List of issues

Contents of issue 1-2/2008

John Bradley - National and Regional Development Policy: Comparing Ireland and Poland, abstract, article

Teresa Pakulska, Małgorzata Poniatowska-Jaksch - Global Resourcing, abstract, article

Beata Łopaciuk-Gonczaryk - The Impact of Corporate Social Capital on Employee Efficiency, abstract, article

Michał Grotowski - Calendar Effects on the Warsaw Stock Exchange, abstract, article

Ewa Aksman - The Influence of Personal Income Tax on Prosperity in Poland, abstract, article

Barbara Zbroińska - The Non-Fiscal Functions of Income Tax in Economic Practice, abstract, article


Book Review: Ewa Latoszek, Integracja europejska. Mechanizmy i wyzwania (European Integration: Mechanisms and Challenges), Książka i Wiedza, Warsaw 2007, 624 pp. - reviewed by Jacek Brdulak

Book Review: Marian Gorynia, Strategie zagranicznej ekspansji przedsiębiorstw (The Foreign Expansion Strategies of Polish Enterprises), Polskie Wydawnictwo Ekonomiczne, Warsaw 2007, 200 pp. - reviewed by Andrzej Sznajder

The Łomża Region: Development Options an Opportunities - Tadeusz Smuga

John Bradley - National and Regional Development Policy: Comparing Ireland and Poland

The paper describes how, within the European single market, the economies of small nation states and regions of larger states have more in common than is often recognized.
The author suggests that, as a role model in the design of a special development program for the eastern Polish regions, the example of Ireland is relevant to Polish regional administrations as they attempt to achieve the best return from capturing gains from European Union and national policies as well as building on their own, rather limited, locally devolved powers.
The analysis demonstrates that during the 18-year period of three EU-assisted investment programs, the Irish economic policymaking environment shifted from one appropriate to a state on the periphery of Europe to that of a region more fully integrated into an encompassing European economy. The author concludes that the challenge facing regional policymakers is to understand how national policies can have both positive and negative regionally asymmetric impacts, while acknowledging the extremely constrained scope for designing offsetting region-specific policies within the context of the nation state. It is politically difficult to design regional policies that introduce fundamental differences between regions of a nation state other than in terms of the level of income redistribution. But if the Polish regional economies are to be renewed, big innovations are precisely what are needed.

Keywords: EU integration, structural funds, Ireland, Poland, regional growth strategies
Article: PDF

Teresa Pakulska, Małgorzata Poniatowska-Jaksch - Global Resourcing

The information technology revolution of the past decade and the progressive liberalization of the world’s economies have boosted the importance of global resourcing among enterprises. Many businesses have begun to reevaluate the role of individual resources and factors of production. Large transnational corporations are leading the way in this process. In international economic literature, global resourcing is usually defined in terms of outsourcing and offshoring. In Poland, no research has been made in this area so far. Pakulska and Poniatowska-Jaksch set out to identify the causes of global resourcing and limitations to the process. Their aim is to stimulate greater interest in these problems among Polish researchers. Global resourcing seems to be especially important in an era of intensifying institutionalism and growing challenges faced by enterprises. Nowadays businesses are expected to pay more attention to various social and environmental problems. This trend leads to new forms of global resourcing and is changing its intensity. The regional arrangement of “winners” and “losers” is changing in both micro- and macroeconomic terms. However, this process is difficult to measure due to a proliferation of international non-equity ties. Consequently, it is necessary to work out new methods to examine the socioeconomic implications of global resourcing, the authors say. Priorities include research into the geographic distribution of non-equity ties.

Keywords: global resourcing, transnational corporations, globalization, institutions
Article: PDF

Beata Łopaciuk-Gonczaryk - The Impact of Corporate Social Capital on Employee Efficiency

The paper focuses on corporate social capital and analyzes the mechanisms in which it influences employee efficiency. The author proposes a model to examine the relationship between social capital and employee efficiency.
Łopaciuk-Gonczaryk offers a synthesis of available literature on the subject, with a special emphasis on some of the most controversial problems in this area. The paper describes two types of corporate social capital: bonding capital and bridging capital. They are usually analyzed separately by economists, but Łopaciuk-Gonczaryk looks at them together while examining the influence of social capital on efficiency. She also zeroes in on the interaction between bonding and bridging capital. The theoretical analysis made in the paper should be followed up by empirical research, the author concludes.

Keywords: corporate social capital, bonding, bridging, employee efficiency
Article: PDF

Michał Grotowski - Calendar Effects on the Warsaw Stock Exchange

The paper looks at seasonality effects displayed by share prices on the Warsaw Stock Exchange. The analysis covers four WSE indices and 30 selected companies. The author uses methods that make it possible to determine the “generalized autoregressive conditional heteroskedasticity” (GARCH) of financial instruments in terms of their rates of return.
On the basis of his analysis, Grotowski concludes that, first of all, there is a visible “Thursday effect” as well as a “Friday effect” on the Polish stock market. On Thursdays and Fridays, the return on stock investments is generally higher than on other days of the week. Second, it is also possible to identify a “December effect” and a “January effect,” Grotowski says, though their importance varies from one market segment to another. Third, these calendar effects apply to a greater extent to the WSE’s indices rather than individual share prices. Fourth, from an economic point of view, the role of the calendar effects is limited and they are too insignificant to form the basis of a viable investment strategy.

Keywords: calendar effects, day of the week effect, January effect, GARCH
Article: PDF

Ewa Aksman - The Influence of Personal Income Tax on Prosperity in Poland

The paper looks at personal income tax (PIT) in Poland from the perspective of its progressiveness, redistribution effect and influence on prosperity. Household budget surveys carried out by the Central Statistical Office (GUS) in 2003-2005 are the main source of data. The statistical and econometric analysis included in the paper takes into account some basic measures of tax progression. The author also uses a decomposition approach to determine PIT’s effect on the average tax rate in the country. The empirical study conducted by Aksman shows that even though Poland’s PIT is progressive, its overall redistribution effect is not very strong; in the analyzed period it reduced household income inequalities by only 5.22% on average. This is mainly due to a low effective tax rate, Aksman says. What’s more, PIT leads to a decline in prosperity measured with the Sen index; in the analyzed period of time prosperity declined by 11.23% annually on average. With PIT, “poverty aversion” is stronger than “inequality aversion,” the author says, which means that the loss of prosperity resulting from the fall in average income is greater than the increase of prosperity resulting from reduced income disparities.

Keywords: PIT, progressive taxation, redistribution effect, prosperity
Article: PDF

Barbara Zbroińska - The Non-Fiscal Functions of Income Tax in Economic Practice

The study evaluates the relevance and validity of certain tax instruments used in economic practice. This involves instruments such as the possibility of selecting the form of corporate income taxation; more convenient dates and forms of advance tax payments; technology-related tax breaks; and tax-risk reduction instruments such as binding tax interpretations and advance pricing agreements (APA). The analysis was made on the basis of data from three tax offices in Poland. The author reached the following conclusions: 1) changes in eligibility criteria for using tax instruments are inconsistent with the rules of tax certainty and the fact that tax collection must be as inexpensive and efficient as possible; 2) more convenient advance tax payment deadlines do not prove to be useful because taxpayers tend to take little interest in them; 3) legal regulations accompanying tax privileges tend to reduce the effectiveness of these privileges in stimulating economic processes.
The number and variety of instruments included in the Polish tax system testify to its strong stimulating function but also its complexity, Zbroińska says. Changes in the tax law system designed to either introduce or withdraw individual instruments lead to the destabilization of business activity by infringing on the rule of tax certainty. Some instruments fail to produce the desired results because access to them is restricted. Examples include plans to restrict the use of flat tax rates, limit access to the new-technology tax break, and impose steep fees on advance pricing agreements. The uncertainty among businesses leads to their marginal use of tax facilities related to advance income tax payments, the author says.

Keywords: income tax, tax policy, tax functions, tax instruments
Article: PDF

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