem is the lack of knowledge of the Czech language by adult immigrants and especially their children, lack of knowledge of the Czech language, which significantly complicates the possibility of integration into the Czech society. Access to health care is another critical area of integration. Not all areas of integration are managed entirely ideally. This paper tries to highlight specific partial deficiencies. Further development is possible only after an analysis of the basic factors of integration.

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THE PUBLIC SECTOR OF MIXEDECONOMY IN THE MODERN WORLD

Author(s): Tetyana Bogolib / Language(s): English / Issue: 1/2013

Keywords: mixed economy; public sector; market institutions; liberal capitalism; state property

The article examines the processes of rapid development of economic systems of a new type, including mixed economy, shows competitive institutions of the mixed economy, and illustrates the significance of the public sector for the development of the national economy.

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TRENDS IN IPOS: THE EVIDENCE FROM FINANCIAL MARKETS

Author(s): Tomas Meluzin,Marek Zinecker / Language(s): English / Issue: 2/2013

Keywords: Corporate Finance; IPO; Trends; Financial Markets

This paper deals with the analysis of initial public offerings of shares in terms of their quantity and the amount of capital raised by this form of financing on the world markets. Relevant global developments will be analyzed first, followed by a description of regional situation. The analysis is based on secondary data which are processed by descriptive statistics methods. The analysis of IPO trends on the world markets indicates that, in the period of 2004-2007, IPO-based financing of corporate growth gained in importance on both developed and emerging markets. The IPO segment was dominated by the largest emerging markets (Brazil, Russia, India and China) and at the same time the US American and Western European markets decline in their importance. The world-wide economic crisis of 2008 suppressed the interest in new IPOs, particularly in the developed economies. As the economy of most countries is beginning to revive, the interest in the IPO approach from businesses and investors is on the rise. It can be expected that, in the next few years, the arena of initial public offerings will be dominated by visionary companies operating on emerging markets where the execution of an IPO will constitute the key element in securing the capital essential for further expansion.

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COMMODITIES AS A TOOL OF RISK DIVERSIFICATION

Author(s): Stanislav Skapa / Language(s): English / Issue: 2/2013

Keywords: commodities; diversification; portfolio

Investing in commodities has become a new topic for private investors in recent years. Private investors are trying to spread their investments across a much wider spectrum of investments than in the past. They are looking for new sources of return and better diversification of investment risk. In this process, they are searching beyond the traditional asset classes of equities, bonds, cash and real estate. The objective of the paper is to critically explore the possibility of investing in commodities mainly for private investors and analyses investment characteristics. The main scientific aim is to use a complex of more sophisticated and theoretically advanced statistical techniques and apply them on the findings. This paper will provide comprehensive analyses of mostly used commodity indexes of 1st generation and describe main differences between 1st and 2nd generation of commodity indexes and some examples of rollover mechanism will be critically explain. A representative of 2nd generation of commodity indexes was chosen for comprehensive data analysis to another asset class and for the testing whether commodities decreasing a risk of investment portfolio.

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EFFECTIVENESS OF HIGHER EDUCATION IN THE EUROPEAN UNION COUNTRIES IN CONTEXT OF NATIONAL COMPETITIVENESS

Author(s): Elżbieta Jantoń-Drozdowska,Maria Majewska / Language(s): English / Issue: 2/2013

Keywords: effectiveness of education; national competitiveness

The main aim of this paper is to present the results of comparative analysis of higher education effectiveness in the European Union countries in the context of technology adoption and knowledge development. The first part of the paper describes the notion of national competitiveness, the determinants of its improving and methods of its measuring. Enhancing national competitiveness is in fact one of the objectives of higher education in the welfare economies, or should be in the countries that want to become such. That is why our attempt to verify the higher education effectiveness is taken from the perspective of performance, such as competitiveness. Furthermore, the welfare economy will be very difficult to achieve without a well-educated and trained workforce that is able to absorb new knowledge in order to introduce innovations to market. Today's educational systems should thus provide the so-called knowledge workers who endowed with the relevant knowledge resources can apply them in practice. These workers are a strong factor underpinning national competitiveness.The second part focuses on the comparison of higher education effectiveness in the 27 European Union countries on the basis of selected indicators presented in the World Economic Forum’s annual Global Competitiveness Reports. Our study covers the five years period between 2008 and 2012 and is carried out to evaluate the effectiveness of higher education in European Union countries using indirect measures, such as the opinion of entrepreneurs about the quality of higher education, the indicators of knowledge absorption capacity, and the extent of cooperation between universities and business. In this part of the paper our own synthetic index of higher education effectiveness is also presented, which takes into account, according to the main aim of the paper, the issue related to technology adoption and knowledge development.

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DIRECTIONALITY OF EDUCATION – BALANCED EDUCATION AND INTEGRATION OF EDUCATIONAL SYSTEMS IN THE NATIONAL ECONOMY

Author(s): Wiktor Morohin,Aleksandrs Rubanovskis / Language(s): English / Issue: 2/2013

Keywords: education; educational system; national economy; foreign languages; balanced education

The quality of the workforce is a precondition for economic growth of a society. One of the main indicators of these preconditions is education. The effectiveness of economies of developed countries is based on the high quality of knowledge. As a resutl the quality and balanced education determines the rating of a state in the world and serves as a driving force of national economic development. The aim of the article is to identify opportunities that will allow integrating the balanced education in the educational systems of the national economy.

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THE NEW MIGRATION FLOW AN ANALYSIS OF ECONOMIC FACTORS OF POLAND AND SPAIN

Author(s): Antonio Mihi-Ramírez / Language(s): English / Issue: 2/2013

Keywords: International migration; economic migration; migration economic factors; international economics

This paper has been focused on the migration flow changes due to the economic factors, comparing differences and similitudes of two European countries with different migration antecedents and circumstances. Thus, Spain has been a traditional host country for economic migrants and Poland has been traditionally considered a sending or transit country, but after the economic collapse these roles have changed and Spain is involved in a severe economic downturn meanwhile Poland has continued to grow economically, therefore it has supposed several changes on the attractiveness of these countries from the perspective of migration. Through the analysis and comparison of international statistics about economic factors for migration this research has examined the evolution, effects and extension of current changes on migration flow of two countries of Europe with different economic situation that is affecting their future migration tendencies. The results have shown that 1) Changes on the economics factors are immediately reflected on the migration flow; 2) the deterioration of these factors in Spain has changed its status as destination country to a country with increasing emigration 3) opposite circumstances have declined the higher migration of Poland, but further investment in Research and Development should be necessary to maintain the economic development.

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INTERPRETATION OF STRUCTURAL PARAMETERS FOR MODELS WITH SPATIAL AUTOREGRESSION

Author(s): Michał Bernard Pietrzak / Language(s): English / Issue: 2/2013

Keywords: spatial econometrics; measures of average impact; SAR model; SDM model; spatial autocorrelation

The main purpose of the article is to consider a important issue of spatial econometrics, which is a proper interpretation of structural parameters of econometric models with spatial autoregression. The problem will be considered basing on the example of the spatial SAR model. Another purpose of the article is to make an overview of measures of average spatial impact proposed by the subject literature (see Lesage and Pace 2009). The analysis will include such measures as Average Total Impact to an Observation, Average Total Impact from an Observation, Average Indirect Impact to an Observation, Average Indirect Impact from an Observation and Average Direct Impact. Having considered the above issues, I will introduce a set of three original measures that allow the interpretation of the strength of the impact of the explanatory processes within the spatial SAR model, which take the forms of average direct impact, average indirect impact and average induced impact. The use of this set of measures will be illustrated with the example of the analysis of the unemployment rate in Poland. It must be emphasized that the presented set of measures may also be designated for other spatial models. With the knowledge of the empirical form of the model and of the spatial weight matrix, the set of measures introduced simplifies significantly the complex procedure of the interpretation of the structural parameters for spatial models to the use of merely three values.

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