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Krzysztof Dmytrów and Sebastian Gnat

Abstract

It is believed that the ad valorem tax will increase fiscal burdens. In order to verify this statement, with the use of the Szczecin Algorithm of Real Estates Mass Appraisal, the land plots were appraised and the ad valorem tax was calculated. Next, a training set was sampled, for which the composite variable was calculated by means of three approaches: the TOPSIS method, the Generalised Distance Measure as the composite measure of development (GDM2), and the quasi-TOPSIS. They were the explanatory variables in the logistic regression model. Next, for the test set, changes of tax burden were forecasted. The aim of the research was to check the effectiveness of the presented approach for the estimation of the consequences of introducing the ad valorem tax. The results showed that all three approaches yielded similar results, but GDM2 was the best one. The main finding is that these approaches can be used in the prediction of changes in the tax burden of land plots.

Open access

Emil Panek

Abstract

The topic of the paper is relevant in the field of optimal growth theory and therefore might be seen as an intellectual underpinning for research and practice in the field of transition economies and sustainable long-time development as well. It refers to the papers Panek (2015a, 2018) devoted to asymptotic properties of optimal growth properties in the non-stationary Gale type economy with single and multi-lane turn-pikes in which it was assumed that changing production technology converges in time with certain limits of technology. As far as the postulate of a non-stationary economy (here: technology change) is consistent with real processes, the hypothesis of the existence of some limiting technology may raise controversies and be difficult to verify.

In the paper, referring to the above mentioned publications and Panek (2014), a Gale-type economy with changing technology, multi-lane turnpike and time-increasing production efficiency, with no assumption concerning the existence of a limit technology will be examined.

Open access

Małgorzata Misztal

Abstract

The aim of the paper is to assess the potential for using some selected PCA-based methods to analyze the spatial diversity of crime in Poland during 2000-2017. Classical principal components analysis (PCA) deals with two-way matrices, usually taking into account objects and variables. In the case of data analyzed in the study, apart from two dimensions (objects – voivodships, variables criminal offences), there is also the dimension of time, so the dataset can be seen as data cube: objects × variables × time. Therefore, this type of data requires the use of methods handling three-way data structures. In the paper the variability of some selected categories of criminal offences in time (2000–2017) and space (according to voivodships) is analyzed using the between-class and the within-class principal component analysis. The advantage of these methods is, among others, the possibility of the graphical presentation of the results in two-dimensional space with the use of factorial maps.

Open access

Tomasz Chmielewski and Andrzej Sławiński

Abstract

During the global banking crisis of 2007-2009 and the Eurozone sovereign debt crisis of 2010-2012 the so called ‘TARGET2 imbalances’ attracted considerable attention. Some economists interpreted them as a symptom of the ECB’s ‘stealth bail-out’. The aim of the paper is to highlight that contrary to such claim, the emergence of TARGET2 imbalances reflected the benefits of having a mutual central bank within a monetary union which facilitated cross-border funding in spite of the global financial turbulence. The ECB’s liquidity loans to commercial banks in the Eurozone debtor countries shielded the Eurozone from a much deeper financial crisis than it actually occurred. The emergence of the TARGET 2 imbalances was actually only an accounting phenomenon resulting from the fact that these liquidity loans were technically extended by the debtor countries’ national central banks which are de facto (from the monetary policy perspective) ECB’s regional branches.

Open access

Ewa Roszkowska and Tomasz Wachowicz

Abstract

The paper discusses the impact of the decision-making profiles on the consistency of rankings obtained by three multiple criteria methods, i.e. DR, AHP and TOPSIS. The online decision making experiment was organized, based on an electronic questionnaire which is a hybrid of the internet survey system and the decision support system. The participants of the experiment were 418 students of Polish universities. To describe the decision-making profile, the REI test was used which allows to distinguish two decision-making styles: rational and intuitive. The Kendall rank correlation coefficient was used to test the consistency of the rankings obtained by the considered methods. Using different grouping methods, the relationship between the decision profile and the ability to express one’s preferences by means of these methods, that differ in cognitive requirements, was examined. The results of the research may be helpful for supporting the decision-maker in decision processes by choosing the method that fits their profile best.

Open access

Mahmut Bakır, Şahap Akan and Emrah Durmaz

Abstract

This study aims to evaluate service quality performance of major LCCs (Low Cost Carriers) in Europe by the MCDM (Multi-Criteria Decision Making) methodology. In addition it focuses on managerial business models and includes the international airline service providers that have applied the cost leadership strategy. In the study passenger reviews based on customer-rating systems are adopted as an alternative data source. For this purpose 24,971 passenger reviews, including 7 evaluation criteria, are analyzed. In this integrated methodology the Entropy method is used to weight the service quality criteria and the WASPAS method is used to rank the airlines. A sensitivity analysis is also applied and the robustness and stability of the application are confirmed. Consequently Jet2.com demonstrates the best service performance overall and legroom is the most important evaluation criterion.

Open access

Konrad Sobański

Abstract

The aim of this paper is to examine the ‘dark matter’ assets in the external sector of the United States in the period 1999:Q1-2018:Q3. The paper investigates data on the balance of payments and international investment position for the US and a group of 18 economies. The research reveals that the US is a privileged economy with respect to foreign income on international investments. The rates of return on its foreign assets are relatively higher, and the costs incurred on its foreign liabilities relatively lower, as compared with the benchmark group. This special privilege of the US relates to equity investments, especially foreign direct investments. Based on prevailing income differentials substantial ‘dark matter’ assets of the US are estimated. Recognising such ‘dark matter’ leads to the conclusion that the US is a foreign creditor, not debtor. The findings shed light on the puzzle as to why the US has a continuing ability to sustain its external position despite mounting foreign liabilities.

Open access

Piotr Lis and Jacob Mendel

Abstract

The aim of this article is to analyze the economic aspects of cybersecurity of critical infrastructure defined as physical or virtual systems and assets that are vital to a country’s functioning and whose incapacitation or destruction would have a debilitating impact on national, economic, military and public security. The functioning of modern states, firms and individuals increasingly relies on digital or cyber technologies and this trend has also materialized in various facets of critical infrastructure. Critical infrastructure presents a new cybersecurity area of attacks and threats that requires the attention of regulators and service providers. Deploying critical infrastructure systems without suitable cybersecurity might make them vulnerable to intrinsic failures or malicious attacks and result in serious negative consequences. In this article a fuller view of costs and losses associated with cyberattacks that includes both private and external (social) costs is proposed. An application of the cost-benefit analysis or the Return on Security Investment (ROSI) indicator is presented to evaluate the worthiness of cybersecurity efforts and analyze the costs associated with some major cyberattacks in recent years. The “Identify, Protect, Detect, Respond and Recover” (IPDRR) framework of organizing cybersecurity efforts is also proposed as well as an illustration as to how the blockchain technology could be utilized to improve security and efficiency within a critical infrastructure.

Open access

Maciej Pietrzykowski

Abstract

The aim of this paper is to offer an empirical insight into the spatial effects of growth of regional income and disparities across EU regions (NUTS 2). Since regions are spatial units and there are interrelated standard linear regression is not sufficient to evidence the convergence process. Two models (Spatial Lag Model – SLM and Spatial Error model – SEM), derived from spatial econometrics, have been used to identify and explain spatial effects in convergence clubs—all EU countries (EU-28), countries that entered the EU in 2004 (EU-13) and countries that were in EU prior to 2004 (EU-15). Unconditional and conditional β-convergence has been examined in the period 2000-2015 thus covering two financial perspectives (including n + 2 rule3). Dummy variables have been also applied to catch the country-specific effects, such as national policies, legislation, technology progress, etc.

Open access

Ewa Wycinka

Abstract

One of the central tasks of credit institutions is credit risk assessment, in which the estimation of the probability of default is an important element. The size of an institution’s credit portfolio can decrease as a result of early repayments, which changes the probability of default over time. Prognosis of the probability of default should therefore also take into consideration the prognosis of early repayments. In this paper, methods of evaluating the probability of default over time, using competing risks regression models, are considered. Methods of evaluation for models of default over time are proposed. A sample of retail credits, provided by a Polish financial institution, was empirically examined.