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The emergence and development of the cryptocurrency as a sign of global financial markets financialisation 加密货币的出现和发展是全球金融市场金融化的标志
Central European Review of Economics & Finance Pub Date : 2022-03-31 DOI: 10.24136/ceref.2022.004
Robert Poskart
{"title":"The emergence and development of the cryptocurrency as a sign of global financial markets financialisation","authors":"Robert Poskart","doi":"10.24136/ceref.2022.004","DOIUrl":"https://doi.org/10.24136/ceref.2022.004","url":null,"abstract":"The article presents one of the most important, in the author's opinion, manifestations of further intensification of the processes of financialisation of global financial markets, which was the emergence of decentralized digital currencies (so-called cryptocurrencies) based on blockchain technology. Their creation and existence on the global financial market have been widely considered as one of significant effect of the global financial crisis, which symbolic beginning is September 15, 2008, when one of the largest US investment banks Lehman Brothers collapsed. The worldwide COVID-19 pandemic has only highlighted the importance of this effect of financialization. The purpose of the article is to present the impact of cryptocurrencies, including bitcoin, on the deepening of the processes of financialisation of modern financial markets. Author analysis is based on statistical data, on the literature review and documents of world financial institutions.","PeriodicalId":442029,"journal":{"name":"Central European Review of Economics & Finance","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116088533","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}
引用次数: 1
Effects of Fiscal Preferences on Profitability of Enterprises Against the Gross Domestic Product in Poland 财政优惠对波兰国内生产总值下企业盈利能力的影响
Central European Review of Economics & Finance Pub Date : 2022-03-31 DOI: 10.24136/ceref.2022.003
R. Lisowski, M. Wozniak
{"title":"Effects of Fiscal Preferences on Profitability of Enterprises Against the Gross Domestic Product in Poland","authors":"R. Lisowski, M. Wozniak","doi":"10.24136/ceref.2022.003","DOIUrl":"https://doi.org/10.24136/ceref.2022.003","url":null,"abstract":"Fiscal preferences belongs to the measures of public policy which aim is supposed to fix the market failures. However, there is a shortage of studies which evaluates the effects of the fiscal instruments on enterprises from all sectors. Moreover, it is not clear how strong their influence in comparison to other external factors. One of the most important of the external determinants is the economic growth. Therefore, the aim of the paper is to analyze the effects of fiscal preferences on profitability of enterprises against the Gross Domestic Product (GDP) and its components in Poland. We set three hypotheses but only two of them could be confirmed and only in some part. The effects of the fiscal instruments on profitability is positive although only for some kinds of enterprises. It was a little stronger impact than for selected macroeconomic variables connected with GDP. However, one must take into consideration that the impact of GDP or some of its components is negative and regards medium-sized companies.","PeriodicalId":442029,"journal":{"name":"Central European Review of Economics & Finance","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114302603","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}
引用次数: 0
An analysis of the relationships among NASDAQ Baltic stock exchanges: VAR approach 纳斯达克-波罗的海证券交易所间关系分析:VAR方法
Central European Review of Economics & Finance Pub Date : 2021-12-31 DOI: 10.24136/ceref.2021.012
Łukasz J. Zięba
{"title":"An analysis of the relationships among NASDAQ Baltic stock exchanges: VAR approach","authors":"Łukasz J. Zięba","doi":"10.24136/ceref.2021.012","DOIUrl":"https://doi.org/10.24136/ceref.2021.012","url":null,"abstract":"The author examines the relationships among three stock exchanges of selected Baltic countries: Latvia, Estonia, and Lithuania. The respective stock exchange indexes are used as variables, OMXR for Latvia, OMXT for Estonia, and OMXV for Lithuania. The regression equations are estimated with the use of Vector Autoregressive (VAR) model. The author employs 80 observations for the sample period from2002 Q1 to 2021 Q4. After determining the optimal lag order, the impulse response function is calculated. The variance decomposition is carried out subsequently. A causality among the stock exchanges in question is determined.","PeriodicalId":442029,"journal":{"name":"Central European Review of Economics & Finance","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128206379","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}
引用次数: 0
The Influence of the Capital Market on Economic Growth in the USA 资本市场对美国经济增长的影响
Central European Review of Economics & Finance Pub Date : 2021-12-31 DOI: 10.24136/ceref.2021.013
Rafał Czupryn, Łukasz Wójtowicz
{"title":"The Influence of the Capital Market on Economic Growth in the USA","authors":"Rafał Czupryn, Łukasz Wójtowicz","doi":"10.24136/ceref.2021.013","DOIUrl":"https://doi.org/10.24136/ceref.2021.013","url":null,"abstract":"This article analyzes the impact of the capital market on economic growth in the US with the use of annual data. The study covers the years 1975-2019. As part of the analysis, the construction and estimation of an econometric model was made using the GRETL program. The obtained results confirmed the statistically significant influence of the capital market on the economic growth in the USA.","PeriodicalId":442029,"journal":{"name":"Central European Review of Economics & Finance","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122177889","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}
引用次数: 0
The Effect of Indirect Taxes on the State Budget Revenue 间接税对国家预算收入的影响
Central European Review of Economics & Finance Pub Date : 2021-12-31 DOI: 10.24136/ceref.2021.015
A. Wolak-Tuzimek, Weronika Tuzimek
{"title":"The Effect of Indirect Taxes on the State Budget Revenue","authors":"A. Wolak-Tuzimek, Weronika Tuzimek","doi":"10.24136/ceref.2021.015","DOIUrl":"https://doi.org/10.24136/ceref.2021.015","url":null,"abstract":"Taxes are among the key economic instruments by means of which the state fulfils its functions in the economy. Depending on the relation of an object of taxation to a source of tax, two tax types are distinguished: direct taxes, where the nominal (formal) and real taxpayers are clearly identical, and indirect taxes, where such identity is not present, i.e., a formal source of a tax is not the same as its real source. This paper intends to discuss the fiscal significance of indirect taxes to the state budget. The analysis implies the indirect taxes generate high budget receipts not only at times of economic growth but also during economic crises. In 2016-2020, indirect taxation accounted for the largest proportion (an average of 70%) of all the state budget?s tax revenue. A dominant status of the value added tax among the overall income of the state budget could be noted as well. It constituted 44% of the total income on average at the time. In addition, the results of a correlation matrix show a strong link between the state budget revenue and indirect taxes. A statistical analysis affirms the research hypothesis that indirect taxation has a considerable impact on the state budget?s revenue.","PeriodicalId":442029,"journal":{"name":"Central European Review of Economics & Finance","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133617360","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}
引用次数: 0
Development of small and medium-sized enterprises sector and the use of European Union structural funds in the Radom subregion 在拉多姆分区域发展中小型企业部门和使用欧洲联盟结构基金
Central European Review of Economics & Finance Pub Date : 2021-12-31 DOI: 10.24136/ceref.2021.014
Elżbieta Noworol-Luft, K. Kalinowska
{"title":"Development of small and medium-sized enterprises sector and the use of European Union structural funds in the Radom subregion","authors":"Elżbieta Noworol-Luft, K. Kalinowska","doi":"10.24136/ceref.2021.014","DOIUrl":"https://doi.org/10.24136/ceref.2021.014","url":null,"abstract":"The aim of the chapter was to analyze the use of European Union structural funds by the sector of small and medium enterprises in the Radom subregion. There was one hypothesis and one research question posed in the study. On the basis of literature studies, as well as the observation of economic reality, the SME sector for the Radom subregion was discussed, as well as the role of European Union structural funds in four programming periods. The theoretical part includes a detailed author's questionnaire containing fifteen variables relating to the effects of implementing projects co-financed by EU funds on a group of 100 companies in the SME sector of the Radom subregion.  The paper contains results for a group of a national study conducted in September 2021 (100 enterprises) that used the method of Computer-Assisted Telephone Interview (CATI) are presented. The paper contains the author?s original research into a representative group of SME?s enterprises that can be generalised to the entire population.","PeriodicalId":442029,"journal":{"name":"Central European Review of Economics & Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130103109","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}
引用次数: 0
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