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1

Editorial introduction

100%

Sobański K.

Economics and Business Review

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2022

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vol. 8

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issue 2

3-5

EN

Sustainability, security and equality are desirable features of socio-economic systems which the world today undoubtedly lacks. History amply conrfims that constant change is an immanent feature of humanity and it is only uncertain how rapidly and violently this change takes place. In recent times so-called “black swans”, understood as major events with far-reaching consequences, have been occurring all too frequently. While the world is still dealing with the consequences of the COVID-19 pandemic it faces new political, social and economic challenges arising from the war at the interface between Europe and Asia-on the edge of the European Union. In such circumstances the functioning of economies, nfiancial markets and businesses is signicfiantly hampered and requires increased eofrts by policymakers and market participants to fore cast key processes now happening at an accelerated pace, evaluate their potential consequences and nfid ways to mitigate the associated risks. eTh current increase in volatility is a stark reminder of a number of fundamental questions that need to be constantly answered in new contexts: - How can sudden shifts in nfiancial markets be anticipated more eefctively especially with the use of modern technologies? - How to design investment portfolios in uncertain times? Can new, alternative asset classes perform useful functions in this regard or are these assets more likely to cause market disturbances in the future? - How to shape operations and corporate governance of businesses to avoid additional, unnecessary internal disruptions and costs? - How to model and price market risk during a period of rapidly increasing inflation and interest rates? - What is the impact of inevitably rising arms spending on the world economy and individual countries? Is military expenditure the only rational way to ensure regional and global security? - How should regulators counter the negative eefcts of labour market un certainty? - Are the world and individual countries doomed to widening economic inequalities? What are the counter measures?

2

Trade linkages between CEE countries and the world economy during an era of global imbalances

100%

Sobański K.

Studia Ekonomiczne

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2015

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vol. 226

124-137

EN

The aim of this paper is to evaluate the trade linkages of Central and Eastern European (CEE) countries with the global economy in the last decade and to measure the influence of the world economic crisis of 2009 on their external trade sector. For this purpose an analysis of IMF data (Direction of Trade, Balance of Payments Statistics), WTO and UNCTAD data for twelve CEE economies for the years 2005-2013 was carried out. Within the empirical examination conducted, a focus was placed on analysing major trends in the external trade sector of CEE economies and measuring the importance of the respective regions of the world economy for the international trading transactions of CEE countries. The exercise revealed that CEE countries, historically current account deficit economies, experienced huge current account reversals and a drop in the openness ratio as a result of the world economic turbulences starting in 2009. Whereas the transition in the current account balance turned out to be durable, trade openness recovered later in the period analysed. These fluctuations reflected general trends in the world economy, with the reduction in global imbalances at the forefront. The relatively high (by international standards) openness ratio for CEE economies makes them broadly dependent on external developments. Due to the extensive openness, the participation of CEE countries in global trade is larger than their share in global production. The pattern of trade linkages observed currently in the CEE region clearly reflects their geographical and political proximity to Western Europe. The EU-15, Norway and Switzerland are major trading partners for the CEE region, accounting for more than a half of its exports and imports. Nevertheless, in the last decade CEE intra-group trade had been gaining in importance at the expense of trade with Western Europe. The trading relations of the CEE region with the largest contributors to global imbalances, i.e. the United States and China, are of a relatively smaller magnitude. Nevertheless, it is worth noting that the share of China in CEE trade has been dynamically expanding (especially in the years 2010-2013), whereas that of the US economy has been decreasing. These developments are in line with general trends in the world economy over the last decade: an increase in China’s share of global trade, in large part at the expense of the United States.

PL

Celem artykułu jest ocena międzynarodowych relacji handlowych gospodarek Europy Środkowo-Wschodniej (EŚW) w ostatniej dekadzie oraz określenie wpływu światowego kryzysu gospodarczego zapoczątkowanego w 2009 r. na sektor zewnętrzny tych gospodarek. W ramach przeprowadzonej analizy empirycznej skoncentrowano uwagę na identyfikacji głównych trendów w sektorze zewnętrznym gospodarek EŚW oraz ocenie znaczenia poszczególnych regionów gospodarki światowej dla sektora zewnętrznego krajów EŚW. W badaniu wykorzystano dane Międzynarodowego Funduszu Walutowego (Direction of Trade, Balance of Payments Statistics), Światowej Organizacji Handlu oraz Konferencji Narodów Zjednoczonych ds. Handlu i Rozwoju za lata 2005-2013 dla dwunastu krajów EŚW. W ramach analizy zaobserwowano, że gospodarki EŚW, historycznie rejestrujące deficyty rachunku obrotów bieżących, doświadczyły w 2009 r. szokowych korekt w bilansie bieżącym oraz nagłego spadku wskaźnika otwartości w efekcie perturbacji w gospodarce światowej. Podczas gdy korekta salda rachunku bieżącego okazała się trwała, udział handlu zagranicznego w PKB powrócił do poziomów sprzed kryzysu. Fluktuacje te odzwierciedlały ogólne trendy w gospodarce światowej, z korektą zjawiska globalnej nierównowagi na czele. W związku z relatywnie wysokim (w porównaniu do innych regionów gospodarki światowej) poziomem otwartości gospodarki EŚW charakteryzują się dużą wrażliwością na zmiany w otoczeniu zewnętrznym, a ich udział w światowym handlu jest większy niż ich udział w światowym PKB. Obserwowane relacje handlowe gospodarek regionu są odzwierciedleniem ich geograficznej i politycznej bliskości do krajów Europy Zachodniej. Kraje UE-15, Norwegia i Szwajcaria są głównymi partnerami handlowymi gospodarek EŚW, z udziałem wynoszącym ponad 50% zarówno w przypadku eksportu jak i importu. Tym niemniej należy podkreślić, że w ostatniej dekadzie handel wewnątrz grupy krajów EŚW zyskiwał istotnie na znaczeniu kosztem handlu z krajami Europy Zachodniej. Relacje handlowe regionu EŚW z krajami będącymi głównymi aktorami zjawiska globalnej nierównowagi, tj. Stanami Zjednoczonymi oraz Chinami, mają relatywnie mniejsze znaczenie. Tym niemniej warto podkreślić, że udział Chin w handlu zagranicznym krajów EŚW istotnie zwiększył się (zwłaszcza w latach 2010-2013), podczas gdy znaczenie Stanów Zjednoczonych w wymianie handlowej region EŚW zmalało. Tendencje te odzwierciedlają ogólne trendy w gospodarce światowej w ostatniej dekadzie: wzrost udziału Chin w globalnym handlu, w dużej mierze kosztem udziału Stanów Zjednoczonych.

3

Rozwój alternatywnego rynku akcji w Niemczech - studium przypadku Neuer Markt

100%

Sobański K.

Studia Ekonomiczne

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2014

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vol. 186 cz 2

224-237

EN

The paper presents an analysis of alternative stock market development in Germany in the years 1997-2003 on the example of Neuer Markt at Deutsche Börse. Special focus have been placed on depicting factors leading to formation of Neuer Markt and its position within the German capital market. The author presents consequences of establishing Neuer Markt for development of the German stock market. Lastly, reasons for ultimate failure of Neuer Markt project are discussed.

4

Editorial introduction

63%

Pilc M., Sobański K.

Economics and Business Review

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2021

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vol. 7

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issue 4

3-5

5

Divest or engage? Eefctive paths to net zero from the U.S. perspective

63%

Buks A. G., Sobański K.

Economics and Business Review

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2022

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vol. 9

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issue 1

65-93

EN

The aim of this arctile is to crictially review and evaluate two ESG-based investment strategies-divestment and engagement for alignment of investment porotflios with climate change mitigation goals of the United Nations. The article compares both approaches in terms of their eefctiveness of decarbonization, using the case study method. First, the case on fossil fuels divestment by Harvard Management Company is analysed. The second case study discusses shareholder engagement endeavors by Engine No. 1 hedge fund and its investment in ExxonMobil. The findings indi cate that divestment may have non-immediate impact on corporate behavior and carries political and legal retribu iton risks. Engagement, on the other hand, presents itself as a more plausible option as it takes less time to deploy and, therefore, can produce more immediate and impactful results. Nevertheless, both divestment and engagement can play mutually supportive roles in addressing climate change by the investment industry.

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Editorial introduction

Trade linkages between CEE countries and the world economy during an era of global imbalances

Rozwój alternatywnego rynku akcji w Niemczech - studium przypadku Neuer Markt

Editorial introduction

Divest or engage? Eefctive paths to net zero from the U.S. perspective