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Finansyzacja w Polsce w latach 2010–2020 – skala i problemy

Author(s): Paweł Marszałek / Language(s): Polish Publication Year: 0

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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Z doświadczeń strategii bezpośredniego celu inflacyjnego w Polsce – realizacja i próba oceny

Author(s): Filip Kliber / Language(s): Polish Publication Year: 0

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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Systemy gwarancji depozytów osób fizycznych w państwach Grupy Wyszehradzkiej

Author(s): Dawid Banaś / Language(s): Polish Publication Year: 0

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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Bank w działalności jednostek samorządowych

Author(s): Janina Kotlińska / Language(s): Polish Publication Year: 0

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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Banki spółdzielcze w sektorze bankowym w Polsce – lata 2010–2020 oraz perspektywy rozwoju i wyzwania

Author(s): Anna Iwańczuk-Kaliska,Arkadiusz Kulig / Language(s): Polish Publication Year: 0

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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Dylematy banków spółdzielczych w dobie rewolucji cyfrowej 4.0 ze szczególnym uwzględnieniem wyzwań w sferze marketingu

Author(s): Grzegorz Kotliński / Language(s): Polish Publication Year: 0

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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CESTOVNÍ RUCH V ČESKÉ REPUBLICE OD POČÁTKU EKONOMICKÉ KRIZE

Author(s): Alena Hellerová / Language(s): Czech Publication Year: 0

Návštěvnost ubytovacích zařízení v období před začátkem světové ekonomické krize. Vrchol příjezdového cestovního ruchu, dopad krize na frekvenci a délku pobytu zahraničních návštěvníků, pokles tržeb českých ekonomických subjektů. Vývoj domácího cestovního ruchu, jeho specifika v době krize i před ní. Vývoj výjezdového cestovního ruchu, vliv na platební bilanci ČR.

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Standard finanční gramotnosti a finanční vzdělávání

Author(s): Andrea Kyánková,Peter Marinič / Language(s): Czech Publication Year: 0

Financial literacy has been developed in the Czech Republic for more than 15 years through strategic documents regulating the conditions and possibilities of financial education. Over the last few years, these documents have been revised. The aim of the contribution is to analyse the changes in the approach to financial literacy and financial education of primary and secondary school pupils in the Czech Republic. The approach to the issue of financial literacy and financial education in Slovakia, together with information on the result of measuring the level of financial literacy among fifteenyear-old pupils and the adult population of the Czech Republic, is used as a reference framework for the analysis of development. The results of the analysis are summarized through a SWOT matrix, and thus identify the current position and potential of financial education in the Czech Republic.

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Аспекти на приложение на изкуствен интелект в електронната търговия

Author(s): Mihail Ivanov Mihaylov / Language(s): English,Bulgarian Publication Year: 0

Digital transformations are flourishing on a global scale and affect almost all areas of modern society. One of the industries in which artificial intelligence is widely used is e-commerce. The advantage of e-commerce over the physical store is that every person on our planet who has access to the Internet can get a visual idea of the goods they are looking for at any time of the day; to compare the market price of the item and if his requirements are satisfied to buy it, with just one click, without leaving his location.

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Market Concentration and Stability in European Banking

Author(s): Kristína Kočišová / Language(s): English Publication Year: 0

Using aggregate balance sheet data from banking sectors across the European Union (EU) countries over the period from 2004 to 2014 this paper provides empirical evidence on the testing the links between the concentration and stability. The paper contains a theoretical definition of approaches used to test the relation between these two characteristics of the banking sector. We used selected methods to estimate the concentration and stability and to test the presence of concentration-stability or concentration-fragility paradigm in conditions of EU. The stability was estimated with Banking Stability Index (BSI) and Z-score and the market concentration was evaluated with Herfindahl-Hirschman Index (HHI) and Concentration Ratio (CR5). The presence of the paradigm was verified with the test of the Granger causality for panel data. As the result of our analysis, we can say, that in our study the only one-way relationship running from stability to market concentration was estimated.

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BOOSTING REGIONAL LABOUR MARKET VIA FOREIGN INVESTMENT: EVIDENCE FROM THE LIBEREC REGION

Author(s): Sylvie Kotikova,RENATA ČUHLOVÁ / Language(s): English Publication Year: 0

The paper evaluates the impact of primary jobs created in foreign direct investments localized in the Liberec region of the Czech Republic. The research sample includes 25 foreign direct investments that received investment incentive in the analyzed period 2002- 2014.With a choice of such a sample conclusions about the benefits from investment incentives can be drew. Based on comparative analysis of information from the annual reports of companies and Czech Statistical Office data and Czech Invest, the direct effect of jobs´ creation in foreign direct investment on unemployment in the region is quantified. The contribution of these investments to solution of the unemployment problem is illustrated in a hypothetical rate of unemployment. It displays the situation of the regional labour market in case of an absence of these investments. The comparative analysis of foreign direct investment´s data from the time period 2002-2014 shows reduction of the regional unemployment rate by about 3% annually on average. This quantified impact is caused by creation of 4.500 job positions on average.

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Financial Crisis Influence on Tax Mix Changes

Author(s): Gabriela Kukalová,Lukáš Moravec,Jakub Ječmínek,Barbora Martásková / Language(s): English Publication Year: 0

The aim of the study is to evaluate the reaction of tax policy makers to financial crisis in the short term based on the statistical analysis of consequent tax mix changes in the EU member states. The paper describes the changes in tax structure of EU members, particularly focusing on the period 2008 – 2009. The analysis verifies the statistical significance of the financial crisis influence on the changes in tax structure of the EU member states. The post crisis changes statistical significance evaluation is realized particularly by using the paired t-test for defined groups of taxes and levies comparing the development nature in the period before and after the financial crisis in 2008 based on the data issued by EUROSTAT following the methodology ESA 95 valid in the period analyzed. The Statistica 12 software is used. The results show the statistically significant changes in tax mix as result of the slowed down economies in 2008 and also as the result of the stress on different group of taxes, applied by the policy makers, based on the tax avoidance resistance of different group of taxes.

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The Use of Backtesting in Assessment of the Value-at-Risk on Unites States, Great Britain and German Capital Markets

Author(s): Tomáš Meluzín,Marcin Fałdziński,Michał Bernard Pietrzak,Adam P. Balcerzak,Marek Zinecker / Language(s): English Publication Year: 0

For many years, a progressive globalization process has been observed, which translates into an increase in interdependencies between world economies. This growing level of interdependence affects the functioning of economies significantly. The greatest impact of mutual connections can be observed on the world capital markets. Therefore, the issue of the identification and measurement of market risk becomes an important problem related to the functioning of capital markets. Value at Risk is a metric that allows the risk of loss for selected assets to be assessed. The research objective of this article is to assess the quality of Value at Risk applied to measure the risk of the DJIA, DAX, and FTSE stock indices. The VaR estimation was carried out in the time period 2000-2012, where the DCC-GARCH model with the conditional Student’s t-distribution was used. To evaluate VaR quality, the backtesting procedure was used, within which we used the Juc, Jind, and Jcc tests.

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Regional Differences in the Relation of Flat Prices to Net Disposable Income of Households

Author(s): Lenka Komárková,Libor Votava,Jiří Dvořák / Language(s): English Publication Year: 0

The residential real estate market (especially flats) is currently a very topical issue both from an economic as well as social point of view. Flat and house prices determine the economic burden in family finances and the availability of housing for households in regions. The paper aims to identify differences in the relation between flat prices and net disposable income of households among 14 regions in the Czech Republic based on the publicly available data from the period 2000 - 2017. To deal with the panel (longitudinal) data, a linear mixed model was used for the analysis. Twenty statistically significant differences from a total of 91 were identified. The results show that flat prices grow with increasing household disposable income faster in Prague as compared to other regions, except South Moravia. The results of our study can be helpful in the perspective of the regional economic policy or households’ decision makings about their living place or the family real estate investment.

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DŮVODY NEATRAKTIVITY NĚKTERÝCH OBCÍ V LIBERECKÉM KRAJI Z HLEDISKA BYDLENÍ

Author(s): Emil Drápela / Language(s): Czech Publication Year: 0

The existence of new housing construction is one of the characteristics of a prosperous community. If there are no new apartments in the municipality, it is a result of its stagnation or decline. The article maps the geographical distribution of the number of completed flats in municipalities in the Czech Republic, focusing on the reasons for the unattractiveness of some municipalities in the Liberec Region in terms of housing. The indicator used is the housing construction intensity (IBV) in the 20-year period 1998-2017, per 1 km2. For municipalities that have reached extremely low values of the indicator were examined qualitative geographic parameters of the area, or the historical development leading to this state. Furthermore, the correlation between IBV indicator values in all municipalities in the Liberec Region and 15 selected geographical, demographic, social and economic indicators was analysed. Five areas were identified in the Liberec Region that can be described as unattractive in terms of housing construction. Significant correlations were documented for indicators: the number of inhabitants, number of legal entities per 1000 inhabitants, and for 4 other indicators describing civic amenities in municipalities, availability of services and technical infrastructure. On the contrary, none of the demographic indicators has shown a close relationship.

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Büyüme, Cari Açık ve Enflasyon İlişkisi: Türkiye Üzerine Bir İnceleme

Author(s): Serhat Alpağut / Language(s): Turkish Publication Year: 0

This research examines the relationship between growth, current account deficit and inflation with the annual data of 1974-2021. In the research, impulse-response and variance decomposition analysis based on VAR (Vector Autoregressive) model was applied. The findings show that economic growth reacts in a short-term (1-2 years) negative and decreasing way in the event of a shock in the current account deficit. In addition, the current account deficit reacts negatively to the economic growth shock. The next important determinant after the forecast error variance in the current account deficit shock is economic growth. Although the current account deficit affects the growth negatively in Turkey, it has been concluded that economic growth brings the current account deficit together. The effects of inflation are statistically insignificant. The results are in line with theory and literature. In this case, growth-oriented foreign trade policies should be implemented meticulously. Considering the fact that Turkey grows with the support of imports, it should be taken into account that every growth has a current account deficit cost.

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Küresel Piyasalarda Yaşanan Resesyon ve Gelişmiş Ülke Merkez Bankalarının Uyguladıkları Faiz Politikaları

Author(s): Nermin Güney,Sertaç Hopoğlu / Language(s): Turkish Publication Year: 0

The developments around the world in the last few years have brought the global economy face to face with recession-like conditions. The slowdown in production in the world as a result of the slowdown in the Chinese economy, the new wave of protectionism experienced by raising mutual tariffs, which is called "trade wars", the pause experienced with the Covid-19 crisis, the disruptions in the supply chain and the precautionary policies implemented by the United States, the energy bottleneck created by the war between Russia and Ukraine caused a global slowdown and created an environment with a high risk of crisis. The deterioration in the national economies for two consecutive quarters is defined as recession, and as a result, a worldwide increase in unemployment and decrease in national incomes are observed. While Central Banks are looking for ways to get out of the crisis with the least damage by using monetary policy tools in times of crisis, they can directly determine interest rates by changing the money supply in the market. The most important reason for this is to take practical measures to prevent the crisis from spreading to the real sector. Policies implemented in such an environment are important in terms of determining the possible consequences of crises and the best examples that can be taken. The aim of this study is to investigate the recession in global markets and the interest policies implemented by central banks.

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İstanbul Hisse Piyasasının Evrimi: Galata Bankerlerinden Borsa İstanbul’a Yolculuk

Author(s): Nuri Volkan Kayaçetin / Language(s): Turkish Publication Year: 0

The trading of capital assets in İstanbul, which has begun in the second half of the 19th century with the trading of debt securities among Galata merchants in the process of transitioning into a financial bourgeoisie, continues today under the roof of the modern Borsa İstanbul campus in Sarıyer, İstinye. This study discusses the evolution of capital asset trading activity in Istanbul from the late Ottoman period to the present day in the light of socioeconomic developments and events that have affected the economy. In this process, the exchange survived three moratoriums (1875, 1895 and 1958), two world wars (1914-1918 and 1939-1945), and more than a dozen economic crises and managed to emerge stronger from the bottlenecks experienced. Our modern stock exchange started its operations in its Cağaloğlu building with only 19 listed shares under the name of Istanbul Stock Exchange (ISE) on January 3, 1986, and merged with the Futures and Options Exchange and the Istanbul Gold Exchange on April 3, 2013, under the name of Borsa İstanbul (BIST). With 501 listed shares, a total market capitalization exceeding 1 trillion Turkish liras, and a monthly trading volume in excess of 100 million lots, BIST globally ranks thirty-seventh in terms of its market capitalization and first in terms of its average share turnover today.

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Frequency Domain Causal Effects of Geopolitical Risk and Economic Uncertainty on Green Bond Market Around the Invasion of Ukraine

Author(s): Remzi Gök / Language(s): English Publication Year: 0

We analyze causal effects of geopolitical risks and economic uncertainty indices on the green bond market, utilizing two causality tests, around the military conflict in Ukraine. Consistent with the existing literature, the results of Toda and Yamamoto (1995) and Breitung and Candelon (2006) in the static framework show no causal flows from geopolitical risks throughout the period, either before the war or during the war. Further, we find no evidence for both temporary and permanent causal impacts from the geopolitical risks on green bonds. However, we see that changes in economic policy uncertainty Granger-causes fluctuations in green bonds in both full and during the invasion of Ukraine. The results also reveal that the causality is temporary and permanent over the full period; temporary before the war; but turns out to be permanent and stronger during the war, indicating that uncertainty index can exert causal impacts on green bond indices regardless of market conditions and strengthens its power across extreme market conditions. Further, we resort to a time-varying approach of Breitung and Candelon (2006) causality test based on a rolling window of 50 and 60 daily observations. We find that the causal flows from both indicators appear significant and those causation impacts are not constant but time-varying. Economic policy uncertainty is stronger than geopolitics risks in forecasting the movements in green bonds given a higher rejection of the null hypothesis for the former variable. The causality is mostly permanent rather than temporary and the causation impacts from both variables are stronger during the war.

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Türkiye’de Enflasyonun Bazı Nedenleri ve Sonuçları

Author(s): Niyazi GÜMÜŞ / Language(s): Turkish Publication Year: 0

Enflasyon dünyanın bilhassa günümüzde önemli sorunlarından biri olmaya devam etmektedir. Covid-19 pandemi sürecinden itibaren tedarik zincirinde yaşanan olumsuz gelişmeler dünyada olduğu gibi ülkemizde de fiyatların artmasına neden olmuştur. Pandemi krizine bir de Rusya ile Ukrayna arasındaki savaşın eklenmesi, ABD ve AB ülkelerinin Rusya’ya uyguladığı ambargolara karşılık olarak Rusya’nın doğalgaz vanalarını kapatması, OPEC ülkelerinin petrol üretimini belirli bir seviyede tutma arzusu ve üretime kota getirmeleri dünyada enerji fiyatlarının, tahıl sevkiyatının kısıtlanması ise gıda fiyatlarının yükselmesine neden olmuştur.

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