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Janusz Kudła, Katarzyna Kopczewska, Agata Kocia, Robert Kruszewski and Konrad Walczyk

Abstract

To finance public expenditure a government needs to raise revenue, which mainly comes from taxes and borrowings. During a financial crisis, however, financing of budget deficit is particularly difficult because of a rise in debt servicing costs that crowd out other expenses and raise the concern for government solvency. In extreme cases, governments are constrained to tax, as borrowing opportunities are strictly limited or unavailable. Still, governments can choose from tax menu options (income and consumption taxes), given the flexibility of the tax mix. This article presents a long-term dynamic model of fiscal solvency that shows the equilibrium the revenue maximising government can obtain with reasonable tax rates when capital income can be shifted and there are constraints on the consumption tax. Specifically, the solution predicts a positive level of bonds in the long-term equilibrium and the tax rates dependent positively on the abundance of the tax bases.

Open access

Stanisław Gomułka

Abstract

The paper is focused on economic and institutional developments in Poland during the last 30 years of transition from its centrally planned socialist economy to a market-based capitalist economy. The main purposes of the paper are three. One is to identify and explain the developments that were either surprising or specifically Polish. The second purpose is to note and explain the differences between the rate of growth of the Polish economy and that of the other emerging economies, in particular to explain ‘the green island’ phenomenon during the global financial crisis 2008-2009. The third purpose is to note and discuss the new risks that may prevent Poland to reduce further the development gap to technologically most advanced economies.

Open access

Marian Oliński and Piotr Szamrowski

Abstract

Scientific research into the use of social media in the activities of nonprofit organisations has focused mainly on the scale of their application and on the analysis of the static elements of the social media profile. The research presented in this article concerns the specific form of nonprofit organisation, namely public benefit organisations (PBOs). The aim of the article is, therefore, to identify the leading function of the content published on Twitter and to determine how this function translates into public engagement. During the research process, the content analysis method was used (a sample of 981 tweets was selected for this purpose). The results indicate that Twitter usage by Polish PBOs is of minor importance. Generally, with the exception of the largest organisations, the Twitter profile was primarily focused on delivering information only and, hence, was used in one-way communication.

Open access

Joanna Siwińska-Gorzelak and Michał Brzozowski

Abstract

While the literature on determinants of sovereign default is voluminous, the links between private indebtedness and the probability of public bankruptcy have not been studied extensively. In this paper we aim to fill this gap and to shed more light on the influence of the size and structure of private debt on sovereign default probability. We focus on developing and emerging market economies over the years 1970–2012. The main conclusions are that both the size and the structure of private borrowings affect the probability of a sovereign default.

Open access

Andrzej Cieślik, Jan Jakub Michałek and Iryna Gauger

Abstract

The main goal of this paper is to empirically investigate the regional dimension of productivity determinants for 24 regions of Ukraine using micro-level dataset for individual firms in 2013. The novelty of our analysis is the comparison of the determinants of productivity in the manufacturing and service sectors. We estimate both pooled regressions for all regions and separate regressions for particular regions. The estimation results obtained for the entire country demonstrate that the majority of our explanatory variables are statistically significant for the manufacturing sector and all are statistically significant for the service sector although at different levels of significance. At the same time, the estimation results obtained separately for each region show a large degree of heterogeneity across the regions and sectors and the lack of scale economies at the firm-level.

Open access

Joanna Jaszczuk, Anna Białek-Jaworska, Krzysztof Opolski, Marek Sylwestrzak and Katarzyna Trzpioła

Abstract

In this article, we study the substitution between leasing and bank loans in financing the investment of small companies. The analysis is based on financial information about Polish companies listed on NewConnect, which used financial leasing in the period of 2012–2016. We argue that leasing and bank loans are the substitute in financing the investment of small companies. We estimate the probability of financial leasing and its size using the tobit and logit models. We find that financial leasing and bank loan, for Polish small companies, are complementarity. Our empirical results indicate that financial leasing and bank loans are complementary sources of financing investment in fixed assets. Also the higher the usage of financial leasing, the higher the likelihood that the enterprise is indebted because of long-term bank loan – complementarity.

Open access

Grzegorz Ślusarz and Marek Cierpiał-Wolan

Abstract

The article presents preliminary results of research on the effectiveness of cohesion policy in relation to functional areas that benefit from integrated territorial investments. Assuming that all local government units in their strategies assume economic development based on the development of entrepreneurship, an attempt was made to assess the impact of investments on their development. At this stage of the research, the investments of local governments in terms of value were taken into account without considering their types and structure as well as sources of financing. Initially, the purpose was to examine whether the scale of these investments translates into the economic sphere: into the development of entrepreneurship. To assess the differences in the level of entrepreneurship in 2012 and 2016, the analysis of quantitative changes in business entities, the dynamics of their number and the synthetic indicators were used. The basis for the calculation of synthetic indicators were the methods of taxonomic analysis, that is, a simple aggregate measure, the Hellwig taxonomic development pattern method and the positional method using the Weber median. The Theil standardised index was used to examine the level and structure of spatial inequalities of gmina investment expenditures and enterprises’ investments. The research indicated the specificity of the Rzeszów Functional Area (ROF) both in comparison with the voivodeship and similar functional areas in eastern Poland. However, these are still insufficient means to increase the cohesion of the entire area and fully activate its endogenous potential.

Synthetic analysis of the level of entrepreneurship indicates that in 2012–2016, a significant improvement in the indicators characterising economic entities operating in ROF occurred, compared to the voivodeship and the country. On the basis of a comprehensive assessment of the dependence of investment expenses of gminas (LAU 2) and enterprises, the difference in the distribution of types of investment behaviour between Podkarpackie Voivodeship and the Rzeszów Functional Area is clearly visible. The phenomenon of synergy of activities of self-government and entities occurs in 31% of gminas in ROF and only in 12% of gminas in the entire voivodeship. Thus, the types of investment behaviour of gminas and enterprises as well as the spatial distribution of economic activity indicate that the socio-economic potential of the city of Rzeszów and the benefits of the agglomeration resulting from it are more important than the implemented investments by individual gminas.

Open access

Agata Gemzik-Salwach and Paweł Perz

Abstract

The aim of the work was to analyze the possibilities of measuring the phenomenon of financialization on a regional basis. The article attempts the move with the measurement of financialization from the level of countries to the level of regions. In the paper, some variables that can measure financialization at the level of voivodeships were used to create an index of regional financialization. The research proposal was verified empirically, using data from 2005–2015 for 16 Polish voivodeships. The results obtained allowed for the ranking of individual regions of the country, in terms of the degree of intensification of financialization. The regional approach is a subject, which is poorly recognized in the literature on the subject. However, according to the authors of the article, individual regions of the country may have a different degree of intensity of financialization, and knowledge on this subject may form the basis for strategic decisions regarding further development of these regions. The authors of the work wanted to pay attention to this issue and initiate further research in this direction. The presented methodology is only an attempt to measure this phenomenon and can be developed in subsequent studies.

Open access

Agnieszka Kopańska

Abstract

Municipalities in Poland are important makers of local cultural life. Municipalities organise and fund public cultural entities: libraries, houses of culture and so on. They decide on 70% of public spending on culture. The local spending on culture was grown in the past years. But the level of this spending varies between municipalities. The aim of this study is to find determinants of these differences. Public spending on culture is important in less-developed or peripheral regions where citizens do not have access to private cultural institutions. That is why this study focuses on rural municipalities. In econometric panel model, 1,565 units and their operational spending on culture in the years 2002–2014 is analysed. Four groups of potential determinants of spending are analysed: characteristics of local society, the financial condition of local government, characteristics of local politicians and the factors that influence the costs of cultural services. Such an approach has roots in the median voter model and is widely used in the analysis of decentralised spending, but the studies related to cultural spending are rare. To my knowledge, there is no such analysis for Poland or other East European countries. This study proved that an expenditure demand model is good for the analysis of local spending. This kind of analysis can help to understand local spending’s variation. It also helps to design the proper revenues equalisation system.

Open access

Luka Neralić and Margareta Gardijan Kedžo

Abstract

After its introduction in 1978, Data Envelopment Analysis (DEA) has instantly been recognized as a useful methodology for measuring the relative efficiency of different entities, called Decision Making Units (DMUs), given multiple criteria. Up until nowadays, the popularity of DEA has been growing and a significant number of bibliographical items was published, reporting on both theoretical and empirical results. However, the main applicative area of DEA remained the performance measurement in economics and business. On the 40th anniversary of DEA, the aim of this paper is to present the DEA bibliography of Croatian scientists (up until June 2018). We consider six main categories of DEA-related publications, followed with key statistics and an overview of keywords and research areas. The whole list of DEA-related publications used in this analysis is published online. We believe this research will shed light on the state of DEA in Croatian science and motivate future researches.