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Agnieszka Lipieta

Abstract

In the light of Schumpeter’s pioneering vision of economic evolution the innovations and innovative entrepreneurs play a fundamental role in the economic development. However, imitations and producers-imitators are essential in diffusing and adapting innovations into the economic exchange processes. In this context the aim of the paper is to model and analyse some properties of imitative mechanisms appearing within the economic evolution. Innovative and imitative mechanisms defined in Hurwicz’s conceptual apparatus are analysed in the economy determined by the use of topological tools usually applied in the general equilibrium theory. As a result it is shown that, in the economy under study, imitative mechanisms are the reasons for and the consequences of innovative mechanisms as well as that the innovative and imitative processes can coexist in the framework of the same innovative mechanism. Moreover it is proven that under some assumptions equilibrium in the economic system analysed can be obtained as a consequence of either of an innovative or an imitative mechanism.

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Anna Matysek-Jędrych

Abstract

The aim of this paper is to identify and assess, on a comparative, intra-country basis, the existing practices and developments in central bank accountability for financial stability, from a new-macroprudential policy-perspective. The paper aims to contribute to the ongoing debate on institutional arrangements for macroprudential policy. The debate as to whether the combination of monetary policy and financial supervision within one institution is not new. Nevertheless it is far from being resolved. The paper points to the need to establish clear, formal and robust mechanisms of central bank involvement in the process of executing macroprudential policy, at least as a data collection and analyzing institution.

Open access

Vytautas Paliukas and Asta Savanevičienė

Abstract

Artificial Intelligence (AI) systems are rapidly evolving and becoming more common in management. Managers in business institutions are faced with the decision taking challenges and large amounts of data to be processed combining and harmonizing rational data with creative human experience in decision making. The aim of the study is to reveal the main obstacles of the harmonization of creative and rational decisions making in quality management using AI technologies in the Quality Management System (QMS). The first section presents a literature review of approaches and trends related to AI technology usage in organisations for data processing and creative-rational decision making, rational and creative quality management decision making and paradigms in decision harmonization. The Main Results section presents practical analysis and testing experience of automated AI Quality Management System developed at a higher education institution. During the analysis, an interview method was applied to find out specific system implementation issues. In the last section, the main analysis results and further development possibilities are discussed. The main findings and conclusions disclose two main problematic areas which may be defined as obstacles for rational and creative management decisions in quality management, related with clear responsibility distribution and assignment between data inputters and experience interpreters and duplicated qualitative data which AI system is not capable of rationalizing at the present development stage, speech and language processing techniques used when data processing algorithms cannot cope with the dual data processing technique, because in practice the system interprets and rationalizes only one category of data either quantitative - based on rational defined indicators, or qualitative, based on language recognition and speech related data interpretation. Managers’ experience in harmonizing creative human experience in organisation’s quality management was evaluated as positive. Data processed by tested AI system allows for rationalization of creative experience with ready quantitative data output from QMS system and final harmonized strategic quality management decisions.

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Maciej Cieślukowski and Mihai Mutascu

Abstract

From October 2017 the European Union envisages the abolition of the so-called sugar quotas and minimum prices for buying sugar beet. As a consequence of these changes the sugar levies paid by the sugar factories of the Member States will cease to apply. The article identifies the fiscal effects of the abolition of these levies. The European Union and the Member States will lose some of their budget revenues. The structure of Member States’ burdens for GNI payments will also change as well as their operating balance relative to the EU budget. Through the change Poland will gain, whereas some large net contributors will lose, i.e. the Netherlands, Sweden and the United Kingdom.

Open access

Richard J. Sweeney

Abstract

Court packing greatly threatens democracy. This paper examines, compares and draws conclusions from two attempts: The PiS government is near to packing Polish courts; President Roosevelt tried but failed to pack the U.S. Supreme Court in 1937. In most democracies a head of government with a legislative majority and strong party control can pack courts, giving complete control. The United States escaped; Roosevelt lacked complete party control. Poland is unlucky; PiS is strongly controlled. Peaceful domestic protest is necessary, but Poland’s hope is from EU-level institutional pressure, supported by major democracies, to reverse packing and prevent further seizure of power.

Open access

Michał Jurek

Abstract

The main objective of the paper is to verify the vanishing interim regime hypothesis (so-called bipolar view) and to analyse factors that may influence the probability of use of intermediate exchange rate regimes, especially in emerging and developing economies. In order to accomplish the research objectives the evolution of exchange rate regimes is presented with the special consideration of decisions of IMF member states in this respect. Next a logistic regression model that estimates the probability of use of an intermediate regime is applied. The results achieved allow a challenge to the vanishing interim regime hypothesis. Empirical observations support this hypothesis only in advanced countries and not in their emerging and developing peers.

Open access

Marin A. Marinov

Open access

Gary L. Evans

Abstract

Canada is often put forward as an example of forward thinking on inclusiveness and gender balance. However, for the last 30 years, while gender diversity progress has been made within Canadian government agencies, commissions and boards (ABCs), the private sector continues to lag behind, stuck trying to break through the barrier of 18-22% females on Boards. This occurs while mounting empirical evidence clearly indicates that it is not just the right thing to do, it is the smart thing to do. This paper looks at where progressive government change has generated results and potential avenues necessary to make gender equality a reality within both the government and private sector beyond 2018. The author reviews the methods used by the Canadian government to achieve gender parity, ending with some insights on how the private sector could implement gender parity without the use of quotas.

Open access

Bchr Alatassi and Steve Letza

Abstract

Islamic banks are growing rapidly with annual growth rates of 17.6% between 2009 to 2013 and 19.7% from 2014 to date. This level of growth is projected to continue into the future. Islamic banks now operate in more than 75 countries with a value of approximately $920 trillion of bank assets. Islamic banks are increasingly being seen as good long-term value propositions and are serving both Muslim and non-Muslim customers across international markets. Despite the rapid growth in Islamic finance, the underpinning corporate governance rules and regulations are at an embryonic stage of development with little attention having been paid to them. The purpose of this paper is to help fill that gap by exploring a conceptual model of corporate governance for Islamic banks based on both Islamic finance principles while fused with elements of corporate governance standards from Western theories and codes, primarily the UK, and thereby ensure that good governance is in place in Islamic banks. The paper links the predominant corporate governance theories of Principal/Agent, Stakeholder and Stewardship with practice based corporate governance codes and explores the potential of applying stewardship theory to Islamic banks. Islamic principles emphasis is on real assets rather than debt as is the case in Western Banks and as a consequence this paper offers the conclusion that the more prudent approach to banking used by Islamic banks could be used as a model for Western banks and thereby deliver a more sustainable future and maintain confidence in banks and substitute for the need for taxpayer support, such as the guaranteed deposit scheme, which acts as a backstop under the Western approach.

Open access

Natalia Scacun and Irina Voronova

Abstract

The article represents the bibliometric analysis of risk assessment in Baltic countries relying on scientific database. The purpose of this analysis is to study trends and development of scientific research when evaluating financial risks as well as reveal resources with high impact to apply content analysis that could be used for future research on the topic. The applied investigation methods were chosen based on the analysis of existing scientometric data: the number and dynamics of published documents; their subject area and type; territory/country; source title; affiliation; authors; h-index; citation overview followed by search results as well as adopting search references to reveal the used and cited documents. The authors also present the applied deduction of trends between enterprise death rate in Latvia, Lithuania, and Estonia and the number of documents in the referenced period. This study demonstrates that the amount of research increased significantly when countries face rises in enterprise death rates.