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The purpose of this paper is to explore the relationships between income inequality, economic growth and the main macroeconomic factors in Tunisia. We investigate two effects: the effect of inequality on growth, and particularly, the effect of growth on inequality. Also, attention has been focused on the role of the monetary policy, via introducing money supply as an independent variable, in affecting inequality and growth. Our empirical study is based on a series of annual data from 1975 to 2015 using the Dynamic Ordinary Least Squares (DOLS) method in order to estimate the cointegrating equations. The findings of the paper show that income inequality increase economic growth in Tunisia. Other factors having significant positive effect on economic growth include money supply and life expectancy at birth. However, inflation rate, primary education and unemployment have statistically significant and negative effect on economic growth. On the other hand, the results indicate that money supply, inflation rate, unemployment and savings are positively and significantly related to income inequality, whereas, life expectancy at birth and gross fixed capital formation decrease inequality in Tunisia. The policy implications of these results are discussed.
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In this paper critical developments that shaped the global economy from 1987 until 2017 were analyzed. The globalization process was addressed from the perspectives of convergence or divergence paths and outcomes. The lessons learned were presented. The need for historical perspective is emphasized. Instead of “superior or inferior model” qualifications, the plurality of ideas is recognized. The arrogance of perceived, yet fragmented knowledge proved to be devastating in the number of economic episodes.
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The aim of the article is to indicate the cases of the European Union member states with the floating exchange rate regime, where it is possible to easily notice the correlation between the interest rate and the exchange rate against the euro. Source data were time series of monthly data published by Eurostat. The one-month rate of the interbank money market was adopted as a basic measure of a short-term interest rate and the yield of ten-year government bonds – as a long-term one. The research period were the years of 2012-2016. The correlation analysis concerned interdependences between various indicators of the exchange rate of a currency against the euro (i.e. its level, the absolute change and the relative change) and a variety of measures of the interest rate in a given country – i.e. short-term and long-term, nominal and real rate – their levels, ranges of their disparities in relation to the euro area and the absolute changes. In addition to the analysis of data from the same month, a one- and two-month delays were also introduced, both regarding the exchange rate and the interest rate. The research allowed to identify the instances of countries and interest rates, where particularly strong connection with the exchange rate of the national currency against the euro is visible. Regardless of the type and the way of presentation of the interest rate, the interdependence of considerable intensity occurs in the Czech Republic, Hungary and Sweden. In the United Kingdom, it is characteristic only for the real interest rate – both short- and long-term ones, and with regard to Poland – only for the long-term nominal rate.
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Current quantitative easing brought into monetary policy of central banks unprecedented influence on monetary equilibrium and monetary policy as a whole. The issue of money and establishing interest rates are the main activities of central banks. Through issuing of money, the central banks immediately influence the behaviour of households, companies, financial markets and the state with measurable impact on main economic outcomes. The monetary policy strategy of the EuropeanCentral Bank requires identification of a monetary aggregates which is a stable and reliable indicator of inflation over the medium term. This is closely related to growth of real GDP and the rate of unemployment. When monitoring the issue of money, it is necessary to focus not only on its volume, but also on the attributes and functions carried by money. The objective of the paper is to analyse the individual monetary aggregates of issued money in the eurozone, their different effect on economy with a major impact on medium term growth of real domestic outcome. The paper deals with the denomination of the aggregate to its various elements within European CentralBank, which is significant for fulfilling its monetary policy targets.
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Exit strategy is a concept of exit of the global financial crisis, developed as a result of political will of G-20 countries, expressed in the documents of FSB (Financial Stability Board). It means a return to a “normal” monetary policy, so from the period before the global financial crisis. However, central banks which have implemented unconventional monetary policy can not exit from it, in spite of numerous declarations of its normalization. Unstable macroeconomic situation of Japanese economy after the global financial crisis caused an interest in terms of exit from unconventional monetary policy of Bank of Japan. The central bank has a significance experience both in its dissemination, as well as normalization. Just before the global financial crisis, Bank of Japan started the process of normalization its unconventional monetary policy, implemented in the 90s XX century, and again has faced the need to return to it. The case study analysis of Japanese central bank has caused that the main aim of the study is identification and verification of such characteristics of exit strategy concept, which implemented should increase the effectiveness and safety of monetary policy normalization of central banks after the global financial crisis.The main objective of the study is identification and verification of characteristics of Bank of Japan exit strategy concept, aimed at increasing the efficiency and safety of the normalization process of monetary policy of central banks after the global financial crisis. The following research methods were used in the article: case study, observation analysis, cause and effect analysis, document analysis and synthesis analysis.
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The author reviews the EU financial supervisory and regulatory architecture which was introduced in 2010 as a response to the global financial crisis. The aim of this paper is to discuss the gaps identified in the financial safety net, as well as the decisions made by policymakers to strengthen financial regulation and supervision. Special attention is given to the financial stability mandate, micro- and macroprudential supervision, and resolution mechanism. The changes implemented are expected to reduce the severity of any future financial crisis.
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The article provides an overview of the shadowbanking in the euro area. Shadow banking refers to the system of financial interme‑diation that involves entities outside of traditional banking regulations. The paperbegins with the presentation of the post-crisis tendencies in the financial systemsworldwide, with particular attention given to the banking sectors. In the next sec‑tion, the author presents the size and dynamics of shadow banking, discusses thethreats identified by the EU and the concerns regarding the risks this sector poses tothe financial system.
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The article looks at capitalmarkets union (CMU), i.e. an action plan of the European Commission to mobilisecapital in Europe and channel it to companies, especially small and medium-sizedenterprises (SMEs). The main aim of the study is to examine the sources of financingidentified in the CMU plan and discuss whether European SMEs will make use andbenefit from the proposal. The evaluation of the CMU as an initiative aimed at sup‑porting the EU economy and the growth of their SMEs by providing a greater choiceof funding sources is also presented in the paper.
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The article looks at the evolution of regulatory framework and size of investmentfund market in the EU. The authors describe the three-stage evolution of the EUregulations determining the growth of the size of this market: (1) investor protection,(2) creation and strengthening the single financial market in the EU, and (3) protect‑ing stability and integrity of the market. Particular attention is given to the last stage,as they claim that the post-crisis regulations allowed the EU single investment fundmarket to gain the trust of investors, which has resulted in its expansion and im‑proved competitiveness.
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The paper provides an overview of bank levy,i.e. a tax on financial institutions that is applicable in most of the EU member states.The paper contains a comprehensive comparative analysis of relevant solutionsadopted, as well as analysis of bank levy in legal and economic terms. The authorsalso discuss the consequences of the introduction of bank levy in Poland and Hun‑gary. Furthermore, they present possible changes to the Polish legal regulations inorder to make them more precise and effective.
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At the beginning of the 90s of the last century in connection with the ongoing process of the transformation and marketization of the economy observed in Poland growing importance of globalization processes executing within the scope of this multifaceted socio-economic and cultural unification of standards of existence of citizens. With adjusting to the time urynkawianiem and systemic transformation of the Polish economy were related to the processes of global integration of financial markets and the development of ICT. Operating in Poland for more than a quarter of the market financial system and the banking sector is among the most globalized and computerized sectors of the economy. This process was intensified Polish accession to the European Union in 2004. Zglobalizowania a wide range of financial markets in Poland was shown during the recent financial crisis 2008 years. Currently, it is assumed that the process of globalization of financial markets and the banking system in Poland is, first of all such determinants as administrative and supervisory functions of central banking and supervisory bodies in the financial system and adjusting norms of law to the standards of Western developed countries including the regulations, recommendations and EU recommendations.
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The world economy of the end of first decade of XXI century goes through one of the deepest crisis in the history. Financial crisis touched, in different degree, the majority of European states, included Poland. How do enterprises react on the crisis? What kind of defensive mechanics do they take? The paper presents the most popular operations undertaken by small enterprises of Kujawsko-Pomorskie voivodeship in the effect of world economic crisis. These peculiar defensive mechanics were discussed from the perspective of operations undertaken by large enterprises.
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Globalization should be treated as a process of spreading, in the world scale, the connections which are typical for the local economic conditions. This phenomenon is associated with the creation of transnational culture and progressively deepening network of social interactions. The mass exchange of people, commodities, services and capitol on the global scale is carried out through modern means of communication and transport technologies. This process includes also long-distance migration of people. The globalization can mean both potential profits and new chances, but on the other hand, it can cause serious threats and huge challenges. A direction of its development and prevention from its negative results, depends on possibilities to influence this process by particular countries and grouping, including societies. It is obvious, that the present shape of the globalization bears injustice, increases inequalities and threats, so is must be corrected to a common favour.
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In the first years of the new millennium the domination of societies and economies based on the grounds of knowledge, which participate in the global markets is more and more common, as a consequence of the tendency of the organization and mobility of the business activities, knowledge and capital, as well as the liberalization and simplification of the foreign trade relations among countries. The globalization allows the economic subjects appearance on the global market, by usage of local as well as other available resources. Information systems and telecommunications give new physionomy of the world market, enabling the organizations to identify the specific needs of the consumers from different geographical regions in the world and to react quickly by diversification of products and services. Thus, the traditional advantage of the producers which are geographically closer to consumers is significantly reduced. Telecommunications also allow designing of the world electronic markets, where consumers and suppliers come in direct contact. Thus, the need of presence of classical intermediaries is lost, but of course there is the need for new ones. However, there is the question of whether the global market creates irresponsibility, because it presents interpersonal institutional infrastructure which does not take responsibility not even for itself. The global market risk allows to determine which, if there are any, to prosper, and which to suffer.
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The subject of the article are changes in consumer behavior due to the crisis. Based on the results of research reports the directions of consumer activity aimed at cutting market spending during crisis and declarations of reducing them after the crisis were indicated. It was noted, how consumers’ psychographic characteristics create their reactions to the crisis. Changes of megatrends observed in the market environment have also been presented in the paper.
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in this article the author describes the reasons why neoliberal hegemony persists despite of numerous challenges, problems and criticisms it is facing with. according to the author, the answer lies in two groups of factors which maintain and spread the aforementioned hegemony. The first group refers to the internal characteristics of neoliberalism, i.e. neoliberal ideas, such as fluidity, adaptability and generality of neoliberal concepts and ideas. The se cond group consists of external factors, primarily the needs and interests of the international economic system, i.e. the needs and interests of the most important economies of that system. in these needs and interests we sho uld look for an explanation for the rise, development and sustainability of neoliberalism as hegemony on the international level.
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The article aims to present the benefits and costs for the SADC member countries of the conclusion of EPA and of the implementation of trade liberalisation thereunder, in the light of their trade relations with the European Union. The hypothesis adopted is that for the majority of the SADC countries entering into the agreement will involve improved access for their products to the EU market. The assessment of the advantages and disadvantages of the conclusion of an EPA will take account of a situation in which the countries of the region would not sign an EPA: how their customs status would change and whether it would affect the conditions of trade with the European Union.
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Next to oil and gas there are which have increasing importance for industrial development – rare earth elements. Without them, much of the world’s modern technology would be vastly different and many applications would not be possible. They are key component of in a large assortment of advanced military and civilian technologies and key to the emergence of green technology such as the new generation of wind powered turbines and plug-in hybrid vehicles. There are 17 rare earth elements which moderately are abundant in the earth’s crust, some even more abundant than copper, lead, gold, and platinum. Although they are not concentrated enough to make them easily exploitable economically. 97 percent of the world’s rare earth elements are produced in China. Increasing global demand and Chinese reductions in export quotas over the past six years have led to international concerns about future supply shortages. China’s request for rare earths is also growing, what causes even more problems for importers of these resources. Even those countries which were largely self-sufficient in these critical materials over the past decade have become dependent upon imports from Beijing. In addition, this monopoly over rare earths has led to fears of China using its dominance as leverage to influence other nations’ foreign policies. Considering example of Japan, these anxieties are not groundless. This paper is designed to present te phenomenon of rare earth elements and their importance for international economy. It also explores ways of facing Chinese monopoly by other states.
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The paper focuses on sectors, methods, and spheres of the space activity of private companies, to provide empirical analysis of space applications and implications for global security. Special emphasis has been given to private companies offering access to satellite imagery and satellite remote sensing, as well as companies entering outer space with new and prospective capabilities as space mining. The article explains the rising importance of geo-intelligence, space surveillance and telecommunication for global security and new kind of security challenges and vulnerabilities such as environmental problems in outer space or technological challenges to security. The author argues that profit-oriented companies play crucial role in new security environment in the US, efficiently changing the law and practice. Finally he points out that new and growing market for subcontractors in space applications raises questions on growing dependence on private resources in traditional sphere of state activity, namely security, in this case provided from and through the outer space.
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