Central European Review of Economics & Finance最新文献

{"title":"Monetary Policy Targets and Macroeconomic Equilibrium. Some Theoretical Remarks","authors":"J. Bednarczyk","doi":"10.24136/ceref.2021.001","DOIUrl":"https://doi.org/10.24136/ceref.2021.001","url":null,"abstract":"Purpose: The article attempts to systematize the strategies undertaken by individual countries (groups of countries) after the 2007+ crisis with regard to stabilizing prices and supporting economic recovery. It is about highlighting the strengths and weaknesses of particular types of strategies as well as opportunities and threats related to their implementation. \u0000Methodology: In the theoretical analysis, three types of economies were distinguished, using as a criterion the orientation of a given economy towards securing price stability or supporting economic recovery. The classical dynamized AD-AS model, commonly used in macroeconomics, and the SWOT analysis were used as a research tool. \u0000Findings: The basis for differences in the approach of economic authorities of individual countries to the problem of stabilizing prices or supporting economic recovery is the mandate of the central bank. Depending on the type of strategy implemented by the central bank, individual countries and groups of countries react diametrically to exogenous shocks, which results in different results in terms of economic growth and employment. \u0000Practical Implications: The results can be utilized by central authorities (central banks) in formulating assumptions and forecasts of monetary policy. \u0000Originality / Value: The paper contains an  original division of countries / groups of countries due to their orientation in the field of medium-term stabilization policy. The analyzes of these countries are also original, having no equivalent in the world literature on this subject.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"147 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127255895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The conditions of development of innovative business undertakings at the time of the COVID-19 pandemic","authors":"Katarzyna Sieradzka","doi":"10.24136/ceref.2021.003","DOIUrl":"https://doi.org/10.24136/ceref.2021.003","url":null,"abstract":"The paper is theoretical and analytical and aims to analyse and assess the impact of the COVID-19 pandemic on start-ups in Poland. Its first part discusses the specific nature of start-ups and the conditions of their development, known as the start-up ecosystem. The effect of these entities on economic development is addressed, too. The article then attempts to assess, based on domestic and international reports and analyses, the impact of the SARS-CoV-2 pandemic on start-ups in Poland and the prospects of their development.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122319636","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Railway efficiency. Metodological aspects","authors":"A. Mężyk","doi":"10.24136/ceref.2021.002","DOIUrl":"https://doi.org/10.24136/ceref.2021.002","url":null,"abstract":"Improving market competitiveness and economic efficiency was the objective behind the demonopolisation and liberalisation of the railway sector in the European Union. Achieving this objective remains important and crucial to the development of a single rail transport market. The transport performance and financial results of the sector under the new, separative organisational structure of railways in the EU is the result of the action of many different actors, private operators and public entities. This significantly complicates the development of uniform and clear comparable performance evaluation indicators for the sector and makes comparative analyses difficult. Moreover, the specific situation of railways in the EU as a tool for implementing environmental and social policy may conflict with the requirements of financial efficiency. The article presents determinants and methods of measuring railway efficiency proposed by researchers and practitioners.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128777456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The European Union fiscal policy framework and fiscal sustainability: challenges for the post-crisis environment","authors":"Urszula Kosterna","doi":"10.24136/ceref.2021.008","DOIUrl":"https://doi.org/10.24136/ceref.2021.008","url":null,"abstract":"The fiscal policy framework in the European Union was originally agreed upon in the Maastricht Treaty 30 years ago. In the following years it has been supplemented (Stability and Growth Pact) and modified, influenced by the experience of its application practice and external shocks, such as the financial crisis. However, the essence of this framework remained the same - member states are obliged to conduct a disciplined fiscal policy, which, in a nutshell, is assessed by comparing the ratio of budget deficit and public debt to GDP in a given country to the reference values. Even before the outbreak of the Covid-19 pandemic, the need to change the mechanisms for disciplining fiscal policy was widely recognized. High and persistent levels of public debt, pro-cyclicality of fiscal policy, shortage of public investment and the complexity of fiscal rules and their weak enforceability are indicated as unfavorable features of public finance. In 2019 the COVID-19 pandemic came as the biggest shock to the world community since World War II. In the context of the provisions on fiscal discipline, in May 2020 the Commission and the Council activated the general escape clause of Stability and Growth Pact, for the first time ever. This has allowed member states to take the necessary fiscal measures to deal with the crisis. On 19 October 2021, the European Commission adopted a Communication relaunching the public consultation, put on hold in March 2020, on the EU?s economic governance framework. The new governance framework should be tailored to the challenges the EU is facing, including the challenge of achieving a fiscal stance that is appropriate for the euro area as a whole.  There is a fairly widespread belief in the need to move away from rigid reference values, which should be replaced by solutions that ensure the sustainability of public debt in the differing circumstances of member states. The proposed options for the revision of the EU fiscal framework, although justified in theory, have a fundamental flaw - they strengthen the position of supranational institutions and, moreover, open the door to discretion and potentially unequal treatment of member states. These proposals can be seen in a broader context - the federalization of the EU, which would limit the sovereignty of nation states.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124665003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"EU rail passenger transport: an important determinant of sustainable development","authors":"A. Mężyk","doi":"10.24136/ceref.2021.004","DOIUrl":"https://doi.org/10.24136/ceref.2021.004","url":null,"abstract":"The 2030 Agenda for Sustainable Development has become the global blueprint for sustainable development. Sustainable development is supposed to change functioning of societies and economies in order to minimize negative ecological effects, at the same time providing for the needs of present and future generations. Due to its functions, transport is indispensable for meeting these needs, but it also generates demand for energy resources and has a negative impact on the environment. Appropriate shaping of transport systems is, therefore, an important element of the transformation of economies towards sustainable development and thus a key task for government policy. Rail is among the most energy efficient modes of transport for freight and passengers. The aim of this article is to assess the development of rail passenger transport in European Union countries on the basis of statistical data in the context of the need to transform mobility systems in accordance with the principles of sustainable development. The analysis of the data shows that the development of rail transport is low compared to road and air transport, which raises questions about the reasons for this fact and the further measures needed.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128203037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Foreign direct investment in the post-communist member states of the European Union: who are the leaders?","authors":"Grażyna Kozuń-Cieślak, Ewa Markowska-Bzducha","doi":"10.24136/ceref.2021.005","DOIUrl":"https://doi.org/10.24136/ceref.2021.005","url":null,"abstract":"Joining the European Union has been treated as a chance for Poland and other post-communist countries to improve their economic growth and development. It was clear from the beginning that it was going to be a long and demanding process in which success is only possible if appropriate economic policies are pursued. That policy should provide stable frameworks to support business development, attract foreign direct investments (FDI), keep the discipline in public finances and assure the right institutional ability and managerial skills to absorb the EU funds. According to forecasts by The McKinsey Quarterly from 2004, 5% Poland's economic growth rate was to require around USD 10 billion of annual FDI inflow! The aim of this study was identifying the leaders in attracting FDI among post-communist European Union member states in the period of 2004-2020. The research showed a huge variation in attracting foreign capital among eleven post-communist EU members. Estonia, the Czech Republic, Hungary, Slovakia seem to be winners in this race, leaving Poland far behind.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"335 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114056980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate deleveraging. Lessons from the Polish experience (2006-2017)","authors":"Christophe Cathala","doi":"10.24136/ceref.2019.010","DOIUrl":"https://doi.org/10.24136/ceref.2019.010","url":null,"abstract":"How long do firms need time to reduce their debt level? We know from literature that the process is not rapid and mainly justified by the need to ensure financial flexibility in case of opportunities in the near future. Our purpose is to observe the behaviour of Polish firms in such process and the time needed (if any) to come back to their bottom border in terms of debt level. Our focal point is to appreciate if we have differences between firms in terms of size and sectors which could influence capital structure theories. The debt level defined is the debt net ratio, observed over 12 years (from 2006 to 2017) with a trough level estimated at the median of the ratio over such period. In line with previous studies, we find that the process to come back to the trough is not so rapid. However, and it is the originality of our article, we find significant differences between firms in terms of size (3.27 years for small firms against 5.13 years for medium firms and 4.53 years for large firms) and in terms of sectors. Our findings are consistent with a capital structure theory which focuses on differences between firms in terms of size and sectors to generalize some consistent and recurrent behaviors towards debt.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134280739","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Migration and National Security of the Visegrad Countries. Does the Nation State Have a Superstate?","authors":"P. Rožňák","doi":"10.24136/ceref.2019.009","DOIUrl":"https://doi.org/10.24136/ceref.2019.009","url":null,"abstract":"Several serious circumstances led to the writing of this essay: since 2008 the crisis remains, albeit with varying degrees of intensity, the situation in the field of international security, as well as debt and institutional crises, are worsening not only in the eurozone. Probably the organized migratory wave of war, economic and climate migrants continues to move across the permeable borders of the Schengen area, showing how the European Union is fragile and helpless. [Klaus, Weigl, 2015] German Chancellor Angela Merkel said there is no upper limit for the number of people who would be admitted to escape political persecution in their country. Germany leaves the Dublin system inconsistently, runs counter to European cohesion and stops differentiating between the immigrant and the refugee. Migration divides EU Member States into patriarchal and patrimonial and distrust between municipalities. Between „old” and „new” EU countries, scissors are opened. In addition, in some regions of Europe (France, Belgium, Germany, Sweden, the United Kingdom) there are closed communities where the majority law is not valid. Our current socio-political and economic existence is based on a traditional understanding of security. However, the second decade of the 21st century represents a political and military conservative mirror that reflects the image of prosperity and security from a different angle than in previous years. Dramatic developments have led to massive migration of the peoples of the African and Asian continent and to the division of the European Union, especially with regard to the permanent mechanism of redistribution of asylum seekers. Our aim is to contribute to discussion and reflection on topical issues of security environment and security system as a follow-up to the dramatic development that have resulted in the massive migration of people from the African and Asian continent, and in the European Union's break-up, especially in view of the permanent mechanism of redistribution of asylum seekers. We are focused on to what extent the security system of the EU and national states has been threatened and what the threatening factors are. Our aim is to point out that the international security situation has not changed for the better in the second decade of the 21st century. For this purpose, the author uses deductive, analytical, comparative, scientific methods such as exploration, prediction, explanation, and Hanlon's razor.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116703331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evolution of payment methods in Greece – Determinants of their use","authors":"Pantelis Kyrmizoglou, Aikaterini Daoultzoglou","doi":"10.24136/ceref.2019.008","DOIUrl":"https://doi.org/10.24136/ceref.2019.008","url":null,"abstract":"From society’s point of view and the exchange of products, metal and gold, till the digital era of cryptocurrencies mediated a lot of phases in payment methods that Greeks used. In this assignment, means of payment are presented and analyzed through the years, differentiations and trends are examined as well as Greek citizens’, and not only, choices are commented according to the means of payment they use via statistical reports conducted by related entities. The aim of this primary research that has been developed in Delta Municipality is the specifying of factors which have an impact on users’ payment choices and also the discovery of a relation probably between those choices and those of sex, age, level of income or level of education. Findings show the general dominations of debit cards in all ages and level of income, for each kind of transaction (natural or digital), confirming the raise of plastic money in Greece after capital controls’ arrival. Speed, directness and convenience are the characteristics which are necessary to be fulfilled by a means of payment, but also another modern reason and necessity of plastic money is the new tax-free builder regime. Furthermore, loyalty programs that cards provide most of the time are really tempting. There is no familiarization neither with cryptocurrencies nor the new contactless media, but only for the concept, independently of age. Finally, grey payments are still a concerning issue, which are preferred by everyone verifying the Greek reality.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127321471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic development possibilities of the city of Suchedniów","authors":"Adam Andrzej Miernik","doi":"10.24136/CEREF.2019.007","DOIUrl":"https://doi.org/10.24136/CEREF.2019.007","url":null,"abstract":"Suchedniów is a city located in the northern part of the Świętokrzyskie voivodeship and has a rich industrial history. Since the turn of the 80's and 90's, the city has not found any effective ways for the local development. The aim of the presented article is to explore the development possibilities of Suchedniów with an indication of tourism and spa. Another goal is to analyze the tourist preferences of Polish residents, which give the picture of tourism and the sense of its development in the city. Another purpose of this article was to investigate the current health resort situation in Poland to find out whether the city's health-related development is justified. The adopted research methodology was based on surveys conducted among Polish citizens. These data provided information about the tourist preferences of Polish people. The received information also showed development trends in tourism in Poland. Another, alternative research method was critical analysis of literature and available information on the Internet. In this case, the internet is a very important source of information, because dynamic changes in this sector cause the information in the literature to be outdated. Conclusions resulting from the article show that there is a possibility of introducing tourist and health development paths in Suchedniów. Research and analysis shows that Suchedniów has the possibilities and conditions to go away from the industrial model and face towards tourism and spa. The present conditions and tourist preferences of Poles are also conducive to this type of transformation.","PeriodicalId":152320,"journal":{"name":"Central European Review of Economics & Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130066776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}