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Ryzyko systemowe a instytucje pieniądza elektronicznego

Author(s): Paulina Wiączek,Nina Stępnicka / Language(s): Polish Issue: 1.1/2019

Electronic money institutions are one of the most modern types of financial institutions. They break the monopoly of banks in terms of spending electronic money and carry out deposit operations. Electronic money institutions play an essential role in the monetary policy of the state. Taking into account the financial stability of the state in the context of functioning of electronic money institutions seems important to monitor permanently the entities which create the payment system and implement new solutions. It will allow for the limitation or reduction of the potential causes of systemic risk.

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Efektywność zainwestowanego kapitału w spółkach sektora WIG – budownictwo

Author(s): Sylwia Kruk / Language(s): Polish Issue: 1.2/2019

It was assumed that the main goal of corporate finance of a company is to increase its market value, which leads to the maximization of the owners’ benefits. This study covered relations between return on invested capital and cost of obtaining it basing on data from 39 companies grouped under the WIG-construction index for the years 2010–2017. Research conducted in this field in Poland is relatively rare due to limited access to corporate data. As a result of this examination, it was shown that the capital employed in companies only in four out of the eight considered periods exceeded the costs of their acquisition. Additionally, there was no relationship found between the average ROIC and WACC.

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Evaluation of EU Countries from the Point of View of the Determinants of Non-Cash Transactions

Author(s): Radosław Pastusiak,Marlena Grzelczak / Language(s): English Issue: 10.1/2018

The aim of this paper is the evaluation of EU countries from the point of view of the characteristics determining non-cash transactions measured by the transactio nvalue per payment card. The variables that influence non-cash transactions were chosen on the basis of literature review. Data was obtained from Eurostat, The World Bank, Transparency International, Social Research Institute and from the shadow economy report [Schneider 2016, pp. 49–50]. The results from empirical research confirmed statistically significant impact of selected fourteen variables on the value of card transactions (apart from an indicator describing real household income). Statistically significant variables, thanks to using linear ordering method, helped to calculate a synthetic indicator, which allowed to constitute EU country ranking in the period of 2005-2016. The added value of this article is the usage of the method of standardized sums to group EU countries taking into account the broader group of factors determining non-cash transactions than GDP per capita appearing in the literature. The conducted analysis confirmed that country ranking from the point of view of one variable, does not need to be satisfied and include not only fields of economic development but also fields of social development. Therefore, there is a necessity to include broader category of variables. That way, the picture is more thorough and reflects not only present condition, but also the growth potential. The formulated ranking indicates the dominant position of Scandinavian countries with respect to characteristics determining noncash transactions in the period of 2005-2016. On the extreme positions are Romania, Bulgaria, Croatia and Greece.

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Principles of Creating Government Programmes as a Basis of Their Efficiency – Polish Experiences

Author(s): Marta Postuła / Language(s): English Issue: 10.1/2018

Public spending and the management tools used as part of this process should serve to increase the efficiency of the supply of public services to citizens. One of the necessary elements as part of this process is creating the adequate methodology of government programs. A proper approach, one based on broadly defined programming,is an instrument that can increase the efficiency and effectiveness of tasks carried out in the public sector. An approach based on management by objectives combined with evaluation performed on various stages can bring major results. The article draws on Polish experiences from both work done so far on performance budget and from other instruments of contemporary public management.

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Zmiany w konsumpcji gospodarstw domowych i ich związek ze zmianami PKB w krajach UE

Author(s): Anna Śleszyńska-Świderska / Language(s): Polish Issue: 10.1/2018

The aim of the article is to identify the direction of changes in consumer spending of EU households and their relation to GDP changes in 2008-2015, as well asto identify countries where consumption spending in 2008-2015, changed the most andthe least. The research hypothesis was formulated as follows: in 2008-2015 as a result of the economic slowdown in EU countries measured by GDP, EU households initially limited consumer spending, and increased it only at the end of the analyzed period, which was accompanied by a growing rate of change in GDP. Regardless of the level of economic growth measured in GDP in EU countries, changes in consumer spending did not proceed to the same extent. The years 2008-2015 are a period sensitive to EU spending of households, which were limited. This is due in particular to the fact that in the first five years of the period under review, a recession in the EU countries was observed. Then, however, there was a slow improvement in the economic situation of the EU countries. The decline in the GDP growth rate shows that the economic downturn has affected all EU countries to a greater or lesser extent. In the period under review, there was a moderate (r= 0.353 and p <0.01) correlation between the rate of changes in household. consumption expenditure and the rate of change in GDP in the EU. The applied cluster analysis showed that both in EU countries with a higher level of GDP and lower, larger and smaller changes in household consumption were observed.

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Finansowe instrumenty wsparcia projektów inwestycyjnych w Centra Usług Biznesowych w Polsce

Author(s): Przemysław Urbański / Language(s): Polish Issue: 10.1/2018

In the last decade in Poland there has been a dynamic increase in investment in business service centers (CUW). An important factor that influences the decision to choose a country to locate investments along side the supply of qualified labor resources and economic stabilization is the financial assistance offered to new investors. The purpose of the article is to present financial support instruments that can be used by both Polish and foreign investors in the services sector that creates business centers. The study consists of three parts. The first concerns the description of the state of investment in business centers. The second focuses on the factors regarding the location of service potential. The third one is devoted to financial assistance to investors.

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Spółki Komunalne. Forma Przedsiębiorczości Lokalnej

Author(s): Marek Wojciechowski / Language(s): Polish Issue: 10.2/2018

Knowledge about the operation of municipal companies in Poland is small. They occupy an important place in local government and play a significant role in meeting social needs. These entities have a large public property, which they use in the process of implementing local government tasks. Municipal companies are one of the basic organizational forms in achieving local government goals. From a theoretical point of view, these companies are the subject of research interest and the economic category, characterized by specific features. They function in the sphere of public utility as well as beyond it. On the basis of a municipal company there is the phenomenon of information asymmetry and the conflict of social and economic goals. For this reason, these entities remain under the control of local government authorities and administrations, becoming regulated enterprises.

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Sytuacja i tendencje w III filarze emerytalnym w Polsce

Author(s): Paweł Trippner,Justyna Trippner-Hrabi / Language(s): Polish Issue: 10.2/2018

The pension system is a very important part of the public finance system of the state.From the legal regulations applied, the opportunities for citizens to self-investments in future benefits are dependent. It is obvious that without additional individual investments, the level of pension paid by Social Insurance Institution will be very low in relation to the recent salaries. The paper reviews the situation in the voluntary commercial pension pillar in Poland. It covers the period 2012–2017, the years since retirees have been able to choose between all currently operating products under this pillar (Company Pension Plan, Individual Pension Account,Individual Pension Security Account). The structure and dynamics of pillar’s assets has been estimated, along with an analysis of the significance of the individual products that operate there.The problem seems timely and relevant, especially on the eve of the planned liquidation of the second pension pillar (Open Pension Funds are to be converted into investment funds), which means that the current third pillar will become the only legally regulated voluntary option for additional investments for future pensions.

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The Significance of Trade Openness and Export Diversification for the Economic Growth of the European Union Countries

Author(s): Marek Maciejewski / Language(s): English Issue: 10.3/2018

The article attempts to assess the sensitivity of the economies of the European Union countries to changes in the economic situation on their sales markets. It was assumed that trade openness index will be of decisive significance here. For the needs of the analysis, major export directions of the EU countries were determined, Theil relative diversification indices for export were calculated at the level of 6 HS digits, and the importance of agricultural and food products in the export structure was established. The size of the economies of the EU countries and the considered elements of the analysis of the commodity structure of trade turned out to be the factors influencing the lack of straight forward relationship between trade openness and sensitivity to changes in the economic situation on trade partners’ markets.

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Znaczenie funduszy europejskich w działalności parków narodowych w Polsce po 2003 roku

Author(s): Maciej Cieślukowski / Language(s): Polish Issue: 11.2/2018

National parks are the most important form of nature protection in Poland. In2012, these parks were transformed from budgetary units into state-owned legal entities. At the same time, auxiliary farms were liquidated with the help of which the parks performed a fundamental activities in the sphere of protection of natural resources. The new legal and organizational form was to increase the financial independence of parks and improve the efficiency of operations, including to improve the absorption of European funds. The article shows that the allocation of legal personality to national parks translated into a marked increase in the absorption of EU funds, but the funds obtained were still of relatively minor importance in the financial management of parks.

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Czynniki organizacyjne oraz zasady społecznej odpowiedzialności biznesu a tworzenie modeli biznesowych prywatnych domów seniora w Polsce

Author(s): Anna Staszewska / Language(s): Polish Issue: 11.2/2018

The article is a continuation of the article in volume XVIII, issue 2 “Entrepreneurship and Management”, which analyzed the demographic, socio-cultural and formal-legalfactors of shaping the business models of private senior homes in Poland. In this publication, the author has characterized the organizational aspects and selected features of business models for existing projects that determine the shape and profile of the business,taking into account organizational and market factors. Characteristics and analysis were carried out on the basis of available literature, registers of facilities providing care for the elderly people, and other documents revealing elements of business models of units operating in Poland and in Western Europe.

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Теоретични измерения на конвергенцията в разходната структура на БВП в Еврозоната

Author(s): Nikolay Velichkov / Language(s): Bulgarian Issue: 5/2019

The aim of this paper is to reveal the numerous macroeconomic dimensions of the GDP expenditure structure, and based on that to demonstrate the economic importance of the convergence with respect to this structure for the Eurozone countries. In this context, it can be concluded that achieving convergence in the expenditure components of GDP for the Eurozone countries is a prerequisite for convergence of the fundamental features of their economies. This convergence concerns first and foremost the factors determining the economic growth and flow of the business cycle which is an important condition for the effective functioning of the EU's Economic and Monetary Union.

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Кръговата икономика в България – перспективи и предизвикателства

Author(s): Vanya Ivanova / Language(s): Bulgarian Issue: 5/2019

The study presents the systematic response of fiscal policy to public debt developments, aiming to reveal its crucial importance in determining whether the debt-to-GDP dynamics leads to a desired equilibrium or not. On this basis, we will show that the values ??of the debt-to-GDP ratio in Bulgaria close to 55-60% are an acceptable boundary where debt can be considered as manageable and sustainable. These calculations contribute as they give new directional ideas when measuring the fiscal effects of fiscal policy, they can also serve as an anchor for various stress testing scenarios as well as an analysis of the social expenditures outweighing in the future.

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CONSIDERATIONS REGARDING THE ABSORPTION CAPACITY OF THE STRUCTURAL AND COHESION FUNDS, THE ADMINISTRATIVE AND FINANCIAL DECENTRALIZATION AND THE QUALITY OF THE GOVERNING ACT IN ROMANIA

Author(s): Iulia Para,Teodor Gheorghe NEGRUȚ,Laura Mariana Cismaş / Language(s): English Issue: 14/2019

The paper analyses the implementation of the cohesion policy of the EU, highlighting the nexus between the absorption capacity of European funds and the political and administrative factors in Romania. The deficiencies registered in the process of absorption of European funds lead to the conclusion of rethinking the regionalization process, an administrative and financial decentralization, in order to transfer competences from the central administration level to the local public administration authorities. By studying a series of indicators calculated at the level of the EU member states, the Global Governance Index in Romania, as well as the strategic needs and objectives of the current budgetary exercise 2014-2020, the conclusion may lead towards the fact that the act of governance represents a key factor for the construction and institutional management and the efficient absorption of the European structural and cohesion funds; as a result, the close relationship between the quality of governance and the effective administrative capacity is obvious.

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IRAK’TA YENİDEN MAKROEKONOMİK SANCILAR

Author(s): Ceren Türkmen / Language(s): Turkish Issue: 45/2020

Among the countries that have a coast to the Persian Gulf, Iraq, which is the third in terms of surface area, has been established on fertile lands where the Tigris and Euphrates rivers meet. In addition, its oil reserves and the economic potential it carries, emphasizes its geopolitical importance in the region. The wars and embargoes that have been subjected during the Saddam Hussein's government have largely prevented the unlocking of the country's potential. Security and instability issues depict the country's macroeconomic ecosystem since the US intervention that ended Saddam's rule (2003) and the Coalition administration and other local political wills that subsequently came to power could not significantly reduce ethnic or sectarian conflicts. On the other hand, despite the aforementioned structural-chronic problems, the Iraqi economy got to be one of the quickest growing economies in 2010-2013. The main locomotive of the country's economy is oil exports. Therefore, oil price volatility in global markets increases macroeconomic fragilities in Iraq. On the other hand, as the infrastructure and housing sectors are suffering from the ongoing wars and conflicts, they require a high amount of investment, and the government's strategy to develop sectors other than the hydrocarbon industry increases the country's investment needs. This situation attracts the attention of foreign construction companies, foreign investors and creditor institutions. However, in addition to the attacks of the radical ISID, possible military-political interventions between the USA and the Iran against Iran's plans to establish a Shiite state in the region, have started to increase the tension in the country.

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History of trade between China and USA

Author(s): Jiandong SHI / Language(s): English Issue: 01/2020

This paper analyzes the overall situation of the development of the Sino-US trade. First, the evolution process of Sino-US trade relations is sorted out and divided into four stages: Sino-US trade review from the Qing Dynasty to the Anti-Japanese War; Sino-US trade review from the Anti-Japanese War to the establishment of new China; Sino-US trade review from the establishment of new China to the establishment of Sino-US diplomatic relations; the development and change of Sino-US trade after the establishment of Sino-US diplomatic relations. Second, from the perspective of total trade volume, China's trade surplus with the U.S has been constantly increasing, which indicates that Chinese exports are increasingly dependent on the American market, and aggravates the asymmetry of Sino-US trade relations. The asymmetry of Sino-US trade relations has also brought great uncertainty and risk to the development of China's economy and foreign trade. Finally, the trade imbalance between China and the U.S. is the major obstacle to the development of Sino-U.S. trade relations as well as the direct cause of Sino-US trade war.

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Kvalitet života i politika oporezivanja u Evropskoj uniji

Author(s): Marina M. Simović,Aleksandar Mihajlović,Miomira P. Kostić / Language(s): Serbian Issue: 03+04/2018

In this paper, the authors tried to direct their attention to the mutual quality of life and taxation policy in the EU by pointing out the facts related to the effects of harmonization of certain forms of taxation within the EU and the im¬pact of that harmonization on the quality of life of citizens. Within the Europe-an Union, activities that address the obstacles in the free movement of people, goods and capital and free provision of services are identified. It is important to consider what are the normative and thus the institutional framework for the conduct of tax policy in the European Union, as well as the impact of that policy on the quality of life of citizens in its countries. On the other hand, what repercussions these systems within national and supranational frameworks can have in the conduct of tax policy in Serbia, as well as in the countries in the region and their influence on different aspects of the quality of life of its citi¬zens. Particularly they described the effects of harmonization of indirect taxes on quality of life.

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FACTORS DRIVING THE PUBLIC DEBT DYNAMICS: THE CASE OF REPUBLIC OF MACEDONIA

Author(s): Gjorgji Gockov,Suzana Makreshanska Mladenovska / Language(s): English Issue: 1/2019

The global financial and economic crisis has placed a significant strain on public finances in many economies. Since sound public finances are crucial for price and financial stability and for economic growth, concerns about rising debt commitments have led to a renewed interest in the analysis of debt sustainability in the last decade. This paper discusses the concept of fiscal sustainability and investigates the factors driving the public debt dynamics in the Republic of Macedonia over the period 2004-2021. Although the level of indebtedness is still moderate (below 50% of GDP), the public debt dynamics from 2008 is worrying (public debt has doubled in only 7 years). The starting point for assessing debt sustainability is the government budget constraint equation. This equation explains the evolution and accumulation of government debt by three main factors: the primary balance, the “snowball” effect, and the deficit-debt adjustment. The conventional debt sustainability analysis showed that the general government debt ratio over the period 2004-2017 increased moderately as a result of a significant increase in the primary deficit (by 16 p.p.), that was almost completely offset by the positive “snowball” effect. In addition, we found that in the pre-crisis period (2004-2008), the general government debt ratio declined significantly, mainly as a result of a positive “snowball” effect but also because of the primary surplus. Contrary to pre-crisis developments, the general government debt ratio increased significantly (by 19 p.p.) in the post-crisis period (2009-2017), due to the significant primary deficit increase, while the positive “snowball” effect was moderate.

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Fiskalni federalizam između teorije i prakse u BiH

Author(s): Lejla Ramić / Language(s): Bosnian Issue: 38/2019

In this article the author discusses theoretical framework of fiscal federalism through his four keys determinants: assignment of functions and expenditures, public revenue assignment, intergovernmental transfers and borrowing. Fiscal federalism deals with these issues which are closely related with fiscal decentralization. Guided by these determinants, the author applied them to a complex state structure in BiH. Fiscal federalism in BiH is intriguing question having in mind current political relations and constitutional order of the state. After detailed analysis, the five striking conclusions drawn by the author are: 1. stronger central government position – current position of central government is not strong enough to lead quality macroeconomic management. One of author's suggestions is transfer of competences from entities to central government in the field of direct taxes. This transfer would enable the principle of cost-effectiveness to be achieved; 2. independent fiscal council – fiscal council has two main disadvantages: a) political influence b) insufficient coordination of all levels of government. Fiscal council should be only a financial institution isolated from political influence and should represent a connection between all levels of government including cantons and municipalities; 3. more systematic use of intergovernmental transfers – intergovernmental transfers are important instrument for achieving fiscal equity in fiscal federalism, but in BiH these transfers need to be more systematic as the disparity in the development of regions becomes greater 4. development budget – condition sine qua non – budgets of all government in BiH should be oriented to capital investments not only to fund a complex administration 5. borrowing – according to an official report, status of public debt isn't negative but those responsible must keep in mind the rise in interest rates on domestic debt, poor credit ratings and currency risk for non-euro loans.

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Impactul politicii fiscale asupra investițiilor străine directe

Author(s): Robert-Adrian Grecu / Language(s): Romanian Issue: 6/2018

The main objective of this paper is to identify how fiscal policy decisions influence the flow of foreign direct investment and how sensitive is the level of FDI to changes in tax rates applicable to companies. The case study was conducted on the Romania case for the period 2005-2016. The conclusion of the study reveals how a set of restrictive fiscal policies, materialized in a higher level of tax obligations applied to companies, leads to a decrease in the level of foreign direct investment.

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