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THE COMPARISON OF FUNDS ALLOCATION UNDER THE REGIONAL OPERATIONAL PROGRAMMES IN 2007–2013 AND 2014–2020 PROGRAMMING PERIODS

Author(s): Justyna Sokołowska-Woźniak,Dariusz Woźniak / Language(s): English Publication Year: 0

The Intraregional policy comprises actions taken by the regional self-government authorities and their agencies which influence the processes of socio-economic development taking place in the region. Due to the volume of funds involved, the Regional Operational Programmes (ROPs) can be regarded as the most important instrument of intraregional policy in Poland (in the programming period 2007-2013 voivodeships received 16,6 billion of Euro and in the current programming period 2014-2020 the planned allocation amounts to 31 billion Euro). The primary objective of this study is to characterize and compare the distribution of Polish voivodeships’ operational programmess funds in 2007-2013 and 2014-2020 programming periods for different categories of intervention to find out if any patterns of allocation exist. The results of this study will be used in further authors’ investigations concerning the degree of adequacy of voivodeships’ funds allocation to the needs and potentials of the region (smart specialization policy approach).

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Soixante-dix ans de franc CFA : quel bilan pour les 14 pays de la zone franc ?

Author(s): Henri-Louis Vedie / Language(s): French Publication Year: 0

For seventy years, CFA franc is the common currency of 14 africain countries. Beyond africain continent, CFA franc is also the currency of Comoro islands. If we compare economic performance of all countries, members of Economic and Monetary Union of West Africa (XOF) and members of Economic and Monetary Communauty of Central Africa (CEMA) we compare performance of the 14 CFA countries, but also performance of 11 others, often speaking english, but not having “franc CFA” or common currency. Analysis of all results, specially monetary results (inflation for exemple), confirm – overall– the theory of Robert Mundell, about monetary area. But analysis of the growth of all these 25 countries show also that the best results are for the 14 franc CFA countries and not for the 11 others, refusing common currency and/or franc CFA.

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Les nouvelles transformations des activités bancaires à l’épreuve de la globalisation financière, instabilité et régulation

Author(s): Djamila Sbihi-Yaddaden,Chabha Bouzar / Language(s): French Publication Year: 0

Banks are not static; they undergo more or less accelerated and important transformations according to the times. But it is above all in recent decades that they have seen an important step marked by the internationalization of the major banks, the extension of financial markets, the intensification of capital movements and the amplification of risks. The aim of the article is to attempt to question the level of interaction that may exist between the changes in banking activity linked to the phenomena of liberalization and globalization and the phenomenon of the instability of Banking and financial systems. It is also a question of highlighting the issue of regulation of the banking system in such a context.

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Youth Entrepreneurship and Role Models at Local Level. Case Study: Bihor County, Romania

Author(s): Anca Otilia Dodescu,Ioana Crina Pop Cohuţ / Language(s): English Publication Year: 0

In the context of promoting inclusive entrepreneurship in Romania, the present paper addresses the issue of youth as a disadvantaged group on the labour market and under-represented in entrepreneurship from a local perspective and highlights the role models as a key instrument for encouraging youth entrepreneurship. Thus, in addition to a brief theoretical background about youth entrepreneurship and policies to stimulate business creation among young people in the European Union (EU) and Romania, we analysed the statistics on the labour market and youth business creation in Bihor County, Romania and conducted a qualitative research based on an in-depth interview applied to 12 young entrepreneurs from Bihor County, Romania. The research findings outline a local perspective about the motivations, opportunities, obstacles and difficulties of youth entrepreneurship in an EU lagging region, the access to finance, the role of education, family, support networks and the influence of models from local business environment for young entrepreneurs, their business identity in the local business environment, and how entrepreneurship changes young people's perception of business creation and self-employment. The main conclusion of the paper is that, despite the Romanian legislation and policies that are not friendly enough to youth entrepreneurship as well as local business environment, and despite erroneous perceptions of young people about financing a business, there are young models who had the courage to change their lives for good, who succeed and recommend to other young people to become business owners or self-employed. Alongside facilitating access to finance, role-models are, in our opinion, the most important tool for promoting youth entrepreneurship at local level.

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Някои варианти за погасяване на дългосрочни ипотечни кредити

Author(s): Rosen Nikolaev,Tanka Milkova / Language(s): Bulgarian Publication Year: 0

Nowadays there is an increase in the relative part of houses bought by mortgage loans. This leads as a consequence to a stronger competition between the credit institutions and also to a steady growth in the specific needs and preferences of the clients of these institutions. Based on this, there is more and more a necessity for some flexible politics from bank institutions, which may lead to increase of their part from the mortgage loans market and also to guarantee a higher level of serving their clients. In the present paper, based on analysis of the existing methods for refunding home mortgage loans, the authors propose a methodology for adapting the amortization schedules to new options.

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Възможности за оптимизиране на лизинговата дейност на строителното предприятие

Author(s): Radan Miryanov,Velina Yordanova / Language(s): Bulgarian Publication Year: 0

In the market conditions nowadays, the construction companies are forced to seek and apply new methods to achieve optimal economic and financial performance. One of these innovative methods is leasing, which is becoming more and more relevant as an effective financing tool. In this paper the authors offer some opportunities to optimize the leasing activities of a construction company. New conditions for the leasing scheme are introduced and dynamic optimization models are proposed in order to achieve an optimal strategy for replacing the subject of the lease using the criterion of optimality – obtaining maximum income for the whole period.

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Възможности за непреки инвестиции в недвижими имоти

Author(s): Krasimira Naydenova / Language(s): Bulgarian Publication Year: 0

Real estate investments require high capital, and diversification of the portfolio - even higher. For investors with limited resources, the real estate market, in all its segments, is accessible through indirect investment, notably through the shares of the real estate investment trusts. These financial instruments provide both participation in the profits from the development and management of properties and from the increase in their prices as well as from the letting. In Bulgaria, these companies do not pay profit tax and are required to distribute 90% of it as a dividend.

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Improving Administrative Capacity in European Funds Absorbtion for Region South-West Oltenia

Author(s): Maria-Loredana Popescu,Carmen Valentina Radulescu,Dumitru-Alexandru Bodislav / Language(s): English Publication Year: 0

The absorption of European funds is a process influenced predominantly by the managerial capacity of local and regional authorities and by the ability of Member States to provide the necessary co-financing. Thus, the managerial capability of the local authority in a Member State is the key to a high absorption rate of structural funds.This paper aims at revealing the poor situation of Romania’s European fund absorption rate and brings to light the situation in Romania, Region South-West Oltenia, in context of the Regional Policy applied by the European Union, which targets all regions of the EU, stimulating economic growth and improving life quality by strategic investment efforts.This policy of EU (European Union), is also a form of support which orientates the efforts towards all less developed regions, as South-West Oltenia.Most studies on the administrative capacity for absorption of structural funds focused on the analysis of national and regional administrations from a financial and macroeconomic perspective, and less on the administrative capacity of local authorities. The paper focuses on identifying the main factors of local authorities in absorbing structural funds, at the level of Region South-West Oltenia, Gorj and Valcea counties from Romania and finding solutions for increasing the level of absorbtion.

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Quality Costs and their Financial Implications on the Performance of Organisation

Author(s): Rodica Ailoaiei,Elena Hlaciuc,Petronela Vultur / Language(s): English Publication Year: 0

Lately, quality has become a fundamental variable in the performance of organisations. But efforts to increase revenue often lead to partially abandoning product quality. The effect is often disastrous for the organisations – from additional costs incurred in an attempt to remedy defects to losing their market share. Good quality management results in avoiding unwanted costs. Quality control is focused on the method used to achieve each component of the final product, while having a compliance standard as guideline. Therefore, it is obvious that by acting on the causes that lead to a decrease in quality, considerable savings can be made, both financially and in terms of market share. To ensure the effectiveness of this approach, we need to identify the quality-related costs, as detailed below.

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Performing Cost-Benefit Analysis for Funding Projects

Author(s): Lucia Moroşan-Dănila / Language(s): English Publication Year: 0

Cost-Benefit Analysis is an analytical tool used to estimate (in terms of benefits and costs) the socio-economic impact due to the implementation of certain actions and / or projects. The impact has to be assessed against predetermined objectives, with the analysis usually taking place by taking into account all individuals affected by the action, either directly or indirectly. The paper presents the importance of Cost-Benefit Analysis for companies that want to access non-reimbursable funds (from the European Commission's budget or national budget), but also its impact on the decision of the financiers to grant funds to the applicant companies. Cost-Benefit Analysis forecasts will positively impact company’s activity? Is CBA real or shows processed information only to determine the financer to give the financing? Who really benefits from the forecasts? These are questions stay unanswered, because the risks and uncertainties to which companies are subjected daily, does no guaranties for future developments and situation, non the less a CBA. The CBA stay only a prediction.

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Financial Systems and Private Innovation Activity. A Research for OECD Countries

Author(s): Alberto Méndez-Morales,Carlos Yanes-Guerra / Language(s): English Publication Year: 0

This research shows the effect that financial markets development has on R&D private investment of OECD countries. The main porpoise of this research is to help policy makers to generate effective policies to spur innovation, especially in underdeveloped countries. Data used on this research comes from World Bank and Unesco for the period 2000-2016. Used methodology is a dynamic panel data in which macroeconomic, financial, innovation and structural variables are included. It was found that stock markets development is positively related with private expenditure on R&D, but bond markets are negatively related with it. Simultaneously, low inflation and stable exchange rates are positively related with R&D. This is a novel research given that we show that an effective innovation policy for private firms, should be accompanied of policies aimed to deepening financial markets as a way to spur investments on R&D.

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Resale Price Maintenance: What Future, What Past?

Author(s): Varun Chakravarty / Language(s): English Publication Year: 0

The paper deals with a comprehensive analysis of the evolution of vertical price restraints in the American, European and Indian market. Resale price maintenance refers to the efforts of a manufacturer to restrict the range of prices charged by a retailer of the manufacturer’s product. In this paper there will be an analysis of evolution of resale price maintenance in US with the inception of Sherman Act to Leegin Creative Leather case for maximum and minimum resale price maintenance. There will also be an analysis of evolution of US competition law from Per-se to Rule of reason with regard to incident of checking the anti-competitive market practice. A detailed analysis with respect to US, EU and Indian stand on competition law will be given in this research paper.

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The Place of Insurance in the Economies of Bulgaria and Romania in the Post-Crisis Period

Author(s): Rumen Erusalimov / Language(s): English Publication Year: 0

The latest global financial and economic crisis has affected the insurance markets both in Bulgaria and Romania. In the period 2009-2012, the Bulgarian insurance market recorded a continuous decline. After 2012, however, the trend turned and the insurance companies working on the Bulgarian insurance market started to report growth in the realized premium income. To a certain extent, this is also applied to the Romanian insurance market. This study evaluates the place which insurance takes in the economies of Bulgaria and Romania in the post-crisis period (2012-2016). Special attention is paid to the main indicator, which characterize the development of the insurance markets, i.e. the premium income earned by insurance companies. The dynamics of two other indicators – insurance penetration and insurance density – have also been examined. The analyses and conclusions of the study are based on statistical information published in the Sigma Newsletter of the Swiss Re Institute for the period 2013-2017. This is the reason why insurers’ premium income and insurance density indicator are presented in US dollars. This permits a correct comparison of the results obtained for Bulgaria and Romania with those showing the development of insurance in countries such as Russia and Turkey, which are also part of the European insurance market. The survey indicated that Bulgarian and Romanian insurance markets could still be identified as underdeveloped. The lag compared to the average European level is significant. This is especially true for Life insurance, which unlike our two countries, is the leading insurance industry for the economically leading European countries.

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Using the Multidimensional Data Models for Forecasting, Calculation and Cost Analysis

Author(s): Cezarina Adina Tofan / Language(s): English Publication Year: 0

A step forward for intelligent decision-making systems is the use of models that take into account the specificities of decision-making processes and analysis criteria and build the decision-making variants that are evaluated and presented to the decision-makers. This involves analytical knowledge of the decision-making mechanism to identify the elements involved in the decision-making process, the links between them and the interdependencies with the decisional environment, as well as the laws, the criteria on which the act of the proper election is conducted. It is needed such a comprehensive perspective on the decision-making mechanism to understand that the decision is not a singular act of a simple choice of two or more alternatives, it is an act with a thorough informational foundation. The complex foundation of the decision-making process must start with the analysis of the objectives and their correlation with the resources, so only we can reach the intuition and formulation of the decisional problem, which is the first stage of modelling the decision-making process.

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Transparency Around the World. Empirical Study on Information Reported on Finanacial Markets

Author(s): Irina Diana Iordache / Language(s): English Publication Year: 0

The study analyzes the issue of transparency of the information reported by entities listed on various financial markets around the world. The research consisted in the analysis of the annual reports of 120 companies listed on 8 stock exchanges. In constructing the sample, we’ve started from the hypothesis according to which the degree of transparency of the information presented by companies is directly proportional to the share they occupy in the structure of stock market indices. Finally, 10 stock market indices were analyzed. It was concluded that in order to meet the requirements of transparency and regular reporting, listed entities need to adapt their organization and communication according to good governance practices and accounting rules, so that they are always engaged in an open dialogue with the market. Analyzing the issue of economic-financial communication has led to the identification of extremely generous future research directions, among which we recommend: the study of the relationship between the transparency of economic-financial communication and the quality of corporate governance; studying the impact of decision-makers inestablishing the transparency of economic and financial communication;studying the relationship between the existence or non-existence of internal control mechanisms and the transparency of economic and financial communication, studying the impact of fraudulent financial-accounting reporting practices.

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Potencjał działalności kredytowej sektora bankowego w obliczu pandemii COVID-19. Perspektywa credit crunch

Author(s): Iwona Dorota Czechowska,Czesław Lipiński,Joanna Stawska,Wojciech Zatoń / Language(s): Polish

The main purpose of the study is to analyze credit availability. New premises related to the change in the conditions of operation of economic entities following the outbreak of the COVID-19 pandemic prompted the taking up of this topic. In mid-2020, the following phenomena were observed in Poland, for the first time since 2009: a decrease in the credit debt of the non-financial enterprise sector, greater than during the global financial crisis, a declaration of the banking sector regarding a tightening of lending policy. In such circumstances, the question arose about the possibility of excessive reduction of credit supply by banks in connection with the effects of the COVID-19 pandemic. The effects of the pandemic increase the likelihood of problems related to timely debt service. The trend of limiting the supply of credit is known as the credit crunch. Answers to the research question whether there is a risk of credit crunch in Poland were searched for on the basis of a literature review and empirical research. Considering the great importance of corporate credit financing for their investment activity, the importance of credit availability is particularly important in times of crisis. The conclusions resulting from the presented analytical material provide the basis for the conclusion that the credit crunch phenomenon does not occur in Poland. The theoretical considerations and empirical analysis of lending activity in Poland showed that the concerns about the collapse on the loan supply market have not been confirmed. The situation of the banking sector in mid-2021 looked quite optimistic in the short term (apart from the unresolved issue of housing foreign currency loans and its consequences), but in the long term, an important role will be played by the diagnosed trap of low structural credit availability and the chronically weak crediting of the Polish economy. Combined with the low profitability of the sector, resulting mainly from high fiscal burdens, this will be an important factor hampering the development of the banking sector in Poland. Changing this state requires a significant revision and consistent implementation of the economic strategy for Poland through the intensification and promotion of investment projects. On the other hand, a rational (e.g. flexible depending on the economic situation) approach to the fiscal burden on the banking sector is desirable.

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Klasyczne i nieklasyczne metody analizy nierówności dochodowych

Author(s): Alina Jędrzejczak / Language(s): Polish

The work takes up a broadly understood statistical methodology regarding the analysis of income distribution and income inequality. Recently, there has been an increase in interest in researching inequality, injustice and poverty, as well as in the practical dimension of these studies. The monograph presents a wide range of inequality measures, derived from various approaches: descriptive, axiomatic and normative, including the Gini, Theil and Zenga coefficients. Their interrelationships and the specificity of each of them have been analysed. The importance and value of point measures (as opposed to synthetic ones) were emphasized. The concept of income inequality analysis has also been extended to inequality between income distributions. In this regard, a wide range of approaches is presented, with the possibility of focusing on selected aspects of differences between distributions - for example, on the deprivation of a distinguished group. Approaches based on relative distribution and generalized measures of economic dominance are described, as well as a family of measures of income inequality based on quantiles. In addition to theoretical considerations, empirical analyzes based on individual data were also carried out, concerning the distribution of household income in Poland in various divisions. These analyses covered the period 2014–2020, which made it possible to assess the impact on income inequality on the one hand of the Covid-19 pandemic, and on the other hand, of rapid economic growth and social programs. Comparative analyzes of income distributions in Poland and Italy were also carried out, including gender gap analyses.

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Determinanty obrotu bezgotówkowego w krajach Unii Europejskiej na przykładzie kart płatniczych

Author(s): Marlena Grzelczak / Language(s): Polish

Research devoted to the determinants of cashless payments is an important issue from a financial point of view. The spread of cashless trading benefits participants in the payment system, including consumers and businesses, and ultimately the economy as a whole.Because of the benefits of cashless trading, it was important to recognize the determinants of cashless trading. The monograph took as its main objective the identification and evaluation of the impact of key factors on cashless turnover using payment cards, and their empirical verification on a macro-scale for the period 2004–2022.The empirical study conducted at the macro-scale level – with the help of econometric modeling – allowed the identification of statistically significant key economic and non-economic variables, including sociodemographic, cultural and payment infrastructure-related variables at the macro-scale, some of which were common to the EU-15 and EU-13 group of countries, which provided the basis for verifying the main hypothesis. Knowledge of the determinants of non-cash trade is an important element in the formation of monetary policy and is a valuable source of information in making strategic decisions on non-cash trade and the payment system. This information is important for the economy, but also for payment market stakeholders, who need reliable statistical data in order to be able to compare the level of development of the payment system with other countries. Recognizing the determinants of cashless payments is the focus of central banks, payment organizations, commercial banks – payment card issuers, clearing agents, merchants, IT institutions that support the introduction of innovative solutions in payments.

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Implementacja wymogu MREL do sektora bankowego

Author(s): Iwona Dorota Czechowska,Czesław Lipiński,Joanna Stawska,Joanna Stępińska,Wojciech Zatoń,Marcin Borys / Language(s): Polish

The monograph is a compendium of knowledge in the field of broadly understood finance, on the essence and mechanisms of the functioning of the banking sector and the problems associated with them. The subject of the analysis is the minimum requirement for own funds and eligible liabilities (MREL) introduced in the banking systems of EU countries in order to ensure the resilience of individual financial institutions to the negative effects of changes in the economic environment, by maintaining capital reserves at a level that allows for covering potential losses and recapitalization. The publication describes the issue of the justification for applying MREL requirements in practice. The scope of the publication covers the banking sector in Poland, in particular the group of banks listed on the WSE, as well as a comparison of MREL levels in the banking sector in Poland with levels in the banking sectors of other EU countries. The aim of the study is to estimate the needs related to fulfilling MREL and to present practical aspects of this process, including the type of instruments used, costs incurred and possible risk factors. The monograph sought answers to the research questions: What is the scale of the needs in terms of obtaining own funds and eligible liabilities of banks? What instruments are used to meet the MREL requirement? Is it possible to significantly increase the risk of financial stability threats if individual institutions invested in MREL instruments? The importance of the MREL problem is extremely important, especially in periods of crisis. In the study, the authors presented the essence of the MREL requirement and the characteristics of prudential requirements, described the principles of its calculation, presented trends and detailed phenomena in the scope of MREL, presented an analysis of the experience of other countries, as well as costs, risk factors and practical problems of implementing this requirement. In previous studies, attempts at an in-depth analysis of the requirement for own funds and eligible liabilities in the banking sector have rarely been made. The originality of this publication is the collection of all information on MREL and the presentation of this issue in the perspective of its implementation. This is one of the first publications to present such issues in such a synthetic and at the same time detailed way on the publishing market in Poland.

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Finansowanie gospodarki przez sektor bankowy. Scenariusze zdarzeń

Author(s): Iwona Dorota Czechowska,Czesław Lipiński,Joanna Stawska,Wojciech Zatoń,Joanna Stępińska / Language(s): Polish

The monograph is a compendium of knowledge in the field of broadly understood finance, on the essence and mechanisms of the functioning of the banking sector and the problems associated with them. The subject of the analysis is the financing of the needs of the economy through credit action. The importance of this problem is extremely important, because the provision of funds is the main function performed by banks for the economy, as well as the basic source of banks' income. The aim of the study is to identify and assess the prospects of the banking system's ability to finance the economy in Poland. The publication describes the issue of the development of credit action in Poland, and scenario forecasts for the demand for credit are developed. The assumptions and results of forecast scenarios showing different variants of credit growth paths and the banking sector's demand for capital adequate to them are presented. The basis for the presented forecasts is the inflow of EU funds under the National Recovery and Resilience Plan (KPO), as well as funds from the cohesion fund. In the individual scenarios, different assumptions were made regarding the formation of macroeconomic variables in the years 2024-2027. The assumption of different macroeconomic scenarios resulted from the need to test different credit growth paths related to them. The scale of credit growth was dependent on the adopted macroeconomic assumptions, but also on changes in the structure of investment financing by enterprises. The results of the scenarios are varied and lead to the final conclusions that in order to effectively support the economy with financing provided by banks, stable and predictable conditions for the functioning of this sector should be created. They should be based on transparent, long-term regulations and adjustment of costs incurred by banks to the role they should play in a developing economy. In previous studies, relatively rarely have attempts been made to conduct an in-depth analysis of the financing of the economy by the banking sector. The originality of this publication is the collection of all information on this subject and the presentation of this issue in the perspective of potential event scenarios. This is one of the few publications that present such issues in such a synthetic and at the same time detailed way on the publishing market in Poland.

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