<abstract xmlns="http://www.w3.org/1999/xhtml"> In accordance with the principles of best academic practice, a research community is identified through an internalised paradigm comprising notions and theories that form the foundations of a given academic field or discipline. This paper aims to provide a selective overview of differing opinions with respect to solutions, phenomena or processes concerning the Polish banking sector, as an example of the degree of development of banking theory and practice.In view of the analysis a question arises as to whether finance and socio-economic practice holds a paradigm that would prove adequate in terms of the level of development of such practice, i.e. the so-called disciplinary matrix, involving symbolic generalisations, informational efficiency of financial markets hypothesis), methodological assumptions (reflecting the cognitive structure of the phenomena, processes or structures researched) or, finally, models for resolving scientific problems (handbooks, monographs, research reports) and practical experience (e.g. methods of arbitration valuation, estimating the risk premium). Or perhaps, as G. Kołodko would put it, the finance paradigm is really based on the fact that “things happen the way they do, because many things are happening all at once”. It cannot be ruled out that what finance needs is a change similar to the economics of complexity, defined by A. Wojtyna as the incorporation of a behavioral concept (reconstructing the homo oeconomicus concept) and challenging the traditional understanding of economic system equilibrium and dynamics.It is also worth considering whether the triad of finance categories (money, risk, time) is not lacking a fourth component, namely trust, essential for financial stability and the balance between finance capital and social capital, serving as the basis for efficient financial intermediation (including the development of an unselfish advisory function, especially with regard to financial products securing the customers’ day-to-day existence in the post-employment period).</abstract>

Poznan University of Economics and Business,

Should The Paradigms of Banking Theory be Redefined Based on Banking Practice? (Thoughts on The Polarity of Opinion Concerning The Polish Banking Sector)

<abstract xmlns="http://www.w3.org/1999/xhtml"> Social disparities have a common and consistent character in the vast majority of contemporary countries. The level of income inequality in OECD countries has grown in the past 30 years and is still rising. Taxes and tax systems, aside from social transfers, are fiscal instruments widely used in compensation policy.The aim of the article is to define the optimal structure of tax systems (i.e. the share of different tax categories in tax revenues) in terms of narrowing income disparities. To achieve this aim, scatter diagrams have been used. For the purpose of the article a tentative hypothesis has been formulated that the optimal tax system in terms of narrowing income disparities is characterised by a relatively large share of Personal Income Tax and at the same time a relatively low share of consumption taxes in tax revenues. The detailed analysis is focused on the countries for which the full data is available. The group of countries covers some “old” member states of the European Union (Austria, Belgium, Finland, Greece, Ireland, Italy, Luxembourg and the United Kingdom), the South- -East European countries (the Czech Republic, Estonia, Poland, the Slovak Republic and Slovenia) as well as non-EU countries (Canada and Iceland). These countries represent different levels of socio-economic development and, as a result, the variety of situations concerning the distribution of income.</abstract>

malgorzata.mazurek-chwiejczak@poczta.umcs.lublin.pl

The Impact of The Tax System Structure on The Narrowing of Income Disparities in OECD Countries

<abstract xmlns="http://www.w3.org/1999/xhtml"> The implementation of an innovative idea by small and medium-sized enterprises often is difficult because of the difficulty in finding a source of financing. The modern level of development of communication technology, exchange of information, the possibility of combining these potentials and using synergistic initiatives provides an opportunity to overcome this barrier. Dynamically growing crowdfunding is an opportunity for implemented projects. This study presents a definition of crowdfunding, its types as well as advantages and disadvantages from lender and loaner of capital points of view. It also shows the dynamics of crowdfunding market growth in Europe and the legal basics. The aim of the article is to describe the characteristics of crowdfunding, attempt of identification of the key factors determining its allocative efficiency, and to present their impact on its further development.</abstract>

Crowdfunding as a Mechanism for Financing Small and Medium-Sized Enterprises

<abstract xmlns="http://www.w3.org/1999/xhtml"> We closely examine and compare two promising techniques helpful in estimating the moment an asset bubble bursts. Namely, the Log-Periodic Power Law model and Generalized Hurst Exponent approaches are considered. Sequential LPPL fitting to empirical financial time series exhibiting evident bubble behavior is presented. Estimating the critical crash-time works satisfactorily well also in the case of GHE, when substantial „decorrelation“ prior to the event is visible. An extensive simulation study carried out on empirical data: stock indices and commodities, confirms very good performance of the two approaches. </abstract>

Institute of Nuclear Physics, Polish Academy of Sciences,

Cracow University of Technology Faculty of Physics, Mathematics and Computer Science,

Log-Periodic Power Law and Generalized Hurst Exponent Analysis in Estimating an Asset Bubble Bursting Time

<abstract xmlns="http://www.w3.org/1999/xhtml"> Systemic risk is a fundamental constituent of contemporary financial systems. For the past decades a growing number of abrupt upsets in financial systems could be observed. Due to previous experiences, politicians and regulators prefer to identify the offenders outside the system or to blame one of the entities inside the system. However, nowadays many disasters in anthropogenic systems cannot be perceived that way. They are often results of inappropriate interactions rather than external or internal impulses. This requires a paradigm shift in thinking about systemic risk. A component-oriented perspective should be nowadays replaced with a network-oriented view. Closer insight into the concept of systemic risk can refer to the model of the system composed of a huge number of interconnected components. In such a system, systemic risk is usually considered to have a ‘cascading’, ‘domino’ or ‘contagion’ effect, resulting from strong connections. An initial failure could have disastrous effects and cause extreme damage as the number of network nodes goes to infinity. Strongly interconnected, complex dynamic systems cannot be understood by the simple sum of their components’ properties, in contrast to loosely coupled systems. What makes the behaviour of complex financial systems particularly unpredictable is that systemic failures may occur even if everybody involved is highly skilled, highly motivated and behaving properly.</abstract>

Financial Networks as a Source of Systemic Instability

<abstract xmlns="http://www.w3.org/1999/xhtml"> This paper reverses the relatively frequent examined interrelation that links an impact of the public sector (and within it the general government sector) on the economy of the analyzed countries. The article analyses whether the size of the general government sector is a function of the economy expressed through variables that were adopted for research. Realization of the research objective that was raised in this article focused on typing, grouping and selecting variables that describe respectively: the economy and the size of the sector. For identifying relationships between variables assigned to each group, the LEM2 algorithm was used. Rules that were generated by the application of this algorithm provided not only information about the relationships of individual variables, but also provided an indication of how frequently they occurred in relation to the examined pairs of variables describing the economy and the size of the general government sector. The subject of research was EU Member States (their economy and public finance systems) and the research period was set on the years 2000 to 2013 (inclusive). Among the economic variables and variables describing the size of the sector, there were included both standard variables used in the analyzes dedicated to macroeconomic issues as well as variables that the authors’ team selected in order to test their applicability in describing the economy and the size of the general government sector. Such a composition of the variables is well-founded as, besides the main objective of this article (i.e. to establish a link between the economic situation and size of the general government sector) the additional effect of research, and that is the optimization of the selected variables that are used to explain the relationship of the economy and the size of the sector. </abstract>

Department of Mathematics, IT Fundamentals and Education Technologies Applications, UITM in Rzeszow,

Selection and Assortment of The Variables Describing The Relationship between The Economy and The General Government Sector Size by Application of The LEM2 Algorithm

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