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Cari Açığın Ekonomik Büyüme Üzerindeki Etkisi: Türkiye Örneği

Author(s): Sibel İREZ,Fatma CESUR / Language(s): Turkish Issue: 8/2019

Cari işlemler dengesinin açık vermesi, gelişmekte olan ülkelerin en büyük sorunlarından biri olmasına karşın, bazı gelişmiş ülke ekonomilerinde de önemli bir sorunu teşkil etmektedir. Cari işlemler açığı günümüz ekonomilerinde sıkça tartışılan makroekonomik sorunlardan biridir. Son zamanlarda Türkiye ekonomisinde Türk Lirası’nın dolar karşısında en düşük seviyede seyir etmesi üretim ve ticaretin ithalata bağımlı olmasından dolayı cari açık çok önemli makroekonomik sorun haline gelmiştir. Cari işlemler açığının giderek genişlemesi, ekonomide aşırı ısınmalara ve dış şoklara karşı hassas durumların meydana gelmesine sebep olmaktadır. İhracat ve ithalat hareketleri ülke ekonomisinin büyümesi üzerinde çok önemli yer teşkil etmektedir. Bu nedenle cari işlemler hesapları ile ekonomik büyüme çok alakalıdır. Bu çalışmamızda Cari İşlemler dengesi ile ekonomik büyüme arasındaki ilişkiyi incelenmeye çalışılacağız.

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Wpływ zadłużenia publicznego na dynamikę wzrostu gospodarczego w krajach Europy Środkowo-Wschodniej

Author(s): Zbigniew Karmela / Language(s): Polish Issue: 26/2019

The paper concerns the impact of debt on economic growth in CEE countries for the years 1996–2017. The analysis has shown that there is a coexistence of high public debt and low economic growth. To verify whether the coexistence of these economic categories is causal, the estimation has delayed values of the debt to GDP ratio and the square of that variable. The analysis included four types of econometric models: OLS, GMM first difference, system GMM and fixed effects. As a result of our calculations, the thresholds for the maximum public debt-to-GDP ratio per capita ranged between 67.3% and 77%. For such computed thresholds only Slovenia, Croatia and Hungary have reached a dangerous level of public debt.

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MINT COUNTRIES AS POSSIBLE RISING STARS IN THE GLOBAL ECONOMY – BENCHMARKING WITH BRICS COUNTRIES

Author(s): Marcin Gryczka / Language(s): English Issue: 3/2018

The main goal of the paper is to analyze the selected macroeconomic, trade-related and social-related indicators concerning Mexico, Indonesia, Nigeria, and Turkey (collectively named as MINT) from 2000 till 2017, especially in comparison with BRICS countries (Brazil, Russia, India, China and South Africa). The outcomes are to be the confirmation basis, if the MINTs could play more important role in the global economy in the near future. Conducted statistical data and report based research has proved that there is no convincing evidence of such process, especially taking into consideration the resent economic and political issues in Mexico and Turkey.

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THE USE OF EUROPEAN UNION FUNDS FOR CULTURAL PURPOSES IN MAŁOPOLSKIE VOIVODSHIP FROM 2007 TILL 2015

Author(s): Halina Powęska / Language(s): English Issue: 3/2018

The paper explores the issue of the use of European Union funds for cultural heritage in Małopolskie Voivodship during the period 2007–2015, taking into consideration spatial categories which include: rural areas comprising rural communes and small towns, towns with health resorts, land counties, urban counties (town with county rights), and Cracow as the capital of the Voivodship. It examines the structure of the total value and of the amount of EU funding for culture-related European projects by the purposes of their implementation which included: revaluation of the objects of culture, creation and development of a new tourism product, renovation of sports and recreation facilities, promotion and other issues. The study was conducted using the statistical database of the National Information System of the Ministry of Infrastructure and Development of the Republic of Poland (KSI SIMIK 07-13) as of 31 December 2015.

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POLITICAL BUDGET CYCLES – GOING BEYOND THE AVERAGE

Author(s): Michał Wielechowski / Language(s): English Issue: 1/2019

We test whether there are country-specific election cycles present in the public expenditure in the European Union. Using panel data on all 28 current EU Member States from 1995 to 2015, we find in general evidence for an election-induced expansion in total government spending and within the categories of public services, safety, housing, recreation, and education. Our contribution is to combine the notion of targeting specific public spending categories and the occurrence of country-specific political budget cycles in the EU. The results indicate that election cycles vary substantially across countries. We observe a significant election effect in about 77% of our estimates. Two thirds of these observed significant effects represent increased spending in pre-election period.

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THE PROBLEM OF THE OPTIMAL VOLUME OF ENTERPRISE PRODUCTION IN THE LIGHT OF THE THEORY OF TRANSACTION COSTS AND THE PRACTICE OF OUTSOURCING

Author(s): Sławomir Jarka / Language(s): English Issue: 4/2018

The purpose of the article was to determine the importance of outsourcing and transaction costs accompanying it in the process of optimizing company structures. The practical reference of the adopted research objective was to indicate the optimal size of the enterprise. The aim is also to indicate, based on literature research, the impact of the transaction cost theory on the development of outsourcing. The findings of research show that the optimal size of the enterprise corresponds to the production volume at which the transaction function indicates the decreasing level of their marginal product, until the value reaches 0. With a high specificity of the company’s resources, which requires the use of specific technologies, there are transaction costs on this account that shape the price of the goods being the subject of the transaction. Thus, when further increasing the size of the production company, one should also take into account the added transaction costs, among others, control and monitoring of transactions. Modern enterprises focus their actions on key areas of activity. They give up production of what outsourcing providers can do more effectively, leaving what is specific for a given product, determining the company’s identity and the essence of production.

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OPTIMAL UTILIZATION OF EUROPEAN UNION GRANTS – A CASE STUDY

Author(s): Jadwiga Zaród / Language(s): English Issue: 4/2018

Following Poland’s accession to the European Union, farmers were given new opportunities to make use of various form of support from EU funds. The goal of this work is to show the utilization of EU funds by an agricultural farm and optimization of its production. The task was made possible by means of two multicriteria linear-dynamic optimization models. The first model accounted for real production structure and EU subsidies. The subsidies were not included in the second model. The empirical material constituted real data on an agricultural farm located in the commune of Nowogard (West Pomeranian Voivodship). The results of the solutions indicated over a threefold increase of agricultural income, agricultural production and the amount of organic substance supplemented to the soil of an agricultural farm accounting for EU grants.

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Regulations for Returning Labour Migrants to Ukraine: International Background and National Limitations

Author(s): Oleksandr Dluhopolskyi,Tetiana Zatonatska,Ielyzaveta Lvova,Jurij Klapkiv / Language(s): English Issue: 3/2019

The current situation on the Ukrainian labour market is not only characterised by a high rate of unemployment, but also by low‑wage jobs with relatively severe requirements from potential employers. The intensive labour migration from Ukraine is forced by factors such as lower standards of living when compared to the standards in neighbouring countries, the flexibility of changing the place of living and working, and the military crisis in the eastern parts of Ukraine, among others. The article is devoted to the policy on the return of labour migrants to Ukraine. The issues of the increasing number of asylum seekers arriving from Ukraine to other European countries from 2008 to 2017, and the analysis of the main migration trends and legal norms relevant to the migration issues have revealed the mismatch in directions of labour migration flows from Ukraine and boundary crossings by other migrants. By means of analysing the interaction between the rate of human development and the efficiency of migrant integration policies, the authors have proposed several strategic tools to ease the return of the labour force to Ukraine, including the cessation of military actions, raising the level of economic progress, fighting corruption, expanding opportunities for small and medium‑sized businesses, and solving environmental problems.

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The Attitudes of the European Union and China Towards Foreign Direct Investment: Implications for Bilateral Relations

Author(s): Janina Witkowska / Language(s): English Issue: 3/2019

The aim of this paper is to discuss new trends that have occurred in the policies of the EU and China towards foreign direct investment (FDI), to examine some implications of the EU‑China Comprehensive Agreement on Investment (CAI) – which is currently being negotiated – for their bilateral relations, and to assess the role which China’s “One Belt One Road’ (OBOR) initiative might play in its relations with the new EU Member States. The EU established freedom of capital movement with third countries; however, the introduction of the common investment policy has encountered some obstacles. These are related to investor protection and ISDS issues. In turn, China is carrying out an independent state policy towards foreign investment with limited liberalization of FDI flows. The negotiated EU‑China CAI is expected to create conditions conducive to bilateral foreign investment flows, and it might bring positive effects for their economies in the future. However, the progress made thus far in the negotiations is still limited. The relations between China and the new EU Member states (CEE countries) are characterized by common interests in the field of FDI flows. The new EU countries are interested in attracting Chinese FDI and seem not to show the fears that have arisen in the old EU countries.

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Bank Capital and Profitability: An Empirical Study of South African Commercial Banks

Author(s): Charles Nyoka / Language(s): English Issue: 3/2019

Bank capital is a principal aspect of regulation and will determine how long a bank remains in business from a regulatory point of view. Prior research on the relationship between capital and profitability has largely focused on developed economies, especially the USA, and Europe and the results have been inconclusive. There is no evidence of such research done to date that focuses on an emerging economy such as South Africa. Using South Africa as a unit of analysis and using the Generalised Methods of Moments (GMM), and Panel Two Stage Least Squares (2SLS) or Pooled IV method as the estimation techniques, this study tested the hypothesis that there is a positive and statistically significant relationship between bank capital and profitability. The results provided evidence of a positive relationship between capital ratio (CAR), return on equity (ROE) and return on assets (ROA). From a bank specific strategic decision‑making perspective, this would assist financial institutions and investors in tailoring investment decisions in response to policy decisions that relate to bank capital. From the public policy perspective, this would assist both governments and regulators in formulating better‑ informed policy decisions regarding the importance of bank capital.

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The importance of the European funds for the development and competitiveness of the Wrocław Agglomeration

Author(s): Jolanta MALEC / Language(s): English Issue: 4 (48)/2018

This article presents an attempt to determine the importance of the European funds for the development and competitiveness of the Wrocław Agglomeration. The first part of this study presents the definitions used in this article and the characteristics of the Wrocław Agglomeration. The next part sets out the most important projects implemented with the use of the European Union funds in the Wrocław Agglomeration and shows the effects of using these funds in the region. Some of the projects implemented in the Wrocław Agglomeration were presented under the 2014-2020 financial scheme. In the final part of the study, an attempt is made to determine the importance of using funds for the development of the competitiveness of the Wrocław Agglomeration.

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Lokalna ekonomia a wielka inwestycja przemysłowa. Przypadek Elektrowni Opole i gminy Dobrzeń Wielki

Author(s): Mirosław Marczyk / Language(s): Polish Issue: 4/2018

The article, based on the so called basic research, concerns the relations between the expansion of the Opole power station and particular actions taken by the residents of the Dobrzeń Wielki commune. The text discusses local, bottom-up strategies designed with the use of the potential economic situation resulting from a major industrial investment located in the region. They take the form of various cultural activities, among which bottom-up economic strategies are crucial. The impulses for these activities are supplied by specifically targeted social changes taking place under the influence of supra-local political and economic transformations.

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Konkurencyjność gospodarek surowcowych w handlu międzynarodowym a rola otoczenia instytucjonalnego – przypadek Azerbejdżanu

Author(s): Krzysztof Falkowski / Language(s): Polish Issue: 1/2018

The aim of the theoretical part of the paper is to determine the role of institutions in shaping the competitiveness of natural resource-based economies in international trade. The aim of its empirical part is to discuss this issue on the example of Azerbaijan, while analysing its economy’s competitive position in contemporary international trade. To this end, two indicators were applied: Balassa’s Revealed Comparative Advantage (RCA) Index and the Lafay Index (LFI) of international trade specialization. A general conclusion to be drawn from the analysis is that in countries with natural resource-based economies, institutions sensu largo have a considerable, and mostly negative, impact on their international trade competitiveness. In the case of Azerbaijan, the existing institutional environment, despite the changes undertaken, does not allow to expect any significant improvement of the country’s present low international competitiveness in the near future.

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The economic diplomacy of Poland – the origin and evolution of the organisational model and tasks during the transformation period

Author(s): Edward Molendowski / Language(s): English Issue: 1/2018

So far, broadly-understood economic diplomacy has rarely been addressed in Polish literature. Considering that at least for several decades the organisation of diplomacy has played an increasingly important role in the development of international economic links, it seems justified to view the issue from the perspective of Poland. The article attempts to give structure to a certain chaos in definitions. Its significant contribution seems to be the presentation of major findings from the analysis aimed at outlining the origin and evolution of the organisational model of economic diplomacy in Poland, with a special focus on the period of transition.

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Tendencje protekcjonistyczne w handlu światowym

Author(s): Monika Wojtas / Language(s): Polish Issue: 1/2018

The aim of the paper is to evaluate the proliferation of protectionist policies after the economic crisis of 2008–2009. The spread of protectionism is to be expected in times of recession. The paper presents the use of both traditional trade barriers (tariffs and other border measures) as well as regulatory barriers (behind-the-border measures) in 2009–2017. The lack of progress in multilateral trade negotiations and stagnation in the development of regional trade agreements are also indicated as specific manifestations of a protectionist approach to trade policy.

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Osłabienie powiązań produkcyjnych w gospodarce światowej jako czynnik spowolnienia handlu międzynarodowego w latach 2008–2015

Author(s): Tomasz Białowąs / Language(s): Polish Issue: 1/2018

The main goal of the paper is to evaluate the extent of production de-fragmentation and its impact on the world trade flows slowdown in 2008–2015. Financial and economic crisis of 2008–2009 resulted in a deepest breakdown of world trade after World War II. The subsequent economic boom was not reflected in the growth rates of world exports. One of the mentioned reasons of trade stagnation is the weakening of the connections within the global value chains.

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Struktura akcjonariatu a polityka wypłacania dywidend spółek prowadzących działalność badawczo-rozwojową w Polsce

Author(s): Jakub Kwiatkowski / Language(s): Polish Issue: 1/2018

For almost seven decades, the rules determining the dividend policy of companies have been the subject of interest of researchers worldwide. Due to the variety of factors influencing managers’ decisions on dividend payouts, the issue has been named “the dividend puzzle”. The following research focuses on two determinants of dividend policy – research and development activity and government ownership of companies listed on the Warsaw Stock Exchange over the period 1992–2016. We utilize a non-parametric statistical approach to financial data obtained from 296 companies to verify how both factors are related to the dividend policy of companies. We find that both R&D activity and government ownership have an adverse impact on dividend payouts.

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Determinanty działalności przedsiębiorstw międzynarodowych z krajów OECD w Polsce

Author(s): Andrzej Cieślik / Language(s): Polish Issue: 1/2018

The aim of the paper is to study empirically the determinants of the activity of multinational OECD enterprises in Poland in the period 1990–2015 using the negative binomial model without and with accounting for individual fixed and random effects for particular home countries. The research is conducted with reference to the so-called new theory of the multinational enterprise (NTME) that allows to derive a number of empirically testable hypotheses and distinguish between horizontal and vertical motives for undertaking foreign direct investment (FDI).

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The economic and social cohesion of the NAFTA countries – selected aspects and policy recommendations

Author(s): Małgorzata Dziembała / Language(s): English Issue: 1/2018

Countries forming an integration grouping set different objectives. The leading goals include accelerating economic growth, ensuring further socio-economic development of the member states, creating welfare, and increasing the standard of living. The aim of the paper is to discuss the impact of the functioning of NAFTA on socio-economic disparities within this group and to indicate changes taking place in the field of cohesion after the financial and economic crisis. The development of the regions of the NAFTA countries was also affected by the crisis. In the case of functioning in a given integration grouping, it is necessary to strengthen economic policies of individual member states to ensure cohesion, especially its social dimension. The following research methods have been used in the paper: critical analysis of source literature and analysis of statistical data.

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Implikacje brexitu dla budżetu UE, ze szczególnym uwzględnieniem Polski

Author(s): Elżbieta Kawecka-Wyrzykowska / Language(s): Polish Issue: 1/2018

Taking into account that the UK is a net payer to the EU budget, the implications of Brexit will be far reaching. The objective of this paper is to assess the possible level of Brexit gap and types of its implications for the EU budget, with particular emphasis on its effects for Poland. The analysis covers mainly the period after 2020, when the new Multiannual Financial Framework (MFF) 2021–2027 will come into force. The basis for the analysis is the data on the EU budget, the preliminary agreement between the EU and the UK of the end of 2017, and the documents proposed for the MFF 2021–2027 as presented by the European Commission in the middle of 2018.

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