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Private Partnerships . Retrieved from [accessed 2 May 2012] EU (2010), Opinion of the Committee of the Regions on “Progress Microfinance Facility,” Official Journal of European Union , no. 79, pp. 71-79. European Commission (2011a), A Framework for the Next Generation of Innovative Financial Instruments - the EU Equity and Debt Platforms . Retrieved from documents/com2011_662_en.pdf [accessed 7 Mar 2012

Communications and the European Public Sphere, Berhahn Books. pp. 183-213. IFCIC. Profile. Available from: [Accessed: 10/11/2014] IFRS (2014) IAS 32 Financial Instruments: Presentation Available from: [Accessed: 11/11/2014] Jäckel, A. (2007). The internationalism of French film policy. Modern & Contemporary France, 15(1), pp. 21-36. KEA. 2006. The economy of culture in Europe. Available from: [Accessed: 23

Bibliography Act of 15 January 2015 on bonds, Journal of Laws 2017, items 1089, 1199. Act of 23 April 1964 – Civil Code, Journal of Laws 2017, item 459. Act of 29 July 2005 on trading in financial instruments, Journal of Laws 2017, item 1768. Acts of 29 July 2005 on public offering and the conditions of introducing financial instruments in the organised system of trading, and public companies, Journal of Laws 2016, item 1639. Act of 29 September 1994 on accountancy, Journal of Laws 2016, item 1047. Aylott A., Bo’sher L., Mulgan G., Reeder N., 2011, Social Impact

instruments, John Wiley&Sons, 2009. [5] Carchrae, J., Financial Instruments - New IASC and Canadian Exposure Draft, IASC Insight , 3: 13-17, March 1994. [6] Chatham, M.D., Larson, R.K., Vietze, A., Issues affecting the development of an international accounting standard on financial instruments, Advances in Accounting , 26 (1): 97-107, June 2010. [7] Cohn, M., IASB’s Leisenring: pay no attention to IFRS 9 , December 2010, at, accessed on April 18, 2011. [8] Delloite, New accounting


Issues of innovation and technology transfer are framed by a broad legislation and financial schemes at the European and national level. In context of the strategy Europe 2020 and the initiative Innovation Union, the mutual interconnection between the new knowledge creation and its economic valuation is important for competitiveness of the economy. Innovation systems are characterized by a large scale of different actors and dynamic interactions between them. The intensity of the innovation activity of enterprises is mostly influenced by the level of their legal awareness and by the ability to utilize the innovation mechanisms and opportunities for transfer of knowledge, modern technologies and practices. The paper characterizes selected legal and financial mechanisms and points out the possibilities and problems related to their implementation in economic sphere, particularly in the agrifood sector. At the beginning, the authors describe the key aspects of the innovation policy and technology transfer in the EU and Slovakia. Next parts of the paper are focused on the issue of legal institutes concerning the industrial property and on the financial instruments for the period 2014-2020 emphasizing the innovative ones and possibilities of their combination. In the final part, the authors point out the barriers and possibilities in innovation implementation and in the process of transfer of technologies and knowledge to economic sphere.


Objective: The aim of the present study is to examine whether the European Union budget comprises significant resources for financing measures relating to social cohesion. The analysis is based on the contents of the Europe 2020 Strategy.

Given the constraints of space and for the sake of clarity of the argument, the author focuses on the role of the EU budget rather than all measures aimed at social cohesion undertaken by EU institutions or targeted by policies of individual Member States.

Methodology: Documents, studies and reports published by the European Commission constitute the main source of information. In addition, the author has taken into account macroeconomic data demonstrating the deterioration of the social situation since 2009, as well as the instruments that the European Commission has deployed since 2013 in order to respond to post-crisis challenges.

Conclusions: It can be roughly estimated that more than 40 percent of total resources within the Multiannual Financial Framework 2014-2020 shall be allocated to the social cohesion policy. Opportunities afforded by the implementation of the Europe 2020 Strategy include primarily the definition of objectives whose priority is indisputable and the introduction of the hitherto neglected analysis of certain socio-economic indicators, classified by country or region and, in certain cases, examined in more detail than required by the European Commission. The monitoring of objectives is conducive to the introduction of new solutions and implementation tools, as exemplified by the new instruments within the Multiannual Financial Framework 2014-2020, as well as the adjustment of available funds in light of the most pressing challenges. The European Semester has facilitated the task of comparing progress in strategy implementation by individual Member States, as well as the provision of recommendations for each of them and an individualized approach.

Research implications: This article contributes to the discussion on further integration of the European Union’s social dimension, with particular emphasis on the need to work out a common approach to immigration policy.

Originality: The author presents her own opinions regarding current events in terms of the post-crisis social cohesion policies of the European Union, taking into account the European Commission’s financial instruments.

), Ubezpieczenia, zagadnienia podstawowe [ Insurance, basic issues ], WSZiB, Kraków. Szelągowska A. (Eds.) (2009), Współczesna bankowość inwestycyjna [ Contemporary Investment Banking ], CeDeWu, Warszawa. Wypych M. (2000), Finanse i instrumenty finansowe [ Finance and financial instruments ], Absolwent, Łódź. Legal acts: The Act of 25 March 2011 amending certain laws related to the functioning of the social security system, Journal of Laws of 2011 no 75, item 398. The Act of 6 December 2013 amending certain acts due to the determination of rules of pension payments from the

Venture Capital in Japan: A Financial Instrument Supporting the Innovativeness of the Japanese Economy

Venture capital (literally "high-risk capital") is designated for the financing of small companies that by themselves lack sufficient resources, but whose activities indicate potentially high profits in the future. It can play a special role in the development of the technologically advanced industries as well as in the growth of entrepreneurship understood as a readiness to establish new companies ("start-ups").

Two factors: First, the relatively small number of new companies as well as the number of companies subject to liquidation over the year ("firm turnover") in Japan, and second, the insignificant prestige associated with the profession of entrepreneur do not foster growth in the dynamics of this form of financing ventures. The cited indicator for Japan in among the lowest in comparison with other highly developed countries1, while the profession of entrepreneur is not the foremost dream of college graduates. They would much rather prefer realizing their professional careers as members of the government bureaucracy or employees of a major corporation2. However, this mindset is slowly changing, if for no other reason then, in spite of popular conviction, because most small companies are not established during periods of prosperity, but near the end of the downward phase of the economic cycle. That is exactly the phase Japan has been dealing with for several years now. Young, creative people, recruited from the unemployed, are seeking self-employment, using all possible opportunities embedded in the "again starting up" machinery of the economy3.


The system transformation which started in the last decade of the previous century and the accompanying transition into market oriented economy have contributed to the increase of foreign investors’ interest in committing their capital in Poland. The interest grew even more after Poland joined the European Union. With limited national financial resources and great demand for the same, foreign investment has been a desirable factor supporting and accelerating economic growth.

The objective of this paper is to evaluate the changes in the level and structure of foreign capital in Poland in the years 2008–2013, that is during the period of economic downturn following the global financial crisis. The point is, first of all, to find an answer to the following question: to what extent has the economic destabilisation caused by the crisis influenced the decisions of foreign investors concerning investing their capital in Poland? This allows to verify the following scientific hypothesis: during crisis stability of the financial system of the country in which parent companies have their seats is more important for foreign investors than financial security of the host country. The analysis covers total foreign capital, that is both direct and portfolio investment, as well as derivatives and credit facilities. The empirical part of the study has been based on the information published by the National Bank of Poland.


Research background: This paper analyses the inter-relationships between the sources of financing households’ and the debt burden of indebted households.

Purpose: The aim of the paper is to find out inter-relationships between the sources of financing debt and its burden among indebted households.

Research Methodology: The research is divided into two parts. The first represents household debt in Poland in comparison to Euro area countries on the basis of the Households Finance and Consumption Survey. The second analyses are the data collected by the questionnaire at the beginning of 2018 in the Lubelskie voivodeship using the Tau b Kendall coefficient.

Results: The analysis shows that households in the Lubelskie voivodeship focus their debt on financing their housing and consumption needs, whereby the main source of obtaining credit is commercial banks. However, there is a real risk observed in the concentration of loans in parabanks in general and in the need to use low private loans.

Novelty: The findings show that the picture of household debt requires a thorough analysis in different contexts, as from an initial examination the situation looks relatively good, but when analysing more deeply and dividing households into separate groups with similar characteristics, we find considerable varied problems influencing households’ financial situations and raising the risk following their indebtedness.