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Pomoc publiczna w Polsce – wybrane zagadnienia

Pomoc publiczna w Polsce – wybrane zagadnienia

Author(s): Teresa Korbutowicz / Language(s): Polish Publication Year: 0

Pomoc publiczna udzielana przedsiębiorstwom w Polsce od czasu jej przystąpienia do UE dostosowywała się do zasad obowiązujących w tym ugrupowaniu i prowadzonej przez uprawnione organy polityki kontroli tej pomocy. Kontrolą w Unii objęte są funkcjonujące i wprowadzane programy pomocy. Badana jest ich legalność, czyli zgodność z obowiązującymi regułami traktatowymi, licznymi przepisami prawa wtórnego oraz z wypracowaną w toku stosowania tych zasad interpretacją. Na podstawie wydanych przez Komisję decyzji w sprawach dotyczących pomocy publicznej i sprawozdań z zakresu polityki kontroli tej pomocy można ustalić, jak Polska stosowała zasady przyznawania pomocy i czy jej postępowanie różniło się od zachowań innych państw członkowskich.

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Naruszenia dyscypliny finansów publicznych dotyczące środków pochodzących z Unii Europejskiej

Naruszenia dyscypliny finansów publicznych dotyczące środków pochodzących z Unii Europejskiej

Author(s): Wojciech Bożek / Language(s): Polish Publication Year: 0

W niniejszym opracowaniu dokonano analizy aktualnych przepisów prawa traktujących o odpowiedzialności za naruszenie dyscypliny finansów publicznych dotyczących środków pochodzących z Unii Europejskiej, tj. przede wszystkim art. 4, 4a oraz art. 13 Ustawy z 17 grudnia 2004 r. o odpowiedzialności za naruszenie dyscypliny finansów publicznych (dalej: uondfp). W szczególności podjęto próbę wskazania wpływu na porządek finansowoprawny zmian wywołanych Ustawą z 19 sierpnia 2011 r. o zmianie ustawy o odpowiedzialności za naruszenie dyscypliny finansów publicznych oraz niektórych innych ustaw (dalej: ustawa zmieniająca). Autor próbuje udzielić odpowiedzi na pytanie, czy działania ustawodawcy, ukierunkowane na osiągnięcie naczelnego celu, jakim jest poprawa skuteczności eliminowania niezgodnych z prawem zachowań w sferze gospodarowania środkami publicznymi pochodzącymi z Unii Europejskiej, mogą być osiągnięte przy pomocy wprowadzonych w uondfp zmian.

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Entrepreneurial Activity in Slovakia: Selected Regional Aspects and the Role of Governmental Environment

Entrepreneurial Activity in Slovakia: Selected Regional Aspects and the Role of Governmental Environment

Author(s): Ondřej Dvouletý,Anna Pilková,Juraj Mikuš,Miroslava Rimská / Language(s): English Publication Year: 0

Purpose: The main aim of our study was to contribute to this increasing body of the regional entrepreneurship literature by a better understanding of the regional entrepreneurial activity in Slovakia as an example of post-communist economy. Design/methodology/approach: We exploit the existing measures of entrepreneurship from Global Entrepreneurship Monitor and Statistical Office of the Slovak Republic, and we explore the inter-regional differences in the levels of entrepreneurial activity among eight Slovak NUTS 3 regions during years 2011-2015. We also employ the multivariate regression models and empirically investigate the relationship between the business environment and entrepreneurial activity in Slovakia. Findings: The average engagement in entrepreneurship in Slovakia was during the analysed period 16-18% of the economically active population depending on the measure used. The results of multivariate regression models have shown that the overall improvement of the general business environment positively influences the levels of entrepreneurship in Slovakia. Research/practical implications: We believe that such an observation may serve as an encouragement for the further efforts invested in improving business conditions for the established and new Slovak entrepreneurs. We also encourage future researchers to study further other location factors of entrepreneurial activity such as cultural, logistic and socioeconomic variables. Future research might also address the role of entrepreneurial infrastructure and public entrepreneurship and SME policies. Originality/value: The presented study empirically contributes to the body of knowledge on the regional entrepreneurship and the conducted approach towards quantification of the entrepreneurial activity might serve as an inspiration for other scholars.

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The need for a better assessment of the impact of state aid

The need for a better assessment of the impact of state aid

Author(s): Paulina Kubera / Language(s): English Publication Year: 0

European Commission assess state aid measures relying on a set of predefined criteria. If an aid measure complies with these criteria, it is deemed that the positive effects of a planned aid outweigh its negative effects on competition and trade without a sufficient evaluation of its actual impact, though the latter could actually significantly contribute to the decision-making process in order to improve the design of future public interventions and rules governing state aid. This concern has been echoed in the European Court of Auditors’s 2011 Special report: ‘Do the Commission’s procedures ensure effective management of State aid controls?’, where the Tribunal finds that ‘the Commission does not assess the ex post impact of State aid in a comprehensive way’. The paper aims to investigate this problem. It is divided into three parts that correspond to the following three lines of inquiry: (1) what is the practice of granting State aid in the EU in terms of its volume and category, (the objectives for which aid is targeted), is the overall state aid volume decreasing or not, and are there shifts in state aid priorities; (2) how is the EU state aid control conducted, what are the developments in this field stemming from the postulate on the greater reliance of economic insights; and finally (3) what problems concerning the EU state aid control still need to be addressed in order to improve its effectiveness. To this end, statistical analysis is applied based on EUROSTAT data.

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Wpływ Unii Europejskiej na polskie ustawodawstwo podatkowe - wybrane zagadnienia

Wpływ Unii Europejskiej na polskie ustawodawstwo podatkowe - wybrane zagadnienia

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

Przedmiotem niniejszego opracowania jest wpływ Unii Europejskiej na polskie ustawodawstwo podatkowe. Autor poświęca uwagę zwłaszcza harmonizacji VAT, akcyzy i podatków dochodowych.

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Jednostki samorządu terytorialnego w Polsce jako beneficjenci funduszy Unii Europejskiej

Jednostki samorządu terytorialnego w Polsce jako beneficjenci funduszy Unii Europejskiej

Author(s): Magdalena Wojarska / Language(s): English,Polish Publication Year: 0

Artykuł ma charakter empiryczny. Jego celem jest identyfikacja związku między absorpcją funduszy unijnych (ogółem i per capita) przez jednostki samorządu terytorialnego a osiągniętym przez nie poziomem rozwoju społeczno-ekonomicznego oraz określenie znaczenia tego źródła finansowania dla badanych jednostek. Proces analityczny był oparty na informacjach pierwotnych (zgromadzonych za pomocą kwestionariusza ankiety od 909 przedstawicieli urzędów miast i gmin) i wtórnych (pozyskanych z Banku Danych Lokalnych). Poziom rozwoju samorządów określony został za pomocą syntetycznej miary rozwoju lokalnego (MRL), a do ustalenia zależności między jej rozkładem a wielkością środków Unii Europejskich pozyskanych przez gminy posłużyły współczynniki korelacji Pearsona i rang Spearmana. Na poziomie populacji generalnej istotny statystycznie związek korelacyjny (na poziomie 0,44) pojawił się jedynie w przypadku sum ogółem. Oznaczało to, że wzrostowi miary MRL towarzyszył umiarkowany wzrost absorpcji funduszy UE i na odwrót. Znaczenie środków unijnych oceniono na podstawie wskaźnika ich udziału w dochodach ogółem budżetów gmin oraz wyników badań ankietowych. Podejście takie wykazało, że choć środki unijne stanowiły niewielki odsetek dochodów gmin (średnio 4,79%), to zdaniem respondentów istotnie przyczyniły się do rozwoju badanych samorządów (W = 0,89). Ponadto możliwość aplikowania o fundusze miała znaczący wpływ na kształt planów inwestycyjnych jednostek uczestniczących w ankiecie (W = 0,88).

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Wpływ funduszy w ramach regionalnych programów operacyjnych na rozwój społeczno-gospodarczy województw w Polsce

Wpływ funduszy w ramach regionalnych programów operacyjnych na rozwój społeczno-gospodarczy województw w Polsce

Author(s): Paweł Łopatka,Marcin Nowak / Language(s): English,Polish Publication Year: 0

W 2015 roku obchodzono 40. rocznicę zainicjowania przez Unię Europejską polityki spójności. Przez ten okres polityka ta ewoluowała wraz ze zmieniającymi się priorytetami działania Unii Europejskiej. Zasadniczy cel pozostał jednak niezmienny – zmniejszanie dysproporcji w rozwoju regionów. Zmiany w polityce spójności znalazły odbicie w badaniach prowadzonych przez różne grupy naukowców. Jednym z istotniejszych problemów podejmowanych w literaturze jest określenie wpływu funduszy na rozwój społeczno-gospodarczy. W artykule, wykorzystując teorię systemów szarych, zbadano, jaki wpływ wywierają fundusze w ramach regionalnych programów operacyjnych na wybrane zmienne charakteryzujące rozwój społeczno-gospodarczy. Badaniem objęto wszystkie województwa w Polsce. Analiza obejmowała lata 2007–2013. W tej perspektywie finansowej Polska otrzymała około 20% wszystkich środków przeznaczonych na politykę spójności (łącznie liczącej około 308 mln euro). Wyniki analiz przeprowadzonych w pracy mają charakter praktyczny i mogą być wykorzystane na potrzeby odpowiedniego kształtowania dystrybucji środków pochodzących z Unii Europejskiej.

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Wpływ funduszy Unii Europejskiej na rozwój gospodarczy województwa lubelskiego

Wpływ funduszy Unii Europejskiej na rozwój gospodarczy województwa lubelskiego

Author(s): Joanna Szafran / Language(s): English,Polish Publication Year: 0

Od akcesji Polski do Unii Europejskiej dystans w poziomie rozwoju gospodarczego mierzony wskaźnikiem PKB na 1 mieszkańca ulega zmniejszeniu, jednak w regionach procesy konwergencji przebiegają wolniej. W województwie lubelskim proces „doganiania” następuje z niższego poziomu rozwoju, wynikającego m.in. z niekorzystnej struktury gospodarki, niskiej urbanizacji, słabej przedsiębiorczości i wyposażenia w infrastrukturę. Przynależność Lubelszczyzny do najsłabiej rozwiniętych regionów nie przełożyła się w latach 2004–2006 na większe fundusze pomocowe mimo stosunkowo dużej aktywności beneficjentów w programach operacyjnych. Niższy udział lubelskiego w krajowych programach ma zrekompensować program skierowany do Polski Wschodniej i wzrost wsparcia przeznaczonego na programy regionalne. Celem artykułu jest analiza kierunków alokacji funduszy polityki spójności Unii Europejskiej oraz ocena efektów w zakresie pobudzania rozwoju gospodarki Lubelszczyzny przez niwelowanie luki w infrastrukturze technicznej (transportowej, wodociągowej, kanalizacyjno-ściekowej i gazowej) oraz stymulowanie przedsiębiorczości. Fundusze UE są obecnie najważniejszym źródłem finansowania zarówno największych projektów, jak i lokalnej infrastruktury oraz mobilizacji kapitału na rozwój MŚP.

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Absorpcja funduszy Unii Europejskiej a rozwój społeczno-ekonomiczny powiatów województwa wielkopolskiego

Absorpcja funduszy Unii Europejskiej a rozwój społeczno-ekonomiczny powiatów województwa wielkopolskiego

Author(s): Marcin Spychała / Language(s): English,Polish Publication Year: 0

Celem artykułu jest próba określenia zależności między absorpcją funduszy unijnych a zmianami poziomu rozwoju społeczno-ekonomicznego. Badania przeprowadzono w trzech etapach. W pierwszym określono poziom rozwoju powiatów województwa wielkopolskiego. W drugim etapie przedstawiono zróżnicowanie absorpcji funduszy unijnych w tych powiatach. W trzecim etapie określono zależności między wielkością absorpcji a zmianami poziomu rozwoju w układzie czynników tego rozwoju na podstawie analizy regresji.

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Fundusze europejskie w rozwoju infrastruktury transportowej Warmii i Mazur

Fundusze europejskie w rozwoju infrastruktury transportowej Warmii i Mazur

Author(s): Stanisław Ejdys / Language(s): English,Polish Publication Year: 0

Artykuł prezentuje zestawienie wyników analiz oraz omawia rolę funduszy europejskich jako narzędzia finansowania rozwoju infrastruktury transportowej Warmii i Mazur. Na podstawie szeregu raportów wskazanych w opracowaniu można wnioskować, że region Warmia i Mazury właściwie wykorzystuje szansę związaną z członkostwem w Unii Europejskiej i dostępnością jej funduszy. Realizuje te inwestycje infrastrukturalne, które trudno byłoby urzeczywistniać na tak wielką skalę bez unijnego wsparcia. Istotnym wyzwaniem pozostaje dalsze konsekwentne wspieranie inwestycji infrastrukturalnych w regionie. Osiągnięty stan w tym sektorze nadal prezentuje się niekorzystnie. Priorytetem powinna być alokacja środków inwestycyjnych oraz zapewnienie środków na utrzymanie już powstałej infrastruktury transportowej. Wymaga to jednak dookreślenia obecnej i przyszłej roli funduszy europejskich oraz efektywnego ich wydatkowania.

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Labour market policy

Labour market policy

Author(s): Małgorzata Szylko-Skoczny / Language(s): English Publication Year: 0

The aim of this paper is to present a changing nature of the Polish labour market in and after 1990s, employment and unemployment level and structure in Poland post-1990, labour market policy in Poland, assurance of social security to the unemployed issue, activation of the unemployed issue.

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Polish pension system: 1989–2012

Polish pension system: 1989–2012

Author(s): Joanna Ratajczak / Language(s): English Publication Year: 0

The reform of the pension system took place during the second wave of reforms in Poland after the thorough transformation of the political and economic system. Poland belongs to the Central and Eastern European group of countries, which (following Hungary) introduced the paradigmatic pension reform which is funded by an obligatory system. Over 20 years after the political transformation and 12 years after the paradigmatic reform of the 1999, a question arose about the main problems and challenges as well as political answers reflected in the (re)designing of the pension system in Poland. This is the main purpose of this article. The text is structured as follows: first, the ten year path towards the paradigmatic 1999 reform will be outlined. This is the starting point for a brief description of key parameters of the old and the new pension system. Since reasons for the pension reform of 1999 and the new Polish pension scheme have been analyzed by many authors, the focus will be on the current regulations and especially changes after the 1999 reform, which are the subject of description in section three. Finally, the main directions of evolution of the pension system in Poland after the paradigmatic reform will be identified.

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Как миграцията се отразява върху новата многогодишна финансова рамка Съюзи в рамките на Европейския съюз

Как миграцията се отразява върху новата многогодишна финансова рамка Съюзи в рамките на Европейския съюз

Author(s): Atanas Pavlov / Language(s): Bulgarian Publication Year: 0

This analysis provides an assessment of some of the most important elements of the EC proposal for new 2021-2027 MFF and new system of own resources, mainly focusing on the issues regarding migration and their impact. Also, the analysis provides an overview and comparison between the new MFF and the current one. For the expenditure side of the EU budget, the European Commission has proposed a long-term budget of €1,135 billion in commitments (expressed in 2018 prices) over the period from 2021 to 2027, equivalent to 1.11% of the EU27's gross national income (GNI). This level of commitments translates into €1,105 billion (or 1.08% of GNI) in payments (in 2018 prices). Superficially, this amounts to an increase on the 2014-2020 MFF, which is an estimated 1.02% of EU-28 GNI (commitments), but a number of factors make comparisons difficult. On the revenue side of the EU budget, the Commission has taken the political opportunity presented by Brexit to propose a gradual phasing-out of most of the correction mechanisms that discount certain Member States' contributions to the EU budget. The proposal for a new own resources decision also takes up the recommendation of the High-Level Group on Own Resources to introduce new own resources explicitly linked to EU policies.

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Програма за развитие на селските райони в България за периода 2014-2020: предизвикателства и бъдеще

Програма за развитие на селските райони в България за периода 2014-2020: предизвикателства и бъдеще

Author(s): Deyan Ivanov / Language(s): Bulgarian Publication Year: 0

Since Bulgaria's accession to the European Union, European grant funding under the Rural Development Program has had a tangible impact on the agricultural sector, making the research of the problems in the area relevant and significant. The article examines, the development and implementation of the program. In particular, the perspectives and problems in implementing the support measures are analyzed, paying attention to their future developments. Based on the collected data and after analyzing the trends and problems conserning the subject, conclusions and recommendations are formulated in regard to the Rural Development Program for the period 2014-2020.

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Основни фактори, обуславящи разходването на средства от бюджета на Европейския съюз за постигане на целите на Съюза

Основни фактори, обуславящи разходването на средства от бюджета на Европейския съюз за постигане на целите на Съюза

Author(s): Hristo Draganov / Language(s): Bulgarian Publication Year: 0

The European Union pursues common policies through its institutions in order to attain the Union's objectives. The main financial instrument that provides the conduction of the common policies is the European Union budget. The use of this instrument is subjected to the fulfillment of various conditions. The basic factors determining the European Union budget expenditure could be grouped into as law factors, financial and economic factors, political factors. Many of the factors are aimed at ensuring financial stability and proper use of the European Union budget but their multitude makes them practically difficult to apply. The diversity of the (non-exhaustively) presented factors could be considered also as source of problems emerging in the practice of the European Union budgetary process.

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Влияние на политиката на ЕС за опазване на околната среда върху динамиката на БВП и бюджетното салдо в България

Влияние на политиката на ЕС за опазване на околната среда върху динамиката на БВП и бюджетното салдо в България

Author(s): Stoyan Neytchev / Language(s): Bulgarian Publication Year: 0

This report presents a brief overview and analysis on the impact of the EU environmental policy on several major economic indicators in Bulgaria, in particular – GDP and budget balance dynamics. Apart from the direct effects on these parameters, the implementation of the EU environmental policy in the country results in additional effects which practical examination would help us to prove that the positive effects from the environmental policy are not limited to the indicators observed in this report only. The author systematically analysed the impact of the funds provided by the European budget on certain fundamental economic indicators. Apart from the above-mentioned, research expands to systematic comparative analysis on member state budget positions regarding their individual contribution to the EU budget versus the amount of money allocated to them by the budget (i.e., their fiscal position of a net beneficent or net donor to the EU budget).

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STRATEGIC APPROACH TO AGING SOCIETY IN THE CROATIAN NATIONAL DEVELOPMENT STRATEGY
4.50 €

STRATEGIC APPROACH TO AGING SOCIETY IN THE CROATIAN NATIONAL DEVELOPMENT STRATEGY

Author(s): Vesna Vučemilović,Sanel Volarić / Language(s): English Publication Year: 0

According to statistics for the European Union (EU), the European population age structure is expected to change significantly. Long-term projections for the EU indicate a substantial increase in the share of people aged 65 and above. Due to higher life expectancy and fertility rate decrease, the EU faces a decline in the working-age population and growing demand for social and health services. According to Eurostat, the share of the very elderly population (80 and over) in the Republic of Croatia will be more than double in 2070 compared to 2019. The total population of the country will decrease to 3 million inhabitants. The purpose of this paper is to provide an overview of measures planned in the Croatian National Development Strategy (CNDS) for the period 2021-2030 related to the said issues. The fundamental question is how to achieve a sustainable pension system and public finances in such circumstances. The findings and recommendations may be used for policy suggestions to relevant institutions to create adequate solutions for our citizens.

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VELIKO RESETOVANJE EKONOMIJE SRBIJE TOKOM I POSLE COVID-19 KRIZE
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VELIKO RESETOVANJE EKONOMIJE SRBIJE TOKOM I POSLE COVID-19 KRIZE

Author(s): Dragan Đuričin,Iva Vuksanović Herceg / Language(s): Serbian Publication Year: 0

Since 2020 the modern world has been witnessing a complex crisis, which is essentially a medical crisis (the COVID-19 pandemic) within a structural economic crisis. In addition to the current nexus of risk stressors, such as anthropogenic climate crisis, biodiversity loss, financialization and income inequality, all global and cross-cutting by their very nature, in the last period biorisk has been growing dramatically. The COVID-19 pandemic is a devastating and tragic moment which is rapidly becoming a matter of primary public concern. Social distancing, as the most effective anti-pandemic measure, has pushed the economy into sleep mode. Hibernation provokes a truly systemic economic downturn. The current crisis is particularly deepening structural imbalances of the neoliberal model of capitalism. Core policies responses, such as liquidity infusion and fiscal stimulus, are massive and permanent. Increasing moral hazard and irrational exuberance, such policies are destroying capital markets,as a brain of the market economy. But every crisis is also a chance to change. By tackling the neoliberal capitalism’ fault lines in a more effective way, it may actually accelerate the pace to the future we had in mind. A quick restart (or recovery) of the economy and a later rebound require systemic and concerted action in order to mitigate the negative effects of both medical and economic crisis. In managing a complex crisis such as this one, guided by the vision o fa sustainable, inclusive and prosperous economy, governments all around the world should take radical reform steps. It means, at least, two things at once. First, dealing with the pandemic as a macroeconomic variable. Second, implementing core economic policies (monetary and fiscal) in a structural way. To do so, the transition from shareholder capitalism to stakeholder capitalism is imminent. An emerging system will combine two institutional choices,the “visible hand” of state (impact investments based on structural or industrial policies)and the “invisible hand” of market forces. It’s time to give the government a stronger voice in the economy. To create value instead of redistributing value, the major part of impact investments will be in circular and regenerative economy, health care, infrastructure (physical and conceptual), science, and education. The objective of this paper is twofold. First, to fill the present conceptual vacuum created by the neoliberal doctrine economics rules with the aim of identifying key components of Serbia’s economy revival based on its macroeconomic specifics and catalytic impact of new economics rules during and after the COVID-19 pandemic.Second, to highlight the relevance of key components of stakeholder capitalism, including the regenerative and circular model of growth and heterodox economic policy platform for the Great Reset, or recovery and rebound respectively.

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MAKROEKONOMSKI EFEKTI PANDEMIJE COVID-19 U EVROPSKOJ UNIJI I SVIJETU
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MAKROEKONOMSKI EFEKTI PANDEMIJE COVID-19 U EVROPSKOJ UNIJI I SVIJETU

Author(s): Tjaša Redek,Polona DOMADENIK,Matjaž Koman / Language(s): Serbian Publication Year: 0

The virus has impacted the economy through the following key channels: containment measures,and the supply and demand side problems caused by the disease. Lockdowns, cessation of certain services and public life, problems in organizing work-processes, problems in logistics and value chains at large, increased uncertainty, increased unemployment, and many others caused a simultaneous crunch on both the supply and the demand side of the economy.As a result of the simultaneous shock to both sides, the impact has been very strong, causing an endogenous spiral and resulting in a much higher overall impact than initially expected.The purpose of this paper is to present the impact of the virus-related crisis on the economies,with the focus on the European economy and Slovenia, relying on most recent available statistical resources. First, a brief theoretical background is provided, explaining more in detail how the virus impacted the economy. This is followed by an overview of the macroeconomic data, including a reflection to the financial and economic crisis 10 years ago. A sectoral perspective is provided next. The paper concludes with a selection of forecasts for the future.While the crisis has had a negative impact on the overall macroeconomic performance, significant sectoral as well as cross-country differences can be observed. Forecasting the future and overall impacts of the virus is at the moment very risky, however, the forecasts are unanimous in the evaluation that the crisis in 2020 will be significantly deeper than the crisis in 2009. Future effects and development of the crisis depend on a number of factors(1) the duration and type of restrictions, (2) government aid programs, (3) consumer behaviour), (4)timing of medication/vaccine, (5) unemployment rates, and (6) impact on household budgets.Primarily, it is important to understand that these factors could have very different impacts on different industries and countries.

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TRGOVINSKI RAT IZMEĐU SJEDINJENIH AMERIČKIH DRŽAVA I KINE I NJEGOVE
TRGOVINSKE IMPLIKACIJE
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TRGOVINSKI RAT IZMEĐU SJEDINJENIH AMERIČKIH DRŽAVA I KINE I NJEGOVE TRGOVINSKE IMPLIKACIJE

Author(s): Katja Zajc Kejžar / Language(s): Serbian Publication Year: 0

The introduction of new customs duties represents a serious challenge for the organisation of global value chains and current patterns of the international division of production Such measures have further weakened the already fragile fundamentals of the post 2nd World War Bretton-Wood’s multilateral system. In the last couple of years, the appeal for a reorganization of the World Trade Organization has intensified. In this paper, we aim to study trade implications of the US-China trade war from a perspective of supply chain trade and the organisation of global value chains (GVCs). We first present the development of the tariff rates in the US and China over the course of the trade war and sum up early evidence on the US-China trade war effects from stock price volatility. Next, we discuss the differences in tariff impacts on traditional and supply chain trade. We continue with characterizing the US and China’s GVC position and resulting pressure for supply chain restructuring. Finally, we look at trade effects for the EU in different categories of goods. The involvement of the EU-28in GVCs is characterized in general with a more upstream position in trade with China, while backward participation strongly prevails in the EU-28 trade with the US, with notable differences among EU member states. Trade data for the two most recent years shows a certain degree of EU trade reorientation towards both the US and China, where an increased share of exports to the US has been driven by intermediate goods, while in exports to China consumer goods showed the strongest growth. The evidence on the adjustment of GVCs in wake of the US-China trade war suggests that an increase in trade costs has important implications for the organisation and location of GVC activities. We may expect that such a trend will be further strengthened in response to the current COVID-19 pandemic situation. Trade is likely to fall more steeply in sectors characterized by complex value chain linkages. Restructuring,shortening, and reorientation of GVCs will, expectedly, be even more pronounced since the COVID-19 crisis involves lockdown and social distancing causing major labour supply shocks and GVC disruptions.

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