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Contents of issue 2/2016

Zbigniew Dokurno, Bogusław Fiedor - Sustainable Development as the Concept of World Economy Development from Contemporary Macroeconomics Perspective, summary, article

Henryk Bąk - An Analysis of Economic Imbalances in Selected Euro-Area Countries Based on the IS-LM-BP Model Framework, summary, article

Tomasz Brodzicki, Dorota Ciołek - Determinants of the Export Performance of Polish Manufacturing Companies, summary, article

Michał Pronobis - Foreign Exchange Reserves and the Costs of Managing Excessive Liquidity in Poland’s Banking System, summary, article

Jan Fałkowski, Grażyna Bukowska - The Monopolization of Power and Local-Level Economic Performance in Poland, summary, article

Anna Tobolska - Vocational Education and Training as a Form of Knowledge Transfer in Multinational Enterprises, summary, article


90 YEARS OF THE POZNAŃ UNIVERSITY OF ECONOMICS

Ryszard Domański, Marian Gorynia, Bohdan Gruchman, Witold Jurek, Emil Panek, Maciej Żukowski - The Poznań University of Economics (1926–2016), summary, article


REVIEWS

Book Review: Krzysztof Marczewski (ed.), Ceny w  handlu zagranicznym Polski. Aspekty makro- i  mikroekonomiczne (Prices in Poland’s Foreign Trade: Macro- and Microeconomic Aspects), Dom Wydawniczy ELIPSA, Warsaw 2014, 249 pp. - reviewed by Dariusz J. Błaszczuk





Zbigniew Dokurno, Bogusław Fiedor - Sustainable Development as the Concept of World Economy Development from Contemporary Macroeconomics Perspective

The paper focuses on the development of the global economy in the context of sustainable development as a key imperative of contemporary macroeconomics. The analysis is combined with a  look at classic macroeconomic issues such as economic growth, inflation, unemployment, and the balance of payments in foreign trade. An added value of the paper is that it looks at the problem from the perspective of various schools of thought in contemporary macroeconomics. The authors seek to validate the hypothesis that sustainable development is a powerful paradigm for the development of modern economies and that various macroeconomic trends make it possible to adapt this paradigm to the needs of economies at different stages of development.

Keywords: sustainable economics, sustainable development, economic growth, unemployment, inflation, modern macroeconomics, institutional economics, neoclassical economics
JEL classification codes: E31, E32, Q560
Article: PDF



Henryk Bąk - An Analysis of Economic Imbalances in Selected Euro-Area Countries Based on the IS-LM-BP Model Framework

This article examines the problem of economic imbalances in selected small economies in the euro area, specifically Greece, Portugal and Ireland. The analysis also covers Spain and is for a period before and after the introduction of the single European currency.
These four countries have been hit particularly hard by the “2008+” crisis. In this article, three imbalances are subject to detailed analysis: an external imbalance in the sense of the current-account deficit, an external imbalance in monetary terms understood as the overall balance-of-payments deficit, and an internal imbalance based on excessive unemployment.
These imbalances are modeled by means of an extended version of the IS-LM-BP (Mundell-Fleming) model. The model has been extended by introducing the current-account balance and the potential product line denoting the output level achieved by an economy running at its optimal employment level. The economic situation of the four studied countries is presented against those of Italy, Germany and the euro area (EA-12) as a whole based on Eurostat data and European Commission analyses.
The conclusion from the model analysis is that by abandoning its own currency, a small economy in a state of economic imbalance has little room for maneuver in pursuing its own macroeconomic policy. The use of an expansionary fiscal policy aimed at reducing excessive unemployment leads to an increased current-account deficit. Another significant limitation in macroeconomic policy is the inability to use exchange rate policy to support the international competitiveness of the economy. In fact, the four eurozone countries hardest hit by the crisis were forced to use a mechanism of internal devaluation because they were unable to resort to a nominal devaluation of the common currency. The internal devaluation mechanism, however, may be only used temporarily due to its negative public perception (political restrictions). The conclusion is that a country joining the monetary union should pay particular attention to maintaining macroeconomic balances both before entering the union and after adopting the common currency.

Keywords: monetary union, euro area, macroeconomic policy, external balance, public finance
JEL classification codes: E32, E63, F33, F45
Article: PDF



Tomasz Brodzicki, Dorota Ciołek - Determinants of the Export Performance of Polish Manufacturing Companies

This article aims to econometrically identify factors determining the export performance of Polish manufacturing firms. A logit analysis is conducted based on a set of quantitative and qualitative data obtained from a combination of two databases of financial data and the results of a direct survey of 470 entities. The results confirm the basic postulates put forward within the contemporary strand of theoretical literature regarding what are known as heterogeneous firms. Exporters differ from non-exporters in a number of aspects, including size, productivity and innovation performance. In the studied sample, the probability of exports depends above all on the presence of foreign capital and is significantly higher for larger and more productive entities.

Keywords: determinants, exports, new-new trade theory, logit model
JEL classification codes: F10, F14, C21
Article: PDF



Michał Pronobis - Foreign Exchange Reserves and the Costs of Managing Excessive Liquidity in Poland’s Banking System

The aim of the paper is to assess the operations of the National Bank of Poland (NBP) in terms of their financial effects. The purpose is to calculate the financial costs and revenues resulting from day-to-day operations conducted by the Polish central bank and to indentify measures to make monetary policy less expensive.
The research shows that profits from investing Polish currency reserves are smaller than the average costs of servicing foreign debt. Poland’s official reserve assets have strongly increased and exceeded a safe level in recent years. Excessive foreign reserves imply higher financial costs for monetary policy, mainly because of the need to absorb surplus liquidity from the banking sector.
The conclusion is that the Polish central bank and Finance Ministry should modify and better coordinate their day-to-day operations. Poland’s currency reserves should be reduced by 30% to pay back a portion of the country’s foreign debt. That would help eliminate surplus liquidity in the banking sector without threatening the economy’s external balance or reducing the efficiency of monetary policy in achieving its final targets. As a result, the financial effectiveness of the central bank’s operations would improve.

Keywords: monetary policy, central bank, currency reserves, foreign debt, liquidity operations
JEL classification codes: E44, E52, E58, E61
Article: PDF



Jan Fałkowski, Grażyna Bukowska - The Monopolization of Power and Local-Level Economic Performance in Poland

The article analyzes the effects that the monopolization of power has on various socioeconomic processes in rural areas in Poland. Using a simple econometric model, the authors compare areas in which the same individuals were in power from 1990 to 2010 with areas where such a monopoly of power was not in evidence. The article looks at how these two types of rural districts differ from each other in terms of unemployment, the structure of the local budget, and the participation of citizens in local elections.
The empirical results suggest that the monopolization of power at the local level does not significantly affect economic outcomes. However, power monopolies seem to translate into declining voter turnout. Taken together, these results raise questions about the functioning of political selection mechanisms and about the potential risk of local elites capturing the political system.

Keywords: monopoly of political power, political competition, reelection, local elections
JEL classification codes: H3, H4
Article: PDF



Anna Tobolska - Vocational Education and Training as a Form of Knowledge Transfer in Multinational Enterprises

The article investigates a strategy used by a Polish subsidiary of a multinational corporation to improve the professional skills and knowledge potential of its workers through a system of vocational training courses. Vocational education and training (VET) is one of the basic mechanisms of transferring and generating knowledge in enterprises and a key factor of competitiveness in a knowledge-based economy under globalization.
The use of the case study method results from the need to complement analyses conducted in this field with the latest empirical findings concerning enterprise-level processes. The case study is also an example of a wide spectrum of methods used by enterprises controlled by foreign investors to improve the professional skills of workers. The analysis corroborates earlier findings by many authors about a stronger embeddedness of foreign investors in regions where they have established cooperation links with local partners.

Keywords: multinational corporation, vocational education and training (VET), vocational training courses, employment, local impact
JEL classification codes: F23, J24, M53
Article: PDF



Ryszard Domański, Marian Gorynia, Bohdan Gruchman, Witold Jurek, Emil Panek, Maciej Żukowski - The Poznań University of Economics (1926–2016)

The article focuses on selected aspects of the activities of the Poznań University of Economics and Business, which is marking its 90th year in existence. The article was written by six senior academics tied to the university: Ryszard Domański, Marian Gorynia, Bohdan Gruchman, Witold Jurek, Emil Panek and Maciej Żukowski.
The first part of the article discusses the legal basis of the university’s existence. The second part focuses on faculty issues, including a presentation of the university’s authorities throughout its history. The next section analyzes the teaching agenda of the Poznań University of Economics and Business, highlighting the evolution of the forms and fields of study as well as trends in student numbers. In the part devoted to academic research, the article describes the activities of the main research schools that have operated during the university’s 90‐year history, listing their chief representatives. The fifth part of the text presents holders of honorary doctorates conferred by the university. The last section describes the work of the Partner Club of the Poznań University of Economics and Business.

Keywords: Poznań University of Economics and Business, teaching faculty, academic research, honorary doctorate holders, Partner Club of the Poznań University of Economics and Business
JEL classification codes: B20
Article: PDF

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