Finanse wobec wyzwań Nowej Gospodarki
Finance and the New Economy challenges
Contributor(s): Kamilla Marchewka-Bartkowiak (Editor), Krzysztof Waliszewski (Editor)
Subject(s): Politics / Political Sciences, Social Sciences, Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Energy and Environmental Studies, Labor relations, Economic policy, Sociology of the arts, business, education, Economic development, EU-Accession / EU-DEvelopment, Financial Markets, Public Finances, Fiscal Politics / Budgeting, ICT Information and Communications Technologies, Business Ethics, Globalization, Socio-Economic Research
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: pieniądz;finanse publiczne;bankowość;polityka pieniężna;rynek finansowy;zarządzanie ryzykiem;finanse przedsiębiorstw;planowanie finansowe;finanse osobiste;rynek pracy;cyfryzacja;zrównoważony rozwój;
Summary/Abstract: Monografia jest zbiorem tekstów powstałych z okazji Konferencji Katedr Finansów, która odbyła się 14 i 15 września 2023 r. w Centrum Edukacyjnym Usług Elektronicznych Uniwersytetu Ekonomicznego w Poznaniu. Na tom składa się 12 rozdziałów poruszających zagadnienia z różnych obszarów finansów: radykalnej niepewności i wiedzy niedoskonałej, finansów osobistych w kontekście ich metapersonalizacji, finansów publicznych, w tym problematyki podatkowej, czyli podatku od deszczu oraz podatku bankowego, a także pomocy publicznej w czasie pandemii COVID-19, bankowości komercyjnej w kontekście uwarunkowań wyniku finansowego banków w Polsce, przemian pracy w sektorze finansowym pod wpływem pandemii COVID-19, finansowania nowoczesnych technologii, bankowości centralnej, walut cyfrowych banku centralnego, bezpieczeństwa finansowego w czasach kryzysu i gwarantowania depozytów w okresie niestabilności lat 2008 i 2023. Autorzy poszczególnych rozdziałów reprezentują różne ośrodki naukowe (Uniwersytet Ekonomiczny w Poznaniu, Uniwersytet Ekonomiczny w Krakowie, Szkoła Główna Handlowa w Warszawie, WSB Merito w Poznaniu, WSB Merito w Szczecinie, Akademia Górnośląska im. Wojciecha Korfantego w Katowicach, University of London) oraz praktykę gospodarczą (Związek Banków Polskich), przez co monografia przynosi wieloaspektowe spojrzenie na finanse oraz Nową Gospodarkę, jak też na wyzwania związane ze współczesnymi kryzysami, z transformacją energetyczną i cyfrową oraz ze zrównoważonym rozwojem.
- E-ISBN-13: 978-83-8211-229-0
- Print-ISBN-13: 978-83-8211-228-3
- Page Count: 204
- Publication Year: 2024
- Language: Polish
Koszty i efekty pomocy publicznej podczas pandemii COVID-19. Programy UE oraz polskie tarcze antykryzysowe
Koszty i efekty pomocy publicznej podczas pandemii COVID-19. Programy UE oraz polskie tarcze antykryzysowe
(Costs and effects of public aid during the COVID-19 pandemic. EU programmes and Polish anti-crisis shields)
- Author(s):Grażyna Ancyparowicz
- Language:Polish
- Subject(s):Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, Government/Political systems, Economic development, Socio-Economic Research
- Page Range:9-29
- No. of Pages:21
- Keywords:makroekonomia;pomoc publiczna;bank centralny;polityka pieniężna;inflacja;tarcza antykryzysowa;
- Summary/Abstract:Purpose: The aim of this paper is to prove the thesis that the intervention activities of the Polish government and the central bank during the COVID-19 pandemic were necessary to overcome the economic consequences of the COVID-19 crisis. Methodology: The main research method is the monograph and the research techniques include analysis of legal documents and statistical data on public finance. Findings: The interventionism of the EU, combined with the actions of state institutions and NBP, had a positive impact on GDP dynamics and the labour market. Its negative effect was an increase in public debt and the money supply in the banking system. The imbalance between effective demand and effective supply was an important, yet not sole, cause of the persistent inflation of 2021–2023.
Podatek od niektórych instytucji finansowych – geneza, założenia a skutki fiskalne i gospodarcze
Podatek od niektórych instytucji finansowych – geneza, założenia a skutki fiskalne i gospodarcze
(Tax on certain financial institutions—origin, assumptions and fiscal and economic effects)
- Author(s):Aneta Chodakowska
- Language:Polish
- Subject(s):Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, Public Finances, Fiscal Politics / Budgeting
- Page Range:30-47
- No. of Pages:18
- Keywords:podatki;podatek od niektórych instytucji finansowych;podatek bankowy;kryzys finansowy;subprime;
- Summary/Abstract:Purpose: The main aim of the paper is to present the legal basis for the tax on certain financial institutions in Poland, as well as its fiscal and economic consequences. It also identifies and compares the reasons for taxing the financial sector in Poland with those in other countries. Methodology: The paper contains critical analysis of the literature, which is followed by the data analysis. Findings: The primary reasons for implementing the tax in European countries were anti-crisis measures. In contrast, in Poland, the main aim of taxing financial institutions was to secure additional sources of financing for budget expenditures as well as to increase and equalise the tax burdens of financial institutions towards society. The effectiveness of achieving this goal remains unclear due to the tax incidence mechanisms that were triggered immediately after the new regulations came into force.
Finanse w erze radykalnej niepewności i wiedzy niedoskonałej
Finanse w erze radykalnej niepewności i wiedzy niedoskonałej
(Finances in the era of radical uncertainty and imperfect knowledge)
- Author(s):Stanisław Flejterski
- Language:Polish
- Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Financial Markets, ICT Information and Communications Technologies, Socio-Economic Research
- Page Range:48-64
- No. of Pages:17
- Keywords:finanse;radykalna niepewność;wiedza niedoskonała;odporność;kryzys finansowy;sztuczna inteligencja;
- Summary/Abstract:Purpose: The main goal of this chapter is to present the factors influencing broadly understood finance, both as a reality and the science of finance, which is part of the discipline of economics and finance. The global crises in 2007–2009 and 2020–2023 influenced various changes both in the real sphere, with geopolitics at the forefront, and in the intellectual sphere. Recent years have been a cumulation of several crises at the same time: pandemic, war, energy, climate, demographic, migration, inflation and financial crises. Methodology: Three categories are used for description and analysis: radical uncertainty, imperfect knowledge and resilience. Based on literature studies, the author shows the directions of the desired evolution of the science of finance. Findings: The existing traditional approaches require modifications and supplements. Future finance should be heterodox rather than orthodox and characterised by interdisciplinarity and contextuality.
Polityka stóp procentowych NBP a stopy zwrotu z sWIG80 i WIG20 w latach 1995–2023
Polityka stóp procentowych NBP a stopy zwrotu z sWIG80 i WIG20 w latach 1995–2023
(NBP interest rate policy and rates of return from sWIG80 and WIG20 in 1995–2023)
- Author(s):Eryk Łon
- Language:Polish
- Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
- Page Range:65-76
- No. of Pages:12
- Keywords:akcje;polityka pieniężna;stopy zwrotu;
- Summary/Abstract:Purpose: The aim of the chapter is to answer the question of whether the NBP interest rate policy has an influence on the rates of return on the sWIG80 and WIG20 indices. The chapter examines what rates of return on both stock exchange indices can be expected in periods of expansive and restrictive NBP monetary policy. Methodology: The chapter uses selected tools of quantitative methods as well as structure analysis tools, including the arithmetic mean and median. These methods make it possible to assess the connections between monetary variables and the situation on the Polish stock market in the segment of small and large companies. Findings: The chapter creates two investment strategies: playing on the increase of the stock index and playing on its decline. The former strategy is worth using in periods of expansive NBP monetary policy, whereas the latter in periods of restrictive NBP monetary policy.
The both sides. On the benefits and drawbacks of central bank digital currencies
The both sides. On the benefits and drawbacks of central bank digital currencies
(The both sides. On the benefits and drawbacks of central bank digital currencies)
- Author(s):Paweł Marszałek
- Language:English
- Subject(s):Economy, National Economy, Economic policy, Government/Political systems, Economic development
- Page Range:77-91
- No. of Pages:15
- Keywords:central banks;cryptocurrencies;digital currencies;financial inclusion;monetary policy;technology;
- Summary/Abstract:Purpose: Analysing the most frequently pointed out advantages and disadvantages of central bank digital currencies. The analysis will make it possible to draw up a balance of the potential introduction of CBDCs. Methodology: The paper surveys literature and documents of selected financial. Findings: The balance of the benefits and drawbacks of CBDCs is not obvious. First, due to the heterogeneity of conditions in individual countries and the multitude of variants, CBDCs are far from universal. Second, the advantages of CBDCs seem to be somewhat exaggerated: many of them can be achieved using existing institutional solutions or payment technologies, while some are rather wishful thinking. Third, there are contradictions between the various advantages and uses of CBDCs. Fourth, many of the advantages of CBDCs cannot be achieved without a top-down ban on paper money, which is neither desirable nor socially justifiable.
Systemy gwarantowania depozytów a stabilność finansowa w świetle doświadczeń okresów niestabilności systemowej z 2008 i 2023 roku
Systemy gwarantowania depozytów a stabilność finansowa w świetle doświadczeń okresów niestabilności systemowej z 2008 i 2023 roku
(Deposit guarantee schemes and financial stability: Lessons from periods of systemic instability
of 2008 and 2023)
- Author(s):Ewa Miklaszewska
- Language:Polish
- Subject(s):Economy, National Economy, Business Economy / Management, Economic policy, EU-Accession / EU-DEvelopment, Financial Markets
- Page Range:92-114
- No. of Pages:23
- Keywords:ubezpieczenia depozytów;stabilność finansowa;kryzys finansowy 2023;Crisis Management and Deposit Insurance;
- Summary/Abstract:Purpose: The experience of systemic instability in March 2023 showed that a high level of retail deposit insurance is not sufficient to preserve financial stability, triggering reflection on the need for a new deposit protection policy. Therefore, the purpose of the chapter is to analyse the work currently underway, particularly the reform proposals published in 2023 by IADI, FDIC and the EC. Methodology: The chapter includes a literature review of deposit insurance schemes and a critical assessment of current proposals for their modifications. Findings: The chapter develops the claim that, given the current characteristics of financial markets and accelerated technological development, it is necessary for the preservation of financial stability to expand the scope of deposit guarantees, covering both a larger group of eligible entities and types of accounts, including addressing the problem of large deposits.
Metapersonalizacja finansów osobistych w Polsce
Metapersonalizacja finansów osobistych w Polsce
(Metapersonalization of personal finance in Poland)
- Author(s):Jan Krzysztof Solarz
- Language:Polish
- Subject(s):Economy, Micro-Economics, Social development, Sociology of the arts, business, education, Economic development, Socio-Economic Research
- Page Range:115-125
- No. of Pages:11
- Keywords:socjalizacja finansowa;finanse osobiste;finanse sytuacyjne;
- Summary/Abstract:Purpose: The purpose of this chapter is to propose conceptual framework of personalisation in digital finance. Methodology: The author uses a comparative study of universalism and particularism in personal finance in Poland. Findings: The main factors of the generational difference are technology and financial innovation. They support particularism and critical experience. Studying personal finance through a generational lens is a highly insightful approach in Poland. Social media and big data enable practical use of metapersonalisation in personal finance in Poland.
Podatek od deszczu w Polsce jako przykład podatku środowiskowego
Podatek od deszczu w Polsce jako przykład podatku środowiskowego
(Stormwater tax in Poland as an example of a environmental tax)
- Author(s):Maciej Szczepkowski
- Language:Polish
- Subject(s):Economy, Micro-Economics, Energy and Environmental Studies, Economic policy, Environmental and Energy policy, Fiscal Politics / Budgeting, Socio-Economic Research
- Page Range:126-139
- No. of Pages:14
- Keywords:podatek od deszczu;podatki środowiskowe;ryzyko suszy;podatki lokalne;
- Summary/Abstract:Purpose: This study presents the role of environmental taxes in the budgets of European Union countries based on Eurostat data available in August 2023. First of all, the chapter presents current areas of study that researchers are dealing with in the context of environmental taxes and fees in Poland and around the world. Next, the author discusses the main assumptions of the rain tax in accordance with the 2017 Act and the proposed changes in this respect, which have not yet entered into force. Methodology: The study is based on the analysis of the literature on the subject and the provisions of tax acts, supported by Eurostat data on environmental taxes and fees. Findings: Green tax reform is currently a promising economic tool in solving both environmental and social problems in many European Union countries and the world’s most developed economies. The experience of various countries shows that it can be a source of income, making up for missing public funds in the budget. One of such ideas in solving these problems is introducing modifications to the so-called rain tax. Systemic solutions regarding rainwater retention are undoubtedly necessary. However, taking into consideration the multi-billion costs of this type of investment and comparing them with the potential budget revenues from the rain tax, it is not significant enough to make a difference.
Przemiany pracy w sektorze finansowym pod wpływem pandemii COVID-19
Przemiany pracy w sektorze finansowym pod wpływem pandemii COVID-19
(Job reshaping in the financial sector under the influence of the COVID-19 pandemic)
- Author(s):Katarzyna Śledziewska, Renata Włoch
- Language:Polish
- Subject(s):Economy, Business Economy / Management, Micro-Economics, Sociology, Labor relations, Management and complex organizations, Sociology of the arts, business, education, Economic development, Human Resources in Economy, Socio-Economic Research
- Page Range:140-155
- No. of Pages:16
- Keywords:transformacja cyfrowa;sektor finansowy;rynek pracy;COVID-19;automatyzacja;przemiany pracy;kompetencje pracownicze;
- Summary/Abstract:Purpose: This chapter examines the impact of the COVID-19 pandemic on the financial sector in Poland, focusing on the perspective of employees faced with accelerating automation. Methodology: Quantitative data used as empirical basis for the analysis was gathered from an online survey of 172 Polish financial sector workers in late 2020 within the “Future of Work in the Financial Sector” project. Its interpretation was enriched with insights from 37 interviews with sector managers. Findings: The pandemic hastened the transition of banks and financial institutions to remote work, highlighting the need for soft skills and self-driven digital skill enhancement due to automation trends. This chapter discusses the long-term implications of automation, spotlighting the potential of generative AI and the importance of updating employee preparation strategies via public policy and training.
Financing of new technology: The discussion among economists
Financing of new technology: The discussion among economists
(Financing of new technology: The discussion among economists)
- Author(s):Jan Toporowski
- Language:Polish
- Subject(s):Economy, Business Economy / Management, Micro-Economics
- Page Range:156-168
- No. of Pages:13
- Keywords:new technology;venture capital;innovation;Smith;Bentham;Rae;Schumpeter;
- Summary/Abstract:Purpose: This paper presents some of the disputes that have arisen among political economists concerning the financing of production embodying new technologies. Methodology: Literature review. Findings: In classical political economy, Adam Smith established the issue of financial risk as posing dangers to banking and economic activity in general. This gave rise to a view that the state should underwrite new technology, a view represented today by proponents of state industrial policy and green technologies. At the end of the nineteenth century the rise of monopoly finance capital raised questions about the ability of private enterprise to keep investment at the cutting edge of new technologies. The institutional vehicle for private enterprise promotion of new technology is venture capital, whose innovations are subject to the business.
W poszukiwaniu bezpieczeństwa finansowego w czasach kryzysu
W poszukiwaniu bezpieczeństwa finansowego w czasach kryzysu
(Seeking financial security in times of crisis)
- Author(s):Małgorzata Zaleska
- Language:Polish
- Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Sociology of the arts, business, education, Economic development, Financial Markets, Business Ethics, Socio-Economic Research
- Page Range:169-181
- No. of Pages:13
- Keywords:banki;sieć bezpieczeństwa;bezpieczeństwo finansowe;kryzys finansowy;moral hazard;
- Summary/Abstract:Purpose: The aim of this chapter is to identify the selected problems related to financial markets, which still remain unsolved and can lead to another financial crisis. Methodology: The following methods are used in this chapter: statistical and descriptive analysis, critical analysis of the literature and available sources, comparative studies as well as case studies. Findings: The main challenges identified by the author include: an increase in debt both globally and in individual countries, further expansion of systemically important financial institutions, excessive and complicated banking regulations, as well as the spread of moral hazard.
Sektor bankowy w pierwszym półroczu 2023 roku
Sektor bankowy w pierwszym półroczu 2023 roku
(The banking sector in 1H 2023)
- Author(s):Mariusz Zygierewicz
- Language:Polish
- Subject(s):Economy, Business Economy / Management, Micro-Economics, Economic development, Financial Markets
- Page Range:182-200
- No. of Pages:19
- Keywords:sektor bankowy;kryzys finansowy;wynik finansowy;
- Summary/Abstract:Purpose: The aim of the chapter is to analyse the results of the banking sector in the first half of 2023 and the conditions in which they were achieved. 1H 2023 was a very interesting period for the banking sector both in Poland and worldwide. In March 2023, the world could observe new cases of turbulence in the banking sector, with the most complicated cases occurring in the USA and Switzerland. Thanks to a rapid and deep reaction of different institutions responsible for the stability of the financial market, the negative consequences were rather limited and they were evidence of an unstable situation of individual banks. This wave of turbulence affected both smaller and bigger banks, and therefore it seemed important to indicate the main reasons for the last turbulences and to implement the right measures in order to avoid similar problems in the future. This experience delivered many new recommendations for banks and supervisors. It emphasised the significance of fully implementing the prudential measures set by the Basel Committee and applying these measures to all banks, not just those operating internationally. The turbulences in question highlighted the importance of effective supervision, strong risk management in banks, improved regulation of interest rate risk management, and consistent application of AT1 instruments worldwide. The disturbances have also reignited the debate about the scale of deposit guarantees and resolution mechanisms in the banking sector. Methodology: The author uses the method of analysing literature and data from the balance sheet and income statement of the banking sector in Poland. Findings: In Poland, the banking sector remained stable, with no new instances of turbulence detected. However, the economic conditions for the banking sector’s development were complicated. Real GDP growth was negative, market interest rates remained high, and these factors limited the demand for credit from both the economy and households. In this situation the structure of bank assets has worsened. The share of credit portfolio has shrunk and the volume of treasure bonds in the bank assets has grown. Despite the unfavourable macroeconomic conditions, it shall be noted that the quality of the credit portfolio has not worsened. The higher interest rates allowed banks to generate higherprofits. These profits were limited by the credit memorandum adopted by the Polish Parliament and high reserves set up in order to cover the risk concerning FX mortgage credits. Banks have had problems to increase the non-interest income. Higher nominal profits do not change a lot the general picture of the Polish banking sector. Its rentability remained low, but it was higher than in 2022. Looking at the results of the total European banking sector, it is necessary to conclude that the asset structure and credit quality in Poland is worse compared to the entire European sector. The share of credit in Poland’s total assets is lower, while the share of non-performing loans (NPLs) is higher than the average figures in the European banking sector. Additionally, the rentability of Polish banks also remained lower in comparison to the figures presented by the European banking sector.
