Abstract Financialization is a term that is becoming increasingly popular in the Polish literature. One of its important aspects, which is multidimensionality, is often emphasized. It is a process whose effects are visible at all levels of the economy. The effects of financialization could be seen both at the national level and in the basic economic unit, which is a household. Firstly, the purpose of this study is to analyze changes, which in literature are considered to be symptoms of financialization in Polish households. The second, no less important goal, is to compare the level of financialization of Polish households with the level characteristic for countries belonging to the euro area.
Purpose: The main aim of this article is to measure and compare the level of financialisation of enterprises in the European Union countries and determine the correlation between this process and the size of the financial sector, measured by the ratio of its assets to GDP. Approach/Methodology/Design: An analysis of the differentiation in the level of financialisation of non-financial enterprises in the EU was made, and the scale and direction of changes in this process between 2009 and 2018 were determined. The analysis uses a synthetic indicator of enterprise finalization (SIEF) that allows assessing the level of this phenomenon in non-financial entities. The taxonomic standard method was used in the construction of the indicator. The source of empirical materials for research were the financial data of companies, from 2009-2018, derived from the pan-European database of financial statements of the companies "Amadeus". Findings: It has been shown that the average level of enterprises' finalization in the EU countries measured by the synthetic SIEF index is varied, but in most EU countries the scale of this variation did not change significantly between 2009 and 2018. In the analyzed period, the SIEF index fell in almost all EU countries and the trend concerned both countries that had a relatively high level of SIEF in 2009 and countries with a low level of this indicator. Practical Implications: The synthetic SIEF indicator presented in the study may be a useful tool for international, regional or industry comparative analyses of the degree of finalization of non-financial enterprises. Originality/Value: Most of the scientific studies on financialisation focus on the financial sector and the importance of this process for the entire economy and the stability of the financial sector. Therefore, the macroeconomic approach dominates. The value of this study is the microeconomic approach, i.e., examining the process of enterprise financing based on economic and financial data obtained from companies' financial reporting. A comparative analysis of the level of finalization and its changes in 2009-2018 in individual EU countries used in the study may constitute the basis for further in-depth research on the determinants of this phenomenon. ; peer-reviewed
The article addresses the issues of public finances. The main emphasis was placed on the aspect of income of local government units and their structure against the background of the changing economic situation. The following research tools were used in the article: review of scientific literature, as well as analysis of empirical data from the Central Statistical Office and the Ministry of Finance. On the basis of empirical data from the years 2003–2017, the structure of budget revenues is presented, divided into the commune, poviat and voivodships level. A hypothesis has been put forward that the amount of inflows to the budgets of communes, poviats and voivodships is strongly related to the currently prevailing economic situation. For the research hypothesis put forward, the main objective of the study was to show whether the impact of the economic situation in a given country measured by the Gross Domestic Product is reflected in the level of LGU own revenues. In connection with the above, an analysis was carried out, which shows that at every level (ie the commune, poviat and voivodeship), the structure of income shows the effects of changes taking place in the economy. The analysis of empirical data also shows that such an impact is significant at the level of municipalities. However, in the case of poviats and provinces, this is hardly visible. The effects of fluctuations in the economic situation have the greatest impact on the functioning of communal budgets, and, to a lesser extent, on poviat and voivodship budgets. ; Artykuł podejmuje problematykę finansów publicznych. Główny nacisk położony został na aspekt dochodów jednostek samorządów terytorialnych oraz ich strukturę na tle zmiennej koniunktury gospodarczej. W artykule zastosowano następujące narzędzia badawcze: przegląd literatury naukowej, a także analizę danych empirycznych pochodzących z Głównego Urzędu Statystycznego oraz Ministerstwa Finansów. Na podstawie danych empirycznych z lat 2003–2017 przedstawiono strukturę dochodów budżetów z podziałem na szczebel gminny, powiatowy oraz województwa. Postawiona została hipoteza twierdzącą, że wysokość wpływów do budżetów gmin, powiatów oraz województw jest silnie związana z aktualnie panującą koniunkturą gospodarczą. Dla tak postawionej hipotezy badawczej głównym celem opracowania była próba ukazania czy wpływ koniunktury gospodarczej danego kraju mierzony Produktem Krajowym Brutto ma swe odzwierciedlenie na poziom dochodów własnych JST. W związku z powyższym przeprowadzona została analiza, z której wynika, iż na każdym szczeblu (tj. gmina, powiat oraz województwo) w strukturze dochodów widoczne są skutki zmian zachodzące w gospodarce. Z analizy danych empirycznych wynika ponadto, że taki wpływ w stopniu znaczącym jest na poziomie gmin. Natomiast w przypadku dochodów powiatów oraz województw jest to mało widoczne. Skutki wahań koniunktury gospodarczej w największym stopniu oddziałują na funkcjonowanie budżetów gmin, w mniejszym na budżety powiatów i województw. ; This work has been supported by the funds of the Ministry of Science and Higher Education granted to the Faculty of Economics, University of Rzeszow, Poland, within the subsidy for maintaining research potential.
The subject of the study is the phenomenon of household financialization. In the first part of the article a sense of this situation and its influence on the different functioning areas of the households (income, expenses, financial decisions) is described. What is more, the positive and negative effects of this process for the households' financial stability were defined. The next part of the article contains an analysis of the households financialization processes in Poland in the years 2005-2015. On the side of household savings, the analysis included the level and the structure of financial assets. The second area of evaluation of the household financialization processes was bank debt analysis, including mortgage debt. In the elaboration comparative analysis was used, which means that Polish household structure of financial assets and the level of debt were compared to the European Union countries.
