Search results

1

Foreign Capital in Poland During Recession

100%

Wypych M.

Przedsiębiorczość i Zarządzanie

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2015

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vol. 16

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issue 2

45-59

EN

The system transformation which started in the last decade of the previous century and the accompanying transition into market oriented economy have contributed to the increase of foreign investors’ interest in committing their capital in Poland. The interest grew even more after Poland joined the European Union. With limited national financial resources and great demand for the same, foreign investment has been a desirable factor supporting and accelerating economic growth. The objective of this paper is to evaluate the changes in the level and structure of foreign capital in Poland in the years 2008–2013, that is during the period of economic downturn following the global financial crisis. The point is, first of all, to find an answer to the following question: to what extent has the economic destabilisation caused by the crisis influenced the decisions of foreign investors concerning investing their capital in Poland? This allows to verify the following scientific hypothesis: during crisis stability of the financial system of the country in which parent companies have their seats is more important for foreign investors than financial security of the host country. The analysis covers total foreign capital, that is both direct and portfolio investment, as well as derivatives and credit facilities. The empirical part of the study has been based on the information published by the National Bank of Poland.

2

Wpływ kryzysu na sektor MSP w krajach strefy euro w latach 2008–2011

100%

Dominiak P., Kurzyńska A.

International Business and Global Economy

|

2014

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vol. Volume 33

180–195

EN

A significant change affecting the dynamics of the importance of the SME sector was the crisis that began in 2008. Previous few analyses showed that the SME sector is more resistant to changes in business cycles than the large enterprises sector. The authors take an attempt to verify the hypothesis about smaller (than the large firms’) sensitivity of the SME sector to the changing economic conditions. The analysis was conducted basing on the available data from the years 2008–2011 about countries belonging to the euro area. Considerations concern the size and structure of the population of enterprises, the size and structure of employment by firm size classes and structure of created value added. The analysis does not allow for the adoption or rejection of the hypothesis about the independence of changes in SME sector and business cycles. Results do not confirm the SME sector greater resistance to the recession. Economies dominated by SMEswere visibly less successful in dealing with the bad situation after 2008. Certainly this does not mean that the deeper crisis was caused by smaller enterprises. In contrast, it can be concluded that in this group of countries, the SME sector has not proved to be a better economic stabilizer than in the other analyzed economies.

3

Reasons Why Poland Avoided the 2007-2009 Recession

100%

Drozdowicz-Bieć M.

Prace i Materiały Instytutu Rozwoju Gospodarczego SGH

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2011

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

39-66

EN

Poland was the only economy among the European Union members, which avoided the recession of 2007-09. Nevertheless, the impact of global recession was visible in many areas of the Polish economy. The paper analyzes some of the main reasons behind this outstanding performance. The analysis is based on data from business surveys, composite coincident and leading indexes and official statistics on Poland’s economy. The reasons are divided into four groups: (1) General economic condition before the global crisis. In this part the large inflow of direct investments and fast growing productivity throughout 2004-2007 are emphasized. (2) Structural factors related to the stage of Poland’s economic development. The main factors in this group are: low dependence on business and consumer credit; absence of high risk financial instruments (securities based on US subprime mortgages) in the banking sector; relatively small external ties of the Polish economy with relatively big domestic market. (3) Benefits of the EU membership. Poland benefited from the large share of investments linked to EU transfers since May 2004. It boosted the activity in sectors such as building and construction and reduced the scale of layoffs. (4) Market forces. Despite Poland’s goal to join the euro area as soon as possible, its own currency and floating exchange rates helped to enhance Polish export during recession. Strong Polish currency during the period of high oil prices (2007-2008) prevented the economy from increasing costs of production and made imports cheaper. The later depreciation of the zloty (2008-2009) made export goods more competitive on the international markets which prevented Polish exports from declining. Another factor in this group is the absence of any special stimulus programs undertaken by the government.

4

Ethics, Uncertainty, and Macroeconomics

88%

Maziarz M.

Annales. Etyka w Życiu Gospodarczym

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2017

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vol. 20

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issue 4

51-63

EN

In this article, I focus on the difference in moral judgment of macroeconomic interventions between the deterministic world of a thought experiment and the uncertain reality. The macroeconomic theory coined by Keynes is, in its most popular reading, deterministic and justifies interventionism. However, incorporating uncertainty into the analysis leads to the contrary result. Namely, if economic output is a random process, such as Gaussian white noise or a stochastic Markov chain, then intervening can bring either economic recovery or inflationary pressure and a next bubble. In the trolley‑problem philosophy, the one who pulls the lever instead of the trolley itself is believed to be guilty of the death of an innocent passer‑by standing on the side track. Similarly, if the Federal Reserve decided to intervene and failed (causing a bubble on the house market, instantiating), their monetary policy can be said to be a cause of the financial crisis. Therefore, governments should refrain from interventions.

5

The determinants of economic resilience in rural regions. An examination of the Portuguese case

88%

Hennebry B.

Miscellanea Geographica. Regional Studies on Development

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2020

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vol. 24

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issue 1

24-29

EN

This paper examines the factors that contributed to the economic resilience of rural regions in Portugal following the recent crisis. Portugal has for a long time faced the issue of regionalisation. However, rural regions in Portugal are not homogenous. Rural regions in Portugal are very diverse and experience very different economic realities. This paper adds to the growing body of literature on regional resilience by focusing exclusively on rural regions. Using an adaptation of Martin’s (2012) sensitivity index as a measure of resilience and bivariate analysis this paper examines the determinants of resilience in rural regions. In terms of economic structure, the paper interestingly finds that reliance on agriculture was beneficial while innovativeness hindered resilience. As for measures of social capital, the paper presents some contradictory findings. Higher rates of crime had a negative impact on resilience, however higher political participation also had a negative impact.

6

Personnel Decision Making of Chosen Czech Banking Subjects During the Economic Recession

88%

Kraft J., Nedomlelová I., Petříček M.

Creative and Knowledge Society

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2011

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vol. 1

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issue 2

6-15

EN

The article focuses on personnel decision making of important banking subjects during the ongoing economic recession with the specialization on financial crisis in 2008. Main objective of the article is to verify the implicit contract theory and to answer the question of how the selected banks solve problem of reducing labour costs during the crisis. Four important banks (Česká spořitelna, a. s., Komerční banka, a. s., GE Money Bank, a. s., Raiffeisenbank, a. s.) in years 2005 - 2010 are examined. To identify the economic crisis, is used model, which is based on the model, indicating the U. S. business cycle, which uses analytical team in Raiffeisenbank. Model used in this article is based on three variables (index of industrial production, business sales, employment rate). Employment rate is separate variable. The values of business sales are adjusted to the values of basis indices, for which the year 2005 is the basis. The development of all those three variables (index of industrial production, business sales, employment rate) is similar and it is possible to determine the period from the graphical representation, in which all variables reached their maximum and reversed their trend. To support this, a trend line was added to the graphs. The trend line was determined as a moving average for the four seasons. Based on the model, the beginning of the economic recession was indentified to the turn of 2007 and 2008. The biggest slumps can be seen during the year 2009. The investigated periods are therefore the years 2008 and 2009.The calculations of other variables, describing the current condition of the studied subject, are adjusted to the values of basis indices in the same way as the business sales. The year 2005 is set as a basis. Data from chosen banks' annual reports were used to study their current condition. The basic monitored data are: labour costs, number of employees and earnings after tax (EAT). This article focuses attention on the personal decisions of banks, especially on the monitoring of costs of employees and their evolution over time in the context of economic recession. The essential conclusion is the confirmation of the implicit contract theory of the new Keynesian economics, which appeared at all observed subject. It is possible to see a year delay between the reduction of the employees and reduction of salary costs. This delay causes further costs. The reduction was observed in all subjects.

7

Wahania koniunkturalne w województwie lubelskim

88%

Kowerski M.

Gospodarka Narodowa. The Polish Journal of Economics

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2009

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vol. 233

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issue 7-8

93-106

EN

The paper examines business cycles in Poland’s Lublin province using quarterly business sentiment indicators calculated since the second quarter of 2001. Both composite and sector indicators are calculated on the basis of the results of quarterly surveys covering 320 companies and 350 households. Sector indicators are calculated as weighted arithmetic means of respondents’ assessment of their current condition and forecasts for the next quarter. Composite indicators are weighted averages of sector indicators, with the shares of individual sectors in gross value added generated in the province used as weights. Industry and construction in Lublin province began to slow down in the second quarter of 2007, according to Kowerski. By now the slowdown in these sectors has become evident. The slump in the service sector began in the first quarter of 2008, and consumers felt the downturn in the second quarter of 2008. The retail sector has yet to experience a downturn, according to Kowerski. The composite indicator of business sentiment began to deteriorate markedly in the second quarter of 2008. The research shows that the economy of the Lublin region began to slow down in the first half of 2008, though it is unclear if this trend can be called a recession, the author says.

8

The global economic recession and the change in the macroeconomic paradigm

88%

Mihajlovic D., Zivkovic S.

Perspectives of Innovations, Economics and Business

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2011

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vol. 7

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issue 1

5-7

EN

All countries have felt the impact of the recession, the phase characteristic of negative effects such as slower economic growths (stagnation), high inflation rates and high unemployment rates. The economic crisis that has befallen even the most developed economies of the world is often compared to the crisis that happened in the 1930s, along with the attempts to pin down its causes in order to find the economic policy for its overcoming. Economic policy creators and policy decision-makers have to solve the question of how the crisis is to be overcome. Economic measures that should lead to overcoming the negative economic trends are primarily directed at encouraging aggregate supply, that is, a macroeconomic theory known as Keynesian economics based on the ideas of 30th century British economist John Maynard Keynes that he published during the Depression. Up to this day economies have not faced such a downfall as happened during this crisis, since the crisis brought about not only changes in the economic theory and the end of the so-called classic economic theories, but it also made way for a new scientific discipline based on Keynesian theory. There were changes in economic policies and an active policy of managing aggregate supply was introduced. Aggregate supply was based on monetary and fiscal expansion, that is, the world monetary and financial system. It is expected today that the crisis we are now facing will lead to the change in the dominant macroeconomic paradigm as well as to the creation of a new financial system which will be more transparent and regular.

9

Determinants of Employment and GDP Resilience in the Context of an Economic Crisis: Evidence from EU Countries and Regions

88%

Ondřej S., Petra A.

Littera Scripta

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2016

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issue 2

140-155

EN

There have been many studies that have analysed the impact of a set of indicators on the economic resilience of countries and regions, but none that focus on the effects of determinants on the resilience of employment and GDP. This paper is a preliminary attempt to fill that gap by providing new cross-country, as well as cross-regional, evidence of the different effects of determinants on resilience measured in terms of GDP and employment. The analytical part of this paper is based on an analysis of the resilience of employment and GDP of EU countries, as well as at the NUTS 2 regional level, within the context of the economic crisis that began in 2008. The main method used in this study is correlation analysis. The results show the existence of specific determinants for a different type of resilience at the country level (e.g. indicators of economic structure). The determinants connected with human capital show a strong positive relationship with regards to resilience both at the country and regional levels (especially in terms of growth of employment and product).

10

CHANGES OF THE ECONOMIC SITUATIONVS. THE STATE OF PUBLIC FINANCES IN POLAND IN 2007-2015

88%

Zieliński M.

Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej

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2017

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issue 2

118-129

EN

The paper is devoted to the analysis of the impact of changes in the level of economic growth on the volumes deciding about the condition of public finances. The main hypothesis put forward in the paper is the assertion that the changes of the economic situation affect substantially the state of public finances, causing changes on the level of revenues and expenditures of public sector. The second hypothesis is the assertion that fiscal policy in Poland, in the analyzed period, was of a passive nature. The paper contains data analysis of the period between 2007 and 2015 provided by the Central Statistical Office with the use of correlation rates. Statistically significant negative dependence was observed between GDP growth and expenditures of the State budget, total public debt and government sub-sector debt. Such results indicate the dominance of passive fiscal policy during the analyzed period.

11

Europejskie i polskie hotelarstwo w dobie kryzysu europejskiego

88%

Szydłowska K.

Nauki o Zarządzaniu

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2013

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issue 3(16)

119-132

EN

The paper tries to assess the actions of European and Polish hospitality business in the times of economic slowdown. The article bases on the discussion referrig to the economic conditions of hospitality business during the recession caused by the crisis on the American subprime market and European debt crisis. The aim of the work is to show tactics, methods and ways which managers of hotels used to counteract the results of economic slowdown influencing clients’ expenses and their financial decisions. Apart from discussing these techniques (co-branding, personalization, loyalty programs) the author also discussed the actions which in retrospect turned out to be wrong decisions of managers (for example lowering the prices at the expense of retrenchment on guests’ satisfaction or branding). The conclusions are an attempt of assessment of actions of European and Polish hoteliers taken at the time of recession.

12

The Evaluation of Recession Magnitudes in EU Countries during the Great Recession 2008–2010

88%

Mazurek J.

Review of Economic Perspectives

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2016

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vol. 16

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issue 3

231-244

EN

The aim of this article is to compare 2008-2010 recession magnitudes in individual EU countries. For the comparison the recession magnitude scale was used. The strongest recession during the examined period took place in Latvia, Estonia, Lithuania, Greece and Ireland, while the weakest recessions in the EU occurred in France, Malta and Cyprus. Poland and Slovakia were the only two EU countries that didn’t fall into a recession, that’s why they were not included in the study. The main findings of the paper are that EU19’s recession was much smaller than both the Great Depression of the 1930s and the recent Great Recession in the USA. Furthermore, with the use of a linear econometric model it was found that recession magnitudes in EU countries were directly proportional to the countries’ GDP per capita in 2008 and growth prior to recessions, while countries’ economic openness was indirectly proportional to recession magnitudes, all the relationships being statistically significant.

13

Gospodarka i teoria ekonomiczna po kryzysie

75%

Jasiński L.

Studia Ekonomiczne (Economic Studies)

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2009

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issue 3-4(62-63)

271-277

EN

The main causes of the financial crisis in the world economy and their impact on the Polish economy were presented. It was analyzed what can become the long-term consequence of this crisis and what the economic theory suggests as an explanation of this development. The financial crisis of 2007–2009 was compared with the Great Depression of 1929–1933.

14

Slowdown or Recession? Forecasts Based on Composite Leading Indicator

75%

Kľúčik M., Juriová J.

Central European Journal of Economic Modelling and Econometrics

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2010

|

issue 1

15

Resilience of the Czech Regions to an external economic shock

75%

Lungová M.

Studia Regionalne i Lokalne

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2016

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issue 4(66)

30-47

EN

The article explores resilience of the Czech NUTS3-level regions to an external economic shock in the form of the latest global economic crisis of 2008-2009. It begins with a brief introduction of the concept of resilience and of terminological and methodological issues associated with operationalizing it. Next, regional resistance to the external economic shock is assessed using sensitivity indices of relative output and employment contractions. Finally, the nature and severity of the shock as well as regional disparities in recoverability are investigated using employment data.

16

Chiny w XXI wieku – Potęga regionalna czy mocarstwo światowe?

75%

Łopińska A.

Przegląd Zachodni

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2012

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issue 4(345)

99-113

EN

Global economic recession which started in 2008 significantly contributed to revealing China’s growing potential on the international arena. For the Beijing administration this means a necessity to develop and implement an optimal strategy of “going outside the region” paying attention to the priority of internal development of the PRC and a non-confrontational course in policy toward other regional and world powers. However, expectations of the West concerning the international engagement of the Country of the Middle do not conform to the Chinese vision of a future global order. Strengthening its economic leadership in its immediate surroundings and maintaining stable relations within the triangle of Washington – Moscow – Beijing, China seeks the ultimate answer to the more and more frequent question on the character and scale of its “international responsibility” both in a political and economic dimension.

17

Demographic dynamics, urban-rural divides and the (changing) mother's age at birth in Greece: a regional analysis, 1980–2016

75%

Zambon I., Rontos K., Salvati L.

Studia Demograficzne

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2018

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issue 2

18

Przedsiębiorstwa rodzinne wobec dekoniunktury gospodarczej

75%

Jabłońska E.

Przegląd Zachodniopomorski

|

2014

|

issue 3/2

199-208

EN

Family business plays an enormous role in economy, it concerns both its signifi cant contribution to GDP and its contribution to employment. The period of recession has a substantial impact on its execution and it concerns critical situations where the use of countermeasure is required. The idea of this article is to present the attributes of family business, that aid to get through the moments of economic retardation the distinctive hierarchy of goals and specifi c ownership structure make the traders be more resistant to trade in economic recession. This study depicts internal and international research results presenting conduct of family business during economic depression.

19

Slovenia Back on Its Feet – What Price Is to Be Paid for Greed?

63%

Somai M.

Unia Europejska.pl

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2016

|

issue 3

30-49

PL

W artykule podjęto próbę odpowiedzi na pytanie, dlaczego Słowenia po okresie szesnastu lat trwałego i wysokiego wzrostu gospodarczego popadła w stan głębokiej recesji (tzw. double dip, krzywa o kształcie litery W), stanowiącej jeden z najgłębszych i najdłużej trwających kryzysów zarówno w regionie, jak i strefie euro. Artykuł koncentruje się na analizie błędów, zwłaszcza tych związanych z tzw. drugą falą prywatyzacji w latach 2005 i 2008, kiedy nowa elita - używając swoich wpływów zarówno w przedsiębiorstwach, jak i bankach państwowych - wywierała naciski na banki, zmuszając je do finansowania i przeprowadzenia operacji typu MBO (management buyout – wykup przedsiębiorstwa przez zarząd firmy) i LBO (leveraged buyout – wykup lewaro-wany) z wykorzystaniem kredytów, gdzie wartość nabytych aktywów stanowiła zabezpieczenie pożyczki. Działania te stanowiły ogromne zagrożenie dla sektora finansowego i odegrały kluczo-wą rolę w procesie tzw. „przegrzania” gospodarki. Wnioski prezentowane w artykule są następu-jące: po latach niezdecydowania zarówno w zakresie określenia rozmiarów kryzysu, jak i podjęcia koniecznych działań w obszarze polityki gospodarczej, należało połączyć wysiłki związane z wprowadzeniem polityki oszczędnościowej, wdrażanej od końca 2011 roku, z wszechstronnymi działaniami prowadzącymi do poprawienia sytuacji finansowej banków, realizowanymi od końca 2013 r. Świadomi nacisków płynących ze strony rynków finansowych oraz międzynarodowych (również europejskich) instytucji, Słoweńcy zostali zmuszeni porzucić swe zwyczajowo ostrożne nastawienie do prywatyzacji i podjąć próbę wyciągnięcia gospodarki z głębokiego kryzysu.

EN

This article is a modest effort of trying to understand why Slovenia, following a sixteen-year period of sustained high growth, slumped into a deep, W-shaped recession, one of the deepest and the longest lasting in both the region and the Eurozone. It concentrates on the mistakes, especially those related to the so-called second wave of privatisation between 2005 and 2008, whereby the new elite – using their leading positions in both enterprises and state-owned banks and forcing the latter to finance the former to carry out MBOs and LBOs with loans tied to the value of the ac-quired assets pledged as collateral – exposed the financial sector to extreme risks and played a crucial role in overheating the economy. It concludes that, following years of hesitation over the seriousness of the crisis and the necessary economic policy measures to overcome it, the com-bined effects of austerity policy, engaged since the end of 2011, and the comprehensive bank recovery measures implemented, as of the end of 2013, under pressures coming from both finan-cial markets and international (including European) institutions, the Slovenes could, at the price of their traditionally cautious attitude about privatization, bring their economy back from the brink.

20

Kontrowersje wokół charakteru ożywienia po kryzysie finansowym i recesji

63%

Wojtyna A.

Gospodarka Narodowa. The Polish Journal of Economics

|

2013

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vol. 268

|

issue 11-12

5-21

EN

The article focuses on the ongoing debate about whether or not the global economy has already started to recover from the latest financial crisis. On the one hand, the author says, both theoretical and empirical work suggests that the process of recovery usually takes much longer when a recession is preceded by a financial crisis and when it is a global phenomenon. On the other hand, for at least three years, various experts have been pointing to signs of recovery in the global economy even though quarterly statistics do not confirm that recovery is indeed around the corner. Why has this optimistic and unrealistic assessment of the situation prevailed despite hard data to the contrary? – Wojtyna asks. The article attempts to shed light on this paradox. The author’s aim is to show how recent research on similar historical episodes and on the latest crisis can help identify the necessary conditions for a sustainable recovery. The author starts out with a discussion of selected aspects of contemporary business fluctuations. In this broad context, which also includes the latest crisis, Wojtyna compares different definitions of the recovery phase. Against this background, he discusses selected research efforts aimed at identifying specific features of recovery from a financial crisis. These efforts include a promising line of research on what has become known as "creditless recovery."

PL

W dyskusji nad wychodzeniem gospodarki światowej z obecnego kryzysu występuje pewien paradoks. Z jednej strony, z przeprowadzonych już badań teoretycznych, a przede wszystkim empirycznych, wynika dosyć jasno, że proces ten jest zdecydowanie dłuższy w tych przypadkach, gdy recesję poprzedza kryzys finansowy i gdy ma on charakter globalny. Z drugiej strony, od co najmniej trzech lat formułowane były opinie o wejściu gospodarki światowej w fazę ożywienia, które to oceny okazywały się w następnych kwartałach wyraźnie przedwczesne. Nasuwa się więc pytanie, dlaczego wbrew wnioskom z badań, formułowane są – i to w sposób systematyczny – optymistyczne, mało realistyczne oczekiwania co do przyszłego stanu koniunktury. Celem artykułu jest próba bliższego naświetlenia wskazanego paradoksu. Chodzi więc o próbę pokazania, w jakim stopniu najnowsze badania nad podobnymi epizodami z przeszłości oraz nad obecnym kryzysem pomagają określić warunki sprzyjające wystąpieniu w najbliższych latach trwałego ożywienia. Naturalnym punktem wyjścia jest nawiązanie do niektórych przynajmniej aspektów dyskusji nad charakterem współczesnego cyklu koniunkturalnego. Ten szerszy kontekst, obejmujący też doświadczenia obecnego kryzysu, pozwoli bardziej precyzyjnie przedstawić różne sposoby rozumienia ożywienia gospodarczego. Posłuży to następnie do przedstawienia: a) wyników badań ukierunkowanych na uchwycenie specyficznych cech ożywienia następującego po kryzysach finansowych oraz b) kierunku badań nad możliwością wystąpienia tzw. ożywienia bezkredytowego (creditless recovery).

Refine search results

Foreign Capital in Poland During Recession

Wpływ kryzysu na sektor MSP w krajach strefy euro w latach 2008–2011

Reasons Why Poland Avoided the 2007-2009 Recession

Ethics, Uncertainty, and Macroeconomics

The determinants of economic resilience in rural regions. An examination of the Portuguese case

Personnel Decision Making of Chosen Czech Banking Subjects During the Economic Recession

Wahania koniunkturalne w województwie lubelskim

The global economic recession and the change in the macroeconomic paradigm

Determinants of Employment and GDP Resilience in the Context of an Economic Crisis: Evidence from EU Countries and Regions

CHANGES OF THE ECONOMIC SITUATIONVS. THE STATE OF PUBLIC FINANCES IN POLAND IN 2007-2015

Europejskie i polskie hotelarstwo w dobie kryzysu europejskiego

The Evaluation of Recession Magnitudes in EU Countries during the Great Recession 2008–2010

Gospodarka i teoria ekonomiczna po kryzysie

Slowdown or Recession? Forecasts Based on Composite Leading Indicator

Resilience of the Czech Regions to an external economic shock

Chiny w XXI wieku – Potęga regionalna czy mocarstwo światowe?

Demographic dynamics, urban-rural divides and the (changing) mother's age at birth in Greece: a regional analysis, 1980–2016

Przedsiębiorstwa rodzinne wobec dekoniunktury gospodarczej

Slovenia Back on Its Feet – What Price Is to Be Paid for Greed?

Kontrowersje wokół charakteru ożywienia po kryzysie finansowym i recesji