Roczniki Ekonomii i Zarządzania

The Impact of the Foreign Exchange Market on the Interbank Interest Rates and the Credit Activity of Hungarian Households

Jacek Bednarz, Stanisław Gędek — Fri, 06 Mar 2020 11:18:37 +0100

The study attempts to assess the impact of developments in the forint exchange rate against euro on the level of interest rates on the Hungarian interbank market and the observed credit activity of the household sector. The analysis showed the flow of Granger causality sense within the mechanism of monetary transmission from the currency market to the credit activity of Hungarian households, especially in contract periods of more than one year and five years. At the same time, the transmission of information between the forint exchange rate (EUR/HUF) and the Hungarian interbank market showed the bidirectional impact of impulses.

The Social-Economic Development of Lublin in Relation to Voivodship Cities of Eastern Poland in the Years 2012-2017

Robert Pankiewicz — Fri, 06 Mar 2020 00:00:00 +0100

Voivodship cities play a key role in the social-economic development of each region. They focus most of the economic and social activity of the region. The economic development of cities affects the development of neighboring areas, and the magnitude of this impact depends to a large extent on the importance of the center. The aim of the article is a comparative analysis of the level of social--economic development of voivodship cities of Eastern Poland, based on selected diagnostic features (variables). The source material for the study was data from the Local Data Bank (Statistical Central Office, GUS) for the years 2012 and 2017.

The Importance of Startups in the Polish Economy Against the Background of Micro and Small Enterprises

Marek Tomczuk — Fri, 06 Mar 2020 11:20:16 +0100

A startup enterprise is often understood primarily as a micro or small, new company, whereas there is a significant difference between these types of entrepreneurship. The most popular definition of a startup is currently formulated by Steve Blank, who argues that “a startup is a temporary organization that is looking for a repeatable and scalable business model”. Blank believes that “startup is not a small version of a large company”. Currently, Poland is at the stage of changing the economic model, shifting towards non-price competitiveness, for which creativity and innovation are needed. In this context, startups – with their dynamism and the ability to redefine entire areas – are very desirable.

Cohesion Policy in Poland – Assumptions vs Effects (Selected Quantitative Aspects)

Dorota Jegorow — Fri, 06 Mar 2020 11:20:46 +0100

The article discusses the quantitative effects of cohesion policy in Poland, measured among others level of GDP per capita and the amount of funds raised from the EU budget (in the basic NUTS 2 system). The analysis, based on public statistics dating back to 2004, showed that the development distance of individual regions and subregions is relatively stable, and it remains in a strong positive relation with the amount of subsidies received. The largest amount of European funds has hit voivodships with the highest GDP per capita so far.

Evaluation of the Investment Project Capacity Using the Real Options

Krzysztof Bednarz — Fri, 06 Mar 2020 11:21:22 +0100

The traditional approach to assessing the profitability of investment Project is characterized by a static formulation. It consists in the fact that once adopted assumptions yet at the stage of calculation and all calculations related to the investment are fixed and remain unchanged. Therefore, both the literature and practice use the so-called real option valuation (ROV), which is characterized by a certain flexibility in the approach to original assumptions. Thus, there was a need to value such flexibility that appears in most investment projects. Optional approach presented in the article (real option) gives managers more possibilities in making decisions because it eliminates the basic disadvantages of traditional calculations in which once adopted assumptions can not be changed. The article presents the practical application of the selected real option valuation for specific investment project.

Classification of Risk in Public Procurement

Mirosław Urbanek — Fri, 06 Mar 2020 11:21:59 +0100

Risk is an inherent element of any activity. It also applies to the units of the public finance sector. The obligation imposed by the legislator to introduce management control mechanisms enforced the systematic approach on the risk management as well. This approach is very particular in relation to spending of public funds carried out in the public procurement process. Risk management is a process. Its essential element is the identification and classification of risk. The aim of this article is to propose a methodology for classifying risk in public procurement. The author described the public procurement market, pointing to the principles that shape it. He presented the concept, purpose, and stages of management control. On that basis, he outlined the concept of classification of risk in public procurement. According to the author, the knowledge about possible threats occurring in the public procurement procedure, the effects of their occurrence, and the impact on the objectives pursued by the individual is extremely important. Moreover, its appropriate systematization, ordering and classification can improve the risk management process. The proposed method of classification of risk in procurement may be flexibly adopted in various JSFPs, improving the effectiveness of risk management.

The Significance of Open Pension Funds for the Polish Financial Market

Wojciech Wyszyński — Fri, 06 Mar 2020 11:22:39 +0100

Open Pension Funds (OFE) operating for the last two decades are part of both social security and financial market. During that time they were subject to many amendments, of which the reform of 2014 was the most crucial. They had substantive and positive influence on the development of the whole financial market and in particular contributed to the strengthening of the Warsaw Stock Exchange position and joint-stock companies listed there. Since the reform introduced in 2014 OFE are not allowed to invest in debt instruments issued or guaranteed by the government and that is the main reason for the engagement in the shares of the domestic companies at the level of 75-80% of assets under management. Unfortunately the OFEs did not contributed so significantly to the development of the markets for the other classes of financial instruments.

The Influence of Leases on the Balance of Farming Crops in the Mazovia Region and Podlasie Region

Mirosław Machnacki — Fri, 06 Mar 2020 11:23:13 +0100

The aim of the study is to determine the state of economic, social and ecological balance of farms like field crops of the Mazowsze and Podlasie region against the background of the whole country and the impact of leases on the indicators describing the sustainability of farms. The farms of the Masovia and Podlasie region are characterized by a smaller area of UAA and a smaller share of leases, which negatively affects the efficiency of work and capital employed. A larger share of own work and management on own land, however, results in higher efficiency of material inputs.