Suchergebnisse

The study aims to compare the effects of fiscal policy shocks in three Baltic countries – Estonia, Latvia, and Lithuania - within SVAR framework, using the identification scheme proposed by Blanchard and Perotti (2002). The time sample covers quarterly data over the period of 2002q1-2019q4. The main idea of the study is to identify the effects of fiscal policy shocks in three euro area member states under a single monetary policy of the European Central Bank, but with country-specific fiscal policy shaped by the European fiscal framework. The results show that, generally, in the short term (up to four quarters), output reacts consistently with the Keynesian view, emphasizing the importance of using discretionary fiscal policy tools in stimulating economic activity in the Baltic region. However, in Estonia and Latvia, the calculated impact multipliers for net taxes are larger than spending multipliers. Although each country reacts differently to its country-specific fiscal shock, the response to the euro area money market interest rate innovation is quite similar with respect to the direction of the effect, which may indicate the robustness of the Baltic region in terms of the euro area shocks. Thus, the results emphasize the importance of conducting domestic fiscal policy adapted to the conditions of each of the analysed economies. Based on the assumptions and the methodology used in this study, the obtained findings show the limited effects of spending on Baltic economies in comparison with the effects caused by the shocks in net taxes. Moreover, due to the lack of large-scale analysis regarding the effectiveness of fiscal policy in Baltic states, the obtained results are a valuable contribution to the debate about the 'appropriate' size of the fiscal multipliers for the Baltic region.

The aim of the study is the assessment of the spatial variation of voivodships (the largest administrative units in Poland) in terms of selected indicators describing the situation of people aged 65 and over. The study used data from the Local Data Bank of Statistics Poland (Główny Urząd Statystyczny) for the years 2005, 2010, 2015 and 2019. From the obtained set of diagnostic variables, five were used for the final analysis, including those relating to demographics, the pension security system and health infrastructure. The applied empirical method was based on the Euclidean metric as well as cluster analysis with Ward's method. The performed analyses indicated a variation of voivodships which is reflected by the computed distances and components of the created clusters. The results revealed a spatial variation of voivodships which is consistent with the demographic ageing in Poland. Moreover, the observed distinction of Śląskie Voivodship may have been affected by the fact that variables related to the pension security system were also considered.

The aim of this article is to investigate the fiscal policy changes in six Central and Eastern European countries outside the Eurozone: Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Romania. The analysis covers the period from 2004 to 2017. The study uses changes in the cyclically‑adjusted primary balance as a main indicator to assess the fiscal policy stance. The results indicate that, in general, over the period from 2004 to 2017, the fiscal stance in these countries was somewhat contractionary. ; Celem artykułu jest analiza zmian polityki fiskalnej w sześciu krajach Europy Środkowo‑Wschodnie spoza strefy euro: Bułgarii, Czechach, Chorwacji, Węgier, Polsce i Rumunii. Analiza obejmuje okres lat 2004-2017, czyli okres pomiędzy dotychczas największym rozszerzeniem Unii Europejskiej a najnowszymi dostępnymi danymi. W badaniu wykorzystano zmiany salda pierwotnego skorygowanego o wahania cykliczne, jako główny wskaźnik oceny kursu polityki fiskalnej. Wyniki wskazują, że polityka fiskalna w tych krajach była przeważnie restrykcyjna.

The aim of this article is to investigate the fiscal policy changes in six Central and Eastern European countries outside the Eurozone: Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Romania. The analysis covers the period from 2004 to 2017. The study uses changes in the cyclically-adjusted primary balance as a main indicator to assess the fiscal policy stance. The results indicate that, in general, over the period from 2004 to 2017, the fiscal stance in these countries was somewhat contractionary.

This study examines the effects of government spending shocks in three Central and Eastern European (CEE) countries: the Czech Republic, Hungary and Poland. The article uses structural vector autoregression (SVAR) models with an identification scheme based on that of Blanchard and Perotti (2002). The results of government spending shocks in these countries are consistent with the general view that the spending innovation increases output in the short term. The impulse response functions show that the maximum response of output to spending shocks is lagged. In order to measure the effects of fiscal shocks, the peak and cumulative multipliers are calculated. In the baseline specification, which is the same for each country, the calculated peak spending multiplier (adjusted to be interpreted in the national currency) ranges from 0.2 in the Czech Republic to more than 1 in Poland. The response of GDP to spending shock is larger than 1 cumulatively

The aim of this article is to investigate the fiscal policy changes in six Central and Eastern European countries outside the Eurozone: Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Romania. The analysis covers the period from 2004 to 2017. The study uses changes in the cyclically‑adjusted primary balance as a main indicator to assess the fiscal policy stance. The results indicate that, in general, over the period from 2004 to 2017, the fiscal stance in these countries was somewhat contractionary. ; Celem artykułu jest analiza zmian polityki fiskalnej w sześciu krajach Europy Środkowo‑Wschodnie spoza strefy euro: Bułgarii, Czechach, Chorwacji, Węgier, Polsce i Rumunii. Analiza obejmuje okres lat 2004-2017, czyli okres pomiędzy dotychczas największym rozszerzeniem Unii Europejskiej a najnowszymi dostępnymi danymi. W badaniu wykorzystano zmiany salda pierwotnego skorygowanego o wahania cykliczne, jako główny wskaźnik oceny kursu polityki fiskalnej. Wyniki wskazują, że polityka fiskalna w tych krajach była przeważnie restrykcyjna. ; This work was supported by the Polish National Science Center under grant number DEC-2014/15/B/HS4/01996.

The aim of this paper is to analyse tax revenues and examine similarities of selected tax revenues (mainly VAT, CIT, PIT and excise duty) in the European Union countries. The analysis of the EU members concerns the period between 2003 (i.e. the year preceding the biggest enlargement of the EU) and 2012 (due to data completeness). Tax rates and the structure of tax revenues in the EU countries were compared and then the cluster analysis was applied to assess the similarity of tax revenues. The analysis suggests that the process of tax harmonization, which took place in the period considered, did not exert a significant impact on the similarity of the structure of tax revenues in the EU countries. The structure seems to be still determined by e.g. social, economic or historical factors, which influenced the tax systems creation in particular EU countries.

In relation to assets, liquidity generally relates to the ease by which an asset can be sold immediately after purchase without incurring losses of any kind. These losses could be due to price changes or various transaction costs. This can be seen with respect to various instruments (such as stocks or futures contracts), market segments, or even entire exchanges. The importance of liquidity has been acknowledged a long time ago. A considerable number of studies have investigated stock liquidity, providing evidence that more illiquid stocks have higher returns, which may be deemed an "illiquidity premium". This paper examines various factors which have an effect on liquidity by presenting the results of research concerning relations between liquidity and stock returns on the Warsaw Stock Exchange (WSE), the Budapest Stock Exchange (BSE) and the Vienna Stock Exchange (VSE). The main objective of the study is to determine whether there is a statistically significant relationship between the trading liquidity of the shares and the evolution of the rate of return on these shares. The applied research methodology is similar to that described by Datar, Naik and Radcliffe in their work "Liquidity and Stock Returns: An Alternative Test".

The importance of liquidity has been acknowledged for a long time now. Liquidity is defined as the ease with which an asset can be converted into cash. A considerable number of studies investigated stock liquidity providing evidence that more illiquid stocks yield higher returns which include an illiquidity premium. According to Amihuda and Mendelson (1986b: 43–48), a required rate of return on the shares (gross, i.e. after taking into account the cost of liquidity) should increase with increasing liquidity, but the marginal increase should decrease with an increasing investment horizon, thus decreasing the likelihood of premature termination of the investment. As a result, investors with different investment horizons may require different rates of return per unit of time from the same shares (Huang 2003: 104–129). Investor horizon is the time period for which an investor holds a stock. Most of the research conducted on investment horizon links it to liquidity, supporting the thesis that it is negatively related to liquidity. "Transaction costs and the holding periods for common stocks" written by Atkins and Dyl (1997: 309–325) is one of the first papers to investigate the effects of liquidity on holding period. The aim of this study is to show the dependencies occurring between the phenomena of investment horizon and asymmetric information and the liquidity of shares of a company.

Celem badania jest ukazanie zróżnicowania powiatowych rynków pracy województwa wielkopolskiego ze względu na wysokość stóp bezrobocia rejestrowanego i charakter bezrobocia, a także ustalenie najważniejszych czynników wpływających na te wielkości. Podstawą badania są dane roczne z lat 2010–2021 pochodzące z Banku Danych Lokalnych GUS oraz sprawozdań powiatowych urzędów pracy (formularzy MRPiPS-01). Wyniki pozwalają stwierdzić, że choć województwo wielkopolskie charakteryzuje jedna z najniższych stóp bezrobocia w kraju, to jednak wewnętrznie jest ono dość zróżnicowane. Relatywnie najtrudniejsza sytuacja ze względu na stopę i charakter bezrobocia dotyczy powiatu konińskiego, natomiast najkorzystniejsza występuje w powiatach poznańskim, miasta Poznania, nowotomyskim i wolsztyńskim.

The aim of this article is to investigate the similarities between the EU countries in terms of achieving the Europe 2020 Strategy goals. Due to the latest data availability, the analysis is based on the year 2014. The study uses grouping methods, including the k-means algorithm. The results indicate the existence of a division between the "old" and "new" European Union Member States. However, as is shown, some of the Strategy's targets have already been achieved and some indicators have been nearly achieved, whereas among others, such as implementation of the headline indicator for investment in the R&D sector as a % of GDP is uncertain. The average performance of headline indicators for the EU-15 and EU-13 countries seems to be similar and exhibits the same trend of changes.

The aim of this article is to investigate the similarities between the EU countries in terms of achieving the Europe 2020 Strategy goals. Due to the latest data availability, the analysis is based on the year 2014. The study uses grouping methods, including the k-means algorithm. The results indicate the existence of a division between the "old" and "new" European Union Member States. However, as is shown, some of the Strategy's targets have already been achieved and some indicators have been nearly achieved, whereas among others, such as implementation of the headline indicator for investment in the R&D sector as a % of GDP is uncertain. The average performance of headline indicators for the EU–15 and EU–13 countries seems to be similar and exhibits the same trend of changes. ; Celem artykułu jest zbadanie podobieństwa krajów Unii Europejskiej pod kątem realizacji celów strategii Europa 2020. Z uwagi na dostępność danych, analizę oparto na realizacji wskaźników za 2014 r. W badaniu posłużono się metodami grupowania obiektów, w tym metodą k‑średnich. Uzyskane wyniki wskazują na podział krajów z wyraźną dominacją podziału na kraje starej i nowej Unii Europejskiej. Jak pokazuje analiza część założonych celów już została osiągnięta, część zbliża się do wartości ustalonych celów, podczas gdy np. realizacja celu dla wskaźnika wydatków na badania i rozwój wyrażonych jako ich udział w PKB jest niepewna. Średnie wykonanie w zakresie głównych wskaźników dla krajów UE–15 i UE–13 wydaje się być zbliżone i o podobnym trendzie.

Opracowanie dotyczy oznaczeń wykorzystywanych w działaniach marketingowych polskich miast. Są to tradycyjne herby, często o bogatej symbolice i historycznych odniesieniach oraz loga uznawane jako znaki promocyjne, oparte na współczesnych walorach poszczególnych miejscowości. Autorzy dokonali oceny podobieństwa obu tych oznaczeń w zakresie symboliki i kolorystyki. Wyniki tej oceny zaprezentowano w układzie województw oraz z uwzględnieniem wielkości miasta. Szczególną uwagą objęto kategorię miast małych.

The importance of the central bank and the government conduct- ing their policies has increased recently, with more attention being given to the effectiveness of policy mix. The non-cooperative models of the monetary and fiscal game are frequently employed to study interactions between both authorities. The models assume that the authorities take into account each other's choices when making decisions. It is also important to remember when seeking equilibrium in the non-cooperative models that in the Nash Equilibrium (which is sought in this study) the parties try to come up with the best response to the opponent's decision. The aim of the paper is to present the Nash Equilibrium in a non-cooperative game between the government and the central bank using a non-cooperative model of a fiscal-monetary game (a policy-mix MODEL). This study demonstrates that in the Nash Equilibrium in the model, the budget deficit and interest rate of an EU member state depend on the exogenous data (external to the model), such as inflation target, base inflation and the Maastricht deficit limit. This study is enhanced by an analysis of the government and central bank's sensitivity to the deep parameters of economic variables.

This paper analyzes the relationship between growth opportunity measures and the future growth of companies. If there is a correlation between a company's growth potential and its real growth, then the markets are more predictable and effective. The survey was conducted on the example of the following European markets: Austria, the Baltic Countries, Hungary, France, Poland, and Germany. The goal of this paper is to assess the relationship between growth opportunity measures and the future growth of companies listed on the stock exchanges of some markets in the European Union. The countries considered can be classified according to the size of the state, market liquidity, and the maturity of the exchange. Those external factors were expected to influence the strength of the growth and its opportunity relationship. It was found that growth opportunity measures based on market prices have predicting power for the future growth of companies. They are also strongly related to companies' future growth in large countries and weakly related to future growth in small countries. This paper adds to the literature on the application of growth opportunity measures regarding market characteristics. These results are in line with the view that market liquidity should increase its efficiency in revealing the value of stocks and the Comprehensive Advantage of Large Countries hypothesis.