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Wpływ pandemii COVID-19 na rynek i efektywność ubezpieczeń na życie z ubezpieczeniowymi funduszami kapitałowymi

Author(s): Anna Ostrowska-Dankiewicz / Language(s): Polish Publication Year: 0

Insurance performs a variety of functions in the economy. Their basic task is to provide the insured with protection in case of occurrence of random events specified in the contract. Market practice shows that such a limited function of classic insurance proved to be insufficient, especially at the time when insurance products appeared which, in addition to their protective function, allow savings to be multiplied. Such products are life insurance with insurance capital funds. However, the emergence of the COVID-19 pandemic caused unexpected difficulties in the conduct of business by enterprises, including insurance companies. These difficulties manifested themselves in a periodic decline in premiums written, and in relation to life insurance with UFK also in a periodic deterioration of their effectiveness due to a slump in the financial markets. The aim of this paper is to present the impact of the COVID-19 pandemic on the market of life insurance linked with insurance capital funds and to discuss the trends in the volume of sales of life insurance with UFK and in the effectiveness of investments in insurance capital funds.

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Статистическото мислене – средство за по-добра видимост в информационната мъгла

Author(s): Margarita Lambova / Language(s): Bulgarian Publication Year: 0

Reasoning is presented related to the need to rethink statistics education in order to create an opportunity to form statistical thinking as a mandatory element of the thought process of a free and informed person and thus overcome the problem of "numerical blindness" in society. It is concluded that the main reason preventing the creation of skills that can be qualified as statistical thinking is the patterning of statistics education by teaching ready-made "recipes" for the mechanical application of statistical methods "piecemeal", detached from the requirements and the logic of statistical methodology.

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Pojęcie równowagi na konkurencyjnym rynku ubezpieczeń

Author(s): Łukasz Kuryłowicz,Adam Śliwiński / Language(s): Polish Publication Year: 0

The article shows the possibility of analyzing the insurance market by using the Rothschild–Stiglitz equilibrium model and its subsequent modifications. As an example the Polish market of compulsory third party liability insurance was used. The first part of the article describes this market, both in terms of its structure and the financial results of insurance companies operating in the group 10 of insurance. In the next part, the main focus is on describing the assumptions of the Rothschild–Stiglitz model both for the markets characterized by full common knowledge and those operating under the conditions of information asymmetry. In the last part, the authors used the Rothschild–Stiglitz model to simulate the market behavior after having introduced a new type of insurance contract which allowed access to information collected byon-board ADR recorders. The simulation showed that, in accordance with the model, the use of new technologies can bring the market closer to the state of equilibrium.

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Instytucjonalne uwarunkowania niestabilności na rynku ubezpieczeń. Studium przypadku holdingu American International Group, Inc.

Author(s): Lyubov Klapkiv,Faruk Ulgen / Language(s): Polish Publication Year: 0

The aim of the article is to analyze the institutional conditions of instability that occurred on the insurance market during the global financial crisis (GFC) on the example of the American International Group, Inc. The global financial crisis of 2007–2008 called into question the ability of liberalized financial markets to function in a stable manner in the long term and questioned the positive contribution of financial innovation to economic development. Numerous and varied factors played a role in this process: low interest rates, easy and accessible credit, loose regulations, “toxic” mortgage loans leading to high-risk financial operations in innovative products. As a result of the crisis, attention has shifted to the banking sector as it has been the most important source of instability in the financial market. The insurance sector is usually considered a minor player in the financial market but clearly regulated. The total assets of European Union banks in 2019 accounted for EUR 49.3 trillion, and the total assets of the EU insurance sector: EUR 12,706.1 billion. However, the case of AIG shows that the role of insurance companies in generating and spreading financial instability is underestimated. It can also be concluded that the insurance sector in the United States of America still remains insufficiently regulated. The collapse of AIG was a combination of defects and violations in the regulatory mechanisms and the lack of appropriate legislation, which allowed for the appearance of certain elements of fraud in the functioning of the insurance market.

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Porządkowanie liniowe z wykorzystaniem wskaźników finansowych zakładów ubezpieczeń w Polsce

Author(s): Anna Gierusz,Agnieszka Pobłocka / Language(s): Polish Publication Year: 0

Insurance companies play a very important role of investors and stabilizers in the economy of a country and of the world. In Poland, in 2019, 58 insurance companies conducted insurance activities. How to rate/evaluate insurance companies, their financial condition, using many technical and economic indicators at the same time? How to choose diagnostic variables? How to build a ranking of insurance companies according to a specific aggregation criterion of selected insurance characteristics? The aim of the study is to assess the financial condition of insurance companies according to synthetic objective functions containing simultaneously many technical and economic insurance values. Secondary goal is to determine the hierarchy of the surveyed insurance companies according to one of the synthetic measures applied. For this purpose, one of the methods of multidimensional comparative analysis will be used–linear orderingfor pattern and non-pattern methods using set of insurance statistics from financial results published by The Polish Chamber of Insurance.

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РЕНТА И АРЕНДА В ЗЕМЕДЕЛИЕТО И ВРЪЗКАТА ИМ СЪС СТОЙНОСТТА НА ЗЕМЕДЕЛСКАТА ЗЕМЯ. ДИНАМИКА И ТЕНДЕНЦИИ В РАЗВИТИЕТО ИМ ЗА ПЕРИОДА 2001 – 2022 Г. В ЗЕМЕДЕЛСКА ОРГАНИЗАЦИЯ, ОБРАБОТВАЩА ЗЕМЛИЩА В РАЙОНА НА ДОБРУДЖА

Author(s): Stefan Byanov,Ivo KOSTOV / Language(s): Bulgarian Publication Year: 0

This study covers the concepts of rent and leases, according to the Bulgarian legislation and their growth factors: high labour productivity, EU agricultural subsidies and the growth in agrarian commodities prices. Furthermore, the relation between rent/lease and the value of agricultural land have been analyzed, as well also the dynamics and trends in their development for the period 2001 – 2022 in two Dobrudzha regions in Bulgaria. Finally, some main conclusions about the topic are presented.

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ENVIRONMENTAL ASPECTS OF SPATIAL PLANNING ON THE EXAMPLE OF ROAD TRAFFIC NOISE

Author(s): Kinga Szopinska / Language(s): English Publication Year: 0

Road noise is one of the main nuisance factors. Its negative impact mainly concerns resi-dential areas, which, located along transport routes, are exposed to spatial conflicts. Elimination of these conflicts requires spatial planning that integrates the economic, social and environmental spheres, which should be taken into account in planning studies shaping spatial policy in municipal-ities. The aim of this study is an attempt to assess the spatial-functional decision to locate a selected road project in the vicinity of an existing residential development in terms of road noise. In order to integrate the environmental and social spheres, a study of the acoustic annoyance of a selected road investment was prepared using direct acoustic measurements and a road noise perception study. A section of the Polish A1 highway was selected for the study.

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АКТУАЛНИ ДЪРЖАВНИ СТИМУЛИ В САЩ ЗА ПОДКРЕПА НА ИНВЕСТИТОРСКАТА АКТИВНОСТ

Author(s): Shtelyan Kalchev / Language(s): Bulgarian Publication Year: 0

COVID-19 pandemic and its sequences has demonstrated that the world is not only in a health crisis, but on a brink of a global economical crisis. The following effects of lockdowns, broken supply chains, rising inflation and geopolitical insecurity have increased the risk for the real estate investment activity, pressing the governments, in particular the US, to modify and increase their stimuli and support for the sector. The purpose of this report is to analyze current government stimuli in USA, which aim to preserve unemployment rate, deal with rising issues of housing affordability and growing mortgage delinquency rate, etc.

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АНАЛИЗ НА НОВИТЕ ВЪЗМОЖНОСТИ ЗА СТРОИТЕЛСТВО НА ЕНЕРГИЙНИ ОБЕКТИ ЗА ПРОИЗВОДСТВО НА ЕЛЕКТРИЧЕСКА ЕНЕРГИЯ ОТ ВЪЗОБНОВЯЕМИ ИЗТОЧНИЦИ ВЪРХУ ПОКРИВНИ И ФАСАДНИ КОНСТРУКЦИИ НА СГРАДИ, ЕНЕРГИЯТА ОТ КОИТО ЩЕ СЕ ИЗПОЛЗВА САМО ЗА СОБСТВЕНО ПОТРЕБЛЕНИЕ

Author(s): Lyubomir Tsvetanov / Language(s): Bulgarian Publication Year: 0

The present study examines the recent legal changes in Bulgaria, which allow the easier construction of energy facilities for the production of electrical energy from renewable sources on roof and facade structures of buildings, the energy from which will be used only for own consumption. The prerequisites and reasons for the adoption of these legal changes are discussed. The changes in the various laws concerning the construction of this type of energy facilities are listed in detail, and their advantages and disadvantages are analyzed.

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РОЛЯТА НА ДЪРЖАВАТА ЗА ПРОТИВОДЕЙСТВИЕ СРЕЩУ ОБЕЗЛЮДЯВАНЕТО НА СЕЛСКИ РАЙОНИ В БЪЛГАРИЯ

Author(s): Kiril Stoyanov / Language(s): Bulgarian Publication Year: 0

The report examines the process of depopulation in the rural areas of Bulgaria, which affects directly the real estate market and investments in the construction sector. The role of the state is fundamental for preventive measures in this aspect. The work presents information about the national and international programmes implemented in the country in the last fifty years and presentation of guidelines for its possible solution.

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CĂTRE UN MODEL BAZAT PE SENZORI ÎN ANALIZA ÎNVĂȚĂRII

Author(s): Emilia Corbu / Language(s): Romanian Publication Year: 0

In context of pandemic crisis, the emergency remote teaching (ERT) process raised a multitude of problems for institutions, teachers, and students, led the author to design a model for evaluating teaching and evaluation processes. In our previous studies, we developed a model for the evaluation system called the learning analytics and evaluation model (LAEM). We also validated a software instrument we designed called the EvalMathI system, which is to be used in the evaluation system and was developed and tested during the pandemic. For optimization of the evaluation process was accomplished by including and integrating the dashboard model in a responsive panel. In this paper, we analyse the possibilities to complete our learning analytics system with a sensor-supported component. Also, we identify which sensor technologies can be used in a more suited manner. Sensor technologies have been adapted for various domains, such as healthcare, and education. The proposed model component can be used to represent the capabilities of current learning analytic system and provide a basis for the future development.

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Европейският енергиен сектор – от пандемични сътресения към устойчиво възстановяване

Author(s): Elisabeth Yoneva / Language(s): Bulgarian Publication Year: 0

Тhe aim of the study is to outline the specific challenges and complications the EU is facing in the energy sector as a result of the start of the pandemic crisis. The paper explores Europe’s positions in the various energy dimensions by applying a comparative perspective with the world pattern. The author discusses the principal elements of the debate, to what extent the pandemic shocks are perceived and used as opportunities to generate “green growth” and how this issue is rooted in the controversy over the proposed recovery measures to overcome the economic collapse. In the context of the research topic, the analysis showcases the main vectors of EU energy metamorphoses, in order to reveal its potential for transition towards a new energy paradigm.

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Мерки на европейските институции за ограничаване на въздействието на пандемията от COVID-19 върху икономиките на страните членки на Европейския съюз

Author(s): Aglika Kaneva / Language(s): Bulgarian Publication Year: 0

In this paper, the measures of the European Commission and other European institutions such as the European Investment Bank and the ECB for limiting the consequences of the COVID-19 pandemic on the EU Member States’ economies have been examined. An analysis has been made of the actions at the European level in various fields, such as State aid, the EU budget, funding from the EU cohesion policy, fiscal policy, support for the sectors most affected by the pandemic – agriculture and fisheries and transport, monetary policy and the EU prudential rules for banks.

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Finansyzacja w Polsce w latach 2010–2020 – skala i problemy

Author(s): Paweł Marszałek / Language(s): Polish Publication Year: 0

The aim of the chapter is an attempt to assess the scale of financialisation in the Polish economy in 2010–2012. The starting point for the considerations is the synthetic characteristics of financialization – its definition, features and factors determining the phenomenon. Next, the consequences of financialization are discussed, and then – with the help of the most frequently used measures of this phenomenon – the scale of financialization in Poland is presented.

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Z doświadczeń strategii bezpośredniego celu inflacyjnego w Polsce – realizacja i próba oceny

Author(s): Filip Kliber / Language(s): Polish Publication Year: 0

Since 1999 Direct Inflation Targeting had been the foundation of Polish central bank monetary policy. The implementation of this strategy took place in changing economic and institutional conditions. It was also accompanied by profound changes in the monetary policy itself. The main aim of this paper is to present the premises and conditions for the implementation of the Inflation Targeting strategy, with particular emphasis on the structure and assumptions adopted in Poland. The implementation of the Inflation Targeting strategy in Poland in individual years was also characterized as well as the factors - positive and negative - influencing its effectiveness. A literature review on the effectiveness of the implementation of the Inflation Targeting strategy in Poland was also carried out and an original attempt was made to synthetically evaluate the inflation target implemented by the NBP.

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Systemy gwarancji depozytów osób fizycznych w państwach Grupy Wyszehradzkiej

Author(s): Dawid Banaś / Language(s): Polish Publication Year: 0

The deposit guarantee systems that are part of the financial safety net are important elements contributing to the stability of the banking sector. Their existence gives depositors a sense of security, which translates into a higher savings rate in a country. The shape of deposit guarantee systems is adjusted to the banking sector operating in a country, which results in observable differences in individual institutions of this type. This can be noticed, for example,in the Visegrad Group countries, although it was more visible in the period before they joined the European Union, as implementing aspects related to the European Deposit Insurance Systemis currently underway. Although the applicable international regulations (mainly EU directives) affect the shape of the functioning deposit guarantee systems, there are still differences between them, for example in the method of determining premiums (they consider the risk taken or not, depending on the country). The author chose this group of countries from the Visegrad Group, as they were the first countries from the Eastern bloc to transform the banking sector. A comparative analysis of solutions that were decided in the countries of the Visegrad Group is the aim of the study. The work presents the applicable legal solutions and analyzes indicators e.g., the coverage ratio.

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Nowoczesne rozwiązania finansowe wspomagające proces zarządzania finansami osobistymi

Author(s): Anna Warchlewska / Language(s): Polish Publication Year: 0

The purpose of the article is to determine whether and how the development of modern financial technologies determines consumers’ financial behavior. The paper seeks to answer the question of whether financial knowledge determines consumer attitudes toward modern financial tools. The article consists of three main parts. The first part presents the characteristics of modern financial solutions - mainly in the retail services segment. The second part presents the essence of financial education in the process of using modern technologies. The results of secondary research on the impact of financial education on consumer financial behavior and the results of own research on PFM (Personal Financial Management) applications are presented.

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Bank w działalności jednostek samorządowych

Author(s): Janina Kotlińska / Language(s): Polish Publication Year: 0

Adequate financial resources are needed to enable local government units to carryout their tasks effectively. An important partner of the local government units is therefore the Bank, which has a corresponding offer. The aim of the study is to diagnose the extent of cooperation between self-governing units and banks over 30 years of activity of local authorities in Poland, on the basis of financial data that illustrate the extent of their demand for the services provided by banks in the context of their growing range of tasks, including chronologically: the emergence of new levels and self-governing units in 1999; Poland’s accession to the EU in 2004, the JST’s obligation to produce a multiannual financial forecast from 2010 onwards; introduction of an individual debt ceiling for JST from 2014

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Banki spółdzielcze w sektorze bankowym w Polsce – lata 2010–2020 oraz perspektywy rozwoju i wyzwania

Author(s): Anna Iwańczuk-Kaliska,Arkadiusz Kulig / Language(s): Polish Publication Year: 0

The aim of the study is to assess the importance of cooperative banks in Poland in the years 2010–2020 in terms of their credit and deposit activities and to try to determine the prospects for their development on the domestic market in the context of global and local challenges. The first part is an introduction. The second one presents the development of cooperative banks in the years 2010–2020 on the basis of selected elements of the sector’s balance sheet. The third part of the study includes an analysis of the market shares of cooperative banks in the banking sector in Poland. In the fourth part, the quality of the loan portfolio of cooperative banks and the scale of reserves created to cover credit risk were assessed. In the next, fifth part, an analysis of the components of the income statement of cooperative banks was carried out by referring them to the relevant items of this statement for the entire banking system. The sixth part of the study is a set of synthetic conclusions from the conducted analyzes. The last part is a summary in which an attempt was made to determine the prospects for the development of the cooperative banking sector in Poland in the coming years based on the challenges for banks confronted with the specificity of the organization and principles of functioning of the cooperative sector.

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Dylematy banków spółdzielczych w dobie rewolucji cyfrowej 4.0 ze szczególnym uwzględnieniem wyzwań w sferze marketingu

Author(s): Grzegorz Kotliński / Language(s): Polish Publication Year: 0

The aim of this study is to answer the following questions: How can the business of cooperative banks be shaped in the face of the challenges of the digital revolution 4.0? What dilemmas do member banks pose in this situation? What are the marketing challenges facing the entire cooperative and individual banking sector? How can we secure and maintain an edge on local markets in the digital revolution 4.0? Cooperative banks were forced to take measures to meet the demands of the digital revolution. Most of them benefit from the support offered to them by their member banks. However, this makes it difficult to achieve economies of scale (some activities are duplicated rather than centralised) and to maintain a unified identity across the sector and makes it difficult to achieve coherent marketing. The managers of the individual cooperative banks have to make decisions which either lead to a gradual loss of autonomy or to difficulties in establishing an identity on the local markets. This situation needs to be considered, as the Digital Revolution 4.0 offers many opportunities that can be used properly to streng then the coherentidentity of the entire industry, while at the same time enabling more efficient marketing and increasing operational efficiency.

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