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Fundamental for the modern capital markets, the process of portfolio management is key for the success of each investor. It’s evolution into the active portfolio management transforms it to a process of estimation of excess return over the market – alpha. The investor realizes it if he transforms the passive portfolio into an active one. A question arises is it possible to realize return over the market without pass through a passive portfolio? The answer of this question can be found in the quintile portfolio
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The European Territorial Cooperation Groups (EGTCs) are modern structures that can bring more economic and social development to partner countries / regions. Taking into account the EU social and territorial cohesion policies, these new structures represent a concrete response to the needs of social and economic development of certain countries that have common borders and who want to capitalize on common resources on the respective territory. Each state or region can bring to this type of association the resources they want to share with other states in order to use them more efficiently. Within such territorial groupings can be funded various projects from European sources, among which Transnational Danube Program 2014-2020. We have also presented an European structure for territorial cooperation, one of the ESPON Program and the second BANAT-TRIPLEX CONFINIUM in Romania.
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This chapter compares how effective different voting algorithms are for the decisions taken by monetary policy councils. A voting activity index is proposed and computed as the ratio of the number of all possible decisions to the total number of different combinations of decisions available to a given composition of an MPC. The voting systems considered are these used by the US Federal Reserve Board and the central banks of the UK, Australia, Canada, Sweden and Poland. In the dynamic simulation model, which emulates voting decisions, the heterogeneous agents act upon individual forecast signals and optimise a Taylor-like decision function. The selection criterion is based on the simulated probability of staying within the bounds that define the inflationary target. The general conclusion is that the voting algorithm used by the Bank of Sweden is the best given the criteria applied, especially when inflation is initially outside the target bounds. It is observed that a decrease in inflation forecast uncertainty, which is inversely proportional to the correlation between the forecast signals delivered to members of the monetary policy board, makes the voting less effective.
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Neoclassical economics, a dominant framework until the 1970s and 1980s, treated activities of the multinational firms as a part of portfolio theories of international capital flows. The analysis of various kinds of imperfect competition or firm heterogeneity was impossible until the elements of the theory of industrial organization were introduced into the international trade theory. This modification allowed direct inclusion of two basic motivations for establishing multinational firms, horizontal and vertical ones, in the analysis. In this chapter, we present the basic theoretical models that incorporate those two trends (Helpman-Krugman-Markusen models) as well as the imperfect attempts at their integration (the knowledge-capital model) and the most important examples of empirical studies aimed at the verification of their theoretical claims.
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There are numerous theoretical and empirical studies on interactions between monetary and fiscal policy. Even if the independence of central banks affects those interactions, it has rarely been directly included in those studies. In this chapter, we present two general approaches to empirical studies on interactions between those two policies and the possibilities for inclusion of independence of central banks in their modelling. Generally, the first approach has poor theoretic background and relies on simple models describing rules for fiscal and monetary policies. Those models also include proxies for some aspects of fiscal policy. Similarly, some simple measures usually address the independence of central banks. The second approach most often roots in the fiscal theory of the price level. The overwhelming majority of presented studies report a significant impact of the central banks’ independence in the form of a more sustainable policy using the first approach.
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The theory of economic integration dates back to the mid-20th century. In the 1970s, initial empirical studies on the effects of economic integration appeared during the first stage of the functioning of the customs union in the European Economic Community. Researchers mostly highlighted the customs union’s static effects: trade creation, trade expansion, and trade diversion. The gravity model of trade became the basic econometric model for the ex-post analysis of the effects of economic integration, usually implying the positive impact of the integration on the trade flow. However, the expansion of integration and the trade negotiations created a need for the ex-ante analysis of the effects of such activities. To this end, the simulation models were developed, in particular computable general equilibrium (CGE) models. Such models allow for the analysis of how the economy might react to the changes; however, their complexity limits their usability in public discourse.
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In this chapter, we estimate changes in income inequality in Poland from 2005 to 2017 that resulted from the changes in tax and benefit policy. We provide the theoretical background and describe the characteristics of the methods for such an estimation. Our results suggest that income inequality decreased (as measured with the Gini coefficient); however, the values of the measure varied in subperiods. We conclude that the changes in policy did not counteract the increase in income inequality during the economic slowdown, but they contributed to the decrease during the economic recovery.
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We present modified Lee–Carter models for modelling fertility. We analyse Polish Central Statistical Office data on total births by age of mothers in Poland from 1971 to 2018 and the age of mothers at the moment of giving birth to the first child in Poland from 1971 to 2017. Although Lee-Carter model was designed for mortality modelling and forecasting, we adapt it to highlight a direct relationship between the model parameters and the evolution of gross reproduction rate and the average age of giving birth to the first child, both in cross-sectional and cohort view.
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This chapter focuses on tertiary education, which is a rare subject in studies on education. We present the determinants of the development of doctoral studies in Poland during the last two decades. The supply determinants stemmed from legal and financial solutions. The situation on the labour market for doctoral degree holders shaped the demand, even if need for graduates of tertiary education outside of Academia is limited to particular fields of science and law.
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Although there are numerous theoretical frameworks and statistical tools, while modelling exchange rates researchers usually focus on one of the factors that shape the actual exchange rate. In this chapter, we present a model that allows us to consider non-stationary variables. Apart from this, we are also able to examine separately the impact of fundamental macroeconomic factors and market factors on exchange rates. For exchange rate PLN/EUR, our results support economic hypotheses.
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Unlike income inequality, environmental inequality has not been researched in Poland widely. In this chapter, we combine environmental monitoring data with economic indicators in order to address the question of whether regional disparities in environmental quality are linked to income differentials. It turns out that variation of air quality cannot be easily explained by regional economic indicators. The study serves as an exercise in simple econometric modelling.
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The chapter aims to answer the following question: How has the European Union’s international trade developed in terms of goods and geography in the last two years, and to what extent has it been resilient to the effects of the COVID-19 pandemic?. The results of the conducted research show that the global economy experienced a huge decline in trade in goods and services during the COVID-19 pandemic. World trade in goods fell by 7.4% in 2020, which means that global exports amounted to USD 17.6 trillion, i.e., USD 1.4 trillion less than in the previous year. It was the largest annual decline since the 2009 recession, when trade fell by 22%. However, a much stronger decline was recorded in world trade in services, which in 2020 shrank by 20% compared to 2019. During the COVID-19 pandemic, the dynamic development of global e-commerce was noted. According to the data presented in the UNCTAD report of May 3, 2021, global e-commerce increased to USD 26.7 billion. Business-to-business (B2B) sales dominate in e-commerce. E-commerce accounts for 30% of the world’s gross domestic product (GDP) and covers both business-to-business (B2B) and business-to-consumer (B2C) sales.
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This chapter aims to examine the role of foreign direct investment in the process of sustainable development of the EU and to answer two questions: (1) to what degree could international business contribute to the development of a “green economy” under uncertainty caused by pandemic COVID-19?; (2) in which way could host countries attract “green” and socially responsible foreign direct investment (FDI)? The statistical analysis of international business involvement in the EU economy in environmentally harmful sectors/industries indicates that the share of such investments in most member states did not exceed 20% of the total FDI stocks in 2015–2020. The structure of investments changed in the case of half of the analyzed countries towards sectors/industries that were less harmful to the environment. These changes allow concluding that international business contributed to the ecological transformation of the EU. On the other hand, changes in the structure of FDI stocks located abroad by the EU Member States in 2015–2020 in environmentally harmful sectors/industries were multidirectional. The involvement of foreign direct investors in the new EU Member States in sectors important for implementing the Sustainable Development Goals – SDGs of the 2030 Agenda was not very high. It was characterized by high volatility and did not play a significant role in their economies. Attracting “green FDI” and socially responsible investments requires changes in the policy towards foreign investors. These should include facilitating foreign investment aimed at sustainable development, incentives for investors to engage in “green investments”, and making investment agreements more flexible to combat climate change.
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Innovations and high technologies are basis for rapid economic development both at the macro- and microeconomic level. However, sometimes the market situation, not only local, but also global, forces more dynamic pace of implementing innovations to the economic activity. That is exactly what happened, inter alia, in the Polish textile-clothing sector as a result of a worldwide event, which was impossible to predict – the COVID-19 pandemic. In its result the companies were forced to change its business models and to implement many digital solutions to their economic activity. The reasons for that were, inter alia, the so-called lockdowns introduced in many countries, new regulations concerning remote work, necessity of saving by the consumers because of uncertain future, or due to changing trends that influence the whole market significantly. In the chapter the most recent available market data for the textile-clothing sector in Poland and the EU are presented and analysed, as well as the prospects for its development in the light of COVID-19 pandemic influence and current EU policies, that concern circular economy, digitalisation or more broadly industry 4.0. An attempt of determining a very initial influence of the Russia-Ukraine war on the textile-clothing sector is also undertaken.
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The aim of this volume is to compare various types of administrative procedure and show their similarities and differences in national, European and global dimensions. The Authors’ intention is also to capture the regularities governing the development of law on administrative proceedings, including answers to the following questions: 1) is there a genetic relationship between the three generations of procedures, or do they derive from the separate ideas of national legislatives (genetic peculiarities)? 2) to what extent did modern procedures become the subject of national codifications? 3) what are the characteristics of national participatory procedures? 4) what are the national experiences in the field of “coexistence” of the three generations of administrative procedures? 5) where is the boundary between pragmatism and legalism of administrative procedures, for example in the case of urgent or simplified, automated and mass procedures? 6) does the increasing complexity of social life necessitate new solutions to integrate standards of the Rule of Law (traditional procedural values) with requirements of procedural pragmatism and efficiency? 7) are the new solutions in contradiction with the idea of multi-aspect protection of interests in administrative procedure?
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