Energetic is a one of the most significant branch of national economic and its regular and effective energetic providing direct impact to economic growth. Stable economic growth is impossible without creating system of state energetic security the point of the meter is complex of measures according to impact minimization of energetic security threats, such as: stability providing in energetic resources supplying, forming and supporting of rational pricing policy to energetic resources and minimization of energetic factors ecological impact. The main and almost choiceless way of state energetic security providing is diversification. The analysis of objective ways in energetic saving and its structure gave opportunity to outline main trends of energetic diversification, as geographical and also energetic resources, technologies, consumers etc.
The issue of diversification of farms (agricultural holdings) is very complicated in the Polish legal system. The basic problem in this area is the lack of statutory definition in the state regulations. Due to the lack of this definition it is not possible do define clearly the purposes and directions of diversification. The indicated lack of statutory definition of diversification of agricultural holdings requires the search for the scope of this notion not only in a juridical approach but also in an economic one. On the whole, from the point of view of economic sciences diversification of farms means diversification in the structure of agricultural production as well as exploiting ground resources, capital and labour in farms for activities other than agricultural activity. It should also be added that the scale of production and incomes received from agricultural activity are determined by the condition of land resources in Polish farms, and above all, by fragmented land structure. Therefore there is no doubt that the Polish legislator should search for legal criteria for diversification which would also include the above mentioned economic parameters. The final purpose of such diversification should be the capacity to absorb the union support. In the Polish economic reality, necessity of supporting low output farms remains the main problem. This support should be based not only on the state funding but also union funding. This is a key issue for gradual change in land structure of farms. It seems essential to undertake complex activities aiming at the creation of full programme of changes in agriculture. ‘Rural’ policy of particular union states accepting legal instruments of diversification as a starting point should lead to lasting and balanced development of rural areas.
Agricultural services market is of a great importance for the development of agribusiness. The main goal of this article was to present a regional variation of supply of agricultural mechanization services in Poland in a province cross-section. The time range of the analysis carried out covered the years 2004-2009. In this article are presented among others the changes in the number of agencies offering mechanized services and the level and dynamics of the prices of selected mechanization services in the years studied. As results from the analysis, the number of establishments providing mechanization services for the agriculture in Poland increased in the years 2004-2009 by 33.8%. In the analysed years there was a clear increase of prices of agricultural mechanization services, especially harvesting forage with a harvester.
Diversification and multifunctional development are currently trendy definitions, which signify an unprecedented widening of the range of economic activities carried out in rural areas. Although farming still remains the rural economy's principal segment, the diminishing role of income obtained from agriculture and the decreasing number of jobs that it can offer to the rural population makes one pay greater attention to the creation of various non-agricultural or agriculture-related functions of rural areas. Multifunctional development is not a new phenomenon, but in the present situation of the Polish rural community the pace of such development will certainly become faster. Currently, only 8% of the population active in agriculture earns its income from farming exclusively, which increases pressure towards the search for non-agricultural sources of income. Thus, the reorientation in the principles of development of rural areas towards multifunctionality is becoming an urgent necessity. The process of Poland's integration with EU creates a great chance for the Polish rural community to enter the path of fast development. Neither the Polish government nor the Polish rural community are able to generate means as large as the structural funds offered Poland by the European Union.
The stock markets in Eastern Europe went through a period of rapid growth. Those which joined the EU had to integrate with Western Europe on various levels, which had important implications for their equity price development during the subprime mortgage crisis. The aim of the paper is to analyze the developments in the stock markets of Eastern European countries before and during the subprime crisis and to evaluate the hypothesis of disappearing portfolio diversification opportunities in the region. Through the application of correlation analysis, Markowitz mean variance approach and portfolio optimisation strategy based on the Sharpe ratio, it is shown that diversification opportunities for a US investor in the Eastern European region have largely disappeared.
The paper assesses the importance of industry effects present in stock returns, and compares them to country effects. We follow the assumption that strong industry effects might be present as a result of increasing power of globalization and economic integration, which lower the country-level differences. We find this development to be a contradiction to the theories of previous decades that suggested a dominance of country over the industry effects. As the economies change, we expect the country effect to become less dominant, or even fall behind the industry effects. These ideas are used in an application of portfolio management, in which we compare the risk and return characteristics of portfolios created using different strategies. By forming diversified and concentrated portfolios with industrial and country emphasis we show that industry diversification provides the greatest risk reduction.
The paper studied the nature of the key threats to Ukraine's energy security, defined relevant risk factors of the energy of conflict. The influence of key actors of the Ukrainian energy market and the potential challenges in the formation of national energy security are analyzed. The set of activities whose implementation will significantly improve the country's energy security and reduce the volatility of the national economy on external factors and the behavior of actors in the market complex geopolitical and economic conditions are proposed.
Activities of the European Commission, through the introduction of bio-economy to work plans as well as the common agricultural policy and action for the implementation of the strategy Europe 2020, and also the programme Horizon 2020 indicate that for active traders in the European Union, especially in agriculture and its surroundings next years will be an opportunity to develop and improve their competitiveness. Great importance in the development of economic activities in the framework of the bio-economy is for small farms holdings, especially those that result in the production of high index of manual input. The functioning of the economic and social system of the European Union is inextricably linked not only with the role that they play in agricultural production and processing, but also in the way they impact on the achievement of the objectives related to the development of specific segments of the bio-economy and sustainable development of rural areas.
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