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Contents of issue 5/2016

Joanna Dzionek-Kozłowska, Rafał Matera - The Wealth and Poverty of Nations in Light of Daron Acemoglu and James A. Robinson’s Theory of Economic Development, summary, article

Łukasz Goczek, Karol Partyka - Monetary Policy Response to Stock Market Volatility, summary, article

Natalia Nehrebecka, Michał Brzozowski - Impact of Macroeconomic Uncertainty on Corporate Savings, summary, article

Leszek Morawski - A Regulatory Equivalence Scale for Poland’s Households in 2006–2014, summary, article

Cezary Główka - Clusters as an Economic Phenomenon, summary, article

Agnieszka Dembicka-Niemiec, Edyta Szafranek - Revitalization as a Tool of Local and Regional Development, summary, article

Eliza Chilimoniuk-Przeździecka, Andżelika Kuźnar - The Role of Services in Global Value Chains, summary, article


REVIEWS

Book Review: Małgorzata Olszak, Procykliczność działalności bankowej (Pro-Cyclicality in the Banking Business), Wydawnictwo C.H. Beck, Warsaw 2015, 515 pp. - reviewed by Marek Lubiński

Book Review: Elżbieta Czarny, Magdalena Słok-Wódkowska (eds.), Partnerstwo Transatlantyckie. Wnioski dla Polski (The Transatlantic Partnership: Implications for Poland), Polskie Wydawnictwo Ekonomiczne, Warsaw 2016, 235 pp. - reviewed by Dominik A. Skopiec





Joanna Dzionek-Kozłowska, Rafał Matera - The Wealth and Poverty of Nations in Light of Daron Acemoglu and James A. Robinson’s Theory of Economic Development

What determines the economic development of states and societies? This fundamental research question has spawned a wealth of economic theories over the past two centuries or so. This article analyzes the most notable of these theories and assesses a new concept by Daron Acemoglu and James A. Robinson, developed in their 2012 bestseller Why Nations Fail? The Origins of Power, Prosperity and Poverty.
Our analysis and in-depth literature studies show that single-factor theories are rare; most authors list a combination of factors that they believe are crucial to economic development.
Another finding is that proposed theories range from those that focus on various components of the natural environment (different variations of “geographical hypothesis”) to those that put the emphasis on human-related factors (various forms of “institutional hypothesis”).
Acemoglu and Robinson’s concept can largely be viewed in institutional terms, though the researchers themselves make a distinction between institutional and cultural hypotheses rather than institutional and geographical. Their distinction suggests that institutions can be seen as independent of their cultural context, which appears to be in conflict with the researchers’ overall line of reasoning and detracts from their theory.

Keywords: economic development, income inequalities, institutional economics, Daron Acemoglu, James A. Robinson, history of economic thought
JEL classification codes: B12, B15, B25, O50
Article: PDF



Łukasz Goczek, Karol Partyka - Monetary Policy Response to Stock Market Volatility

The aim of the article is to analyze how the monetary policy of the National Bank of Poland responds to developments on the stock market. The empirical study uses the theoretical framework of the so-called Taylor Rule to determine whether changes in monetary policy in Poland show signs of counteracting stock market fluctuations not related to the stabilization of inflation and the output gap. In the study, a series of Bayesian averaged vector error correction models (VECM) were estimated using monthly data for the years 2001–2015. The obtained results make it possible to argue that monetary policy reacts to significant spikes on the stock market to cushion their impact on the economy. Thus, the policy aims to have a stabilizing effect on capital markets.

Keywords: monetary policy response, stock market, Taylor Rule, leaning against the wind
JEL classification codes: E43, E44, E52, E58
Article: PDF



Natalia Nehrebecka, Michał Brzozowski - Impact of Macroeconomic Uncertainty on Corporate Savings

The article aims to verify the impact of macroeconomic uncertainty and idiosyncratic shocks on corporate savings and the cash holdings of companies in Poland. The analysis is based on an unbalanced panel data for companies with at least 10 workers for the 1995–2012 period, as provided by Poland’s Central Statistical Office (GUS) in its GUS F-02 reports.
To verify the impact of macroeconomic uncertainty on savings, models were estimated using the GMM estimator with HAC, and the influence of idiosyncratic shocks on corporate savings was identified with use of a robust system GMM estimator.
The study shows that Polish companies tend to adapt their savings and cash resources to the level of macroeconomic uncertainty. The findings also indicate that companies maintain a security buffer in the form of accumulated savings as a precaution for fear of idiosyncratic shocks.

Keywords: macroeconomic uncertainty, idiosyncratic shocks, savings, panel data, GMM, system GMM estimator, time series, ARCH/GARCH models
JEL classification codes: E32, G31, M31
Article: PDF



Leszek Morawski - A Regulatory Equivalence Scale for Poland’s Households in 2006–2014

The paper looks at changes in tax regulations and social benefits in Poland from 2006 to 2014 and evaluates their impact on the taxation of labor in the country depending on the type of family.
By simulating a regulatory equivalence scale the paper shows that changes in tax and benefit rules were the most beneficial for large families with low income from employment. The average taxation of labor income in low-income families with two parents and three children decreased by almost 13 percentage points in the studied period, while the value of the regulatory equivalence scale for such families increased from 1.28 to 1.40.
However, the values of the scale are still noticeably lower than those of the OECD scale.
The impact of regulatory changes on the progressivity of the tax-and-benefit system and stronger dependence of labor taxation on the number of children were highlighted in the discussion of the results.

Keywords: regulatory equivalence scale, taxation of labor, microsimulation, disposable income, households
JEL classification codes: H24, H31, I38
Article: PDF



Cezary Główka - Clusters as an Economic Phenomenon

This article explores the notion of business clusters as defined by American economist Michael E. Porter.
The phenomenon of clustering is gaining popularity. However, the concept is often misused, which results from an imprecise interpretation of Porter’s definition of the cluster.
On the basis of an in-depth critical literature review, several definitions of the cluster used by researchers are discussed in reference to Porter’s definition. Moreover, the main tenets of the cluster concept are presented with a focus on its flexibility.
The multitude of cluster definitions and identification methods allows for a wide range of applications. However, it hinders standardization.
The article investigates the excessive and inconsistent use of the cluster concept resulting from the flexibility of Porter’s definition. It also aims to identify the most important features of clusters as defined by Porter.

Keywords: cluster concept, cluster definition, economic phenomenon, cluster identification, triple helix
JEL classification codes: A20, B41, O35, O40
Article: PDF



Agnieszka Dembicka-Niemiec, Edyta Szafranek - Revitalization as a Tool of Local and Regional Development

The main aim of this article is to assess the role of revitalization projects as a tool of regional policy using the example of Poland’s Opolskie province. The article analyzes revitalization projects carried out in the province as part of the European Union’s 2007-2013 Regional Operational Programme and involving the “mobilization of municipal and degraded areas.” This study uses the so-called desk research method, along with an analysis of selected documents. The analysis of beneficiary applications, source documents and the research carried out made it possible to identify the importance of the revitalization process for regional and local development. The studied projects were carried out as part of the Regional Operational Programme for Poland’s Opolskie province and focused on urban areas. They were analyzed in terms of their type and subject matter.

Keywords: revitalization, regional development, local development
JEL classification codes: R1
Article: PDF



Eliza Chilimoniuk-Przeździecka, Andżelika Kuźnar - The Role of Services in Global Value Chains

The aim of this article is to explain the importance of services in global value chains. In particular, we discuss the nature of this relatively new phenomenon and examine the share of services in these chains. We provide a critical analysis of literature and use a descriptive analytical method to validate the opinion that the “servicization” of business and the growing importance of services in manufacturing processes result in a widespread global sourcing of business services, especially innovation services. Despite the ever closer links between the two sectors, many firms find it vital to unbundle many processes and source them from overseas providers. This enables them to reduce costs and compete successfully in the global market.
The research leads us to the conclusion that the sourcing of innovation has become a strategic tool for maintaining a competitive advantage, particularly for businesses that lack skilled employees and face high costs of acquiring new technology. That is why China and India, as suppliers of relatively cheap and qualified labor force, play an increasingly important role in the processes examined in this article, and are enhancing their position as service vendors capable of competing with Western technology giants.

Keywords: value added, global value chains, emerging economies, services, offshoring
JEL classification codes: F12, F23, O31
Article: PDF

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