The concept of social capital is gaining increasing popularity among economists and governance practitioners. This is due to the recognition of the fact that a high level of social capital is important for the creation of socio-economic development of countries or territories – economic areas with a high level of connections between entities, organisations and residents. The formation of social capital, understood as the ability to cooperate with various social groups and operate efficiently within these groups, depends on the political system as well as the adopted norms and attitudes, education, styles of management in business organisations and public sphere entities, family ties, motivation to act, etc. The aim of the paper is to indicate various limitations of social capital development and to demonstrate that it is important to involve different communities in its formation In addition, attention is drawn to the fact that social capital generates externalities that are essential for the efficiency and eff ectiveness of governance in territorial systems, both in the economic and public utility sphere.
The article presents one of contemporary forms of Polish migration to other countries enabling migrants to gain new skills and experiences, namely the migration of Polish women taking part in the Au-pair program. The analyzed data were gathered through in-depth interviews with former participants of the Au-pair program in germany – one of the main destinations of this kind of migration from Poland.
One of the most important business areas of the company is the management of working capital. Energy companies that produce electricity and heat are the main consumers of steam coal, so their decision concerning stock levels is a major determinant of supply schedules. These decisions depend on legal and technical requirements as well as economic aspects. The seasonality of coal consumption jointly with pre-purchase costs and storage costs has a straight impact on delivery scheduling in a parabolic way. There is a divergence in expectations regarding delivery schedules among the coal market participants (energy, mining, transport companies). The purpose of this article is to present the concept of pricing of steam coal and transport service on the Polish market, assuming the use of price incentives, resulting in delivery scheduling during the year. The article presents selected theoretical content in the field of coal logistics and working capital management in the company, the expectations of the steam coal market participant regarding delivery schedules have been identified. The proposed concept of pricing steam coal and transport service should be discussed further in scientific and expert work.
Research on participation of social media users has contributed to our understanding of modern citizenship, civic engagement, and contemporary public sphere. Despite a growing interest in participatory practices in social media little is known about the factors affecting political participation of social media users. Based on an online survey of 700 social media users in Poland, this study examines the relationship between social capital (defined at the individual level as a resource embedded in personal networks) and political participation. It has been established that there is a contradictory relationship between social capital and participatory activities of social media users. Apparently, differences between the resources that are only embedded in personal networks on the one hand, and those that can be mobilized for purposive actions on the other, matter when association between social capital and political participation is considered. Moreover, the presence of these resources significantly varies across different types of social relations (family, friends and acquaintances) of respondents engaged in different participatory actions.
The selection of appropriate financial sources by enterprises is one of the key tasks faced by the management board. In the presented article, the Authors decided to verify the capital structure of companies from selected European economies and to compare this capital structure between developed and advanced developing markets. The research was conducted on 18 European economies, taking into consideration data for 2017 and five variables defining the structure of financing. The results of the analysis show that the economies in the basket of developed countries are characterised by a higher level of indebtedness, with the major difference in taking on interest-bearing liabilities.
This paper investigates the implications of the size of budget deficit in the open economy under perfect mobility of capital. For that purpose we construct a general equilibrium model with consumers maximizing the discounted utility of consumption, and firms maximizing profits. Government sets the size of the deficit relative to GDP and controls the structure of public debt. Using standard methods of optimal control theory we solve the model, i.e. we find explicit formulas for all trajectories and the level of welfare. Finally, we show that the higher the deficit-to-GDP ratio, the lower the welfare of consumers. Similarly, welfare increases with the share of foreign creditors in public debt.
The purpose of this empirical study is to find the relationship between economic growth and foreign direct investment (FDI) in the Commonwealth of Independent States (CIS) and Central and Eastern European Countries (CEECs) using endogenous technological change model. First, we combine the CIS and CEECs into one group to test our hypothesis, and then we test each group separately to account for heterogeneity and draw a conclusion whether FDI is indeed a driving force of the economy. Panel data have been used from 2003 to 2014 and different panel estimation methods have been applied. Additionally, we use the Generalized Method of Moments (GMM) panel estimator to control for endogeneity problem. The present study finds that FDI is an important factor explaining economic growth in the pooled group and CEECs, although it is not significant in the case of CIS.
In this paper we develop an open-economy endogenous growth model to examine the influence of fiscal policy on the economy in the long run. We allow for public deficit and 5 types of taxes. One of the novel features is separate treatment of interest rates on public and private debt, both of which are linear functions of appropriate debt-to-GDP ratios. Two extreme situations are analyzed: a model of “decentralized economy”, where economic agents do not take into account any externalities, and a model of “benevolent social planner”. We derive the rules of optimal fiscal policy that induce economic agents to internalize all externalities. Theoretical results are illustrated with an empirical analysis for Poland. The optimal values of several fiscal policy instruments for Poland are calculated.
This paper attempts to find out whether better quality of investor protection matters for the effect of capital ratio on loan growth of large EU banks in 1996-2011. We focus on several measures of the quality of investor protection with a proven track record in the banking literature, i.e.: anti-self-dealing index, ex-ante-control and ex-post-control of anti-self-dealing indices, and creditor protection rights index. Our results show that better investor protection decreases the procyclical impact of capital on lending. This effect is statistically significant for the ex-post-control index. This is consistent with the view that better shareholders rights reduces bank risk-taking, in particular during economic booms, which results in weakened sensitivity of bank lending to capital ratios in economic downturns. This effect holds for both unconsolidated and consolidated data and is robust to sensitivity checks.
The main thesis of this paper is the assertion that, in contrast to the prevailing opinion about the decline or deep crisis of the intelligentsia, it is precisely this social group—and especially its elite—that is the dominant actor in social life. This thesis emerges from an analysis of the role of the intelligentsia, using ‘longue durée’ categories and also the broader international perspective of ‘world system theory’, in which Poland is assigned to the (semi)-periphery. Elements of Pierre Bourdieu’s theory, particularly the idea of cultural capital and the field of power, are an important theoretical poin in the author’s argument. In this view, the structurally privileged position of the intelligentsia in Poland is understood as an aspect of the specific configuration of the Polish field of power, in which—at least since the end of the First World War—cultural capital turns out to be the strongest and most stable dimension in the creation and reproduction of elite social positions.
The article contains considerations on the historical evolution of globalization in the context of the rivalry between two basic concepts of economic system: pro-state option and pro-market option. The author assumes that globalization is a permanent feature of human aspirations. In the beginning of modern era it was interlocked with the alternating dominance of pro-market and pro-state tendencies, and it continues to appear in the same form until present times. The liberal economic thought has expressed these opposition in the state versus market formula. Over the last five centuries there have been five stages of alternating dominance of pro-market and pro-state forces, connected with globalization. First was the mercantilism with the significant role of state, and its antithesis was the XIX-century free-competition capitalism. Two last stages – the neo-liberalism dating from 1980 to 2008 and its antithesis from 2009 to 2019 – have been presented in detail. The previous stages are shown only as historical background. The analysis is preceded by the outline of a theoretical model of globalization connected with the alternating dominance of pro-state and pro-market tendencies, which can be seen as value added to the legacy of economic thought devoted to the relationship between market and state.
This article focuses on the question of the relation between the subject of The Modern World-System by Immanuel Wallerstein and the theoretical object of worldsystem analysis as a multidisciplinary approach that he proposed for history and the social sciences. The importance of this approach as well as its theoretical deficiencies are shown by examining two unanswered critiques of the first volume of The Modern World-System — one coming from Robert Brenner and the second from Fernand Braudel.
Academic culture is a set of rules (norms and values) regulating the institution of the university. The central component of academic culture is autonomy both in the sense of independence from external interference and the capacity to decide on research, teaching and organization of the university. Autonomy is endangered by the interference in academic culture of other cultural complexes characteristic for modern society: corporate culture, business culture, bureaucratic culture, financial culture, consumer culture. The resulting cultural clash is the reason for current crisis of the university. The defense of autonomy is the ethical and professional duty of scholars.
For development of the knowledge-based economy, potential and quality of university education are an important factors to increase a competitiveness of local, regional, national and international scales. To shape the modern economy, the development of university education and studies corresponding with contemporary socio-economic challenges play an important role. As a result, the formation of scientific and academic centres, which are the basic elements of knowledge-based of economy, determines the improvement of the human resources quality and the increase in innovativeness of spatial systems on various scales. The author has discussed the issue of changes in university education in Poland and its role in socio-economic activation of regional systems, and also defined the structure of major studies in regional (voivodship) systems. This paper research has initiated wider investigations which aim will be to answer to what extent the actual university education structure corresponds to contemporary and future socio-economic needs and competences. this level of education in Poland has to face with the growing globalization processes and increasing spatial competitiveness, not only in a regional scale, but also in the national and international ones, and actual reforms of Polish education and science system.
Financial management in a capital group is very important for its growth and operation. Liquidity risk management can be analyzed regarding their static and dynamic dimensions. The process can also be facilitated by cash management products offered by financial institutions. One of the mechanisms influencing the increase in cash management efficiency of a capital group examined in this article is cash pooling, notably multicurrency cash pooling. This type of product is based frequently on the virtual consolidation. Its essence is the consolidation of cash available on the accounts of individual system participants. Using this solution the capital group can manage surpluses and shortages achieving the “economies of scale” (cost reduction and maximization of interest income). Available one the banking services market solutions offer consolidation in USD, EUR, CHF, GBP. The article presents the definition of cash pooling and the essence of its operation. Based on the literature analysis, the article lists types of cash pooling and benefits associated with it. Following on from the solution described, the article presents a model of multicurrency cash pooling in a capital group, including steps necessary to implement it and proposed technical solutions. The solution is described, can be also successfully applied in capital groups of energy sector. Using multicurrency consolidation is very useful solution in deposits management for transactions concluded in international commodities exchanges.
The article considers the issues of the value of invested capital, methods of its measurement and its growth mechanisms. The author draws attention to relationship between the value of capital and the paradigm of economics, which ultimately indicates the existence of connections between the effectiveness of investment and the philosophy of economics. The main purpose of the article is to identify abnormalities in the valuation of assets by investors due to their incorrect or incomplete understanding of the value growth mechanism, the effects of which may assume significance on a macroeconomic scale.
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