Contents of issue 7-8/2008
Paweł Baranowski - The Taylor Rule and Its Extension, summary
Tomasz Tokarski - Registered Unemployment in Poland by Region in 1999-2006, summary
Paweł Kumor - Wage Disparities and Economic Growth, summary
Małgorzata Rószkiewicz - Factors Influencing Private Saving Rates in Poland, summary
Janusz Korol - Sustainable Regional Development in Poland in 1998-2005, summary
, articleEUROPEAN INTEGRATION
Małgorzata Stec - Comparison of European Union Countries by Development Level, summary
, articleCONFRENCES - POLEMICS - REVIEWS
Book Review: Grzegorz W. Kołodko, Wędrujący świat
(A World on the Move), Wydawnictwo Prószyński i S-ka, Warsaw 2008, 440 pp. - reviewed by Hanna Kuzińska
Book Review: Jan Tkocz, Podstawy geografii społeczno-ekonomicznej. Wykład teoretyczny
(A Textbook on Socioeconomic Geography), Wydawnictwo Uniwersytetu Śląskiego, Katowice 2007, 268 pp. - reviewed by Aleksander Jakimowicz
Book Review: Kazimierz Kuciński (ed.), Geografia. Kompendium w zarysie i zadaniach
(A Textbook on Economic Geography), Difin, Warsaw 2007, 672 pp. - reviewed by Grzegorz Konat
The Podlasie Region: Two Decades of Transformation - Tadeusz Smuga
Paweł Baranowski - The Taylor Rule and Its Extension
The paper discusses the key aspects of research on a modern monetary policy rule proposed by American economist John B. Taylor in 1993.
The Taylor rule stipulates how much the central bank should change the nominal interest rate in response to divergences of actual GDP from potential GDP and divergences of actual rates of inflation from a target rate of inflation.
The rule recommends a relatively high interest rate (a "tight" monetary policy) when inflation is above its target or when the economy is above its full employment level, and a relatively low interest rate ("easy" monetary policy) in the opposite situations.
Baranowski discusses many aspects of the Taylor rule, including the type of interest rates subject to analysis; the need to use real-time data; additional variables that may influence interest rates; the method of measuring variables; and the stability of the analyzed parameters.
The paper also shows how the Taylor rule is used in practice. The rule can be used to analyze monetary policy, make international comparisons, and forecast interest rates. It can be an important component of both theoretical and empirical economic models, the author says.Keywords
: Taylor rule, monetary policy, interest rates, inflationArticle
Tomasz Tokarski - Registered Unemployment in Poland by Region in 1999-2006
The author examines unemployment in different regions of Poland and its determinants in 1999-2006. The analysis focuses on differences in joblessness at the county (local) level. The discussion of the regional diversification of unemployment is combined with analyses describing the diversification of unemployment on local labor markets in sectors such as agriculture, industry, construction, market services, and non-market services.
The statistical analyses described in the article are based on a simple linear regression method. The analyses show that the lowest jobless rates were usually noted in large and medium-sized cities where most of the labor force is employed in the market services sector. Relatively low unemployment rates were also noted in agricultural counties in which small private farms absorbed labor market shocks. The highest unemployment rates were noted in post-industrial areas and areas that were formerly home to many state-run farms.Keywords
: unemployment, labor market, regional/local analyses, linear regression methodArticle
Paweł Kumor - Wage Disparities and Economic Growth
The paper looks at the key economic and social factors that lead to wage disparities and at the same time contribute to economic growth. The author evaluates the influence of wage disparities on Poland’s economic growth in 1985-2006. Kumor measures the uneven distribution of wages with the Lorenz concentration ratio, and he also uses research methods such as a co-integration analysis and an error correction model.
The analysis has confirmed the existence of a long-term cause-and-effect relationship between employment, investment, wage disparities and GDP growth.Keywords
: wage disparities, economic growth, Lorenz ratio, co-integration analysis, error correction modelArticle
Małgorzata Rószkiewicz - Factors Influencing Private Saving Rates in Poland
The paper examines the relationship between the socioeconomic status and age of savers and saving rates.
The analysis is based on the results of two empirical studies carried out in 2004 and 2006 by direct interview method on random samples of 1,305 and 1,320 households respectively.
The results of the studies show that the socioeconomic status of savers is a major factor that influences private saving rates. Rószkiewicz has discovered two conflicting trends. In one trend, households with a relatively low socioeconomic status tend to become increasingly big spenders with age. The trend is the stronger the lower is the status of the household head. In another trend, households with a relatively high social status tend to limit consumption with time. This trend increases with the socioeconomic status of the household head.Keywords
: saving rate, households, socioeconomic status, consumptionArticle
Janusz Korol - Sustainable Regional Development in Poland in 1998-2005
The paper describes the level of sustainable development in Poland’s regions/provinces on the basis of various indicators that influence economic, social and environmental systems.
Generally, sustainable regional development is the application of sustainable development at a regional, rather than local, national or global, level. It differs from regional development per se because the latter term is used more generally to describe economic development that emphasizes the alleviation of regional disparities. While regional development has an economic and equity emphasis, sustainable regional development seeks to incorporate environmental concerns.
Sustainable regional development is economic development that can be sustained over time because it is aimed not only at building wealth but also at creating opportunities to contribute to and participate in the benefits of economic growth.
The author formulates a hypothesis that the level of sustainable development varies from one province to another and has a different structure in each region. Korol evaluates the level and structure of sustainable development with the use of 35 indicators. The research applies to the years 1998 and 2005 and seeks to determine the changes that took place in individual areas of sustainable development in the intervening period. The research has confirmed a rule that a generally higher level of economic development is accompanied by higher social and environmental development levels, the author says.Keywords
: sustainable regional development, economic, social and environmental systems, generalized distance measure (GDM)Article
Małgorzata Stec - Comparison of European Union Countries by Development Level
The article compares European Union countries in terms of socioeconomic development and determines Poland’s position in the league table.
The author uses 29 statistical indicators characterizing different aspects of socioeconomic development in EU countries. The league table was compiled using various multidimensional comparative analysis methods in accordance with a development model proposed by Z. Hellwig.
Poland ranks far behind other EU countries in the league table, 23rd or 24th depending on the adopted analysis method. Poland ranks among the top 10 EU countries only in five socioeconomic indicators. Poland’s main advantages include an unpolluted environment, a well-developed higher education system and high-quality farm produce, Stec says. The country’s weaknesses, on the other hand, include a low GDP per capita level, high unemployment, and the need to export hi-tech products.
Among the countries that joined the EU together with Poland in May 2004, the Czech Republic, Malta, Slovenia, Hungary, Estonia and Lithuania rank much higher than Poland in the league table.Keywords
: socioeconomic development, European Union, multidimensional comparative analysisArticle