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Ekonomista
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2004
|
issue 5
665-674
EN
The problem of the way in which the development of financial markets influences economic growth constitutes one of the unresolved issues in the growth theory. This article addresses the question to what extent the results of research conducted on large samples of countries are corroborated by the study of economies of Central Europe (CEFTA), the developed and the remaining countries of EU during 1990–2000. The results obtained confirm the positive correlation between financial markets' development level and growth. In this respect the countries of CEFTA are similar to the remaining countries of EU, while they markedly differ from the highly developed countries of EU. It is concluded that the strength of influence of financial markets' development on growth depends on the level of economic development.
Ekonomista
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2008
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issue 6
707-727
EN
If Poland is to successfully face the challenges of globalization she should set out to build the society and the economy based on knowledge. The yardstick that measures advances in this field is constituted by the summary innovativeness index. Poland, however, among economies of UE occupies distant 23rd place. Poland's Development Strategy and related to it Operational Programs for 2007 -2013 stress the importance of the knowledge triangle (R&D, education, innovation). Appropriations directed towards R&D and human capital are to grow significantly, alas the effects in innovativeness are not expected to be impressive. Weaknesses in the supply of technology development supporting factors, meager demand on the part of small firms for innovation, attended by inefficient institutional infrastructure are the main causes of this situation. It seems indispensable to initiate work on long term development strategy that would focus on the national innovativeness system and on the activation of country's capital groups.
EN
The influences of nominal effective exchange rate of hryvnya and wholesale price index changes to value of profitability of the economy is defined by application of correlation-regression analysis. The recommendations about optimization of currency and price policy for improvement of economic efficiency of the economy of Ukraine are framed
EN
The paper explains how some discounting cash flows (DCF) methods can be adapted to analyses of macroeconomic trends, related e.g. to long-term changes in GDP. Average annual growth rate in GDP in Poland in 1996-2005 has been evaluated by use of the method analogous to that used for calculation of the Internal Rate of Return (IRR) in microeconomic analyses. Contrary to the generally used geometric mean, the proposed average growth rate (equivalent to that proposed earlier by I. Timofiejuk) takes into account the accumulated volume of the GDP generated over the whole analysed period, and not merely the ratio of the GDP volume in the last year to that of the base one. This prevents the bias favouring a potential choice of the 'delayed growth' trajectory, yielding identical growth index for the last year of the period as some other (uniform or accelerated) growth patterns, but characterised by a lower volume of the GDP accrued over that period. Calculation of current value of GDP flows for past or future multi-year periods has a sound economic meaning and can be a valuable tool of macroeconomic analyses and studies of growth policy options, adding new arguments for possible 'growth now' trajectories. It has been found out that the 'internal growth rate' of GDP in Poland amounted to 4.8% annually in 1996-2003, as compared to 4.0% geometric average rate for that period. The corresponding IRR rate for the years 1996-2005 has been estimated at 4.5-4.6%, against 4.2%-4.3% geometric average. Final section deals with comparative trends in GDP in Poland and other EU member states. Strong economic upturn in Poland in 2003-2004 has been a surprise to many experts. The growth has been faster than forecast by the European Commission and OECD. It is supposed to continue after the accession.
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Stylized Facts of Macroeconomics: the Polish Experience

100%
EN
The aim of this paper is to provide detailed analysis of quarterly frequency dynamics in macroeconomic aggregates in Poland. The following areas of concern have been included: the balanced growth theory, the comparison of empirical performance of the New Classical, New Keynesian and Hybrid Philips curve specifications and the changes of macroeconomic stylized facts across the monetary regimes. Thorough analysis of those, as well as other facts, may contribute significantly to the development of macromodelling of Poland. Analysis of other facts has also been conducted, however due to limited space is not provided. The main result of the presented analysis is to give overwhelming evidence that the standard textbook stylized facts of macroeconomics present a reasonably good approximation to the behaviour of Polish economy, providing that this analysis takes into account that the Polish time series are contaminated with outliers.
EN
The main features of the economic development of the Slovak Republic in the year 2004 are as following: strengthening of the quite respectable dynamic growth from the previous years; maintaining macro-economic stability above its average level being achieved in the whole period of the Slovak economy transformation. Positive features which are reflected not only in the values of macro-economic development indicators, but also in the improving results of corporations' business activities, are not sufficiently projected into a social situation of population.
EN
The objective of this paper is to evaluate, in light of statistical data, Poland's capacity for dynamic development in the future and its possibilities for the attainment of its ambitious economic and social goals. The analysis was based on the latest available data drawn primarily from Eurostat. They concern a number of EU countries, chosen as the reference countries in the paper. The Author discusses different measures for the evaluation of the economic and social processes to assess Poland's development opportunities in the coming years. For the sake of simplicity of presentation, the Author has divided the measures into short- and long-term indices. Short-term analysis shows that Poland is successful in the short run. Unfortunately, long-term indices, which are rarely discussed by the public, reveal a grim picture of the performance of Poland in comparison with the reference EU countries. The Author concludes that Poland is a country which does not pay much attention to its long-term socio-economic development.
EN
This paper examines the direct and indirect effects of decentralization on economic growth that take place through transmission channels such as government efficiency, control of corruption, government sector size and the quality of living. A dynamic nature of growth, potential endogeneity and the distinction between short-and long-run effects are taken into account. Our findings support proactive government approach, including fiscal policy measures to stimulate demand, prevent decline of production and employment and rebuild trust in institutions. They question the current prevalent thinking about the beneficial effects of the reduction of government expenditure on economic growth.
EN
The paper presents developments in Poland and Ukraine in the years 1991–2009, focusing on the similarities and differences in the macroeconomic environment of the two countries. A pentagon of macroeconomic stabilisation is a basis for presenting the differences in the basic macroeconomic indicators in the two countries, while the “golden rule of economic growth” verifies the overall effectiveness of the two economies. The paper also presents projections for an increase in GDP in Poland and Ukraine in the context of the co-organisation of EURO 2012. The results of the analysis indicate different GDP growth rates in the two countries despite the similarities in their phases of economic development. The period of recession in Poland was exceptionally short, enabling the country to resume accelerated economic growth. Ukraine, despite a more drawn out transformation recession, has managed to catch up with Poland and other post-Communist countries that have become members of the EU. Economic growth projections for Poland and Ukraine until 2015 are 4.5%–5.5%, and 5.5%–6%, respectively, which might be attributed to the integration of the two countries with the European economy and the implementation of permanent economic growth policies.
EN
The aim of this study is to make an assessment of the relationship between the total amount of public spending and the economic growth rate. According to the study results, an increase in total amount of public spending (expressed as % of GDP) brings about a decrease in the real gross domestic product. An analysis of the public spending in selected EU countries in the period from 1996 to 2005, measured as its percentage of GDP, reveals its relationship with a change in real GDP value. The relationship is negative, which means that a 1% increase in public spending is accompanied by an average decrease in the real GDP growth rate by 0.151312%. The actual GDP growth rate differs from that estimated by the model by circa 0.13823%.
EN
The article examines the significance of institutional quality for economic performance during transition. In any economy the most important institutions are the legal system and its quality, the state, the structure of the financial system and the system of international relations. The process of economic transition was mainly a process of massive institutional changes which were spurred by economic causes and also themselves had significant economic consequences. The article examines the institutional changes in transition economies and shows that institutions matter. To prove this, a simple descriptive method was used, followed by econometric testing: a panel data analysis and an extreme bounds analysis to check the robustness of the results.
EN
The results in the area related to fiscal decentralization and economic growth are frequently inconsistent and somewhat ambiguous, although the fiscal federalism theory clearly promotes the fiscal decentralization gains in favour of efficiency and economic growth. The paper focuses on investigating the inverted U-shaped relationship between fiscal decentralization and economic growth using the GMM model (Generalized Method of Moments). After these results were obtained, real values of Slovakia are compared to GMM – EU-26 trend. The results of GMM estimation include a threshold value of fiscal decentralization, revealing the point at which a positive relation between fiscal decentralization and economic growth turns into negative. GMM estimation of the EU-26 countries sample confirms the inverted U-shaped relationship in case of revenue and tax decentralization. Expenditure decentralization seems to be insignificant. The case of Slovakia shows the conformity with the EU trend, what is evident in the case of tax decentralization and less in revenue decentralization.
EN
This article examines the long run relationship between economic growth and stock prices for Canada and the United States through cointegration estimation procedure, and it implements the Vector Error Correction Models (VECM) to abstract simultaneously the short- and long-run information in the modelling process. The results from the cointegration tests reveal that economic growth and stock prices share long run equilibrium relationship for both Canada and the U.S. The results from the VECM indicate that for the U.S., causality runs from economic growth to stock prices but not vice versa. However for Canada, the results reveal that there is a bi-directional causality between economic growth and stock prices.
EN
The aim of the paper is to analyse the causal relationship between income inequality and economic growth in Poland in the period 1990 - 2006. The research method used is based on a study of literature on macroeconomics and international finance, as well as on econometric techniques. All statistics included in the paper are derived from the World Income Inequality Database and World Economic Outlook databases. The obtained results confirm that there is a significant causal relationship between income inequality and economic growth in Poland. Moreover, the study outcomes provide evidence of the existence of a non-linear relationship between the degree of income inequality and level of economic development. This relationship can be graphically represented as a curve shaped like an inverted letter 'U', which is consistent with the Kuznets hypothesis.
EN
The sector of information technology exhibits, in particular nowadays, visible indications of a turnaround, having benefited from the recent period of deep restructuring and extensive streamlining. The use and application of information and communication technologies (ICT) remain the most powerful engines for economic growth. Therefore, the objective of this paper was to identify the position of the Slovak IT sector in the global and regional context among both, countries of European Union and in particular countries of South-East Europe. To do this, numerous data from IDC, WITA and EITO were analysed. It appeares that the key factor proved to be the level of investment in the Slovak IT sector and the labor force employed. It is found that in the period 1995 - 2003 and in particular from 1999 to 2003, the Slovak IT sector showed the growth amounting, on the average, to 10,2% per year.
EN
The existence of poorly shaped institutional system leads to a reduction in the efficiency of economy functioning and leaves a gap for creation of informal institutions, such as the corrupt behaviour. Corruption has a negative impact on the economy and society, affecting directly other elements of the institutional system, such as: investment, education, trade policy, political stability, public finances and institutional environment. The progress made in the techniques of measuring corruption, has created the possibility to estimate its impact on growth factors. The results of these analyses indicate the indirect negative impact of corruption on economic growth measured by gross domestic product (GDP). Still some researchers notice also a neutral or positive impact of corruption on economy.
EN
The article analyzes the nature of human capital. The basic properties inherent in human capital were determined. Was investigated the underlying model of economic growth, taking into account human capital as a significant factor in economic growth in post-industrial society.
EN
The paper aims to identify the major components and trends in the Polish economic growth during the years 2001-2010. The analysis was based on decomposition of the GDP, using one of the neoclassical economic growth models, namely the Solow’s growth model. The source data was obtained from reports on the state of the economy published by the Ministry of Economy and data of the Central Statistical Office (GUS). The obtained analysis results show that during the years 2001-2010, the two major demand factors of Polish economic growth were: (i) growth of overall consumption, notably individual consumption, and (ii) increasing accumulation in the economy, dependent on the market situation. Among the supply determinants, particular importance was assigned to the rise in overall productivity of production factors and to fixed capital increase. The influence of labour resources varied depending on the socioeconomic situation of the country.
Ekonomista
|
2006
|
issue 5
597-617
EN
All conventional theories of balance of payments are static in nature and they do not address the issue how to create conditions that would assist economies in efforts to accelerate growth. The debates on problems related to balances of payments in industrial and developing countries most frequently are focusing on explaining the degree to which negative gaps in them constrain economic growth. There emerges a danger that premises, for policy measures deduced from conventional approaches to balance of payments theory, might lead to erroneous conclusions and thus contribute to ineffective or counter-effective decisions in macroeconomic policies. Structural complexity of the balance of payments should be taken into account when policies aiming at the elimination of the undesired gaps are contemplated. The measures to be applied should take into consideration the differing characteristics of goods that countries produce and trade.
EN
The aim of the article is to identify the current trends in the process of convergence of the member states of the EU within the sphere of innovativeness and to trace the directions of European policy supporting innovative development towards securing stable economic growth. The above formulated aim is achieved by presenting arguments for the significance of technical progress and innovation to economic growth from the perspective of the major trends in economic thought. On the basis of such data as the level of innovativeness of European economy, and the size and structure of expenditures on research and development it is possible to verify the thesis that the ensuring of a stable economic growth and obtaining competition advantage by the member states of the EU depends on an increase in expenditure on research and development as well as on the development of systems of education
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