Search results - CEJSH

1

Kilka refleksji o przyczynach i możliwych skutkach światowego kryzysu finansowo-gospodarczego

100%

Płowiec U.

Studia Ekonomiczne (Economic Studies)

|

2009

|

issue 3-4(62-63)

163-190

EN

World financial crisis of 2008 was evoked mainly by three self-supporting causes and consequently its effects concern three domains. At first, it revealed weakness of banking and whole financial system mainly in the USA, but also in the other countries. The traditional American mortgage banking model based on durable bilateral relationship between the bank and the debtor was replaced at the end of 1990. by a new model, based on securitization and globalization of financial markets, where the risk is unknown. In the globalization era it had to lead to financial crisis in the global scale. At second, it revealed shortsightedness of US economic policy, i.e. internal and external indebtedness (life on credit of the whole country) and the declining of political and economic hegemony on behalf of the emerging countries. At third, it revealed that the theory of economic sciences does not keep up with the reality. Mixed model of Chinese economy that uses market mechanism to the implementation of the decisions taken by meritocracy on behalf of the public welfare proved to be more effective than the traditional liberal, where market forces dominate the interests of all other subjects. In sum, the results of crisis may be creative.

2

Unia Europejska wobec kryzysu finansów publicznych w strefie euro

63%

Kalka P.

Przegląd Zachodni

|

2012

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issue 2(343)

145-170

EN

The author presents initiatives launched by the European Union in order to overcome the financial crisis of the eurozone member states. To meet this goal emergency instruments were created (aid programs for Greece, European Stability Mechanism and purchase by the European Central Bank of loans issued by countries of the eurozone in debt crisis) as well as permanent instruments (the Euro Plus Pact, sharpened regulations of the Stability and Growth Pact and the Fiscal Pact). Emergency measures did not bring about any substantial positive effects since only the financial situation of Ireland improved to some extent. The state of public finances in Greece is still critical and therefore many economists suggest that this country should declare its bankruptcy. Permanent instruments to fight debt might yield the desired effects (in the case of a majority of the eurozone countries) if they are used consistently and in accordance with their object.

3

The role of central banks in the market economy in a period of financial crisis

63%

Kamba-Kibatshi M.

Nierówności społeczne a wzrost gospodarczy

|

2012

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vol. 26

27-44

XX

Bank centralny nie jest typowym podmiotem gospodarczym (nie ma charakteru komercyjnego) ani urzędem administracji państwowej, choć skupia w sobie niektóre ich cechy. Banki centralne ze względu na spełniane funkcje i realizowane zadania są uważane za instytucje sektora publicznego. Są one jednostkami państwowymi lub podporządkowanymi państwu, o różnym stopniu niezależności, np.: w USA i Niemczech bank centralny ma znaczą autonomię, zaś w Japonii, Wielkiej Brytanii i Norwegii w dużym stopniu podlega państwu. W Polsce bank centralny (NBP) odpowiada za stabilność narodowego pieniądza. Wypełniając swój konstytucyjny obowiązek, bank centralny (NBP) opracowuje i realizuje strategię polityki pieniężnej, a także i uchwalane corocznie założenia polityki pieniężnej. Poprzez zarządzanie rezerwami dewizowymi zapewnia odpowiedni poziom bezpieczeństwa finansowego państwa. W ramach pełnionych funkcji nadzorczych i regulacyjnych NBP dba o płynność, sprawność i bezpieczeństwo systemu płatniczego. Przyczynia się również do rozwoju bezpiecznej infrastruktury rynku finansowego.

EN

The central bank – isn't a typical business entity (it’s character is not commercial), neither a body of government administration, although some central bank’s attributes seems to be similar to those units. The central banks with regard for fulfilled functions and implemented tasks are considered to be public sector bodies. The central banks are the state units or units subordinated to the state, which has various degree of independence, e.g.: in the USA and Germany the central bank is characterised with large extend of autonomy but in Japan, the Great Britain and Norway the central bank is subordinated to the state in a large degree. In Poland the central bank (the National Bank of Poland) is responsible for a stability of national currency. The National Bank of Poland, fulfilling its’ constitutional duty, is preparing and implementing the strategy of monetary policy, as well as assumptions of monetary policy which are enacted every year. The central bank is ensuring appropriate level of state’s financial safety by the managing of foreign currency reserves. In the range of fulfilled supervisory and regulatory functions the National Bank of Poland is being concerned for the fluidity, the efficiency and the safety of payment system. It’s also contributing to development of safe infrastructure of financial market

4

The Dynamics of Cryptocurrency Price Volatility in the Face of the Crisis on the Example of Bitcoin and Ethereum

51%

Przyłuska-Schmitt J., Jegorow D., Bučková J.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2023

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vol. 57

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issue 2

101-113

EN

Theoretical background: Over the years, investing in cryptocurrencies has become very popular, and until recently, investors have predicted Bitcoin as a “safe haven”. Belief in a decentralized virtual currency even prompted the Salvadoran government to recognize Bitcoin as a legal tender in September 2021. However, cryptocurrency has depreciated significantly since then. The high amplitude of the fluctuations shows that on November 10, 2021, Bitcoin hit an all-time high of USD 68,979, and on June 18, 2022, it fell to its low of USD 17,601. Today, investors are wondering if investing in Bitcoin and other cryptocurrencies still make sense. Purpose of the article: The aim of the article is to compare the price fluctuations of the most popular cryptocurrencies, i.e. Bitcoin and Ethereum in the currently observed economic crisis in the world and the collapse of the cryptocurrency market. Research methods: Observations of the cryptocurrency market and theoretical issues of its functioning were combined with the analysis of empirical data of Bitcoin and Ethereum quotations from January 2022 to June 2022. The basic research instruments were based on the analysis of dependencies and descriptive statistics. The conducted analysis of the time series was aimed at detecting the nature of the studied phenomenon represented by the sequence of observations of daily quotations and forecasting future values of the time series. In this context, the course of Bitcoin and Ethereum quotations was examined in two categories: Close and Market Cap in search of a potential development pattern. Main findings: The conducted research shows that strong and unpredictable fluctuations in the prices of the studied cryptocurrencies, especially in the period of market shocks, imply unknown uncertainty, much more important than investment decisions made under the conditions of measurable risk. Cryptocurrencies cannot function as an alternative to gold, enabling value to be stored, as confirmed by market quotations over the past months.

5

Fiscal Policy in European Union Countries in Time of the Economic Crisis – Attempt to Estimation

51%

Jachowicz A.

Przedsiębiorczość i Zarządzanie

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2015

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vol. 16

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issue 1

39-50

EN

In this article, stability of fiscal policy and its impact on fiscal market have been analyzed. The issue appears especially important in times of the financial crisis which has affected all the European Union countries, although to a different extent. To achieve this, the author presented the aims, the tools and the aspects of financial stability to confront them with the situation that has occurred in the EU countries. To present the issue profoundly, the scientific research related to fiscal policy and its impact on financial markets were used in two opening units. In the third unit, the statistic data was cited to show the condition of the EU countries, the changes to it and the attempts aimed at improving the state of the public finance and therefore stabilizing financial markets.

6

Zmiany struktury obciążeń podatkowych w państwach unii europejskiej w okresie kryzysu a przewidywania teorii konkurencji podatkowej

51%

Kudła J.

Nauki o Finansach

|

2014

|

issue 3(20)

11-27

EN

The article verifies the impact of economic variables on the tax burden in the European Union countries, which took place in period 2006-2011. We concentrate especially on compatibility with the predictions of some theories of international taxation. The confirmation of selected predictions should allow for the better understanding of the mechanisms behind the observed tax adjustments and to construct new theoretical models better fitted to the observations. We especially test for example: the hypothesis of tax competition in traditional form and with agglomeration effects, compensation hypothesis, hypothesis of tax export and fiscal solvency hypothesis. The main results confirm the impact of the crisis on the increase of the capital and labor tax burden. However, this effect has not led to the significant growth of the tax revenues. It stipulates that the situation of each country is more relevant for the explanations of the results than the weakening or strengthening of tax competition during the crisis.

7

The impact of the first global financial crisis in the 20th century on the Hungarian regional employment inequalities

51%

Dabasi Halàsz Z.

Zarządzanie Publiczne

|

2011

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issue 4(16)

119-132

EN

The crisis is a sign that current driving forces of development are wearing out, and the former mentality can no longer be successful either. The crisis highlights that new driving forces should be found and different mentality is necessary to build an acceptable future for the major part of the society. Although the crisis itself is a negative process, it incorporates the possibility of future recovery and the hope of a new beginning. The lack of changes facilitating social renewal has caused major damages recently because the outdated thinking and the lack of appropriate regulatory instruments damage nature and the base necessary for our life [Nováky, 2011]. The researcher’s responsibilities are not only to determine the facts and relationships, but to seek for constructive solutions, and to help apply it by the economic policy. This is not necessarily a political attitude, even though it is indisputable that the economic analysis of public policy includes the use of substantive – normative and positive – theories, but on the other hand, it requires a specific theory-building strategy [Csontos, 1997]. The study reviews the causes of regional labour market disparities looking back to the time of regime change, and analyse the effect of the 2008 financial crisis on regional employment.

8

Stabilność finansów publicznych - gospodarka Polski w warunkach spowolnienia

51%

Wieczorek P.

Kontrola Państwowa

|

2014

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vol. 59

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issue 1(354)

111-131

EN

The balancing of public finance and turning the tendency for public debt growth may be more difficult in Poland than in well-developed European Union member states, although the indicators of public finance sector deficit and public debt in relation to GDP are much higher there than in Poland. Measures taken in this area in Poland are less effective due to the slowdown of the Polish economy growth that – despite the improvement in 2013 – in the coming years will remain lower, in comparison to the GDP level of the period preceding the world financial crisis. It creates unfavourable macroeconomic conditions for the reconstruction of the public finance sector. The article attempts to answer the question whether – in the light of the public debt growth in Poland, whose indicator in 2013, according to Eurostat forecasts, should reach 58.2 per cent of GDP, and with difficulties in the state finance reform process – the stability of this sector is sufficiently ensured.

9

Krótkoterminowe kredyty bankowe dla przedsiębiorstw w warunkach kryzysu finansowego

51%

Mikołajczak P.

Nauki o Finansach

|

2014

|

issue 2(19)

122-137

EN

The economic slowdown in Poland, which is mainly a consequence of the ongoing global financial crisis since 2008, exposed Polish firms to the danger of loss of liquidity risk arising among others from the deteriorating financial condition of companies and limited access to short-term finance. It determines not only the proper functioning of any enterprise, but often the ability of surviving on the market. The article presents the results of analyzes of relationship between the dynamics of changes in different types of short-term loans and the gross domestic product. It also presents the most important types of financial crises and the factors that determine them. An attempt was made to present the credit policy of banks to changes in the economic situation in Poland.

10

WYDAJNOŚĆ FISKALNA PODATKU OD TRANSAKCJI FINANSOWYCH

51%

Twarowska M.

Acta Universitatis Lodziensis. Folia Oeconomica

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2014

|

vol. 1

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issue 299

EN

The last financial crisis, the role of financial institution in this process and the big scale of public aid to the financial institutions have contributed to the intensification in work on the financial transaction tax in the European Union. The plan to involve the financial sector in bearing crisis costs and to prevent such crises in future deserves to be supported.The aim of this paper is to assess the fiscal function of the financial transaction tax. The analysis indicates that the financial transaction tax fulfils its fiscal purpose but fails to achieve its steering function, namely to deter financial institutions from enacting risky business transactions and thus to prevent future crises and will not necessarily increase stability in the financial markets. Financial transaction tax increases the capital costs for companies from participating Member States.

11

Ramy budżetowe państw członkowskich – nowe regulacje prawne w zakresie polityki budżetowej w Unii Europejskiej

51%

Marchewka-Bartkowiak K.

Studia BAS

|

2012

|

issue 3(31)

161-181

EN

The author introduces the question of rules concerning the characteristics of the budgetary frameworks – the guidelines which are intended to ensure compliance of the EU member states budgetary policy with the relevant obligations under the excessive government debt arrangements. The first section looks at the legal basis of these budgetary frameworks. The following section reviews selected effects of the budgetary frameworks on the EU member states’ policies. In the final section, the author discusses changes in the public finance sector in Poland that have been triggered by these regulations.

12

Does a financial crisis affect operating risk? Evidence from Polish listed companies

51%

Kalinowski S., Puziak M.

Economics and Business Review

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2018

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vol. 4(18)

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issue 1

64-85

EN

In turbulent times of crisis the variability of both EBIT and operating revenue increase in comparison to a relatively stable post crisis period. The main aim of this paper is to investigate this relationship across these two periods. The hypothesis is that the degree of operating leverage (DOL) is significantly higher during the crisis period (2007-2010) than in the post-crisis period (2011-2015). Additionally the authors checked whether there were significant differences across defined industries and also verified whether all industries had responded in the same way to Financial Crisis as far as DOL is concerned. The main findings are: (a) The Financial Crisis of the years 2008‑2009 significantly influenced the DOL of Polish stock companies; (b) There are substantial differences of the DOL across industries; (c) The DOL in the case of all industries investigated changed in the same direction when comparing two selected subperiods.

13

Sprawozdawczość finansowa w globalnym kryzysie finansowym – analiza podjętych działań naprawczych

51%

Staszel A.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2013

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issue 913

93-105

EN

The article is an attempt to evaluate the role that the system of accounting, financial reporting and chartered accountants played in starting the financial crisis. Some of the solutions that were subsequently applied to improve the quality of information provided by accounting departments are presented and evaluated. The following topics are discussed: deceitful financial reporting and the beginnings of the financial crisis, proposals for improving the system of accounting in response to the financial crisis, including global accounting standards and MSSF for small and medium-size enterprises, a new EU directive for accounting and conclusions for chartered accountants drawn from the crisis. The final conclusion arrived at is that the financial crisis will never be caused by a faulty system but rather by people misusing it. Nevertheless, creating good principles of financial supervision could have prevented the financial crisis from occurring on such a large scale.

14

Portfolio investment in the twenty first century – a literature review and analysis of flow directions

51%

Broszkiewicz M.

Ekonomia XXI Wieku

|

2017

|

issue 2 (14)

24-38

EN

The subject of portfolio investment seems particularly significant given that the current fluctuations on international financial markets make it necessary to perform an analysis of their causes and effects. It seems reasonable to make considerations regarding the direction of the flow of portfolio investment in the twentieth and twenty-first century. This article presents theoretical considerations concerning the characteristics and effects of the flow of portfolio investment in the global economy and an analysis of flow directions in the years 1960-2015. These considerations are based on data of the International Monetary Fund and the World Bank, which collate net inflows of the portfolio investment to particular countries in the indicated period. Our considerations show the links between the financial markets of countries and regions, together with the general tendencies of movements of capital at the time of crisis and the stabilization periods of global financial markets. The article shows the link between the financial markets of individual countries, together with the general trend of movement of capital in the period of crisis and the stabilization of financial markets

15

Global Financial Crisis and Its Effects on Real Economies in the Light of Quantitative and Survey Data

51%

Adamowicz E., Dudek S., Pachucki D., Walczyk K.

Prace i Materiały Instytutu Rozwoju Gospodarczego SGH

|

2011

|

vol. 86:Business Surveys, Business Cycles. Polish Contribution to the 30th CIRET Conference

11-37

EN

The paper discusses the effects of global financial and banking crisis of 2007-2008 on US and selected European economies. Due to its widespread incidence it has triggered substantial research challenge. The main area of our interest is the real side of economies. However, taking into account the fact that the crisis was accompanied by substantial breakdown of corporate and consumer confidence, we use quantitative as well as survey data in the research. We study fluctuations of main economic aggregates: output, consumption, industrial production and retail trade. Quantitative variables are matched with BTS and CS counterparts (confidence and sentiment indicators) to find out whether the survey data preceded quantitative one in signalling changes in real economies, whether synchronisation, the depth and the duration of the recession were different for each variable and country, and finally whether survey/quantitative variables were coherent in describing consequences of the crisis. We analyse cyclical fluctuations of selected variables and describe characteristics of the recession in each country in order to compare reactions of selected economies to the crisis.

16

The use of accounting tools in the assessment of enterprise financing policy – debt and liquidity

51%

Prysiński Ł., Kołysko W.

Przedsiębiorczość i Zarządzanie

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2014

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vol. 15

|

issue 1

83-92

EN

The article is devoted to the use of accounting tools in the assessment of financial policy of enterprises in the financial crisis. The purpose of the article was to show the impact of financial structure on the financial liquidity of chosen similar firms. The study hypothesized that during financial crisis, a better financial position in terms of liquidity have firms, which limit the level of short - term liabilities in financing short - term assets. To verify the hypotheses, the analysis of documents (financial statements) and debt and liquidity ratios were used.

17

Public Debt under Financial Crisis in the New EU Member States

51%

Uryszek T.

Przedsiębiorczość i Zarządzanie

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2014

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vol. 15

|

issue 1

153-162

EN

With the growing imbalance of public sectors in the EU Member States, the public debt in the countries increased too. Public debt management institutions face the task of choosing the optimal debt structure in order to minimize the negative effects for the economy. This article sets out to determine changes in the public debt structure in the EU Member States during economic crisis. It consists of four sections. Section one deals with public debt management under crisis conditions. In the next sections, the term, currency and lender structure of public debt in the new Member States are analysed and discussed. The last section presents major conclusions from the research.

18

Budowa standardów rzetelności instytucji finansowych na rynku detalicznym w oparciu o rozwiązania systemów zarządzania

51%

Kulawczuk P.

Prakseologia

|

2010

|

issue 150

175-192

EN

Financial institutions in Poland represent both fair and unfair approach to retail market customers. There are numerous reasons for such a mixed policies, including: knowledge dominance over customers, association of profits as high business value, bank brands changeability in merger and acquisition processes, constructing similarities in financial products to fast moving consumer goods (FMCG), significant hurry in introducing changes and policies, and selling risky financial products under association of conservative banking. The article presents numerous cases caused by those reasons. The key assumption of the publication is that the mixed fairness policies towards customers are based on errors in management systems of financial institutions. Improvement of management systems could be a source for more transparent policies in this area and better market effects. The article analyses opportunities to establish standardization of management systems in the area of fairness towards customers and indicates the truck to reach the goal. Standardization and certification of management systems in this area is considered as reasonable solution for market confidence decline after the financial crisis.

19

Korelacja indeksów cen akcji na globalnych rynkach finansowych

51%

Hołubowicz K.

Nauki o Finansach

|

2014

|

issue 2(19)

71-81

EN

The main objective of the paper was to study connections between the financial markets including the Polish stock exchange market. The author wanted to respond to the following questions: • How strong are correlations among the main stock exchanges in the world? • What is the time (bear market or bull market) with stronger interdependencies among global financial markets? • What markets are most related to Polish WIG 20 Index? The author gathered data from 1999 till 2011. Correlation is calculated for the main global stock exchanges but it also contains Polish market. We can see that the longer period of calculation the weaker connections among stocks all over the world. Furthermore in crisis time interdependencies are stronger what leads us to support a hypothesis that diversification among stock markets does not work properly because of global economy. Next research in this area should focus on the fundamental determinants of international correlation across equity markets. Studies have to take into consideration industry specifications of each national market as well as the correlation of the countries’ business cycles.

20

Kryzys finansów publicznych czy kryzys płatniczy krajów PIIGS?

51%

Koronowski A.

Gospodarka Narodowa. The Polish Journal of Economics

|

2011

|

vol. 248

|

issue 5-6

69-84

EN

The article examines the causes behind a credibility crisis that has hit a group of euro-zone countries collectively referred to as PIIGS: Portugal, Ireland, Italy, Greece and Spain. The author discusses the economic policy being pursued in these countries in response to the crisis. The credibility crisis is generally being attributed to high public finance deficits and significant levels of public debt in the PIIGS countries. But this interpretation fails to consider the fact that various other countries are also struggling with high deficits and public debts. In addition to problems related to their public finances, Portugal, Ireland, Italy, Greece and Spain, are also suffering from an imbalance of payments. The high current-account deficits in these countries reflect unbalanced public finance-sector budgets and excessive private sector spending. The balance-of-payments aspect of the credibility crisis besetting PIIGS countries is obscured by these countries’ membership of the euro zone. This diagnosis is the starting point for asking a question about an economic policy aimed at addressing the imbalance-of-payments problem experienced by PIIGS countries. The widely recommended “consolidation” of public finances is hardly an optimal measure, according to Koronowski; nor can it be applied on a satisfactory scale, the author says. The best option would be to use an appropriate exchange rate policy, Koronowski says, because of the asymmetrical nature of the difficulties being experienced by these countries, including the balance-of-payments aspect of the crisis. However, such a policy is missing in euro-zone countries. In the absence of adequate national economic policies, the EU’s policy towards the PIIGS countries boils down to either explicit or implicit assistance granted by the European Central Bank, the European Commission and member states. According to Koronowski, this violates the underpinnings of the euro zone, undermines the credibility of the European Central Bank, ignores the principle of democratic control over public finances, and ultimately fails to effectively resolve the problem.

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