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REFLECTIONS ON PUBLIC SECTOR CONSOLIDATED FINANCIAL STATEMENTS RESEARCH

Author(s): Dumitru Matis,Andreea Cîrstea / Language(s): English Issue: 3/2015

The article aims to analyze the specific issue of consolidated financial statements in the public sector, in order to have an overview of the current knowledge of this topic at international level. To achieve this objective we explored the literature on the consolidated financial statements in the public sector through qualitative analysis. The main findings relate to the identification of the research directions analyzed by scholars in the public sector consolidated financial statements. Following the qualitative research, we noticed that research on this issue is only at the beginning. There are some research areas that have been insufficiently analyzed and where there is a need to continue and deepen the research. We found that this new type of reports could bring a lot of advantages for the public sector. They could also increase the transparency and accountability of governments.

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ECONOMIC GROWTH, PUBLIC DEBT AND SOCIAL SPENDING. SHOULD WELFARE STATE TAKE THE BLAME?

Author(s): Sławomir Czech,Magdalena Tusińska / Language(s): English Issue: 1/2016

In this paper we trace the relation between economic growth, public debt and social spending treated as a proxy for welfare state spending in the context of 2008+ crisis in advanced capitalist economies. We focus on the alleged causality between high welfare spending and growing public debt which is often said to have contributed to the current debt crisis experienced by many countries and we elaborate on the often heralded thesis that high social spending leads to low growth levels. By doing so we intend to find out if welfare states can indeed be identified as a source of current fiscal problems and prosperity issues. We perform our analysis on a group of 21 highly developed countries in 1991–2014 period basing on OECD data. Our findings suggest that evidence to support such theses are mixed and rather weak and do not allow for drawing firm conclusions about harmful impact of welfare state on economic performance. On this background we also comment on the usability of statistics and case studies in social sciences.

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ARE FISCAL RULES AN EFFECTIVE INSTRUMENT IN CONSOLIDATING PUBLIC FINANCES? CONCLUSIONS FROM THE ECONOMIC CRISIS

Author(s): Joanna Działo / Language(s): English Issue: 1/2016

The paper aims to assess the role of fiscal rules in the process of consolidating public finances and maintaining macroeconomic stability in the EU Member States in the period of the economic crisis. The paper puts forward the thesis that fiscal rules were not an effective instrument for ensuring fiscal discipline in times of crisis. It will present the most important issues of the process of evolution of the rules during the crisis. A review and an analysis of legislation and literature on reforms implemented in the area of fiscal rules, confirms this thesis. The paper points to the need to create such fiscal rules that could contribute not only to fiscal stability but also to macroeconomic stability of the economy and concludes with recommendations for the creation of effective fiscal rules and their desirable features. The rules should be based on the structural balance or the over the cycle balance (but, in order for such rules to be effective, the structural deficit should be relatively low). Effective enforcement of the rules is necessary as well as a strong legal basis for the rules. However, one may remember that the efficiency of the rules is also determined by causes and the scope of fiscal problems in individual countries. The rules alone are not sufficient to overcome the strong systemic and structural burdens placed on economies. In such a situation, a better solution is to develop a long-term strategy for reducing deficit and debt levels, incorporating fiscal rules as one of its elements.

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Modelling Central Bank Independence and Inflation: Deus ex Machina?

Author(s): Dumiter Florin Cornel,Petre Brezeanu,Claudia Radu,Florin Turcas / Language(s): English Issue: 4/2015

Central bank independence represents the core element of assessing the complex relationship be-tween government and central bank, having at background the fundamental issue of a free monetary policy decision-making process from the hands of the political circle. However, central bank independ-ence is a multilevel concept within some social, economic and behavioral implications both for the cen-tral banks and for the society at whole. Central bank independence is needed in order to establish an autonomous central bank with a high degree of freedom in choosing its’ instruments, objectives, tech-niques and tactics. Moreover, a high degree of transparency for the public disclosure and monitoring of central bank operation and transaction is needed for the social barometer of the central bank. Conse-quently, the central bank must have a high degree of accountability and responsibility vis-á-vis of the most democratic institution, i.e. Parliament. In this article it is presented a comprehensive study re-garding the complex relationship between central bank independence and inflation by modeling these two monetary policy panacea, in order to make a fine tuning regarding the causal relationship estab-lished in a heterodox manner.

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Finansowanie przedsiębiorstw społecznych w Polsce

Author(s): Tomasz Schimanek / Language(s): Polish Issue: 2/2015

W artykule pokazano, w jaki sposób definiowane jest przedsiębiorstwo społeczne w Polsce i jakie podmioty mogą spełniać tę definicję. Wskazano, jakie są główne źródła finansowania przedsiębiorstw społecznych, a na podstawie dostępnych, fragmentarycznych badań omówiono praktyczne ich wykorzystanie i kondycję finansową przedsiębiorstw społecznych. Kondycja ta nie jest najlepsza, a dominującym źródłem finansowania większości przedsiębiorstw społecznych są środki publiczne. Na tej podstawie sformułowano ogólne konkluzje i wyzwania dotyczące finansowania przedsiębiorstw społecznych w Polsce. Najważniejszą jest skuteczne wykorzystanie Krajowego Programu Rozwoju Ekonomii Społecznej do wzmocnienia kondycji finansowej przedsiębiorstw społecznych i budowania ich niezależności od środków publicznych.

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The reverse mortgage - an opportunity to supplement pension benefits in Poland?

Author(s): Edyta Rutkowska - Tomaszewska / Language(s): English Issue: 1 (33)/2015

The article presents an outline of the principles for granting reverse mortgage loans by banks and other credit institutions, as well as mechanisms intended to protect consumers who may potentially take advantage of this service. Its objective is not to offer a detailed analysis and assessment of the solutions adopted in the new Reverse Mortgage Act, but rather to present this new financial service as an opportunity for seniors who have amassed a sufficient asset base during their working life to improve their financial situation and complement their pension income. The article signals some potential dangers which can accompany this instrument, as well as other similar products offered by some financial institutions, such as lifetime annuities, which can in practice distort and subvert the purposes for which the Reverse Mortgage Act was adopted.

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Government debt influence on EU countries economic growth: importance of matching Maastricht criterion

Author(s): Mindaugas Butkus,Kristina Matuzevičiūtė / Language(s): English Issue: 1 (37)/2016

The paper aims to analyse the impact of government debt on the country’s economic growth. Beginning of the economic crisis in 2007 and rapid growth of government debt has attracted interest in this topic. Government debt-to-GDP ratio in the EU has increased from 58.7 to 86.8 percent from 2007 till 2014 and opened a vast field for discussions – how economic growth is affected by this situation? Using panel data approaches, we find evidence that in short-run increasing government debt has uniform negative impact on economic growth in all EU Member States but in the long-run negative impact is only in those that do not match Maastricht criterion.

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Problemy ubezpieczeń społecznych i emerytalnych w Federacji Rosyjskiej

Author(s): Maria Balcerowicz-Szkutnik,Włodzimierz Szkutnik / Language(s): Polish Issue: 415/2016

Article is an analysis of current state of pension system in the biggest country of central-eastern Europe – Russian Federation; Russian Federation has very diversified territory in terms of demographic and economic factors. In article there are presented: general scheme of functioning of social & pension insurance systems, historical view on those systems in Russia and very differentiated regions in Russian Federation in terms of demographic and economic factors. It will allow to indicate estimated changes of pension reform which will happen in Russian Federation in the coming years.

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Designing a Revenue Structure in Local Self-government Entities in Poland: Taxes Versus Grants

Author(s): Beata Guziejewska / Language(s): English Issue: 3/2015

This paper discusses the problem of rational forming of the financing system for local self-government entities. The concept of fiscal federalism as well as the role and importance of own revenues and revenues from the state budget transfers, which are slightly different from other unitary countries, have been referred to in this context. The aim of this paper is to statistically analyze the selected categories of local self-government revenues in Poland with regard to the local self-government total revenue in 2013 and the total expenditure between 1999 and 2013. The study involved methods for the analysis of dynamics of mass phenomena such as, first of all, fixed base indexes, the average rate of change indicator and the correlation and regression coefficients from time series. The correlation and regression coefficients from time series were calculated with the first difference method. The results of study demonstrate a statistically significant role of transfer revenues in the expenditure (with the exception of voivodeships) and a statistically insignificant effect of sensu stricto own revenues in the case of cities with poviat status, poviats and voivodeships. The results reveal that the spending policy of local self-governments in Poland is highly dependent on a specific category of revenue, which is referred to as “other revenue” in the study, as a result of the inflow of EU funds. In the long term, once this specific, incidental source of revenue has been exhausted, the local self-government finance may face serious disruption. Such conclusions may serve as a practical contribution to the creation of an early warning mechanism in the shaping of present and future fiscal policies.

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Stawki podatków dochodowych od osób fizycznych i prawnych w krajach Unii Europejskiej i wybranych rajach podatkowych a bezpośrednie inwestycje zagraniczne

Author(s): Joanna Działo / Language(s): Polish Issue: 93/2014

Tax competition is defined as the use of tax policy that will allow to maintain or increase the attractiveness of a particular territory for business location. Tax competition is used especially by the relatively under-developed countries, as foreign capital inflow gives them the possibility to implement modern technology, new management methods or to increase exports. One of the effects of tax competition is the formation of tax havens, countries or territories using preferential tax rates in order to gain capital from abroad. Comparative analysis of the income tax rates in the EU countries and certain tax havens shows that despite the progressive reduction of the rates of these taxes in the EU, the phenomenon of tax competition is still very strong, and the position of tax havens as countries with relatively low or very low taxes seems to be unthreatened. Conducted empirical studies, however, show that tax competition does not significantly affect the volume of foreign direct investment, and the amount of the nominal rate of corporate income tax is not critical to the decision of potential investors. Favorable investment climate is not determined only by the properties of the tax system, but it also depends on other factors. Therefore relatively highly developed countries should increase their efforts to intensify competition for capital through the use of factors other than low taxes, for example political stability, relatively low labor costs, transparent and unambiguous legislation supporting the development of business, simple procedures to enable start a business and promoting the development of entrepreneurship, good cooperation with local and central authorities, the development of road infrastructure and telecommunications / internet, highly skilled workforce and quality of land for investment.

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Metody pomiaru e-administracji w kontekście konkurencyjności międzynarodowej

Author(s): Natalia Mańkowska / Language(s): Polish Issue: 14/2016

The subject under discussion is the problem of publications on the relationship between the e-government implementation process and the ability to compete. Today, it is estimated that the key objective of the informatisation of public administration at both central and local levels, is the preparation and implementation of electronic public services for citizens and businesses productively and efficiently. The e-government vision presented by the European Commission, and gradually implemented through EU Member States shows, that the process of developing e-government should serve as a tool to support the processes of governance. Projects related to the informatisation may influence the improvement of the education system and health services, create jobs, change how resources are managed, reduce transaction costs and the overall transformation of institutional nature. The currently used measuring tools of benefits from the implementation of public e-services and general development of e-government do not always show directly whether they are generated. The purpose of the publication is to identify and evaluate currently used indicators of electronic administration development in the context of measuring the benefits of this process, which are significant for improving the country’s competitiveness in the international arena.

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Research Trends of Public-Private Partnerships (PPPs) in Poland

Author(s): Joanna Węgrzyn / Language(s): English Issue: 1/2015

Over the last two decades the attention given to the research on Public-private partnerships (PPPs) has been steadily increasing. Literature surveys on the research trends of PPP in English language publications suggest some emerging trends in the topics dedicated to the PPP. A similar compilation of PPP literature is not readily available on the grounds of national scientific research. That is why the aim of the article is to present contemporary trends that are being developed in Poland in the PPP filed. The indication of possible further research in the area of PPP is also an essential issue tackled in this article.

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Propozycje zmian systemu finansowania budżetu UE: wnioski dla Polski

Author(s): Elżbieta Kawecka-Wyrzykowska / Language(s): Polish Issue: 39/2014

Against the background of the present system of financing the EU budget, proposals of two new taxes presented by the European Commission in the framework of the Multiannual financial framework 2014-2020 were discussed: the modified resource based on VAT (the so called new VAT) and a new proposal of the financial transactions tax (FTT). Both tax proposals were assessed from the point of view of theoretical criteria of an optimal financing of the budget. Next, Poland’s position on those two proposals was presented. Concluding remarks stress that both, from the point of view of the EU budget and of Polish interests, FTT would be a better budgetary resource.

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Preferencje w lokalnych podatkach majątkowych a zachowania podmiotów gospodarczych

Author(s): Tomasz Wołowiec / Language(s): Polish Issue: 98/2016

The primary objective of fiscal policy both in terms of macro-and microeconomic function is theimplementation of fiscal taxes boil down to revenue collection to implement the tasks and functionsassociated with public finance sector entities and the wider public sector. Tax revenues arealso used to finance transfers both within the industry and to entities outside the public sector, thuscontributing to the allocation of resources between taxpayers and unions public law – state and localgovernment authorities. Taxation is the realization of non-tax functions (stimulatory), receiving thegoal of shaping social and economic behavior of taxpayers. An illustration of non-fiscal objectivesof tax policy is a focus on local government actions which implies a change or transformation ofthe current state of the phenomena and socio-economic relations, or their cessation or limiting theirscale. As part non-fiscal tax purposes shall be inserted into the simulation function support equallythe objectives of social and economic by encouraging taxpayers to take certain behaviors. In thearea of tax stimulation of the local economy can handle issues such as the structure and forms ofdoing business, creating and shaping investment decisions, financial and consumer taxpayers, andeventually also the attraction of foreign capital.

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HOW TAXES CAN CONTRIBUTE TO THE IMPLEMENTATION OF THE PUBLIC GOVERNANCE STRATEGY? – AN ANALYSIS FOR EASTERN EUROPEAN COUNTRIES

Author(s): Cristina Vlad,Ibadula Birol,Petre Brezeanu / Language(s): English Issue: 3/2016

The paper begins with a short literature review regarding the public governance concept in the EU approach and its methods for establishing a common way to manage different situations for all member states; we discovered that the problems they confront with have to do with good governance and qualitative public administration. In the second part, we developed an econometric model for three Eastern European countries and we found a strong correlation between the total revenues from taxes and social contributions and total gross debt in 2002-2014 period. We ended the paper by emphasizing the conclusions obtained.

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The Method of Determining the Surrender Value of Water Supply and Sewage Systems

Author(s): Piotr Mika / Language(s): English Issue: 94/2015

The article presents a method of determining the water supply and sewage systems value which constitutes a basis for the takeover of such systems by communal water supply and sewage companies from investors. The procedure was tested based on the data obtained from one of the companies in the Lesser Poland region. In the article, the method of performing calculation is shown and the adoption of correction coefficients is suggested. The author analyses the results obtained using the cost approach and based on actual data compares the values from the system construction estimate with the ones from tenders.

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Opłata eksploatacyjna jako kategoria finansowa

Author(s): Grażyna Borys / Language(s): Polish Issue: 437/2016

The artticle discusses service change as a financial category. Currently it is almost universally recognized as a public charge. The conducted analysis which takes into account two criteria: the line of jurisprudence in force and the economic essence of the classical charge indicates, however, its tax oriented nature. This determinant should have an impact on the direction towards the improvement of taxation on mining activities, as well as the construction of financial instruments aimed at the protection of coal deposits.

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Potencjał wykorzystania sukuk w zakresie zarządzania długiem Skarbu Państwa

Author(s): Dariusz Piotrowski / Language(s): Polish Issue: 437/2016

Sukuk are instruments of Islamic finance which in recent years have been gaining prominence in the international financial market. A significant part of the sukuk market involves government issues. The success of sukuk offerings conducted in 2014 by the United Kingdom and Luxembourg prompted the study of possibilities for a Polish presence in that market. A Polish government sukuk issue was considered in the context of the possibilities for using these instruments in public debt management. The paper assumes the following research hypothesis: the use of sukuk has a beneficial effect on the implementation of the purpose of the State Treasury debt management strategy. The analysis of the literature on the subject, empirical data from the international financial market and information obtained from the Ministry of Finance have indicated meagre benefits and low cost attractiveness of a Polish government sukuk issue in relation to Eurobonds.

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Rola i znaczenie PPP w finansowaniu przedsięwzięć rewitalizacyjnych

Author(s): Magdalena Ślebocka / Language(s): Polish Issue: 437/2016

Projects undertaken as part of the revitalization program involving the reconstruction of degraded urban area require taking sometimes extremely costly actions from the local governments. Currently, resources devoted to revitalization projects come mainly from EU funds and national government programs. Though local governments have been equipped with the possibility of creation of an individual set of tools allowing to raise funds in this process and the involvement of private investors, actions taken in this area are insufficient to meet the needs. The aim of the article is an indication of the role and importance of alternative sources of funding which is public-private partnership process of restoration of degraded urban area.

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Public debt in Ukraine: irrational management and risks leading to corruption

Author(s): Tatiana Paientko / Language(s): English Issue: 439/2016

The economic and political crises in Ukraine have forced its government to change its approach to public debt management. In this article the dynamics of public debt in Ukraine and the costs of servicing it have been analyzed. The aim of this article is to suggest new approaches to improve public debt management in Ukraine. The main methods of research are: trend analysis, comparative and empirical analysis. New challenges to public debt management in recent conditions were explored. Areas with an apparent risk of corruption is within government resource allocations were presented. A primary area for corruption risk is in government procurement, especially for the military. Recent reforms have decreased this risk to certain extent, but every year losses from corruption are extremely excessive. Risks of corruption exist in the areas of state enterprise funding and additional capitalization of banks. Public debt management in Ukraine has its own specifics, caused by the current situation in the country. The greatest threat to the efficiency and rationality of public debt management are the risks of corruption and inefficient use of budget funds. On this basis, debt management improvement priorities should be as follows: observance of national interests in the international arena, maintaining, if not improving, the debt security and credit ratings of Ukraine, improving the effectiveness of government investments.

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