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Contents of issue 11-12/2013

Andrzej Wojtyna - Controversy Over the Nature of Recovery from Financial Crisis and Recession, summary, article

Bernadeta Baran - The Medium-Term Budgetary Objective in the European Union, summary, article

Janusz T. Hryniewicz - Common European Industrial Policy, summary, article

Marzanna K. Witek-Hajduk - Early Internationalization and Firm Performance, summary, article

Katarzyna Kładź-Postolska - Cooperation Within Clusters at Various Stages of Their Life Cycle, summary, article


WORLD ECONOMICS

Daron Acemoglu, James A. Robinson - Economics Versus Politics: Pitfalls of Policy Advice, article


REVIEWS

Book Review: Stanisław Kasiewicz, Lech Kurkliński, Monika Marcinkowska, Sektor bankowy - motor czy hamulec wzrostu gospodarczego? (Banking Sector: A Driver of Economic Growth or a Brake on Development?), Warszawski Instytut Bankowości, Warsaw 2013, 199 pp. - reviewed by Marek Lubiński

Book Review: Grażyna Wojtkowska-Łodej, Dariusz Michalski, Paweł Hawranek, Zmiany uwarunkowań funkcjonowania przedsiębiorstw na rynku energii elektrycznej w Unii Europejskiej (The Changing Conditions for Enterprises on the EU Electricity Market), Oficyna Wydawnicza Szkoły Głównej Handlowej w Warszawie, Warsaw 2012, 240 pp. - reviewed by Piotr Jeżowski

Book Review: Magdalena Rosińska-Bukowska, Rozwój globalnych sieci biznesowych jako strategia konkurencyjna korporacji transnarodowych. Przykład sektora motoryzacyjnego (The Development of Global Business Networks as a Competitive Strategy of Transnational Corporations: The Case of the Automotive Sector), Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2012, 507 pp. - reviewed by Marian Gorynia


CONFERENCES

30th Annual Meeting of the European Association of Law and Economics - Jarosław Błedowski, Jarosław Kantorowicz


Index of Publications in 2013

List of Reviewers



Andrzej Wojtyna - Controversy Over the Nature of Recovery from Financial Crisis and Recession

The article focuses on the ongoing debate about whether or not the global economy has already started to recover from the latest financial crisis.
On the one hand, the author says, both theoretical and empirical work suggests that the process of recovery usually takes much longer when a recession is preceded by a financial crisis and when it is a global phenomenon. On the other hand, for at least three years, various experts have been pointing to signs of recovery in the global economy even though quarterly statistics do not confirm that recovery is indeed around the corner. Why has this optimistic and unrealistic assessment of the situation prevailed despite hard data to the contrary? – Wojtyna asks.
The article attempts to shed light on this paradox. The author’s aim is to show how recent research on similar historical episodes and on the latest crisis can help identify the necessary conditions for a sustainable recovery. The author starts out with a discussion of selected aspects of contemporary business fluctuations. In this broad context, which also includes the latest crisis, Wojtyna compares different definitions of the recovery phase. Against this background, he discusses selected research efforts aimed at identifying specific features of recovery from a financial crisis. These efforts include a promising line of research on what has become known as "creditless recovery."

Keywords: financial crisis, recession, recovery, creditless recovery
JEL classification codes: E32, E47, F44
Article: PDF



Bernadeta Baran - The Medium-Term Budgetary Objective in the European Union

The article analyzes the nature and importance of the so-called Medium-Term Budgetary Objective (MTO) in the financial system of the European Union. The author discusses the MTO calculation method, which is consistent with the requirements of the EU’s Stability and Growth Pact. Baran also compares the results of the calculations with objectives declared by EU member states in their 2012 stability/convergence programs and assesses the effectiveness of the MTO.
The role of the MTO in the EU financial system has evolved over the years, the author notes. In the first few years after the establishment of the euro area, nominal convergence criteria played the most important role. The MTO was expected to gain greater significance after the first change to the Stability and Growth Pact in 2005.
The underlying idea behind the MTO was to provide a margin of safety in order to facilitate the maintenance of the fiscal balance and public debt within the limits specified in the Treaty on the Functioning of the European Union (TFEU). However, the adopted solutions proved to be ineffective, according to Baran, due to a lack of enforcement mechanisms combined with an inadequate mix of expansionary and pro-cyclical fiscal policies.
In the future, the role of the MTO in the EU financial system may increase due to factors including the latest financial and economic crisis, the author says. Under the huge fiscal imbalances and high public debt levels in various EU economies (in 2012 the average debt ratio in the euro area stood at 93% of GDP), the MTO has been assigned a new role - to support the process of restoring the bloc’s fiscal stability, Baran notes.
Since 2009, the MTO has been more strongly influenced by the level of debt, the author says. Countries with debt levels higher than a reference value must make an “extra effort” to reduce their debt. Moreover, implicit liabilities in the form of future costs related to population aging have become a new factor shaping the MTO. The rules according to which the MTO is designed have been standardized, but they have also become more complex.
The MTO targets for the most heavily indebted countries are now more demanding. The effectiveness of the MTO as a fiscal rule will largely depend on its enforcement as part of the fiscal surveillance process and on the determination of member states in pursuing adjustments, the author concludes.

Keywords: medium-term objective, fiscal policy coordination, fiscal rules
JEL classification codes: E61, E62, F42, H6
Article: PDF



Janusz T. Hryniewicz - Common European Industrial Policy

The article looks at why the European Union needs a common industrial policy. The author analyzes contemporary offshoring trends and accompanying political developments.
In the modern global economy, industrial production is increasingly being transferred from Europe to countries such as China, India and Vietnam, the author says. Meanwhile, Europe’s emerging knowledge-based economy is not creating new jobs fast enough, he adds.
There is an increasingly popular trend among the European power elites as well as the public to defend jobs in industry; this is often accompanied by nationalist arguments, according to Hryniewicz. If this trend continues, it may produce conflicts within Europe, the author argues.
Such a scenario should be prevented by establishing a new common European industrial policy, Hryniewicz says, adding that the common industrial policy could help enhance the role of European institutions abroad and facilitate the process of restructuring the EU economy and its transition from an industrial system to one based on knowledge.
The most important strategic area of common industrial policy should be to facilitate the emergence of national industrial research complexes designed to saturate industries with advanced technology, the author argues. Other strategic areas, according to Hryniewicz, include promoting the networking of customers and suppliers, enforcement of intellectual property rights, participation in the shaping of a European energy policy, and supporting consumer initiatives and organizations.

Keywords: deindustrialization, industrial jobs, economic nationalism, common European industrial policy
JEL classification codes: 25
Article: PDF



Marzanna K. Witek-Hajduk - Early Internationalization and Firm Performance

The article reviews key theoretical concepts and empirical studies on the relationship between early internationalization and company performance. The author uses descriptive and comparative methods in the article. The paper discusses an array of theoretical arguments for a positive and negative internationalization-performance relationship. The key theoretical concepts related to the costs of firm internationalization are presented. The author identifies different categories of internationalization costs that affect firm performance. Witek-Hajduk also highlights theoretically derived and empirically shown relationships between the degree of internationalization and firm performance. Moreover, the article discuses the results of several empirical studies conducted in highly developed countries on the relationship between early internationalization and firm performance. According to these empirical studies, early internationalization has a positive impact on firm performance. The author highlights a research gap: there is a lack of empirical studies on the relationship between early internationalization and the performance of Polish firms and companies from other emerging markets.

Keywords: internationalization of the firm, early internationalizing firms, early internationalization, born globals, performance
JEL classification codes: F23, M16
Article: PDF



Katarzyna Kładź-Postolska - Cooperation Within Clusters at Various Stages of Their Life Cycle

The article explores the role that Polish business clusters play in the transfer of knowledge and innovation from science to business. It also identifies the forms of such cooperation at individual stages of cluster functioning. The discussion shows that the forms of knowledge and innovation transfer from research centers to enterprises are changing with the development of clusters. This conclusion is based on an analysis of available literature as well as on the findings of empirical studies.
The article describes individual stages of cluster development and their role in the process of knowledge and technology transfer. The author evaluates the scope of collaboration between research centers and enterprises working as part of clusters. According to respondents, collaboration with the science sector enhances the technological advancement of businesses and boosts their competitive advantage. Despite these obvious gains, however, such collaboration is still limited in Poland, the author says.

Keywords: cluster, cluster life cycle, cooperation, transfer, innovation
JEL classification codes: O30, D85, R10
Article: PDF

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