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Open access

Elena Dück and Robin Lucke

Abstract

After the November 2015 terror attacks in Paris, the French government reacted swiftly by declaring a state of emergency. This state of emergency remained in place for over two years before it was ended in November 2017, only after being replaced by the new anti-terror legislation. The attacks as well as the government’s reactions evoked parallels to 9/11 and its aftermath. This is a puzzling observation when taking into consideration that the Bush administration’s reactions have been criticized harshly and that the US ‘War on Terror’ (WoT) was initially considered a serious failure in France. We can assume that this adaption of the discourse and practices stems from a successful establishment of the WoT macro-securitization. By using Securitization Theory, we outline the development of this macro-securitization by comparing its current manifestation in France against the backdrop of its origins in the US after 9/11. We analysed securitizing moves in the discourses, as well as domestic and international emergency measure policies. We find extensive similarities with view of both; yet there are diff ering degrees of securitizing terrorism and the institutionalisation of the WoT in the two states. This suggests that the WoT narrative is still dominant internationally to frame the risk of terrorism as an existential threat, thus enabling repressive actions and the obstruction of a meaningful debate about the underlying problems causing terrorism in the first place.

Open access

Piotr Mielus

Summary

IBOR manipulation imposed new benchmark regulations that forced the market to enter a path of the reform of the existing financial indices and the creation of new ones. The paper describes the evolution of two IBOR panels: one representing a global financial benchmark LIBOR, and the other representing a local PLN benchmark, WIBOR. The paper provides a quantitative analysis of partial quotes of IBOR panellists and suggests that economic integrity measures should be introduced for IBOR panels. The aim of the research is to define a set of tools that provide information regarding the efficiency of the process of the production of the interest rate benchmark. The research is supplemented with a behavioural analysis of the banks’ decision-making process that interferes the contribution of IBOR data. The integrity measures can help market users and financial authorities in evaluating the quality of current and past panels and identifying behavioural factors impacting on partial quotes of the contributing banks.

Open access

Patrick Idode and Gbenga Sanusi

Abstract

This study examines the effects of financial globalisation on the Nigerian economy using data from the Central Bank of Nigeria statistical bulletin and the Nigeria Bureau of Statistics reports from 1992 to 2017. Using both descriptive and inferential statistical analyses, the study reveals that financial globalisation has helped to mobilise foreign direct investment into the economy and the significant positive effect of personal remittances on per capita income of Nigerians. Therefore it recommends that favourable policies to attract and retain FDI and personal remittances from developed nations should be encouraged and African governments and economic actors should consider all stakeholders’ interests, and ensure that an international financial and trade system is “fair and reciprocal” to eliminate the persisting trends in abject poverty, predatory trade policies and the escalation of economic inequalities in Africa.

Open access

Anna Staszel and Artur Hołda

Summary

The aim of the study is to answer the question of how a slight change in the actuarial assumptions (regarding the discount rate used) can affect the amount of the provisions, and consequently create the level of costs in the entity. In order to find the answer the financial statements of 148 stock-exchange-quoted companies from 2007 to 2014 (1184 financial statements in total) were analysed, determining whether the changes in long-term provisions for retirement benefits provisions (due to the use of a different discount) have a significant impact on the financial statements of these companies. The research involved the use of deductive-inductive research methods in the form of literature review and analysis of the content of financial statements. The obtained results indicate that the estimation of the discount rate significantly affects the levels of costs related to creating provisions, which may be an effective tool for manipulating the financial result.

Open access

Anna Jędrzychowska and Ilona Kwiecień

Abstract

The article constitutes a legal and economic discussion of the economic factors which may and should be taken into account while calculating the benefits compensating the loss of income of the injured and of their families in case of death. The analyzed benefits are an important element of compensation of economic loss in personal injury cases where the compensation is the duty of the perpetrator (or the entity responsible for him/her) within the system based on tort liability. In light of the ubiquitous nature of TPL insurance, the payer is usually the insurance company liable under the granted guarantee. The scope of such cover results from the contract and/or legal acts. The subject calculation was based on an actuarial annuity which also takes into account the likelihood of the claimant and his/her relatives living until the subsequent periodical payments. The applied calculation is of an illustrative nature with regard to the considerations of the relevant economic assumptions made at the time of loss calculation. The discussion carried out in the article concerns the size and value of the economic factors that can be used in this model.

Open access

Anna Mazurczak-Mąka and Monika Turek-Radwan

Abstract

The aim of the article is to present the issues related to the work of auditors in the area of cost analysis as an element of the financial statement in an enterprise. Empirical studies were conducted on the basis of the financial statements published by selected companies listed on the NewConnect market in 2017, as well as the audit reports issued for those companies. The partial goals include the assessment of the percentage of certain types of opinions issued by independent auditors reviewing the financial statements of selected companies listed, as well as the identification of the areas regarding costs of activities, which are most often described in the explanations or qualified opinions in the research sample under analysis. The undertaken research are preliminary and in the future should be carried out on a larger research sample divided into industry sectors

Open access

Paweł Sekuła

Summary

The paper examines relationships between selected stock market indices in Western Europe, Central Europe, and the United States. The study focuses on two periods, from January 1998 to August 2006 and from September 2006 to December 2016. The first one includes stock quotes from before the financial crisis while the second one covers the crisis and changes in the economic situation in post-crisis years. Relationships between stock market indices in developed economies were more frequent and durable than in Central Europe, although they were subject to changes. In our investigation into Granger causality relationships we observed changes in these relationships and in their direction for stock markets in Central Europe, while bidirectional relationships between indices in developed economies remained stable over time. Changes in relationships between indices, in particular long-term interdependences, may result from the impact of the 2008 financial crisis. The increased number of causality relationships for the markets in Central Europe may testify to the advancing integration of the EU common market.