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EN
The main features of the economic development of the Slovak Republic in the year 2004 are as following: strengthening of the quite respectable dynamic growth from the previous years; maintaining macro-economic stability above its average level being achieved in the whole period of the Slovak economy transformation. Positive features which are reflected not only in the values of macro-economic development indicators, but also in the improving results of corporations' business activities, are not sufficiently projected into a social situation of population.
EN
The transformation of the Slovak economy went through stages of varying quality over time. The current second stage of depoliticization of economy is rounding up along with reforms undertaken typically not only by transforming countries but also by economically more advanced states. Having analyzed the criteria for a completed transformation process one may conclude that despite a substantial shift towards the standard market economy model the transformation has not been entirely completed by the time Slovakia became a member of the European Union. The Slovak economy, on the other hand, has already managed a critical mass of changes and would be considered by the economically more advanced countries as a peer in the economic area. Notwithstanding this advance the authors of the economic policy need address the convergence task along with the removal of the remaining transformation deformities
EN
The article discusses fundamental trends in the economic policy in the Second Polish Republic. It encompasses the most important trends, successes and failures of that policy. The Polish State during the twenty years of independence after World War I played an active part in rebuilding of the economy destroyed by the war, in strenghtening of the Polish currency, in improving agriculture and industry. Some politicians used to emphasise that this policy was pursued out of necessity and had not a programme character. However, it is out of question that the state was committed to economic issues. Undoubtedly, building of the Gdynia harbour was one of the most exceptional achievements of the Second Polish Republic.
EN
Not only theoretical arguments, but also the practical experience of post-socialist transition economies over the past 15 years demonstrate that faster economic growth is attained by those countries which take greater care to foster the institutional reinforcement of market economy. However, progress in market-economy institution building is not in itself sufficient to ensure greater competitiveness of enterprises, rapid economic growth and hence an improvement in living standards. Another indispensable component is an appropriately designed and implemented economic policy. It is not inconceivable that despite the institutional progress, growth rate may slow down precisely because of the deteriorating quality of the policy. This is what happened, for instance, in Poland as a result of the harmful overcooling of the economy towards the end of the previous decade. Thus what matters is not only institutions, but also policy. One should also take into account cultural factors. The key to long-term economic growth is provided by a good coordination between institutional changes and a policy that favors capital formation and optimizes its allocation.
EN
Economic policy traditionally defined as the conscious interaction of the state upon the economy, its structure and the processes occurring in it is subjected contemporarily to various limitations both internal and external. The end of the XX century and the first years of the XXI century were abundant in events which changed the outlook of the world and very strongly affected the shape of international political and economic relations. The development of mass transport, new technologies of information transfer, the transformation processes in the former socialist countries are only some of the factors influencing the shape of the world at the threshold of the third millennium. The growing network of ties between states, economies and regions causes that it is increasingly more difficult for sovereign states to conduct an independent economic policy. The conscious making of strategic decisions, especially in the case of countries such as Poland, must be preceded not only by analysis of effects but also by reflection on the conditions and limitations resulting from functioning in an increasingly more complex world.
EN
The article contributes to the debate focused on the institutional principles of policies conducted by the fiscal as well as the monetary authorities. The author offers a brief review of the main relations between the aims of macroeconomic policy and the instruments that enable to fulfill the former. At the same time specific determinants of the aim-oriented decisions by the central bank or the government are reviewed. Last but not least in the analysis is the dilemma of policy mix coordination and the formal/informal status of the government as well as of the central bank is extensively discussed.
EN
Mutual neighbourhood relations between Russia, Belarus and the European Union are for both sides one of the most important priorities of their foreign policies. However, there are sometimes moments of tension in international relations between the EU, Russia and Belarus, although a big crisis is unlikely as they need each other. To make their relations decidedly better, the UE should concentrate on business and not on values. Whereas Russia and Belarus should take into consideration, that the good friendly neighborhood relations in fact mean joint interests and profits.
EN
In the paper the authors have presented the role of the dominating economic policy options and macroeconomics surrounding in creating economic situation of agriculture. First, they discussed the main assumption of the methodology and measurement methods of economic policy options. The empirical results confirmed the thesis that transformations occurring in the farming sector should br viewed against the background of changes in the macroeconomic environment. It is noticed that, in spite of numerous attempts made in many countries to find more effective methods of stimulating the agricultural development, interventionism remains one of key-mechanisms of exerting influence. Convergences in the directions of economic policy and agricultural policy did not remove existing disproportions in the size of retransfers to the agriculture. Hence the significance of structural differentiations in agriculture and of the macroeconomic situation is maintained. The paper also shows the nature of such changes in the macroeconomic environment , particularkly in the labour market and the money market, which can be favourable for stable growth and development of agriculture.
EN
The global liberalization of capital markets that began in the 1980s significantly narrowed the scope of economic policy in small, open countries with their own currency. Despite a high level of state redistribution, the case of Sweden exemplifies successful adaptation to the new challenges through institutionalization of economic-policy discipline. Taking the constraints of integrated capital markets into account, the regulation based approach to monetary and fiscal policy resembles the earlier Swedish model in serving four basic economic-policy goals: growth, high employment, social equality, and price stability. Apart from this community of goals, the two periods are linked by economic-policy consensus and social trust - a basic requirement for success under either system.
EN
The Open Method of Coordination (OMC), introduced to achieve the objectives of the Lisbon Strategy, is a soft law mechanism, supplementary to the legally binding and sanctions-oriented harmonisation of EU members’ policies. The purpose of this paper is to analyse the implementation of the OMC as a decentralised and voluntarily adopted method, assess its effectiveness and outline the prospects for its future. The method is based largely on mutual observation and the comparison of solutions applied in member states as well as the transfer of best practices. OMC was supposed to be an instrument free from the problems associated with hard law instruments – such as the crisis of legitimacy or the reluctance of member states to limit their own competence in economic and social policy – and to respect specific national solutions of EU countries. Despite advantages such as flexibility, openness, responsiveness to changes in the environment, transparency, and attenuated political resistance in the member countries, the method is not free from controversy. Its main drawback is the poor performance resulting primarily from the inability to enforce the developed provisions along with excessive orientation towards quantitative criteria and competition between countries (“economisation” accompanied by the neglect of social issues). Despite the failure of the Lisbon Strategy, the OMC will be applied to an even greater extent in the next strategy – Europe 2020. Its effectiveness will depend, however, on the correction of some of its mechanisms – for example, the introduction of financial incentives or increased participation of various stakeholder groups.
EN
The article presents relationships between social capital and safety. Social capital, due to its complexity, affects higher level of safety in various way. Among other things social capital denotes higher level of trust, more developed networks of interaction, better circulation of information as well as it reduces transaction costs, costs of necessary control and economic risk. The level of crime and the level of moral hazard usually decrease together with the increasing level of social capital,. Social capital influences security of economic circulation, the level of social security and collective security. This is true for positive social capital. The influence of negative social capital may give inverse results. Current establishment of Polish economic policy regarding creating social capital are presented in the article too.
EN
The article presents a review of the most important trends in the economic policy of the People's Republic of Poland. Undoubtedly, they resulted from Poland's incorporation into the area of influence of the Soviet Union. That entailed implementation of the Soviet economic model. Being part of the communist empire, Poland could not adopt the policy aimed at guaranteeing modern economic growth and satisfactory improvement of the living conditions. The 45 years of the communist rule were responsible for separating the economy from trends in leading civilized countries. That led to a structural economic crisis and, consequently to the collapse of the system imposed on Poland in 1944.
EN
The article deals with a discussion on two trends in modern economy, i.e. globalization and regionalization and their relationship with the economic policy. Undoubtedly, both processes require an active economic policy on the part of governments which would allow to meet the challenge connected with the above mentioned processes. Research into economic systems confirm the idea that economic policy has always played a significant role in the achievement of a particular level of advance by a given country. So far, none of the schools of economic thought has expressed doubts concerning its very existence. However, we can speak of different degrees of state interventionism and different results of the adopted policy that is to say its effectiveness in achieving development and solving economic problems of the country. Global corporations appear to be especially tough partners for the state as they take full advantage of the rules of free market economy to intensify their income.
EN
Sustainable reduction of inflation remains, even after more than a decade of economic transition, one of the key tasks for the majority of Central and East European countries. In the present paper we employ an iterative multisectoral model underpinned by estimates of sectoral price functions to simulate six disinflation scenarios for the case of Slovenia. The model simulations show that substantial progress in disinflation can be made already in 2004. However, instead of relying on a single anti-inflationary tool, stabilization of the inflation rate at around 3-4 % per annum demands highly harmonized implementation of at least three instruments: moderate de-indexation of wages, rigorous price policy in those segments of the Slovenian economy where lack of competition does not assure price stability, and a prudent monetary policy.
EN
The breakthrough of 1989 has opened the way to democracy and to market economy. However the controversies concerning the shape of the future economic system last till today. The principles of economic liberalism crashed with ideas. The hopes for quick improvement of living conditions after 40 years of poverty did not help to choose the most promising economic system. After a short but very efficient therapy (1990) the tendency to adopt a 'third way' solution and to build up a sort of 'welfare state' prevailed over liberal economic projects. In consequence the public debt increased during the last 15 years by over 300 billion PLN. The structure of fiscal expenditures prefers social allowances and does not help the economy to grow faster. The high share of fiscal expenditure in GDP reduces the rate of investment and does not favor the growth of employment. The Polish economy needs a more consistent constitutional policy in favor of liberal solutions stimulating economic activity. The privileges of highly inefficient state owned enterprises should be repealed. Their privatization should be consistently continued. To ensure a long time success of the Polish economy the centralization of decisions should be removed and democratic solutions in governing the country introduced.
EN
Development of innovation capabilities both in research and applied aspects and improvement of institutional structure are main problems in modern economies. Enterprises couldn't create innovations without more institutional and policies support but they couldn't apply effective innovation solutions without a free market (Prahalad, Krishnan 2010, Von Tunzelmann 1995). That is why it seems that economic system functioning and especially economic policy might become a crucial factors determining the nature and dynamics of innovation development processes. Creating new innovation structure (via economic policy) and transfer of technologies should support modernisation processes in companies and creation of development opportunities for the national economy as a whole [Burton-Jones 2001; Dore, Lazonick, O'Sullivan 1999; Varieties of Capitalism 2001[. Those processes should will accelerate technological convergence of low-developed economies. The main aim of the paper is to describe and interpret two processes: 1) the impact of the institutional changes and market environment on the changes in the circumstances of innovation process, and 2) the role of innovation and technology transfer in the formation of the economic system with the support of economic policy.
EN
The starting point of the study has been a survey of indices developed by international economic organizations. Such indices tend to encompass a number of qualitative/quantitative variables relating to economic viability, e.g. economic liberties, budgetary balance, judiciary, technical sophistication, social factors and innovation. Basing on the aforementioned data, the study has focused upon the comparison of both countries' competitive stances and permitted the formulation of certain economic policy guidelines with regard to Poland, which has underperformed Estonia in most of the rankings.
EN
In 2006 the favourable development of the Slovak economy had almost universal character. Robust economic growth was combined with a breaking improvement on labour market and with preserving satisfactory macroeconomic stability. Launching the operation of new production capacities of the foreign investors together with the fulfilled economic reforms had decisive impact on the good results in 2006 and will have a positive influence on the economic development of the Slovak economy even in 2007. The commitments connected with the expected entry into the euro area (January 1, 2009) will contribute to maintaining macroeconomic stability and to further advancement of real convergence towards the level of the West European economies.
EN
In the article modern actual questions of ecologically focused activity of the enterprises are considered. Authors investigate advantages which receive the enterprises from introduction of environmental friendly production. National priorities in sphere of ecologically focused activity are outlined in article. Phases of development and realization of the concept of environmental clean production in Ukraine are analyzed.
EN
This paper aims to contribute to the theoretical discussion of Social Market Economy concept and his compatibility with the main premises of neoclassical economic goal of optimal economic efficiency. We will shortly discuss the historical and social context of Ordoliberalism and Freiburg school; subsequently apply the concepts of institutional economy and concepts of economic theory of democracy. The compatibility of normative institutional order and requirements of contemporary economic policy will be discussed in connection with topics as a social order and policy, social capital, economic policy decision making and state-market relations in modern democratic society.
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