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Marko Hannonen

Abstract

It is very difficult to study phenomena in housing markets using conventional so-called neoclassical economics. The core problem stems from the highly unrealistic assumptions of neoclassical economics, such as homogeneous products, equilibrium markets, ceteris paribus clauses, deterministic and linear systems, rationality of economic agents, and the utility maximization principle. New Keynesian economics appears to be a more fruitful approach to housing markets since it presumes that products are differentiated, markets are in disequilibrium state and there exists imperfect competition in a marketplace. Furthermore, new Keynesian economics utilizes the concept of bounded rationality, which is a more realistic description of the actual behavior of economic agents than the theoretical notion of rationality in neoclassical economics.

Open access

Magda Ciżkowicz-Pękała

Abstract

The paper analyses the motives behind trade use credit in the Polish enterprise sector, based on the results of the 2016 NBP Annual Survey. It verifies the conclusions stemming from trade credit theories regarding both the main motives driving supply and demand for trade credit, as well as explaining the variation in their relevance across companies. The analysis shows that trade credit supply in Poland is driven to a large extent by suppliers’ desire to win and maintain their customers: allowing deferred payments creates attractive terms of sale and is often a requirement set by clients with strong bargaining power. These results indicate high willingness of customers to settle their payments on a deferred basis, which could mirror an important fact uncovered by the survey: contrary to the assumptions made in many theories, trade credit proves to be a relatively cheap form of financing for the majority of the surveyed firms. As a consequence, trade credit could be perceived by firms as an attractive, standard tool used in day-to-day business rather than an expensive form of financing used only to address specific problems or achieve other benefits that would outweigh its high costs. Survey results provide some confirmation for this explanation of trade credit demand.

Open access

Petar Đukić

Rezime

Kultura i globalizacija se međusobno prožimaju i uslovljavaju ne samo zbog uobičajene interakcije kultura već i, pre svega, zbog tehnoloških transfera koji oblikuju globalnu ekonomiju. Celokupni društveni razvoj se tako prilagođava kulturama i kulturi uopšte. Sa jedne strane gledano, tržište i globalizacija negativno utiču na kulturu. Kao skup trajnih materijalnih i nematerijalnih vrednosti i ljudskih tvorevina, kultura je izložena mnoštvu problematičnih, kontrakulturnih i degradirajućih procesa, koji proističu iz sukoba interesa i, ponekad, prebrzih promena, kao i nekritički prihvaćenih novina, formi i standarda. U tom smislu degradacija kulture može usloviti pad kvaliteta ekonomske aktivnosti.

Ekološka kultura i kultura održivosti, predstavljaju samo deo jedne relativno nove poslovne kulture i ponašanja. U stvari, ekološko ponašanje i „zelena inteligencija“ svojstvene su čoveku i deo su univerzalne ljudske kulture, kao i održivog odnosa prema prirodi i budućim naraštajima.

Mimo uobičajenih shvatanja i predrasuda, većina istraživanja pokazuje da globalizacija i razvoj tržišta imaju pozitivan neto efekat na ekološku kulturu i održivi razvoj. Pred čovečanstvom je šansa da se ta pozitivna prožimanja iskoriste, a da kultura globalizacije postane podsticajni faktor održivog razvoja.

Open access

Igor Jakubiak

latter statement is a part of a larger problem, consisting in an excessive focus on migrants rather than characteristics of source and host communities, which in turn affects the level of public debate. Discussion about economic effects of mass migration into the European Union lately became a political one. Three main arguments appear in the dispute more often than others. First, it is argued that immigration can lead to a production surplus – stemming from the fact that benefits, caused by the positive supply shock on the labour market, are not entirely consumed by

Open access

Joanna Siwińska-Gorzelak and Michał Brzozowski

Harms (2011). Consistent with expectations, public sector debt increases the likelihood of default. Introducing the distinction between the share of public loans and bonds in GDP, as well as private liabilities stemming from bonds and credit allows to conclude that both public bonds and public bank credit exert a negative and significant impact on the probability of sovereign default; while in case of private sector liabilities, bonds enter with a statistically significant negative sign (these results are shown in column 2). Most control variables turned out to be

Open access

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

-tax dynamic model. First, the bond issuance is positive in the steady state but its level is limited by the ratio of tax revenues to the product of labour and capital. Fulfilling the constraint ensures fiscal solvency of the country. This is a simplifying assumption that allows for introducing the solvency rule into the model without detailed specification of the financial market. The idea stems from creditworthiness and measures the capacity of the market to accept the given level of governmental bond issue. Hence, the bonds are not a transitory phenomenon of budgetary

Open access

Jan Hagemejer and Mahdi Ghodsi

left and right panels is not comparable). The fitted line shows the overall relationship between upstreamness in that sector in 1995 and 2011 (regression is weighted by the output of the sector to account for different sizes of the sector in different countries). If a country is located below the fitted line, it means that it has moved considerably more downstream in that particular sector between 1995 and 2011 than would stem from the average change in world upstreamness and if a country is located above the fitted line, it indicates a move upstream. Fig. 11

Open access

Marcin Chlebus

turbulence should be connected with the tail of the returns distribution. In EWS-GARCH models GARCH models are considered as Value-at-Risk forecasting models (GARCH(1,1) and GARCH(1,1) with amendment to the empirical distribution of random errors) in the state of tranquillity. It is worth noting that the design of EWS-GARCH models allows to include other models to forecast Value-at-Risk. The choice of the aforementioned models stems from the lessons learned from the literature, and according to it, these models perform well in predicting the Value-at-Risk, especially at