List of issues

Contents of issue 3/2008

Paweł Młodkowski - Trade Credit and the Monetary Policy of the National Bank of Poland, abstract, article

Eugeniusz Wojciechowski, Aldona Podgórniak-Krzykacz - The Measurement of Governance Quality, abstract, article

Bogusław Guzik - The Investment Appeal of Poland’s Regions, abstract, article

Marek Kunasz - The Entrepreneurial Attitudes of Students: Survey Findings, abstract, article


Jacek Szlachta, Janusz Zaleski - The Dilemmas of the European Union’s Structural Policy Beyond 2013, abstract, article


Seasonal Employment in the Tourism Sector: Research Conclusions - Wanda Karpińska-Mizielińska, Tadeusz Smuga

Book Review: Douglass C. North, Understanding the Process of Economic Change, Princeton University Press, Princeton-Oxford 2005, 187 pp. - reviewed by Katarzyna Kowalska

Book Review: Małgorzata Iwanicz-Drozdowska (ed.), Konglomeraty finansowe (Financial Conglomerates), Polskie Wydawnictwo Ekonomiczne, Warsaw 2007, 384 pp. - reviewed by Wanda Sułkowska

Book Review: Janusz Świerkocki, Ekonomiczne przesłanki wielostronnej regulacji międzynarodowego handlu towarami (The Economic Determinants of Multilateral Regulations Governing International Trade in Goods), Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2007, 231 pp. - reviewed by Marian Gorynia

Paweł Młodkowski - Trade Credit and the Monetary Policy of the National Bank of Poland

The paper examines the influence of the central bank’s monetary policy on trade credit financing in Poland. The aim is to establish the nature and scope of the private sector’s response to modifications in monetary policy. An additional issue is whether there is a substitution effect between bank credit and trade credit. Both these issues are subject to formal statistical analysis. In the process, the author takes a comprehensive look at the monetary policy stance of the Polish central bank. He proposes a simple and intuitive indicator in this area based on money supply and demand data. Using a regression analysis, Młodkowski finds a strong and statistically significant relationship between monetary policy and trade credit. His findings also confirm the existence of a substitution effect between bank credit and trade credit. The author builds two regression models, one for “trade credit extended” and the other for “trade credit used.” In the case of “trade credit used,” both the scope of the relationship and its significance are stronger than in the case of “trade credit extended,” Młodkowski says. This is due to an asymmetry of statistical data subject to analysis. Poland’s Central Statistical Office only gathers data from businesses with more than 45 employees. In another conclusion involving trade credit theories, Młodkowski proves wrong a financial aid theory that suggests that enterprise size is a factor that leads to an asymmetry in the propensity to extend and use trade credit. This theory does not hold true for Poland, Młodkowski says.

Keywords: trade credit, monetary policy, National Bank of Poland (NBP), substitution effect
Article: PDF

Eugeniusz Wojciechowski, Aldona Podgórniak-Krzykacz - The Measurement of Governance Quality

The paper describes and compares selected methods for measuring the quality of governance and the effectiveness of public administration. These methods are used by international institutions such as the World Bank, the European Central Bank, the International Institute for Management Development, and the World Economic Forum. The analysis is based on reports published by these organizations and takes into account the key criteria of governance process evaluation and types of statistical data used. All these institutions measure governance quality from different angles. The World Bank and the International Institute for Management Development focus on measuring the effectiveness and efficacy of governance processes. The European Central Bank evaluates the quality of public administration, while the World Economic Forum measures the efficiency of public institutions. The paper offers a comparative analysis of all these methods, using Person’s correlation coefficients and a grading procedure. Despite different criteria used similar governance quality indicators were obtained. The indexes given by the authors have diagnostic and informative value and offer a comprehensive picture of governance quality.

Keywords: governance, government, authority, administration, public sector, governance quality, governance measurement
Article: PDF

Bogusław Guzik - The Investment Appeal of Poland’s Regions

The paper looks at the results of surveys by the Gdańsk Institute for Market Economics (IBnGR) involving the investment appeal of Poland’s regions. The author proposes a different procedure to determine the investment appeal of regions/provinces. In the procedure, a nationwide reference model of ties is used to determine the link between investment outlays and the socioeconomic development of individual provinces.
The proposed procedure combines two types of research into the investment attractiveness of regions: an analysis of investment spending per capita (which can be described as an indicator of investment popularity) and an approach based on a multidimensional comparative analysis (which can be described as an examination of a region’s overall development level).
The calculations made by the author show that, in terms of investment appeal/attractiveness, Poland’s provinces are not as heavily differentiated as suggested by the IBnGR’s research. Contrary to popular belief, there is no division into “Poland A” and “Poland B,” Guzik says. Provinces considered to better developed are not necessarily at the head of the league table in terms of investment appeal.
The top five provinces according to the procedure proposed by Guzik are Wielkopolska, Lubuskie, Podkarpackie, Mazovia and Małopolska. According to the IBnGR, the top five regions are Mazovia, Lower Silesia, Małopolska and Wielkopolska (in descending order).

Keywords: investment appeal/attractiveness, region/province, procedure, reference model
Article: PDF

Marek Kunasz - The Entrepreneurial Attitudes of Students: Survey Findings

The article analyzes the entrepreneurial attitudes and behaviors of students in selected European countries. The results of an international study of entrepreneurship among full-time students (SES 2006) are presented, along with a theoretical discussion of entrepreneurship in the context of economic theory. A comparative analysis method is used. The entrepreneurial activities of students and their plans to start their own business in the future are analyzed. Kunasz also looks at barriers to putting these plans into practice and evaluates students’ readiness to start their own business. He tries to determine why students opt for a particular type of business activity.
The results obtained in the study indicate that, compared with their counterparts in other European countries, Polish students assess their entrepreneurial potential as high and tend to gain their first professional experiences while still in college. Most of them want to work for a private company in the future; however, the prospect of working in a state institution or running one’s own business is also described as attractive. The main criteria in this area include self-fulfillment and job satisfaction, pay, and opportunities for professional growth. Potential barriers include lack of familiarity with procedures for starting one’s own company and difficulties in obtaining funds to start up a business. Still, Polish students are optimistic in evaluating their professional prospects and expect that their careers will quickly gain momentum once their prospective businesses get off the ground.

Keywords: entrepreneur, entrepreneurship, enterprise, business activity
Article: PDF

Jacek Szlachta, Janusz Zaleski - The Dilemmas of the European Union’s Structural Policy Beyond 2013

The paper describes the possible evolution of the European Union’s structural policy in a new policy and budget programming period starting after 2013. The paper consists of an introduction that describes the current situation in this area and follows up with an analysis of conditions resulting from the changing model of the European cohesion policy. A key part of the article is a discussion of some vital problems that should be subject to debate, including the comprehensive nature of structural policy, the “Lisbonization” of the EU’s policies, more effective use of EU funds, territorial cohesion, and the relationship between economic policy and employment in the context of the new structural policy. The authors also define the role of regions and states in this policy and look at the benefits of cohesion policy for environmental protection and natural values. In the final part of the paper, the authors comment on the current organization and course of debate on the reform of cohesion policy and list challenges faced by Poland’s policy makers in the context of European policy reform. The analysis takes into account the EU’s strategic guidelines included in its key documents such as the 2007 Cohesion Report. The authors look at the matter from a Polish perspective and outline Poland’s priorities in the ongoing debate on the need to reform the EU’s structural policy.

Keywords: cohesion policy, structural policy, European Union funds, EU budget
Article: PDF

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