Contents of issue 1-2/2005
Łukasz Hardt - Institutions and Transaction Costs in the New Institutional Economics, summary
Andrzej Sznajder - Electronic Markets in the World Economy, summary
Jerzy Baruk - The Essence and Structure of Intellectual Capital, summary
Jolanta Szulfer - The Role of Mortgage Banking in Housing Investment Financing, summary
Andrzej Masłowski - Companies with Foreign Participation in the Service Sector, summary
Edward Maleszyk - Concentration and Integration in Internal Trade, summary
, articleEUROPEAN INTEGRATION
Sławomir Listkiewicz - Impact of Structural Funds on Economic Growth in Poland - An Attempt of Estimation, summary
, articleCONFRENCES - POLEMICS - REVIEWS
Book Review: Tadeusz T. Kaczmarek, Piotr Pysz, Ludwig Erhard i społeczna gospodarka rynkowa
(Ludwig Erhard and Social Market Economy), Wydawnictwo Instytut Studiów Politycznych Polskiej Akademii Nauk, Warsaw 2004, 158 pp. - reviewed by Elżbieta Mączyńska
Regional Development and Globalisation Processes - Tadeusz Smuga
Łukasz Hardt - Institutions and Transaction Costs in the New Institutional Economics
The article’s aim is to analyse the development of the New Institutional Economics (NIE) from the point of view of evolution of the notions of institution and transaction costs, as well as methods of analysing their mutual interactions. Oliver E. Williamson’s transaction costs economics, which laid down the foundations of NIE, is to be presented first, followed by a review of Douglass North’s writings. This review will distinguish two periods: North I, in which his transaction costs analysis takes place within the framework of assumptions of the neoclassical economics, and North II, when some of these assumptions are rejected. The next step will involve a comparison of North’s and Williamson’s concepts of transaction costs. As a conclusion, an attempt to integrate those two transaction costs economics will be presented.Article
Andrzej Sznajder - Electronic Markets in the World Economy
The article presents the role of electronic markets in contemporary economy and, especially, their impact on relations between companies and their suppliers, as well as end-users of sold products. One can distinguish between marketplace and marketspace, where electronic transactions are concluded. While traditional marketplaces have a physical location, Internet-base markets have no physical presence – it is a virtual marketplace. The new electronic marketspace has many alternative virtual locations where an organisation needs to position itself to communicate and to sell to customers.
There are three important e-markets that both sell and buy to each other: businesses, consumers and governments; B2B, B2C, B2G. Three key online locations for performing e-commerce transactions with customers can be identified: seller-controlled sites; buyer-controlled sites and neutral sites.
Such so-called organised markets as exchanges, auctions, tenders and fairs can function both in marketplace and in marketspace.
Companies operating on electronic markets are looking for major benefits to improve their competitive position under conditions of globalisation and deregulation of economic activities. They should take advantage of opportunities and avoid threats connected with e-transactions.Article
Jerzy Baruk - The Essence and Structure of Intellectual Capital
The past decades have witnessed an apparent change of the global economic growth model. By means of replacing tangible capital, financial capital and land knowledge has become the most significant capital asset, especially in the high-technology area. A notion of intellectual capital has been coined as, apart from financial capital, a major component of the market value of companies. Intellectual capital is used for creation and enhancement of the organisation’s value. Hence, for any organisation to be successful it is required to own efficient intellectual capital and to be able to manage that scarce resource. An enterprise faces a new challenge of measurement and appraisal of intellectual capital, as well as of determination of its real value. Measuring of that capital is focused on development of an effective model uniting both financial and non-financial indicators so that the functioning of a knowledge-based organisation can be precisely reflected, and on providing relatively precise information for knowledge management.
The issues outlined above have been presented with special reference made to:
1. the notion of intellectual capital and its structure based on selected models;
2. social innovative capital and its components;
3. basic aspects of measuring intellectual capital;
4. intellectual capital components and their indices, along with an assessment of correlation between those components.Article
Jolanta Szulfer - The Role of Mortgage Banking in Housing Investment Financing
The article presents current developments on the housing credit market. It analyses the housing situation in Poland, the problem of insufficient housing stock and the significance of satisfying housing needs of the population, as well as the role of an efficient housing sector financing system. It illustrates development trends on the real estate market over the recent years. The article addresses the problem of choosing a model of housing property financing, which is currently faced by Poland. It compares mortgage credits from universal banks to those from specialised banks, and presents methods of dealing with that problem in advanced market economies. Furthermore, it discusses the principles of operation of a mortgage bank under Polish legislation. It illustrates the advantages of housing sector financing by mortgage banks as compared to universal banks, pointing out the significance of mortgage banks for the banking system and for the population, and evaluating their development chances after several years of operation on the Polish market. The article also points to certain problems and barriers to development of mortgage banking in Poland and provides a forecast of the Polish housing sector financing system in the coming years.Article
Andrzej Masłowski - Companies with Foreign Participation in the Service Sector
The article attempts to outline the position of companies with foreign participation in the service sector in the transforming Polish economy in the period of on-going servicisation and globalisation of the late 1990s and early 2000s. The assessment was made on the basis of the number of entities, the resources of employed factors of production (personnel, assets), and the value of revenues. Their structure, dynamics and share in the nationwide potential, resources and revenues have been presented. The study does not contain an assessment of productivity and profitability. Results of the analysis point to an active involvement of companies with foreign participation in the processes of transformation and servicisation of the national economy. They are also an indication of those companies’ expansion into almost all sections of services (excluding education), especially in electricity, gas and water supply (although in this case the starting-point level was low), in telecommunications, in transport, in trade and in financial intermediation. As a result of this expansion, the relevant companies are ranking high among service market entities, making up one third of total revenues of firms keeping books of account. That figure is much higher than their share in the capital stock and, in particular, in the number of staff employed in the service sector, which indicates an advantage in terms of productivity but also sluggish (in fact declining) demand for manpower. The expansion of companies with foreign participation on the domestic service market was accompanied by transformations in the structure of their revenues, especially a rise in the share of transport and communication services and electricity, gas and water supply services to the disadvantage of trade.Article
Edward Maleszyk - Concentration and Integration in Internal Trade
In his article the author presents he main development trends in concentration and integration of internal trade in Poland. The analysis covers the issues of capital concentration of commercial companies (with attention focused on the subsidiary-type commercial networks and corporation-type networks), organisational and organisation-and-functional integration (retailers’ associations, purchasing groups), as well as functional-and-spatial concentration (shopping centres).
The results of the analysis point to, inter alia, some progress in integration development (particularly as regards evolution of its simple forms towards more complex, especially franchising systems and capital alliances) induced by the on-going processes of capital concentration in the fast moving consumer goods (FMCG) market. Besides, they indicate acceleration of shopping centres development dynamics.Article
Sławomir Listkiewicz - Impact of Structural Funds on Economic Growth in Poland - An Attempt of Estimation
Structural funds play a major role in the economic policy pursued by the European Union, involving support for regional development and stimulation of the process of convergence of the Member States and their regions. Taking into account the objectives attributed to funds, a question can be asked about the efficiency of implementation of those objectives, especially in the context of the enlargement process currently taking place. The article makes, on the basis of empirical data for countries being EU Member States before 1 May 2004, an attempt to evaluate the impact of funds on the rate of economic growth in Poland. It also presents the results of the hitherto studies concerning efficiency of the structural policy conducted in the EU.
In order to estimate the impact of the use of structural funds on the rate of economic growth in Poland the Solow model of growth, modified by Mankiw, Romer and Weil, as well as the Burnside-Dollar model have been applied. Estimation of structural parameters of the model allowed to conclude that structural funds per se adversely affect the economic growth rate level, and that the efficiency of utilisation of structural funds is conditioned by institutional quality of the country. Countries with a high quality of public structures have a chance to speed up their GDP growth rate, while countries with low quality of such structures may suffer an adverse effect.Article