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PL
Od momentu rozpoczęcia czterech wielkich reform, Chińska Republika Ludowa jest zaliczana do najszybciej rozwijających się państw na świecie. Jednym z najbardziej dynamicznie rozwijających się obszarów są siły zbrojne. Niniejszy artykuł opisuje przemiany, jakie miały miejsce w Chińskiej Armii Ludowo-Wyzwoleńczej (PLA), ze szczególnym uwzględnieniem znaczenia nowych technologii. Podobnie jak w przypadku Stanów Zjednoczonych czy Federacji Rosyjskiej (Związku Radzieckiego), Chiny charakteryzują się własną rewolucją w sprawach wojskowych (RMA). Po latach uzależnienia technologicznego od ZSRR, wybudowały własną sieć uniwersytetów i instytutów badawczych, pozwalających na produkcję broni wysokiej klasy. Stopniowe nasycanie innowacjami militarnymi armii umożliwiło odejście od doktryny wojny ludowej, polegającej na zaangażowaniu całego społeczeństwa w wysiłek wojenny, na rzecz doktryny wojny informacyjnej. W siłach powietrznych pojawiły się bezzałogowe pojazdy latające (UAV), których liczba nieustannie rośnie. Służby wywiadowcze, znane z przeprowadzania skutecznych operacji szpiegowskich, wykorzystujących osobowe źródła informacji, coraz częściej pojawiają się w cyberprzestrzeni. W kosmosie PLA dysponuje bronią antysatelitarną, zaś u swoich brzegów rakietami umożliwiającymi niszczenie amerykańskich lotniskowców.
EN
Since the beginning of the four great reforms, China has been one of the fastest growing countries in the world, its armed forces being one of the areas of the most dynamic changes. The article describes the changes that have occurred in the Chinese People’s Army – Liberation, taking into account the importance of new technologies. Like the United States or the Russian Federation (the Soviet Union), China has undergone its own revolution in the military affairs (RMA). After years of technological dependence on the USSR, they have created an independent network of universities and research institutes allowing for the production of high-end weapons. The gradual saturation of the army with military innovations has enabled a departure from the doctrine of people’s war promoting the involvement of the whole society in war efforts in favour of the information warfare doctrine. Unmanned flying vehicles (UAVs) then appeared within the Air Force that are constantly growing in number. The intelligence services carrying out effective spy operations with the use of personal sources of information are operating in cyberspace on an ever bigger scale. In space, the PLA is using anti-satellite weapons, while along its coasts it has to its disposal special rackets allowing for the destruction of American aircraft carriers.
PL
Działania wojenne w terenie zurbanizowanym stanowią nieodłączny element współczesnych konfliktów zbrojnych. Wojna w Iraku na przełomie marca i kwietnia 2003 roku jest tego doskonałym przykładem. Opierając się na przykładach z historii, starałem się pokazać ewolucję, jaka zaszła w sferze taktyki wojskowej, z uwzględnieniem działań w terenie zurbanizowanym. Mimo zdecydowanego zwycięstwa armii amerykańskiej, w południowym Iraku doszło do ciężkich walk w takich miastach, jak Basra i Um Kasr. Dowodzi to tego, że nawet słabsza strona konfliktu może skutecznie odpierać ataki przeciwnika, jeśli potrafi wykorzystać obronne walory miasta.
EN
The 2003 war in Iraq is one of many examples of recent international military conflicts taking place in a mountain region. Based on historical facts, the article discusses the evolution of military tactics in mountain topography. In spite of the victory of the U.S. army in the south of Iraq, severe fighting persisted in the towns of Basra and Um Kasr. The ambiguous success of these battles has once again proved the importance of the defensive capacity of urban settlements.
EN
Every day analysts and news agencies publish forecasts of important macroeconomic indicators. When the announced value of an indicator differs from its forecast, investors must revise their strategies. The strength of investors’ reaction depend on the difference between expectations and the true value of the indicator. In this paper we analyze the reaction of investors on the WSE to U.S. macroeconomic news announcements. We compare the strength of the reaction when forecasts are based on information from different financial services.
EN
The definition of a news surprise plays a crucial role in the analysis of the impact of unexpected macroeconomic news announcements. In this paper, we study the properties of the most commonly used measure of news surprise, defined as the difference between the announced and expected value of the indicator. Due to the high vulnerability of this measure to outliers, we consider alternative definitions of macroeconomic surprises. Based on the analysis of announcements of 15 American macroeconomic indicators, we show that taking into account the heterogeneity of analysts’ forecasts or the variability of the previous surprises, noticeably improves the properties of the distribution of surprise measures. An additional study performed with the use of a dynamic model proves a strong linear relationship between surprise measures and WIG20 returns in the first five minutes after news announcements.
EN
Strategic culture in the theory of international relations is now one of the most important concepts explaining the rules of military behaviour by individual states. In contrast to realism and idealism, its focuses on the influence of internal factors on foreign policy, such as historical experience, national identity, morals in society, and perception of diplomacy by political elites. It therefore allows us to respond to many questions that researchers are not able to answer based solely on the theory of political realism ‒ the perception of national security threats by governments, the national way of war, the socially-acceptable level of victims, the attitude of armed forces to the use of new technologies, or trust to allies. The purpose of this article is to compare the strategic culture of the United States and the People's Republic of China ‒ states with significantly different strategic cultures, historical experience, national identity and methods of warfare. The content of this article may be useful to any person interested in Sino-American relations, political rivalry in the Western Pacific and a possible future war between these powers.
EN
In this paper we examine the impact of unexpected news about the US economy on stock prices on the Warsaw Stock Exchange. Previous studies from developed markets indicate, that macroeconomic news announcements are quickly reflected in stock prices. Hence, we study the reaction of 1 minute returns of WIG20, which describes prices of the largest and the most liquid stocks on WSE. Empirical analysis performed by means of event study shows the significant response of WIG20 just after news announcements. Additionally, this response remains visible up to three minutes after news release. However, the strength and duration of the news impact depends on the announced macroeconomic indicator.
PL
W pracy zaprezentowano badanie wpływu niespodziewanych informacji, dotyczących gospodarki USA, na ceny akcji spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie. Wcześniejsze badania dotyczące reakcji rynków rozwiniętych wskazują, że ceny akcji bardzo szybko reagują na ogłoszenia amerykańskich danych makroekonomicznych. Dlatego, zbadana została reakcja 1-minutowych stóp zwrotu indeksu WIG20, który opisuje zachowanie się cen akcji najbardziej płynnych i największych spółek. Badanie przeprowadzone z wykorzystaniem analizy zdarzeń potwierdza, że istotna reakcja WIG20 występuje tuż po ogłoszeniu danych makroekonomicznych. Ponadto, pozostaje ona widoczna, aż do trzech minut po ogłoszeniu. Siła oraz czas trwania reakcji zależą od tego, którego ze wskaźników dotyczy ogłoszenie.
7
63%
EN
In this paper, we investigate contagion between three European stock markets: those in Frankfurt, Vienna, and Warsaw. Two of them are developed markets, while the last is an emerging market. Additionally, the stock exchanges in Vienna and Warsaw are competing markets in the CEE region. On the basis of daily and intraday returns, we analyze and compare the dependence between the major indices of these markets during calm and turbulent periods. A comparison of the dependence in the tail and in the central part of the joint distribution of returns (via a spatial contagion measure) indicates strong contagion among the analyzed markets. Additionally, the application of a conditional contagion measure indicates the importance of taking into account the situation on other markets when contagion between two markets is considered.
EN
In the paper the results of empirical investigations of dynamic relationships between extreme trading volume and subsequent stock returns on Warsaw Stock Exchange are presented. The event study methodology is applied. The dynamic relationship between the financial variables is rather weak and depends on kind and size of the stock exchange. The high-volume-return-premium is more pronounced for small size stocks with lower liquidity levels.
EN
This paper deals with an analysis of the information flow on and between three European stock markets operating in Frankfurt, Vienna, and Warsaw. We examine causal links between returns, volatility, and trading volume as well as the time of reaction to a news release and changes in the duration of causal interference. To model the conditional variance, we use the ARMA(1,1)-EGARCH-M(1,1) model. We investigate linear and nonlinear Granger causalities on the three stock exchanges using Bayesian large sample correction of the critical values in significance tests. The results of our study confirm the dominant role of the Frankfurt Stock Exchange, since the most significant linear relationship is the causality running from DAX30 returns to the returns of the ATX20 and WIG20 (which exists irrespective of the time of the day, presence of important public news, and lag length of the underlying VAR models). Moreover, the empirical results of this paper confirm the strong impact of announcements of macroeconomic news from the U.S. economy on the structure of both linear and nonlinear causal links on the three markets under study.
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