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Volume 5, No. 8

Published 31 August 2017

Articles

  1. Sławomir Ireneusz Bukowski

    Will the Economic and Monetary Union in Europe Survive?

    The aim of paper is to answer the question: What conditions should be fulfilled for the survival of the Economic and Monetary Union in the opportunities of symptoms of a financial crisis. The hypothesis concerns sovereign debt repayment and public finance reform in countries with excessive sovereign debt during a financial crisis have been formulated. The results of the analysis indicate that without a reduction of sovereign debt and deep public finance reform on the level of countries and institutional reforms at the EU' level the Economic and Monetary Union will not survive.

  2. Lidia Mesjasz, Czesław Mesjasz

    Application of the Game Theory in Modelling Greek Negotiation with Creditors in 2015

    The concepts borrowed from the game theory are applied for the construction of the mathematical models of processes of negotiations and as a basis for creating analogies and metaphors, which, in turn, are applied for description, causal analysis and prediction. The aim of the paper is to use the concepts drawn from the game theory to model negotiations between Greece and its creditors in the year 2015, which was of crucial importance for averting the danger of a serious crisis in the European Union, and even on a global scale. In addition, the last round of negotiations of Greece with its creditors reflects the complexity of the country's debt problem and includes both the possibility of a solution for the crisis and as a sign of further tensions. As a basis for the discussion the concepts of "brinkmanship", "prisoner's dilemma" and "chicken" was adopted.

  3. Michał Brzozowski

    The Impact of Central Bank Turnover and Credit Volatility on the Costs of Banking Crises

    The paper focuses on the impact of central bank governor turnover and domestic credit volatility on the probability of the occurrence and costs of banking crises. Using data on 83 crises episodes in developed and emerging countries and the Heckman model, I show that only irregular turnover and credit volatility impact on both the output costs of crises and their emergence. Trend credit expansion raises only the likelihood of a crisis.

  4. Krzysztof Waliszewski

    Capital Markets Union - Challenges and Threats for Completion in Poland

    The European Union is struggling with problems related to, inter alia, the effective stimulation of economic growth in a period of historically low interest rates. The authorities of the new mandate of the EU (2014-2019) planned a number of projects to be implemented, but the leading one is the Investment Plan for Europe. The paper is devoted to one of the initiatives under this plan - the Capital Markets Union, which is to diversify the financing structure of the SME sector in the financing market. The EU capital markets, in contrast to the banking union is planned for all countries of the EU, including Poland. The paper presents the opportunities and risks of this project in Poland.

  5. Małgorzata Janicka

    Directions of Capital Flows in Contemporary International Monetary System

    Directions and the volume of investment capital flows in the global economy are inherently linked with circumstances surrounding the international monetary system. The neoclassical model, the main point of reference for economists who presently examine international capital flows, can hardly be considered an appropriate research tool. It does not take account the specificity of the contemporary monetary system, neither can it explain two-direction flows that have currently dominated the global economy. Capital does not flow from surplus, developed and rich countries with substantial financial resources to deficit countries, developing and poor, which suffer from capital shortage. The contemporary currency system developed an operational framework, which has enabled developed countries to become net debtors and developing countries to become net creditors. Studying the so called Lucas paradox or contemporary international capital flows using the neoclassical model, which oversimplifies the reality, has become little justified.

  6. Eugeniusz Gostomski, Tomasz Michałowski

    Trends in the Development of World Trade before and after the Global Financial and Economic Crisis

    The subject of discussion in this paper are the changes which have taken place in world trade since 1950. The authors analyse changes in the value, volume, as well as commodity and geographical structure of trade. Particular attention is devoted to the period of the global financial and economic crisis, when the largest contraction in global trade since the end of World War II was observed. In the end, the most important focus in on prospects for the further development of global trade. The paper has been based on the available literature on the subject, reports of international organizations and statistics.

  7. Ewa Mińska-Struzik, Wanda Nowara

    Trends in FDI Inflows to Russia in the Time of Political Tension

    The paper presents the outcomes of the analysis of development trends in FDI inflow to Russia, concerning its geographical and sector structure in the years 2010-2014. The authors identify the examples of countries, sectors and companies which have decided to increase investment despite the political crisis.

  8. Elżbieta Czarny, Paweł Folfas, Marcin Menkes

    Transatlantic Trade and Investment Partnership (TTIP) and the Global and Regional Security System

    In the paper we analyse the Transatlantic Trade and Investment Partnership (TTIP) indicating its possible impact on global and regional security systems. We stress the specific character of this agreement. It comes with the parties' particular characteristics. We examine changes in the positions of the United States and the European Union in the world economy and international trade in the years 1995-2013 (in trade in services and FDI flows, the unavailability of data forced us to analyse a shorter period). We illustrate them with changes of the GDP as well as of shares in the international export of goods and services. Based on values of their mutual trade and FDI flows we present the interconnection of their economies. The point of reference is the global economy and the BRIC countries (Brazil, Russia, India, and China). In our opinion closer economic co-operation between the EU and the U.S. is a supplement of their political alliance. Moreover, it will allow both parties to increase their impact on the global economic order including the non-discriminatory liberalization of economic cooperation in the framework of the WTO.