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1

US–Chinese Core Economic Relations in the Light of the Current Crisis

100%
Choroś-Mrozowska D.
Argumenta Oeconomica Cracoviensia
|
2011
|
issue 7
25-38
EN
US‒China relations have followed an irregular course with improvements overshadowed by various problems and reverses. Chinese economic and trade reforms began in 1979 and have helped to transform the PRC into the one of the world’s fastest growing economies. China’s entry into the World Trade Organization (WTO) at the end of 2001 required it to open up its economy to foreign trade and investment by dismantling a large number of trade barriers and liberalising further its foreign investment regime. Beyond removing trade barriers, economic growth in the PRC has since resulted in significant new opportunities in US‒Chinese economic relations. Unfortunately, economic relations between these two countries have been marked by a number of issues, including a large US trade deficit with the PRC, China’s refusal to float its currency and failure to fully implement many of its WTO obligations. In addition, there has been growing concerns in the US over the huge foreign exchange reserves (FER) China has amassed.
2
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2008: The great crisis lessons for Hungarian economic policy

88%
Gazdag L.
Perspectives of Innovations, Economics and Business
|
2011
|
vol. 8
|
issue 2
5-9
EN
The trigger for the worldwide crisis that erupted in 2008 was the poorly conceived tax cutting scheme of US President George W. Bush between 2001 and 2003. These tax cuts which then totalled the equivalent of 15% of the USA’s GNP (USD 1.5 trillion) did not result in investments - as expected - but instead chose the ‘easier’ route of speculative capital. They manipulated the oil market, created significant capacities in the production of biofuels with low efficiency and substantial amounts of government funding, but most of all they exerted an influence on the mortgage loan market. The outcome of it all was irresponsible monetary expansion that generated severe fluctuations in the real economy, and it is this fluctuation that we are now experiencing as the current crisis. This chain of events contains important lessons for Hungarian economic policy that are well worth taking into consideration.
3

Protectionist Practices as a Method of Restoring the Trade Balance

88%
Frejtag-Mika E., Mika T.
Argumenta Oeconomica Cracoviensia
|
2020
|
issue 2(23)
33-50
EN
Objective: This paper is an attempt to examine protectionist practices, illustrated using the example of the United States, as a means of establishing equilibrium in the trade and current account balance, especially under competitive conditions in pursuit of economic and world leadership. Research Design & Methods: The research offers conclusions based on an analysis of the literature on the effectiveness of protectionist practices in economic relationships between countries, status presentation of reasons leading to imbalance deepening in trade and account balance. It also describes the results of a simulation on the implementation of punitive tariffs (by both parties) achieved using numerical models. Findings: Protectionist practices are ineffective instruments for handling trade deficits. Moreover, they undermine international trade principles, lead to conflicts between the countries, and instigate symmetric retaliatory actions. Implications/Recommendations: Apart from the overall ineffectiveness of protectionist practices in terms of optimising the trade and current account balance, there are adverse implications which may be beneficial to certain domestic groups of stakeholders while, on the international level, protectionist practices signify an attempt to weaken the position of other competitors in pursuit of world leadership. Contribution: The paper shows that protectionist practices pursued by countries are ineffective instruments for handling trade deficits. Their application restricts technology transfer, deflates the efficiency and effectiveness of an economy and reduces welfare. Building actual civilisational and economic supremacy requires economic development in the real economy and cannot be achieved by administrative means.
4
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RENEGOCJACJA UMOWY NAFTA – PRZESŁANKI, PRIORYTETY I IMPLIKACJE

63%
Kaliszuk E.
Unia Europejska.pl
|
2017
|
issue 6
3-18
PL
W sierpniu 2017 r. z inicjatywy USA rozpoczęły się rozmowy w sprawie renegocjacji NAFTA. Oficjalnymi przesłankami renegocjacji było dostosowanie Układu do wymogów XXI w. oraz ponowne zrównoważenie korzyści dla sygnatariuszy, które – zdaniem rządu D. Trumpa – nie rozkładają się równomiernie, o czym świadczy utrata miejsc pracy w przemyśle amerykańskim oraz deficyt obrotów towarowych USA z Kanadą i Meksykiem. Zmiana warunków handlu między sygnatariuszami NAFTA wpłynie nie tylko na ich stosunki wzajemne, ale i na handel z partnerami spoza ugrupowania, w tym z Unią Europejską. Niniejszy artykuł ma dwa cele: 1) wstępną ocenę potencjalnych następstw modyfikacji NAFTA lub wycofania się USA z Układu dla polskiej branży motoryzacyjnej, problem istotny ze względu na silne powiązania między producentami unijnymi i północnoamerykańskimi oraz spodziewane zaostrzenie reguł pochodzenia NAFTA na samochody i części samochodowe oraz 2) wyciągnięcie wstępnych wniosków z renegocjacji NAFTA pod kątem ewentualnego wznowienia rozmów UE z USA w sprawie umowy o wolnym handlu. W artykule przeanalizowano charakter powiązań handlowych między sygnatariuszami NAFTA, cele negocjacyjne USA, główne punkty sporne oraz możliwe scenariusze zakończenia renegocjacji. We wnioskach wskazano m.in. dziedziny, w których w przyszłych negocjacjach UE-USA należy liczyć się ze szczególnie protekcjonistycznym podejściem strony amerykańskiej, oraz możliwe dwojakie skutki renegocjacji NAFTA dla polskiej branży motoryzacyjnej.
EN
In August 2017, on the initiative of the United States, talks on the renegotiation of North American Free Trade Agreement (NAFTA) were launched. The US official motivation was to update the Agreement to the requirements of the 21st century economy and rebalance benefits for signatories. The gains, according to the Trump administration, have not been evenly distributed, given the US manufacturing job losses and trade deficits with Canada and Mexico. The remodelled NAFTA may affect not only its signatories’ mutual relations, but also trade with partners outside the grouping, including the European Union. The paper has two goals: 1) to assess primarily the potential consequences of NAFTA modification or the U.S. withdrawal from NAFTA for the Polish automotive industry, given strong linkages between NAFTA and European auto manufacturers and the expected strengthening of NAFTA automobile rules of origin, 2) to draw preliminary conclusions from the NAFTA renegotiation for the prospective resumption of EU-US talks on the multilateral agreement. The article analyses the US negotiating objectives, the main sticking points and the possible outcome of renegotiations. In the conclusions there were indicated inter alia the areas in which, in the future EU-US trade talks, one will have to reckon with an especially protectionist approach on the American side. Possible two-fold effects of the NAFTA renegotiations for the Polish automotive industry were also pointed out.
5
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The Chinese Belt and Road Initiative from the Polish Perspective

45%
Choroś‑Mrozowska D.
Comparative Economic Research. Central and Eastern Europe
|
2019
|
vol. 22
|
issue 2
39-53
PL
Chiny w 2013 r. po raz pierwszy ogłosiły inicjatywę tzw. Pasa i Szlaku (z ang. Belt and Road Initiative, BRI). Mimo, iż od tego czasu jej zasięg, czy nawet sama nazwa ulegały wielokrotnym zmianom, nie można jednak zaprzeczyć, że jest to jedno z najważniejszych wyzwań podejmowanych obecnie w skali globu. To, co jest charakterystyczne dla BRI, to właśnie jej globalny wymiar, która już teraz zrzesza 65 państw zamieszkałych przez prawie 70% światowej populacji, w których wytwarzane jest prawie 55% światowego PNB oraz znajduje się tam ok. 75% globalnych zasobów surowcowych. Jednocześnie lista państw chcących się do niej przyłączyć nadal pozostaje otwarta, co oznacza, że w przyszłości jej zasięg może być jeszcze bardziej rozległy. Rozwój współpracy gospodarczej w ramach BRI ma być realizowany m.in. poprzez budowę sieci dróg lądowych łączących je z Azją Centralną oraz Wschodnią i Zachodnią Europą. Kraje Europy Środkowo‑Wschodniej, w tym Polska, ze względu na swą strategiczną lokalizację mogą mieć istotne znaczenie w tej koncepcji. Wraz z BRI otwierają się więc nowe perspektywy również dla polsko‑chińskich relacji handlowych. Celem niniejszego opracowania jest więc próba opisania tej trudnej do zdefiniowania inicjatywy, jak i zidentyfikowanie konsekwencji, jakie niesie ona dla gospodarki polskiej. Jest to szczególnie istotne w kontekście ogromnego deficytu handlowego, jaki Polska od lat odnotowuje w wymianie handlowej z Chinami oraz pogłębiania się charakterystycznej dla tej wymiany asymetrii.
EN
China announced its initiative of the so‑called New Silk Road project for the first time in 2013. Although its extent, concept or even its current name (The Belt and Road Initiative, BRI) have changed on a number of occasions since then, it cannot be denied that this is one of the most important challenges currently being undertaken in the world. The countries of Central and Eastern Europe, of which Poland is a part, may have a significant meaning in this concept due to their strategic location. The countries of this region began their co‑operation with China under the so‑called “16 +1” format, and this took place prior to the announcement of the BRI. This opens up new perspectives for Polish‑Chinese trade relations in respect of the BRI initiative and the “16 + 1” platform. The aim of this study is therefore to present the most important effects of the conducted research, the assumption of which was the comprehensive identification of the Chinese BRI initiative and the consequences of its implementation for Polish‑Chinese trade relations. The presented analysis assumes that BRI will have a significant impact on Polish‑Chinese trade patterns. This is particularly important in the context of the huge trade deficit that Poland has been recording for years in its trade with China as well as the deepening asymmetry, which has been characteristic of the exchange.
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