The Budget Support System in Eastern Partnership Countries

Author(s): Elżbieta Kaca / Language(s): English Publication Year: 0

Here we present the general aims and characteristics of budget support in the EaP region, the volume of support and a breakdown by country. Budget support is the predominant EU tool in the Eastern Partnership countries, as around 60% of bilateral financial resources are scheduled to be spent through such means. This comprises financial assistance supporting government reforms and paid directly to the state budget of a specified country. Therefore, it requires close cooperation between the national administration and the EU delegation, ensured by frequent communication as well as the participation of common monitoring committees. Two types of budget support have been in use in the EaP region: general budget support and sector budget support. Under the former, funding is provided for a broad range of reforms planned by the government for a given period of time, for instance, implementation of the association agenda or action plans. The latter, sector budget support, goes for reforms only in a given sector, e.g., energy or health. Sector budget support has been the dominant form of support in all of the EaP countries except Armenia, where general budget support was employed.

Ukraine: Too Big for School

Author(s): Elżbieta Kaca / Language(s): English Publication Year: 0

This section presents how budget support has been used in Ukraine. Sector Budget Support (SBS) is the predominant EU assistance tool in Ukraine, with around 60% of all EU aid to the country planned to be spent in this way in the years 2007–2013. Six agreements were signed in the sectors of energy, energy efficiency, trade facilitation, environment, transport, and border management, and another is awaited in energy for an overall sum of €389 million. However, in total Ukraine received payments of no more than one third of this amount (€111.14 million) because since 2011 the EC has limited transfers for all operations. The main reason for this was non-fulfilment of a precondition on PFM, as since 2011 the country’s public procurement law and budgetary transparency have significantly deteriorated. This crucial condition ensures that funds are not fraudulently used. After two years of futile discussion on the implementation of this condition, the Ukrainian government finally adopted a PFM strategy in September 2013 (not made public) as this issue was made an EU condition to sign an AA.

A Cross-Country Picture: Towards More Efficient EU Aid

Author(s): Elżbieta Kaca / Language(s): English Publication Year: 0

The EU approach in the Eastern Partnership countries is to financially support concrete reforms: sector budget support operations are most commonly in use. Theoretically, such a tool, given teeth by precise conditions and indicators, should allow the smooth completion of the sector integration planned in the scope of the EaP. In practice, an analysis of the first years of use (2007–2013) shows that this instrument has potential in countries willing to integrate with the EU, while in the others its use has limited impact on guiding comprehensive reforms. The pace of fulfilment of budget support conditions differed much among the partners. This resulted mainly from the various level of willingness of the EaP governments to conduct Euoriented reforms. For Moldova and Georgia, the political will to integrate with the EU is clear, as proved by their determination to sign an AA. On the contrary, Armenia and Ukraine withdrew from signing such deals, a step that confirmed they were not interested in or were hesitant about EUbacked reforms. In Armenia, the EU had to stop support for DCFTA implementation and reshape its assistance, whereas for Ukraine the new pro-European government has signed the political part of the AA after an internal crisis. Azerbaijan is a case apart, as budget support was aimed to develop sector cooperation, but in the meantime it has shown it is not interested in complying with aid conditions on PFM: in this case, the EU help is rather useful in terms of advice on the directions of some reforms. Therefore, one can distinguish two groups of countries, EU-oriented and non-EU-oriented, with the latter being interested only in some sector cooperation.

Poland: A Problem Shared?

Author(s): Author Not Specified / Language(s): English Publication Year: 0

Since the onset of the Eurozone debt-crisis, Poland’s approach to the EU has gone through at least three distinct shifts as it responds to the deepening of Eurozone integration and the changing locus of power within the bloc. The first of these saw Poland acting as the bloc’s equality supervisor, defending the principle of parity between governments, particularly as guaranteed by the supranational institutions. During its presidency of the Council in the second semester of 2011, it forged a successful partnership with the Commission and Parliament. Yet that effort ended with the British “veto” at the December summit and with the signature of the fiscal compact, a parallel legal architecture potentially excluding non-Euro members. For Poland, signing the compact meant still belonging, but to a different kind of EU.

Conclusions

Author(s): Jarosław Ćwiek-Karpowicz,Dariusz Kałan / Language(s): English Publication Year: 0

The forthcoming years should prove the strategic importance of gas. The gradual replacement of coal as part of the effort to meet the requirements of EU legislation, the growing number of plants producing subsided biogas, and the dramatic changes introduced by the dawning of unconventional gas in North America have created a window of opportunity for natural gas to become a fully-fledged energy resource. The role of gas in Europe will also increase when plans for re-industrialisation—seen by many as a crucial factor to prop up the EU economy—are implemented, since the main sector that consumes gas has been traditionally industry. These are the reasons for why one may predict that in Central Europe in the next 15 to 20 years, the share of natural gas in the overall energy mix will remain rather stable, and may even increase.

Znaczenie lokalizacji we wzmacnianiu pozycji rynkowej firmy. Wybrane przykłady centrów dystrybucji w aglomeracji poznańskiej

Author(s): Waldemar W. Budner,Kinga Pawlicka / Language(s): Polish Publication Year: 0

International corporations with a dispersed location have distribution centers that are independent units or a complex of production and distribution facilities. Distribution centers have become a relatively new but important element of the country’s economic landscape. The location and development of these facilities depend on specific conditions. The aim of the study is to present the essence of distribution centers as economic objects with special functions and tasks. Against this background, a comparative analysis of three selected distribution centers located in the Poznań agglomeration, but with different characteristics, is presented in order to verify the theoretical considerations carried out before. The results and conclusions of the analysis are of a utilitarian nature. They also indicate the important role played by distribution centers in strengthening the market position of companies.

Анализ на съществуващите стратегии за биоикономика

Author(s): Petia Branzova / Language(s): Bulgarian Publication Year: 0

The purpose of the report is to analyze selected national strategies and policies with respect to defining the bio economy and to selecting similarities and differences between them. Representative is a comparative overview of the strategy and policies for bio economic development in the world. In the analyzed documents can present strategies and policies to stimulate the bio economy as the base of our suggested that is in focus. In this way, it is known that there is a need for enhanced results and developments in the field.

Metodyka porównywania wartości nieruchomości mieszkaniowych na rynku międzynarodowym na przykładzie rynku Polski i Stanów Zjednoczonych

Author(s): Krzysztof Piasecki,Michał, Dominik Stasiak / Language(s): Polish Publication Year: 0

Purpose: Comparing the values of residential real estate in individual countries is a complex task which requires taking into account a number of factors relating to both the economic situation and the quality of life in a given country. The aim of the study is to present an original and universal method of determining the index that allows to compare the value of residential real estate in cities located in different countries. Design/methodology/approach: In addition to the absolute average prices of a square meter, the approach to determining the above-mentioned index proposed by the authors utilises the analysis of parameters related to the quality of life, the level of public services offered to residents by a given country, as well as economic parameters. Findings: On the basis of the presented methodology, the authors have compared the values of residential real estate in two sample cities with similar population and characteristics, i.e. Poznań in Poland and Denver in the USA. The conducted research shows that the value of residential real estate in Poznań is higher by 6.14% in the city centre and 18% outside the city centre. Originality and value: The proposed method of comparison is original and universal in nature and may be successfully applied both in theoretical research and in practice, e.g.by investors.

Analiza wyboru kanałów dystrybucji ubezpieczeń wśród gospodarstw domowych

Author(s): Agnieszka Samsel / Language(s): Polish Publication Year: 0

The aim of the article is to examine which distribution channels are most often used by households. Moreover, the opinions of households on the future functioning of insurers are verified, as well as the validity of the existence of insurance. The main hypothesis was that young people prefer remote contact with an insurance company. For the purposes of the study, 245 people were surveyed using a questionnaire (CAWI method). The research results are presented graphically in charts. An analysis of variance (ANOVA) was also performed. This analysis showed that there is statistical significance in a pair of variables: gender and the possibility of eliminating personal contact with the insurer, and in a pair of variables – gender and the need to insure.

DeFi na rynku ubezpieczeniowym

Author(s): Robert Kurek / Language(s): Polish Publication Year: 0

The acceleration and intensification of digitization processes, i.e. the growing use of digital technologies and the reliance of a large part of the economy on the Internet, has begun to change the emphasis on the role and importance of traditional architecture in the financial market, including the financial intermediation market. DeFi, or “decentralized finance”, is a part of the main trend of these changes and they have also found their place on the insurance market. On the one hand, their presence may significantly change the shape of the insurance market due to the fact that the idea of DeFi indirectly means building services and products separate from the traditional financial system. DeFi insurance and alternative risk coverage have the potential to successfully fill the insurance coverage gap for crypto-assets and limit the risk exposure that accompanies entities active in a decentralized economy.

Wykorzystanie kaskad kopuli w agregacji ryzyka w procesie wyznaczania kapitałowych wymogów wypłacalności w Solvency II

Author(s): Krystian Szczęsny / Language(s): Polish Publication Year: 0

One of the basic aspects of the Solvency II Directive introduced in 2016 is the protection of the insured against the insolvency of insurance companies. For this purpose, by aggregating the solvency capital requirements for the specific types of risk to which the insurer is exposed, the solvency capital requirement (SCR) and the diversification effect (ED) are determined. Insurers are able to calculate the SCR using the Standard Formula given by the authors of the Directive or internal models developed by their insurance companies. The Standard Formula is based on the variance-covariance method, which assumes a constant correlation matrix that defines the relationships between aggregated risks to which the insurer is exposed. The aim of the research is to use, in internal models, pair-copula constructions in order to model the relationship between aggregated risk modules. The structure of the relationship between the aggregated risks is modeled with the use of C-vine and D-vine copula, while the range of possible SCRs resulting from various dependency modeling methods is determined using the ARA (Adaptive Rearrangement Algorithm). In the study, the author arbitrarily assumes loss distributions for the insurer’s five major risk modules, i.e. market, counterparty default, life, health, and non-life modules. The author compares the ED obtained by the variance-covariance method,the ED obtained with the use of copula and the ED corresponding to the upper limit of the SCR determined by the ARA algorithm. The conducted research shows how important in the SCR and ED determination process is the role played by the correct identification of the structure of the relationship between aggregated risks and presents the possibilities of using pair-copula constructions for this purpose.

Ocena procesu wycofania telefonu Samsung Galaxy Note 7 wobec braku ubezpieczenia kosztów wycofania produktu

Author(s): Antoni Szulc,Piotr Manikowski / Language(s): Polish Publication Year: 0

In August 2016, the world spread the news that Samsung is struggling with the problem of exploding Samsung Galaxy Note 7 phones. As it turned out, the consumer electronics giant did not have or did not take advantage of the recall insurance, which resulted in significant financial and image losses. The recall of the product in this case also involved a disruption of the supply chain, the need to carry out an investigation and thorough product testing, and the disposal of hazardous devices. Each of the aforementioned activities could have been financed from the Product Recall Insurance. The purpose of this article is to evaluate Samsung’s Galaxy Note 7 recall process and provide an alternative scenario in which the manufacturer would use recall insurance. First, we will present the course of events and describe the reaction of the producer and his environment. Then we will determine the consequences that arose as a result of the defective devices, and finally we will present the benefits that would be provided to the South Korean manufacturer by appropriate safety equipment.

The impact of the COVID-19 pandemic on the prospect of starting own business among students of economic studies

Author(s): Bartosz Marcinkowski,Sebastian Narojczyk / Language(s): English Publication Year: 0

The research objective was to present the significance of the coronavirus pandemic in the context of starting a business, by business students. The empirical basis was fabricated upon the results of a survey conducted at the Poznań University of Economics and Business. The research was dynamic and conducted in two stages: in February 2020 (just before the first lockdown in Poland) wherein 243 students were surveyed and in March 2021 (a year after the first lockdown), in which 270 students were surveyed. The respondents were asked, among other issues, to describe their professional experience, as well as perspectives and plans concerning setting up and managing their own company. In addition, factor analysis was used to deepen the findings. The pandemic has significantly influenced students’ professional plans, including, above all, an increased desire to start their own business. In addition, of particular importance for students at the beginning of their professional career is the flexibility and ease of adaptation to changing conditions in the business environment. The research was limited because it was based only on students of Poznań University of Economics and Business. Extending the research to other social groups such as students of other universities, the unemployed, graduates of technical / vocational schools, economically active people, elderly people, etc. would allow to explore the reasons and conditions for setting up a business. The article shows how students’ perspectives and attitudes towards setting up their own businesses have changed. The results of the research may be of particular interest to entities such as public administration, local governments, labour offices and all institutions which are focused on education and career shaping.

INTRODUCTION

Author(s): Katherine Nichols,Sanda Svetoka / Language(s): English Publication Year: 0

Given its rapid economic growth and expanded geopolitical ambitions, China’s influence projection has grown globally. The World Economic Forum projected that China may overtake the U.S. as the world’s largest economy by 2024. The Belt and Road Initiative (BRI), aimed at optimising and expanding China’s economic cooperation with the Eurasian continent, makes Europe a prime destination for Chinese investment. Countries in Europe have largely treated economic cooperation with China as an opportunity, and the Nordic-Baltic region (NB8) has not been an exception to this trend. However, several European countries have grown apprehensive regarding China’s intents, as economic cooperation has become a backdrop to undesirable political influence via bilateral and multilateral fora. At the same time, buoyed by pride from its rapid economic growth, the Chinese Communist Party (CCP) has become more assertive in defending its national interests, including in the South China Sea region and in response to Western critics of China’s expansionist foreign policy, undemocratic practices and human rights violations. In reaction to these developments, a growing number of European countries have started to look at China’s activities as a challenge or threat to national security. This shift has also become increasingly visible among the countries of the Nordic-Baltic region.

Bezpieczeństwo banków – od transformacji do COVID-19

Author(s): Małgorzata Zaleska / Language(s): Polish Publication Year: 0

The aim of this article is to identify the most significant, selected changes in the activity of the Polish financial safety net institutions, which occurred during the first three decades of the system transformation. The paper also attempts to evaluate these changes. Moreover, it analyses the structure and the situation of the Polish banking sector as well as its safety from the start of system transformation till the end of 2020. Thus, our analysis also refers to the short term impact of COVID-19 on the Polish banking sector. An attempt to identify the most important challenges posed by the safety of the sector in the future has also been made.

Bankowość społecznie odpowiedzialna – koncepcja, zasady i model działania

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

The financial crisis following the collapse of Lehman Brothers has made market participants aware of the need for profound changes in the security of financial markets. Researchers have also paid more attention to social banking, which aims at sustainable development, mitigating negative climate phenomena, developing social innovation, reducing social exclusion, eliminating hunger and poverty. The purpose of the study is to identify the assumptions and operating model of social banks. Socially responsible banks use finance to achieve a beneficial social effect. Unlike conventional banks, they embed the above goals in their culture and strategy of long-term, self-sustaining, transparent, inclusive, resilient to external disruptions operations based on long-term relationships with customers. Community banks provide money to customers who are active in the real economy and can provide triple positive benefits to society - social, environmental and economic (triple bottom line).

Polska bankowość spółdzielcza podczas pandemii COVID-19 – zagrożenia i wyzwania

Author(s): Michał Jurek / Language(s): Polish Publication Year: 0

The aim of this paper is the analysis of framework for cooperative banks in Poland since the outbreak of the coronavirus disease and impact of the COVID-19 pandemic on the situation of cooperative banks as well as preventive measures undertaken by them. This paper focuses on the short and long run risk factors in post-pandemic economy. Therefore, it identifies key risk factors and challenges faced by cooperative banks and pathways to development of cooperative banking sector in Poland.

ZAKLJUČCI

Author(s): Not Specified Author / Language(s): Bosnian Publication Year: 0

Międzynarodowa pomoc administracyjna państw członkowskich UE w zapobieganiu i zwalczaniu oszustw związanych z VAT

Author(s): Agnieszka Krysztofiak / Language(s): Polish Publication Year: 0

Purpose: The purpose of the chapter is to identify and present the rules of administrative assistance between EU Member States in the field of VAT aimed at combating fraud. Administrative assistance instruments such as automatic exchange of information, information exchange on request, information exchange without prior request, Eurofisc network, Multilateral Controls (MLC) and Presence in Administrative Offices and Participation in Administrative Enquiries (PAOE) were characterised and compared. Finally, the challenges faced by the tax administrations of EU Member States in the combating fraud were presented. Design/methodology/approach: To achieve the purpose, an analysis of legal acts was used, including in particular Council Regulation (EU) No. 904/2010 of 7 October 2010 on administrative cooperation and combating fraud in the field of Value Added Tax as well as the documents published by the European Commission and issued internal by Supreme Audit Office (Najwyższa Izba Kontroli, NIK). Findings: Based on the analysis, it can be concluded that close cooperation between administrations is of great importance for the efficiency of the tax authorities of all EU Member States. The exchange of information between Member States should mainly be based on joint analysis of information and joint direct actions. Such an innovative approach will enable full use of the anti-fraud tools available within the European Union and, consequently, will contribute to faster elimination of VAT fraud. Cooperation between countries using the tools described in this chapter is the most appropriate way to combat cross-border VAT fraud.

Relacje między kulturą a ekonomią – kulturyzacja ekonomii i ekonomizacja kultury w kontekście determinizmu technologicznego

Author(s): Magdalena Sobocińska / Language(s): Polish Publication Year: 0

The purpose of the study is to show the relationship between culture and economics as well as the interpenetration of these two fields and the resulting implications for the management of the cultural sphere. The paper is based on in-depth literature studies. Special attention is paid, on the one hand, to the role of culture in socioeconomic development and its relationship with economics, and, on the other hand, to changes in the cultural sphere taking place under the influence of the development of market, economic thought and new management concepts that are applicable in the area of culture. The context of the development of new technologies and the concept of technological determinism are also considered, as the behaviour of culture participants is strongly affected by algorithms and information bubbles within which culture participants function.