Suchergebnisse

Purpose: The main goal of the paper is to establish the importance of capital mobility for the occurrence of the credit booms in some EMU countries, which contributed to the so-called Eurozone crisis in the previous decade. In particular, a causal relationship between foreign capital inflows and expansions of credit to the private sector in five advanced "periphery" Eurozone economies (Portugal, Italy, Ireland, Greece, and Spain) in 1996–2016 is examined. Design/Methodology/Approach: A threshold method for identifying credit booms, and the Granger causality test were applied to investigate the relationship between foreign capital inflows and expansion of credit to the private sector in the PIIGS countries. We used data of an annual frequency over the years 1996–2016 and discuss the effects of using different measures for both capital inflows and credit expansion. Findings: The results allowed the authors to identify and measure credit booms in the PIIGS countries from 2006 to 2011. It has been shown that one of the reasons for the over-indebtedness of households and companies in these countries was the inflow of cheap and easily accessible capital, especially in the form of portfolio investments. Practical Implications: The results of the research can be used to assess the importance of the free movement of capital for financial stability in Eurozone countries. Originality/Value: The study contributes to a better understanding of the functioning of the Economic and Monetary Union as regards the links between capital flows in the financial market and the emergence of credit booms. ; peer-reviewed

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 purpose of the study is to characterize and assess the influence of selected economic factors on the value of purchases made by Ukrainian citizens in Poland at the border (so-called unregistered turnover on customs declarations). The ex-change rate andlabour migration as well as the impact of political disorders that occurred at the end of 2013 in Ukraine were analysed in detail. The analysis covered the period 2009—2017. Data were derived from the questionnaires of the Statistical Office in Rzeszów, Local Data Bank of Statistics Poland, State Statistics Service of Ukraine and the Ministry of Family, Labour and Social Policy. The analysis of correlation and regression were used as the basic research tools. The results of the study show that political events affected cross-border trade indirectly through, inter alia, the exchange rate, which limited the expenses made by Ukrainian citizens in Poland. However, this impact was not strong enough to reverse the upward trend in cross-border shopping. The analyses did not provide statistically significant indications of a cause-and-effect relationship between labour migration flows of Ukrainian citizens to Poland and cross-border trade.

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.

The study evaluates the processes of regional income convergence in Poland. This problem is considered from the angle of the key development gaps separating the regions of Eastern Poland from other more economically developed regions of the country. The EU Structural Funds allocated significant resources in 2004-2014 to re-duce these gaps, including under the Operational Programme Development of Eastern Poland (OP DEP 2007-2013), specially designed for this purpose. It was shown that there has been significant progress in reducing de-velopment gaps during the period in question, including in relation to: expenditure on R&D in relation to GDP, economic activity of the population and the development of road infrastructure. Progress in this area would not be possible without the support of EU funds. Even though the scope and scale of positive changes prevented regional convergence, they contributed to inhibiting the processes of further income polarization between regions.

The paper evaluates the processes of regional income convergence in Poland. This new research approach involves an attempt to assess the process of convergence from the point of view of development gaps. Six key development gaps were considered in the region of Eastern Poland, which is a singular case, significantly different from other regions. A dynamic panel data model was applied to investigate the impact of EU funds on the progress made towards closing these development gaps. Among the analysed development gaps, only the structural gap was not reduced in the period 2004–2015. Studies have also revealed the different impact of structural funds on each category of development gaps (a positive impact on reducing the regional transport accessibility gap and the investment gap, but negative– on reducing the innovation gap). Research has suggested the need for a change in the structure of using EU funds in the period 2014–2020 to favour stronger support for entrepreneurship and the creation of new jobs. Greater stimulation of the economic structure of peripheral regions has been proposed as the prerequisite for the future reduction in the discrepancies between regions and for the intensification of convergence. First published online2 April 2019

The paper evaluates the processes of regional income convergence in Poland. This new research approach involves an attempt to assess the process of convergence from the point of view of development gaps. Six key development gaps were considered in the region of Eastern Poland, which is a singular case, significantly different from other regions. A dynamic panel data model was applied to investigate the impact of EU funds on the progress made towards closing these development gaps. Among the analysed development gaps, only the structural gap was not reduced in the period 2004–2015. Studies have also revealed the different impact of structural funds on each category of development gaps (a positive impact on reducing the regional transport accessibility gap and the investment gap, but negative– on reducing the innovation gap). Research has suggested the need for a change in the structure of using EU funds in the period 2014–2020 to favour stronger support for entrepreneurship and the creation of new jobs. Greater stimulation of the economic structure of peripheral regions has been proposed as the prerequisite for the future reduction in the discrepancies between regions and for the intensification of convergence. First published online2 April 2019

Purpose – The aim of the study is to assess the stability of agricultural household income in Poland in 1995–2021 and to identify the determinants of the volatility of this income. Research method – The stability of farmer's household income was compared with the income volatility of other socio-economic groups. Regression analysis was used to reveal the determinants of income volatility. Results – The income of farm households shows much greater year-on-year volatility than the income of households of employees and self-employed outside agriculture. Originality / value / implications / recommendations – The volatility of farm income is mainly influenced by the factors that determine the value of agricultural production and the costs of this production. Subsidies directed to farmers only mitigate the volatility of farm income.