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The aim of this article is to identify the most significant, selected changes in the activity of the Polish financial safety net institutions, which occurred during the first three decades of the system transformation. The paper also attempts to evaluate these changes. Moreover, it analyses the structure and the situation of the Polish banking sector as well as its safety from the start of system transformation till the end of 2020. Thus, our analysis also refers to the short term impact of COVID-19 on the Polish banking sector. An attempt to identify the most important challenges posed by the safety of the sector in the future has also been made.
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The aim of the chapter is an attempt to assess the scale of financialisation in the Polish economy in 2010–2012. The starting point for the considerations is the synthetic characteristics of financialization – its definition, features and factors determining the phenomenon. Next, the consequences of financialization are discussed, and then – with the help of the most frequently used measures of this phenomenon – the scale of financialization in Poland is presented.
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Since 1999 Direct Inflation Targeting had been the foundation of Polish central bank monetary policy. The implementation of this strategy took place in changing economic and institutional conditions. It was also accompanied by profound changes in the monetary policy itself. The main aim of this paper is to present the premises and conditions for the implementation of the Inflation Targeting strategy, with particular emphasis on the structure and assumptions adopted in Poland. The implementation of the Inflation Targeting strategy in Poland in individual years was also characterized as well as the factors - positive and negative - influencing its effectiveness. A literature review on the effectiveness of the implementation of the Inflation Targeting strategy in Poland was also carried out and an original attempt was made to synthetically evaluate the inflation target implemented by the NBP.
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The deposit guarantee systems that are part of the financial safety net are important elements contributing to the stability of the banking sector. Their existence gives depositors a sense of security, which translates into a higher savings rate in a country. The shape of deposit guarantee systems is adjusted to the banking sector operating in a country, which results in observable differences in individual institutions of this type. This can be noticed, for example,in the Visegrad Group countries, although it was more visible in the period before they joined the European Union, as implementing aspects related to the European Deposit Insurance Systemis currently underway. Although the applicable international regulations (mainly EU directives) affect the shape of the functioning deposit guarantee systems, there are still differences between them, for example in the method of determining premiums (they consider the risk taken or not, depending on the country). The author chose this group of countries from the Visegrad Group, as they were the first countries from the Eastern bloc to transform the banking sector. A comparative analysis of solutions that were decided in the countries of the Visegrad Group is the aim of the study. The work presents the applicable legal solutions and analyzes indicators e.g., the coverage ratio.
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The actions of socially responsible banks were implemented on a large scale before the outbreak of the COVID-19 pandemic and concerned such areas as environmental and climate protection, financial education, health protection, employee volunteering, patronage of culture and arts, and supporting non-governmental organizations. However, after the outbreak of the pandemic, these actions have focused in particular on the priorities and challenges of the pandemic time. The aim of the chapter is to analyze social projects implemented by banks in Poland in 2020, i.e. the year of the outbreak of the pandemic. The chapter presents the idea of corporate social responsibility on the basis of banks from the theoretical point of view. Then, in connection with the COVID-19 pandemic and the 2020+ coronavirus crisis, the focus was on describing the impact of this crisis on the situation in the banking sector in Poland, which was the background to present social activities of the largest banks in Poland related to mitigating the effects of the pandemic for various groups of stakeholders. From the presented analysis of social activities, it can be concluded that they were multidirectional and concerned bank customers, including seniors, bank employees in the field of remote work support, health and their families, remote education, scholarship programs, IT education and cybersecurity, as well as those affected by the crisis health service.
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The financial crisis following the collapse of Lehman Brothers has made market participants aware of the need for profound changes in the security of financial markets. Researchers have also paid more attention to social banking, which aims at sustainable development, mitigating negative climate phenomena, developing social innovation, reducing social exclusion, eliminating hunger and poverty. The purpose of the study is to identify the assumptions and operating model of social banks. Socially responsible banks use finance to achieve a beneficial social effect. Unlike conventional banks, they embed the above goals in their culture and strategy of long-term, self-sustaining, transparent, inclusive, resilient to external disruptions operations based on long-term relationships with customers. Community banks provide money to customers who are active in the real economy and can provide triple positive benefits to society - social, environmental and economic (triple bottom line).
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The purpose of the article is to determine whether and how the development of modern financial technologies determines consumers’ financial behavior. The paper seeks to answer the question of whether financial knowledge determines consumer attitudes toward modern financial tools. The article consists of three main parts. The first part presents the characteristics of modern financial solutions - mainly in the retail services segment. The second part presents the essence of financial education in the process of using modern technologies. The results of secondary research on the impact of financial education on consumer financial behavior and the results of own research on PFM (Personal Financial Management) applications are presented.
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The study presents the role of non-financial information in credit risk management. It emphasizes the importance of soft factors in the assessment of credit risk as a factor improving the quality of the rating process, complementing the information obtained as a result of the analysis of hard financial data.
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Adequate financial resources are needed to enable local government units to carryout their tasks effectively. An important partner of the local government units is therefore the Bank, which has a corresponding offer. The aim of the study is to diagnose the extent of cooperation between self-governing units and banks over 30 years of activity of local authorities in Poland, on the basis of financial data that illustrate the extent of their demand for the services provided by banks in the context of their growing range of tasks, including chronologically: the emergence of new levels and self-governing units in 1999; Poland’s accession to the EU in 2004, the JST’s obligation to produce a multiannual financial forecast from 2010 onwards; introduction of an individual debt ceiling for JST from 2014
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The aim of the study is to assess the importance of cooperative banks in Poland in the years 2010–2020 in terms of their credit and deposit activities and to try to determine the prospects for their development on the domestic market in the context of global and local challenges. The first part is an introduction. The second one presents the development of cooperative banks in the years 2010–2020 on the basis of selected elements of the sector’s balance sheet. The third part of the study includes an analysis of the market shares of cooperative banks in the banking sector in Poland. In the fourth part, the quality of the loan portfolio of cooperative banks and the scale of reserves created to cover credit risk were assessed. In the next, fifth part, an analysis of the components of the income statement of cooperative banks was carried out by referring them to the relevant items of this statement for the entire banking system. The sixth part of the study is a set of synthetic conclusions from the conducted analyzes. The last part is a summary in which an attempt was made to determine the prospects for the development of the cooperative banking sector in Poland in the coming years based on the challenges for banks confronted with the specificity of the organization and principles of functioning of the cooperative sector.
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The aim of this paper is the analysis of framework for cooperative banks in Poland since the outbreak of the coronavirus disease and impact of the COVID-19 pandemic on the situation of cooperative banks as well as preventive measures undertaken by them. This paper focuses on the short and long run risk factors in post-pandemic economy. Therefore, it identifies key risk factors and challenges faced by cooperative banks and pathways to development of cooperative banking sector in Poland.
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The aim of this study is to answer the following questions: How can the business of cooperative banks be shaped in the face of the challenges of the digital revolution 4.0? What dilemmas do member banks pose in this situation? What are the marketing challenges facing the entire cooperative and individual banking sector? How can we secure and maintain an edge on local markets in the digital revolution 4.0? Cooperative banks were forced to take measures to meet the demands of the digital revolution. Most of them benefit from the support offered to them by their member banks. However, this makes it difficult to achieve economies of scale (some activities are duplicated rather than centralised) and to maintain a unified identity across the sector and makes it difficult to achieve coherent marketing. The managers of the individual cooperative banks have to make decisions which either lead to a gradual loss of autonomy or to difficulties in establishing an identity on the local markets. This situation needs to be considered, as the Digital Revolution 4.0 offers many opportunities that can be used properly to streng then the coherentidentity of the entire industry, while at the same time enabling more efficient marketing and increasing operational efficiency.
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The work is centered around the views of Dr. Petar Beron – an "emblematic" person for the so called "Bulgarian Revival". He is the first Bulgarian encyclopedist and author of the first Bulgarian textbook for modern, secular education. Beron spent most of his life in Heidelberg, Munich, Paris, Berlin, London, Athens and Vienna. The text analyses his original system for explaining the world, set out in his greatest work, published in 8 volumes under the general title "Panepistemia". In this case, the object of analysis are the philosophical views of Beron, presented in the work "Slavic Philosophy", published in 1855 in German in Prague. His name is an emblem and a metaphor of the national culture and Bulgarian identity of this period.
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The article is devoted to the intense literary and public activities of the Bulgarian philosopher Yanko Yanev in Germany from the mid-1930s and until his death in 1944. Yanev was educated in Germany and defended a doctoral thesis under the supervision of Heinrich Rickert. He is the author of numerous important studies on Nietzsche, Hegel, Goethe, Hölderlin, Novalis, Schopenhauer, etc. The article is focused on Yanev’s metaphysi-cal inquiries, which brought him to perceive a kinship between the Balkans and Germany. The author discusses Yanev’s rejection of the claims regarding the Slavic nature of Balkan people, claims he considered a Russian insinuation. Also commented on is his view that the Balkans is a construct, in the creation of which this Bulgarian thinker invested his romantic attitudes and imagination.
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The text analyzes some leading ideas of Radoslav Tsanoff: a prominent philosopher of Bulgarian origin, who managed to gain recognition abroad. First, the emphasis is on the thesis of the "world as drama" and the need for a dramatic approach to history, human microcosm and values. Tsanoff's thesis about reality as a process and the role of the integrated approach, the process philosophy (A. N. Whitehead) and the fundamental activism are also considered. According to Tsanoff, the relationship science / religion / philosophy moves from subordination to integration; as integration does not mean a mixture of basic principles, but a philosophical need to correlate perspectives. Tsanoff substantiates the thesis that in-tegrative thinking is especially necessary for philosophical reflection and a way to overcome the limitations of the "new scientism", on the one hand, and the religious thinking, on the other.
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The article reflects on the fifty odd years of solitude of William Wordsworth (1770–1850) during the process of the composition (1798–1805) and then the revision of his distinctly Romantic autobiographical poem "The Prelude", published posthumously in 1850. The leading English Romantics (Keats, Shelley, Byron, Blake) passed away in the 1820s. In the 1830s, Wordsworth commemorated in his minor poetry the deaths of Scott, Coleridge, Lamb, Hogg. His surviving contemporaries – including his beloved wife, sister, and daughter – all moved to the future, that is, the Victorian period. Wordsworth, the poet of the remembrance of things past, remained in the time recorded in "The Prelude" :the only living Romantic among the dead.
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The article discusses the importance of walking and wandering for the English Romantic poets, chiefly Wordsworth and Coleridge. It examines how wandering as an activity and a theme often helps them outline an attitude towards nature and human existence that affirms unpredictability and openness. By walking freely and wandering aimlessly the Romantic poets rediscover nature as a source of wonder, not a realm governed by mechanistic laws. In the process, they propose a different mode of inhabiting the earth – a different mode of dwelling, as Heidegger could say – one that underscores relatedness over an instrumental attitude of a subject towards an object. This induced some scholars to examine the complex eco-poetic dimension of Romantic poetry. Acknowledging the important ecological interest in the poetry discussed, the article also examines how the theme of wandering and the practice of walking tend to relate to a broader Romantic project of, say, re-enchanting the world. In particular, Romantic wonderings/wanderings seem to value the sense of joyfulness and spontaneity that issues from deep interconnectedness, in contrast with the notions that tie freedom to calculated choice and exploitation of nature and human life.
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In his article, Jacek Mydla examines chosen plays by romantic playwright Joanna Baillie (1762-1851), so-called Gothic plays by romantic playwright: "De Monfort", "The Dream", "Orra", "The Family Legend". The perspective from which Mydla approaches this literary material is defined by the philosophy of the Scottish Enlightenment as represented by David Hume and Adam Smith and their theory of “sentiments” and of sympathy in particular. For Baillie, the idea of sympathy (or “fellow-feeling”) was the cornerstone of her vision of both drama and the reception of theatrical performance. As such, it helped her define the basic elements of that vision: romantic plays represent “strong passions” and the spectators become involved due to the working of “sympathetic curiosity”. Mydla’s goal is to relate the idea of sympathy to the Gothic and by doing so to look closely at the dynamics of male-female relationships in Baillie’s plays.
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The article discusses the phenomenon of the global reception of the poetry of Robert Burns (1759–1796). The writer is generally recognized as the national poet of Scotland, but research shows that despite the local setting of his works, his poetry and his legend are of interest to the modern reader, not only via subsequent translations, but also in the original language. Polish translators and critics of Burns notice a variety of reasons for his popularity worldwide: political, nationalist, musical, or lyrical and poetical. In comparison the earlier translations of Burns into Polish reveal a new type of bilingual reader, capable of reading in the original as well as in the language of translation. The modern reception of Burns reveals the transnational aspects of his works, the universal quality of his poetical expression, which depicts in seemingly simple language a human world that is painful but at the same time cheerful. In particular, the translations of Jerzy R.S. Hebda seem to be aimed at Polish immigrants to Britain who are acquiring a new cultural identity and for whom Burns, the rebellious freedom fighter and the lyric persona of many love songs, is a useful and powerful icon.
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