The approach of a unilateral impact of the financial sector on economic growth was invalidated by the last financial crisis which very quickly changed into a global economic crisis. The aim of the study is the analysis of the impact of the financial sector on economic growth in the context of the growing phenomenon of financialization, which was one of the significant reasons of the financial crisis. The study was focused on presenting the growing scale of this phenomenon and analysing the impact of money supply in USD and EUR on world GDP and the GDP of the USA and the Eurozone. The following hypothesis was postulated: the growing process of financialization causes the growth of the USD and EUR supply, influencing changes in the world GDP, the GDP of the USA and the Eurozone. The study confirmed the hypothesis of the relation of the money supply with changes in economic growth. However, influencing economic growth with the money supply causes the purchasing power of business entities to decrease and causes growing debt. Furthermore, it does not contribute to the strength of the real economy. A repair of the current “system“ should not be sought for in constantly increasing macroprudential regulations, but in a return to a country’s interventionism, leading to a change in the priorities of the actions of financial institutions; mainly banks, and the supply of money based on fixed parities (gold, energy).
The aim of the article is to analyse the spread and diffusion of socio-economic development in Poland in 2004-2016, while considering spatial aspects. Using the linear ordering method in the non-pattern version, a synthetic development measure for all municipalities in Poland was built based on a set of 77 features illustrating various socio-economic aspects, reduced to 25 features. For the measure constructed in this way, the convergence of the beta and sigma type has been examined, divided into 3 groups of municipalities (rural, urban and urban-rural), as well as in regional division. Using the methods of spatial econometrics, the occurrence of spatial effects was examined, in particular the attention was paid to the relationship between the processes of spreading development and spatial forms of diffusion of development. The analysis also allowed to determine the strength of local impacts of spatial connections between individual municipalities.
This study examines the causal links between improvements in economic freedom and changes in GDP per capita of new EU members in transition in the period 2000‒2009. The empirical results suggest significant causality running from changes in monetary and fiscal freedom, trade openness, regulation of credit, labour, and business, legal structure and security of property rights, and access to sound money to movements in GDP per capita, especially in less and moderately developed CEE transition countries. Moreover, we find evidence that improvements in economic freedom are one of the main factors stimulating the convergence of these economies towards rich EU members. The evidence of causality in the opposite direction is much weaker.
The smart city concept is constantly evolving. More and researchers in Poland and also in the whole world deal with this issue. In practice, it is noted that in cities around the world you can find more and more implemented projects referred as smart, in particular in Barcelona, Vienna and Copenhagen and others. According to the classical definition, smart city means introducing solutions based on the latest information technologies to urban spaces in order to improve the quality of life of city residents. Smart city is a city concept in which solutions can solve the most important problems related to the functioning of cities, such as improvements in public transport and goods in cities, counteracting climate change through the use of energy-saving solutions of city lighting, social inclusion (access city) and others. The concept of smart city is based on IT solutions that are constantly modernized and adapted to specific needs of individual cities. By using real-time access to information, they help make more efficient decisions for city users. However, recent approaches highlight the relationship between modern network technologies and the urban community. One can notice the focus of the researchers on the relational approach, which means combining the smart city concept with the participation of residents in the city management process, and in particular making choices and implementing smart projects. In this sense, the smart city idea defines the way of managing a city in which relations between the self-government, IT providers and science as well as the inhabitants of the city are particularly important. Responding to the needs of residents is particularly important as counteracting the tendency to focus smart products and services in richer places and create socalled an innovation hub with the simultaneous periphery of the remaining districts. Criticism of the smart city concept focuses on the problem of the social polarization of cities, in which the technological revolution contributes more to the increase of socio-economic disparities rather than their decreasing. The aim of the article is to answer the question whether the implementation of the smart city concept polarizes the urban community and does it allow the inclusive development of cities?
The paper discusses Bayesian productivity analysis of 27 EU Member States, USA, Japan and Switzerland. Bayesian Stochastic Frontier Analysis and a two-stage structural decomposition of output growth are used to trace sources of output growth. This allows us to separate the impacts of capital accumulation, labour growth, technical progress and technical efficiency change on economic development. Since estimates of the growth components are conditioned upon model parameterisation and the underlying assumptions, a number of possible specifications are considered. The best model for decomposing output growth is chosen based on the highest marginal data density, which is calculated using adjusted harmonic mean estimator.
Socio-economic development as well as factors and determinants of development. The scientific language, as well as everyday and literary language, is in constant development. The effect of this development is the multiplication of flavored notions and concepts leading to many misunderstandings and ambiguities, which should not happen in the scientific language. The presented texts should be written in a language that is clear, simple, logical, unambiguous and understandable, and their interpretation should not cause problems. This article presents remarks concerning the interpretation of such basic notions of socio-economic sciences as socio-economic development, economic growth and factors and conditions of development, quite freely used in scientific texts. It also contains the correct interpretation of these notions, especially in reference to the language of socio-economic geography, regional economics and socio-economic and spatial development and planning. Only an unambiguously interpreted text can be a platform for mutual understanding, basis for scientific discussion and the way to the the real development of science.
The article presents the concept of intelligent city. Cities are unquestionably central to many topics in economics and regional science: the business location, the driving forces for business, the economic growth factors, externalities and amenities, knowledge spillovers and knowledge hubs. But what, exactly, is city in this context. This paper argues that today city should be seen more as an intelligent economic system allowing the utilisation of economic and public value than a technology- rich and smartly managed place. Thinking about cities through this particular lens allows insights from a variety of fields – including public services analysis in urban economics, regional science studies and business studies in economic geography – to be applied. This opens new approaches to issues such as institutional and territorial origins of governance processes.
Regional differentiation of economic growth in Poland between 1995 and 2015. The paper explores the regional differentiation of economic growth in Poland between 1995 and 2015 in terms of GDP per capita. The historically lagging-behind regions of eastern Poland has shown relatively high dynamics and reduced the gap vis-à-vis Western European regions. At the same time, they have not been catching up with the fastest growing metropolitan areas, which leads to increased inter-regional disparities in the country. The lowest rate of growth is characteristic of northern regions and western borderland, which is related to their social and cultural features, including poor human capital, and limited internal market. There is moderate correlation between regional economic growth and the quality of life. The least favourable situation in both respects is found in the German borderland.
This paper presents an empirical analysis of economic growth in respect of its components, namely input change, technological progress and changes in efficiency. In this work the Bayesian Stochastic Frontier method as well as the output change decomposition procedure, are used in order to evaluate their influence on economic growth. The use of panel data in the study allows for a detailed analysis of economic growth in a given economy and enables the search for general patterns that govern the process. The study is carried using a set of sixteen countries over the period 1995‒2005.
Changes in the size and the age structure of a population have a great impact on an economy, especially on national savings and capital flows. Poland’s population, although still relatively young when compared to other developed countries, is expected to experience accelerated ageing and decline in forthcoming decades. In this paper, we assess the effects of these processes for Polish economy. Using an open-economy OLG model with demographic shocks and a variable retirement age, we simulate dynamics of real interest rates, main macro aggregates as well as net foreign assets to GDP. We show that rapid ageing will reduce the interest rate gap between Poland and the developed countries by 1.3-2 p.p. We also document a strong positive relationship between interest rates and the retirement age and find that the decline in the interest rate in Poland is primarily driven by the surviving probability shock