# 12345 test indeksowania w przeglądarkach# # # ^2010# *3# @Włodzimierz Szpringer# Economic theories in regulating competition# $Competition policy needs taking into account the more economic approach to competition law, in particular with regard to IT and electronic communications, to deal with the problem of determining the dynamics of innovation. The challenging issues are those of applying Art.102 of the Treaty to, e.g.: essential facilities, imposing compulsory licenses, defining the collective market dominance, linked transactions, cartelization and concentration, as well as the determinants of effective consumer protection. Problems arising from the more economic approach in competition law are: the danger of relativization of rules; legal uncertainty; rising costs; length and complexity of procedures; conflict between the so-called per se. rule and rule of reason in the application of competition law; and designing optimally diversified rules and regulations to provide stable and secure competitive freedom to business. The use of economic knowledge in the field of competition law involved inspirations mostly from neoclassical equilibrium theory, while ideas belonging to development economics, behavioral economics, workable competition theory and strategic analysis were underrated. There is no unified theory of competition, but new approaches are developing, e,g, in industrial economics, new institutional economics and the Austrian School. But the lawmakers are often not clear about their goals and values which make them choose a particular theory. This leads to neglecting the development trends and the dynamic competition which promotes innovations in the economy..# @Michał Jurek# Limitation of the autonomy of monetary policy in financial integration# $The aim of the paper is to analyze the possibilities of overcoming the asymmetric shocks under fully fixed and fully floating exchange rate regimes, taking into consideration increasing financial integration which results in mounting capital flows. The analysis is based on the use of the Mundell-Fleming model within the framework of the theory of Optimum Currency Areas. The main conclusion is that (under the assumption that changes of nominal market interest rate are the only factor influencing the scale ant magnitude of capital flows) members of a currency union should offset negative results of the asymmetric shock with the use of instruments of fiscal policy. This appears to be more effective than monetary policy instruments. Hence, in analyzing the group of countries that want to establish a currency union or already have become members of such union, costs of the loss of monetary policy autonomy need not be related to benefits from preserving the autonomy. What should be taken into account is the quality of fiscal policy of these countries,. Resignation from the autonomy of monetary policy would be a rash step only if the countries concerned are not prepared to conduct coordinated, disciplined and transparent fiscal policy.# @Aleksandra Parteka, Joanna Wolszczak-Derlacz# Wage convergence in the European Union (1995-2005)# $This paper presents empirical analysis of relative wage convergence in the group of 20 countries of enlarged EU (five New Member States: Czech Republic, Poland, Slovakia, Slovenia, Hungary plus former EU15 economies) within the period 1995-2005. The study is based on recently released sector level data (12 manufacturing sectors) which allows us to analyze the convergence process concerning wages of three distinct groups of workers (high-skilled, medium-skilled and low-skilled). Sigma convergence analysis suggests that the biggest dispersion of wages is typical for salaries paid to low-skilled employees.
Estimation results of dynamic panel model obtained with GMM (Generalized Method of Moments) estimator indicate that within the group of 20 EU countries taken into consideration a slow process of wage convergence takes place and its speed does not exceed 5% per year. The lowest speed of wage convergence is characteristic for earnings of workers with the lowest educational level.# @Grzegorz Bywalec# Dynamics and determinants of economic development of India# $The article describes the development experience of India since its nascency as a democratic state in 1947. The early adopted economic system of the so-called “Indian socialism”, which included both elements of a free market and of central planning, failed to bring the expected results. The Indian economy experienced slow growth. and India’s share in the Asian and world economy was systematically decreasing.
In the early 1990-ties India introduced radical reforms aimed at liberalization of the economy and its opening towards the world. The reforms positively influenced the process of modernization of the economy and accelerated its development. The Indian economy has become one of the biggest and fastest developing in the world.
The paper includes an international comparison of competitiveness of the Indian economy. It shows that India has great chances of dynamic development in the future.# *2# @Andrzej Sławiński# The impact of the global banking crisis on central banking# $The scale of the recent global banking crisis was for central banks unexpected, because banks took losses in the new fields of their activities that were not effectively supervised. Additionally, banks themselves were not aware of the scale of their potential losses as they did not create effective information systems to measure their risks. The severity of the global recession resulted mainly from the large scale of the banking crisis. This illustrated that financial system did not have such neutral impact on the economy, as was assumed in the DSGE models. It will be difficult to include financial sectors into the general equilibrium models as the functioning of financial systems is characterized by short-time horizons, important role of the behavioral factors and non-linear dynamic properties. After the experiences of the recent crisis, central banks will use the interest rates policy not only to stabilize inflation, but also to tame unstable lending booms. However, the experiences of the recent crisis show that rising interest rates might not be sufficient to prevent boom-bust cycles. Thus, there is a necessity to change banking supervision not only to shield the stability of banks but also to hedge the economy against boom-bust cycles. This opens a new field for coordination between monetary policy and banking supervision which waits to be covered by macroeconomic research. Central banks will be interested also in tightening supervision over the inter-bank markets for commodity forward contracts, because speculation on these markets was an important factor behind the global sharp rise in food, oil, gas and metal prices that induced central banks to raise interest rates despite the approaching recession.# @Danuta Gotz-Kozierkiewicz# Monetary policy and Goodhart’s law# $The real picture of monetary policy in contemporary economy shows that the functioning of commercial banks is inconsistent with the textbook model. According to the Goodhart’s law, banks have been finding solutions effective in protecting their income notwithstanding the intentions of the monetary authority. Such motivations also caused an increasing involvement of the banks in the use of i.a. fixed interest rate securities in management of bank assets and liabilities. This contributed to an unpredictability of effects of changes in the short-term interest rate of the central bank on the financial sector and the real economy.# @Joanna Siwińska-Gorzelak# Volatility of public expenditure and long run growth# $The impact of public expenditures’ volatility on the long run growth rate of GDP is a topic not often discussed in the literature. But the results of available research works uniformly indicate that such volatility is detrimental to long run growth.
The main objective of this paper is to reassess this empirical link. Its main novelty consists in that, besides using cross section data, it also employs panel data to show that indeed this relationship is statistically significant and negative.# @Andrzej Czyżewski, Piotr Kułyk# The relationship of macroeconomic environment and economic policy to agriculture in developed countries and Poland in the years 1991-2008# $In the paper we present the role of dominating economic policy options and the macroeconomic environment in creating the economic situation of agriculture. The methodological assumptions and measurement methods of the changing economic policy options are first discussed. The empirical research results confirm the thesis that transformations which occur in the farming sector should be viewed against the background of changes in the macroeconomic environment. It is noticed that, in spite of numerous attempts made in many countries to find more effective methods of stimulating the agricultural development, interventionism remains one of the key mechanisms of exerting influence. Convergences in the directions of economic policy and agricultural policy did not remove existing disproportions in the size of retransfers to the agriculture. Hence the significance of structural differentiations in agriculture and of the macroeconomic situation is maintained. The paper also shows the nature of such changes in the macroeconomic environment, particularly in the labour market and the money market, which can be favourable for stable growth and development of agriculture.# *1# @Łukasz Hardt# The role of transaction cost economics in the growing plurality of modern economics# $The article describes the process of the growing plurality of modern economics. It is argued that one of the main stimuli of that change was the growing popularity of transaction cost economics which eased the entry into mainstream economics of what previously had been present only in heterodox economics. After providing a definition of theoretical plurality it is shown that the number of elements in both economic explanans and explanandum has substantially increased. What follows is an inquiry into the ways in which the idea of transaction costs entered mainstream economics. Subsequently, it is claimed that transaction cost economics as put forward by Oliver Williamson served as a theoretical bridge between mainstream economics and heterodoxy. Finally, some methodological insights on the possible interplay between plurality and pluralism in economics are offered.# @Elżbieta Rychłowska-Musiał# Overinvestment and the agency costs of debt financing# $Agency costs arise as a consequence of separation of control and financing decisions in a firm. They are one of the important factors which reduce the market value of a firm. The paper is devoted to agency problems related to the conflict between stockholder-manager and the bondholder-creditor. As the agency costs are extremely difficult to be measured directly, matematycznym modelem przedsiębiorstwa wykorzystując koncepcję opcji inwestycyjnych. a mathematical model of a firm and contingent claims analysis are used. Both the possibility of making decisions on investment and on abandonment of activity are assigned the form of real options. This approach enables to calculate the agency costs of debt and indicate factors determining their level. Debt financing in a firm leads to overinvesting and risk-shifting – two important signs of agency conflict of debt. For the base-case parameters the agency costs are small, ranging from 0,6% to 1,16% of firm value, but when the level of debt increases they rise quickly. Moreover, the more effective are the investment projects made by the firm and the higher its tax payments, the higher are the agency costs of overinvestment. An interesting effect results from changing such parameters as risk of price volatility and the convenience yield. The analysis shows that both high-growth firms and low- growth mature ones are more resistant to agency costs related to overinvestment, though the source of this resistance is different.# @Piotr Misztal# Main determinants of the trade balance in Poland# $The paper deals with short- and long-run relationship between trade balance and exchange rate, national income and money supply in the Poland. The elasticity, absorption and monetary approaches to the balance of payments of Poland are verified by using the Vector Autoregression Model (VAR). The results of this investigation show that national income and money supply played crucial role as determining factors in the trade balance of Poland in the period 1997-2008. Moreover, a weak relationship was found in the Polish economy between the trade balance and the real effective exchange rate.# ^2009# *6# @Bogusław Guzik# Investment and the rate of unemployment in the voivodships of Poland# $The article presents an analysis of the relationship between the rate of unemployment and investment outlays not, as usual, on a country basis, but for individual voivodships (administrative regions of Poland). This approach made it possible to find some specific features of the influence of investment on unemployment in a variety of cases. Several types of models were evaluated in representing the relationship of the rate of unemployment and the index of investment outlays per person actively employed. Best results from a statistical viewpoint were obtained for linear models. These were used to discuss:
(a) the intensity of changes in unemployment in the analyzed relationship to investment;
(b) the initial situation (starting points) with regard to unemployment;
(c) substitution between the starting points and intensity of change of the rate of unemployment as related to the index of investment;
(d) the effects of hysteresis in unemployment in the years 2000 – 2001.
Attention was also given to the phenomenon of the investment wedge to unemployment and grouping of voivodships was made according to the types of relationship between unemployment and investment.# @Adam P. Balcerzak# Effectiveness of the institutional system related to the potential of the knowledge based economy# $The aim of this paper is to analyze the relationship between utilization of the potential of new global knowledge based economy and the level of effectiveness of the institutional system in highly developed countries. The empirical study was based on the idea that concentration of government action on long term systemic arrangements leading to an effective institutional order creates positive conditions for taking advantage of the new global knowledge based economy. On the other hand, development of the new global knowledge based economy makes the system activities of government more significant. In order to verify that thesis a taxonometric method of synthetic measure of development was used. The OECD countries were studied in the years 2001-2005. As a result of the research the thesis of the study was not rejected.# @Maciej K. Dudek# Euro from the viewpoint of selected economic theories# $The objective of the paper is to present some arguments stemming from economic theories which tend to be overlooked in the debate on adoption of the common currency. The paper focuses on the issues of welfare and efficiency. In particular, the article is devoted to an analysis of the origins of transaction costs, the role of stabilization policies, market completeness and informational issues in the process of the determination of the optimal currency system. The paper shows that insights gained from economic theory on the issue of the adoption of euro as a common currency can in a meaningful and interesting manner complement the so far known results.# @Izabela Bludnik# Reductionism in new keynesian models# $The research program of New Keynesianism as born in early 1970s was dominated by the search for microeconomic explanations of persistent business fluctuations. For this purpose New Keynesians applied reductionism characteristic of the model of perfect competition. Simultaneously, New Keynesian models reveal different systemic imperfections contradictory to the idea of representative agent. Simple aggregation of (incomparable by assumption) individual results seems to be an obvious paradox. New Keynesian theoretical constructions were divided into three groups: 1. imperfect competition models and heterogeneity of agents, goods and/or transactions; 2. models of heterogeneity between homogenous groups of agents; 3. models of continuum of homogenous agents. Against this background it was shown that reductionism misrepresented the core of Keynesian thought and deprived it of its originality and distinction as compared to the classical approach.# *5# @Marcin Krawczyk# The budget deficit and economic activity# $In economic theory the budget deficit policy is a controversial issue and economists dispute over its potency to stimulate the economy. In the case of deficit which results from increased budgetary expenditure the discussion concentrates on such issues as how lasting are the changes in employment, output and prices caused by deficit spending and to what extent the crowding-out effect would raise interest rates and lead to a reduction of households’ expenditure.
The influence of the deficit on economic activity is ambigious because much depends on what households do when new treasury bills flow into their portfolios. Economic crises make this influence quite uncertain as households’ expectations tend to become unstable and their decisions unpredictable . In such a situation the success of the budget deficit policy depends on the ability of policy makers to moderate the behaviour of households.# @Jerzy Żyżyński# Access to the Eurozone – from illusions to realities# $The author deals with the question of unpreparedness of the Polish economy to joining the Eurozone. He shows the levels of divergence in income distribution, in the development of the bank sector in terms of its assets related to GDP, and in the financial weakness of the public sector. He discusses the possible effects of the change of currency for the public, showing the results of divergence between the market exchange rate and the purchasing power parity. He advocates throwing away all general argument for access to the euro-zone as creating illusion. Instead he proposes to scrutinize the consequences of currency change at different levels of exchange rate.# @Henryk Domański, Artur Pokropek# Regional differentiation of the relationship between the level of education and income# $In previous studies on market transition in post-communist societies the link was missing between macro-level regional differences and individuals' incomes. This analysis, based on the Polish national sample from 2006, is aimed at casting light on regional variation in the influence of education on income levels. Building a conceptual framework based on the theory of human capital we investigate to what extent pay-offs for human capital differ across administrative districts in Poland. By incorporating contextual characteristics, we examine how micro- and macro-level factors shape labour market outcomes. Our finding provides support for the hypothesis that there is much regional variation in the returns to education, which suggests that there are better and worse places for the development of meritocratic distribution of incomes. It appears that education pays more in more economically developed regions, marked with higher rate of occupational activity. It leads to the conclusion that, on the one hand, such places create higher motivation to reward individuals according to human capital in more efficiently operating markets. On the other hand, in more developed regions there is a higher competition for wages and jobs, employers have higher demands – which encourage and enforce the rules of rewarding individuals by merits.# *4# @Andrzej Czyżewski, Sebastian Stępień# changes in the mechanism of the common agricultural policy and the Polish expectations# $The main aim of this paper is to present the concepts of the EU agricultural basic support mechanisms directions’ changes accepted within “Health Check” review and their evaluation in view of the EU agricultural markets stabilisation. The focus is on those aspects of medium-term review which in the authors’ view are crucial to further EU agricultural development. It is concluded that the EU farming because of its specific character should still be supported and should not be fully subjected to market rules, while preserving its common character. The support reorientation from one market to single payments is assessed positively as a more efficient method of stabilising farm incomes. A step in the right direction is the strengthening the financing of rural areas via the modulation system, because II Pillar plays an important modernisation and pro-development role and meets social expectations. In view of new challenges it is necessary to implement efficient methods of risk management, such as: the new insurance against natural disasters and animals’ diseases insurance.# @Piotr Misztal# Exchange rate changes and price adjustments in Poland# $The aim of the article is to present the influence of exchange rate changes on the price dynamics in Poland. Knowledge of the exchange rate pass-through to prices permits assessment of how exchange rates affect inflation and monetary policy. The phenomenon was found of an incomplete exchange rate pass-through to import, producer and consumer prices in Poland, in the short- and long-run. These results are in line with theoretical arguments and indicate that in general the degree of the exchange rate pass-through to import prices is lower in the case of more processed goods and higher in the case of less processed ones. What is more, the degree to which exchange rates are passed through to prices of industrial goods increases with the increase of their substitutability, while the level of exchange rate pass-through to import prices of raw materials, agricultural and food products decreases together with their lower substitutability.# @Waldemar Florczak# Crime and punishment. An attempt to quantify macroeconomic determinants of crime in Poland# $Identification and quantification – on a macro-level – of factors determining crime in Poland in the years 1970-2005 was carried out in the article, with an emphasis given to the deterrence effect. The narration is illustrated with appropriate examples, with Poland being a benchmark. At the stage of equations’ specification – which was supported by referring to recognized theories of crime – no initial gradation was done with respect to relative significance of possible determinants of crime, the effect of which was implementation of stepwise regression. The following types of crime were subject to investigation: (i) total, (ii) violent crimes, (iii) property crimes, (iv) other crimes, and (v) total social costs of crime. In the light of the obtained results, the causes of the increasing crime should be associated in the first place with deteriorating social development - among which economic inequality plays the leading role – as well as with lenient penitentiary policies. This cannot be counterbalanced by economic growth solely, which reduces the scale of crime.# *3# @Jerzy Wilkin# May economics be beautiful? Deliberations on the subject and methods of economics# $This paper presents an attempt to look at the evolution of contemporary economics using the category of beauty. Many scientists from different research areas such as physics, mathematics and humanities can relate to this category but economists seldom do. In this study links between beauty and economics have been discussed in relation to three areas of analysis: mission and social roles of economics, subject of economics and its methodology. Discussion presented in this paper refers to many streams of economics and other sciences. The search for beauty in economics is justified and plays an important role as a source of inspiration and also contributes to enriching the methodological foundations of contemporary economics.# @Dariusz Rosati# Causes and mechanism of the financial crisis in USA# $The purpose of the article is to explain the causes and the mechanism of the financial crisis in the United States, which was triggered by the crash on the subprime mortgage credit market in the mid-2007. The starting point of the analysis is the standard partial equilibrium model of the mortgage credit market and the identification of the main factors determining the demand for, and supply of, mortgage credits. It is demonstrated that the traditional 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. Statistical data for 1975–2007 are used to estimate regressions of demand and supply of credits with respect to several key variables. It is shown that the rapid expansion of mortgages credits in the US after 1999 has been mainly the reflection of a major shift of the supply curve, which in turn was caused by a number of factors such as the abundance of financing linked to the inflows of foreign capital, securitization of illiquid credit assets, speculative growth of real estate prices, inconsistency between the traditional methods of risk assessment and the nature of the new financial instruments (derivatives), the implicit government guarantees extended to financial intermediation institutions, and the weakness of banking and proprietary supervision. On the other hand, the shift of the demand curve, caused by factors such as speculation, changes in household incomes, the fall of savings ratio and a low level of interest on mortgage credits, have been of lesser importance.# @Grzegorz W. Kołodko# Grand transformation 1989–2029. Conditions and constraints, path for the future# $Over 1.8 billion people – from Central Europe to East Asia – have been involved in lasting already a generation great systemic transformation to market economy, civic society and democracy. The process has evolved both, by chance and by design, and has brought mixed fruits. Diversification of the current situation is a result of legacy form the past and the strategies and policies executed in particular countries over subsequent periods. In turn, these polices have been based on different assumptions and followed advised of alternative school of economic thought. Hence there are theoretical lessons as well as policy implications form these vast experience. The article, written from the comparative perspective and exercising counterfactual history analyses of the multi-track process of great post-Communist change during last two decades, provides some forecast and propositions for the next generation.# *2# @Jerzy Żyżyński# Neo-liberalism – a structural source of the crisis and the search for remedial measures# $The real causes of the crisis are outside the errors made by bankers or the greed of financiers. Its true source should be attributed to structural changes that took place during recent decades in the world economy, and especially in the US. These changes are rooted in the basic alteration of the line of thought in economic policies by the Western countries. Since late 1970. this line was dominated by the neo-liberal ideology. The author critically assesses theoretical foundations of economic policies carried out in the framework of neo-liberal doctrine and analyses their main outcomes: increase of inequalities as well as the excessive financialization of economies. The latter depended on the explosive growth of financial markets and their departure from the real economy. The thesis formulated by the author is: the problem of the contemporary crisis cannot be solved unless its structural causes, fuelled by the neo-liberal ideology, are addressed. In the first place the inequalities in income distribution should be reduced (return to the progressive taxation systems should help in this case), and secondly, the financial markets should be subjected to stricter regulations that would stabilize financial system. The return to the ideas similar to these that supported the Glass-Steagall Act would be helpful in this area.# @Jan Jacek Sztaudynger# Family-based social capital and economic growth in Poland# $Categories representing social capital such as trust, crime rate, inequality of incomes and so on – have been introduced to economic growth models since the mid-1990s.
Sociological and psychological knowledge allows to identify the family as a source of human bonds, man’s happiness and life quality. It can be presumed that happy persons fulfill better their social roles and, for example, they work better and more effectively. Therefore, we have formulated a hypothesis: the family social capital – family bonds - have an influence on economic growth. To put it more precisely: the bigger the number of divorces in relation to contracted marriages, the slower is the economic growth.
This hypothesis has been confirmed for the Polish economy in the years 1967-2006. Due to disintegration of marriage and family bonds the average annual slow-down of economic growth reached 0.6 percentage point. It implied a slow-down of economic growth by about one-fifth.
The estimation is based on the econometric model of GDP growth, in which alongside the family disintegration there are: growth of employment, investment rate and crime rate.# *1# @Barbara Jankowska# Competition or cooperation?# $Emergence of cooperative linkages among competitors quite often accompanies rivalries and the operation price mechanism. This particular type of relations among the actors taking part in market game is termed coopetition. In the article the processes of coopetition are described as instruments that control the behavior of firms. In particular, factors that influence the results of processes by which firms compete and cooperate among themselves are identified. It is stressed that further empirical research on coopetition needs a thorough systematization of concepts and methods.# @Tatiana Fic# Business cycle in the economy of Poland. Observations derived from Markov chains# $The article concentrates on the attempt to identify phases, turning points and the character of business cycle observed in Poland during 1995 – 2005. The switch-on and -off Markov models suggested by Hamilton (1989) have been applied. The obtained results indicate that during slowdown periods growth rate amounted to 2%, while during business prosperity the economy grew at the rate of 5.5% per year. Three cycles, in which similar cyclic changes in individual consumption, exports and imports as well as in inflation, have been discerned. When capital formation activities and unemployment rate are examined, the analysis points to the operation of only one cycle.# @Aleksander Jakimowicz# On certain implications of non-linearity in Keynesianism# $Following Kurt Gödel’s incompleteness theorem it should be observed that Keynesianism cannot be fully explained on economic grounds alone. A justified assessment of validity of any model requires that it should be referenced in a wider context. A natural framework for such assessments is provided by the general system’s theory. When logical homologies that link separate bodies of science are identified, it is possible to apply concepts and methodology of a more advanced discipline into the approach of the less advanced one. At least nine logical homologies among Keynesianism and the ideas of contemporary natural sciences have been identified so far. The analysis of the non-linear model of business fluctuations (Keynes – Samuelson – Gabisch) indicates that the degree of complexity of any economy is subject to changes in relation to the contemplated control parameters.#