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EN
The main aim of the article is to present the phenomenon of deflation and its connection with depression. The detailed aim is the answer to the question to what extent the current economic crisis causes threats of deflation in Poland. This study consists of four main parts. In the first, the phenomenon of deflation is presented - its definition, types and costs. In the second, the connection between deflation and depression is outlined - its theoretical and empirical aspects. In the third part, an index of deflation vulnerability is presented - methodology and evaluation for 35 countries (data comes from a survey by M.S. Kumar et al.). In the last part, a risk of deflation is evaluated for Poland in the period from 2000 to 2008, especially in the context of the current economic crisis.
EN
The author makes an attempt to diagnose the most significant causes of contemporary economic crises and to verify the hypothesis which assumes that the reasons for the contemporary crises are totally different in comparison to typical crises of the 19th and the 20th centuries. What emerges from this consideration is that a surplus of supply of goods was the fundamental issue undelying classical crises, which was due to the momentum of investments that did not bring in the expected profits. These days, however, financial phenomena underly the economic recession.
EN
Increasing dynamic of the civilization changes in the last tenths years created stronger needs of stabilization within the members of different social groups. Last economic crises increased in the mean time the risk of loosing work and stability which is combining with it. As a result people are expecting from the state not only formal guarantee but more often real help. State can help directly in the form of benefits or indirectly by increasing chances of continuations of the work. This is giving simultaneously a right for social protection and creating the possibility of multiplication of work. For the trust of citizens to the social policy of the state basic is keeping the access to social service. This is not combining with increase of the budget expenses. Different is situation when the number of the people who getting social benefits is increasing rapidly.
EN
The article presents a synthetic assessment of the most important conditionings of the Polish economy in the period of confusion caused by the global crisis. In the introduction, the author shortly characterises crisis phenomena. Subsequently, the analysis of the influence of these phenomena on a real sphere and a financial sector is made. A short-term forecast of the development of the situation in Poland in comparison to other European Union countries is noteworthy.
EN
This article argues that the economic crisis in Sweden was not caused by the large and generous welfare state, but rather by market-liberal economic reforms. Today the model is still doing relatively well and it still has the support of the population. Although the literature on 'retrenchment' focuses on social benefits, in Sweden cutbacks in this area were rather mild. Instead, the main cutbacks were actually in the quality of welfare services, which remains the greatest problem for Sweden.
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2009
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nr 1(24)
40-52
EN
Everybody knows that the public health care system in Poland is in deep crisis. It requires deep structural reform but first of all change of principles of the health care financing. Citizens are used to pay for the health care services, and that this cost more in each year. It is worrying that majority of Poles realize in case of serious illness the cost of health care. In such a case, very often, cost are so big that people are unable to cover them from their running monthly budget. Only small part of society is aware of possibility to avoid necessity of spending more money than thay have in a short of time. Health care insurances are one of the tools which allow us to benefit from private health care and avoid high costs in case of serious illness. Predictions shows that in a few years commercial health care insurance will be more popular because of higher insurance awareness and deeper public health care system in Poland.
EN
Cooperatives are a kind of institutions which inside organization and method of work divides them from other kinds of establishments. It is difficult to give a clear and uniform definition of a cooperative enterprise. This is caused by cultural differences and existence of four schools of cooperative thought. There are seven values which underlie cooperative movement. This value structure allows cooperatives to gain their identity. Situation that was caused by the economic crisis proved that cooperatives are the best establishments when it comes to fight recession effects. They are kind of establishments which help people reduce poverty thanks to their original methods of work. Aside from financial help cooperatives can offer other types of support.
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2008
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nr 4(23)
65-83
EN
The aim of the article is to determine how innovative the economies of the European Union countries are and to identify arguments for the role of innovation in overcoming the economic crisis in the member states. The methodology applied to achieve the defined goal includes a description of the presented problem and an analysis of the detailed phenomena. The performed disquisition resulted in the following conclusions. The issue of innovation acquires special significance for the development of the European Union at the time of the economic crisis. Favorable conditions for activities to increase the role of innovation in the economy at the time of a crisis are changes in the corporate strategies in the field of innovative activity, changes of the innovation character and decisions of the long-term investors. The results of the analysis let the authoress make a conclusion that the development of innovation may constitute an effective method of getting out of the economic crisis for the European Union countries, provided that their public sector creates mechanisms to support innovative activity, especially in small and medium sized companies.
EN
The paper aims at the analysis of the consequences of the current economic crisis on the public finance in Poland. In particular, it is focused on the financing system of labour market policy instruments. Labour Fund is the main source of financing both active and passive labour market policy in Poland. Employees contribute to the Fund creating the budget focused on alleviating the negative consequences of being unemployed and financing employment programmes for job seekers. It the wake of economic crisis, the risk of becoming unemployed is higher which bears consequences for public finance and puts pressure on rational management of the Labour Fund resources.
EN
This text examines the post-crisis scenarios of economic growth. In order to explain the possible variants of future developments, it first provides an account of the crisis and describes the diverse types of state interventions used to control the crisis, and their immediate effects. Next the various possible scenarios of economic growth are considered, taking into account their probabilities, e.g. low likelihood of a consumer boom, possible increase in investments, but reasons as well for its possible decrease. Further on the article assesses the dynamics of the growth factors presented and the role of global co-operation in handling the crisis. The Author concludes that in order to avert a repeat financial meltdown, a mix of strategies and approaches needs to be adopted.
EN
The 2008–2010 economic crisis revealed many problems in the EU’s real business market. Of course these resulted primarily from the troubles of financial institutions, but they also derived in part from deficiencies in the functioning of the EU internal market. In answer to these challenges, the Commission has presented the Single Market Act, which contains 12 initiatives directed at reviving the EU internal market. However, the strategy mapped out does not essentially provide for any substantial steps or actions which would, in the short term, improve the entrepreneurs’ situation in the crisis-ridden EU. It constitutes a deepening of the current integration, a simplification of the current regulations, and elimination of the most critical – i.e. not all – barriers. The internal market should be perceived as a mechanism ensuring the effective conduct of business activity, simultaneously reducing unemployment and increasing consumer confidence. This would be a strategy for making an ‘escape forward’ from the crisis.
EN
Different views on the role of fiscal and monetary policy are discussed in terms of history of economic thought. Fundamental features of fiscal and monetary policy are identified and analyzed with respect to recent financial and economic crisis. Lessons from variety of fiscal and monetary stimulus used by different countries to overcome recent crisis are summarized.
EN
The aim of this study is to analyze the causes of the German economic miracle (Wirtschaftswunder) in the era of L. Erhard, in the context of economic theory and economic history. In the present study, it has been attempted to justify the thesis that this success was made possible not only through an effective policy of economic order, but also due to conditions specific economic, social and political conditions in the world after World War II. Erhard's policy, which promoted the economic order, but denied the state intervention in the management process, proved to become remarkably effective in those circumstances. There remains an open question whether Erhard's policy of economic order would achieve such a spectacular success in the different socio- economic conditions.
EN
Many experts believe that the reasons for ongoing economic crisis lie in the financial market. Liberalization of capital flows and technological progress allowed the globalization of financial markets, leading to emergence of liquid financial markets, with, in turn, resulted in a divergence between real and financial spheres. However, the crisis on financial market has not significantly affected food production. The production for consumption purposes in developed countries slowed down, though it was compensated by growth in developing countries. Further growth in demand for food in developing countries may trigger an increase of prices, which in turn may contribute to significant changes in perception of the development of global food economy. It seems that the initiated socioeconomic changes may be a sign of striving for a more sustainable global development.
EN
The article analyses two main economic trends (liberalism and keynesism) in the context of possible theoretical and practical answers they can give to questions related to the essence and causes of economic crises and counteraction against them. The author shows a significant connection between the appearance of global crises and domination of liberal thinking among economic theoreticians, practitioners and politicians. This connection is illustrated by historical examples of economic crises. The author also presents the reasons for crises (usually liberal thinking) and ways of counteraction against them (indicating that the keynesism recipes are the most effective). Finally, the author states that in present political conditions, Polish economy is unlikely to quickly and successfully oppose the dangers resulting from the existence of crises phenomena as there is a fundamental ideological obstacle, which is liberal government, rejecting all keynesism recipes for an economic crisis.
EN
The article introduces feminist political economy as an analytical tool or interpretative frame for exploring current economic crisis. In the beginning of the article, the authors focus on the wider context of feminist theories and approaches to capitalism within their development. The point is to show that contemporary feminist critiques of global capitalism tie in with the earlier tradition of feminist thought. In the next part, the authors introduce the theoretical grounds and basic theses of feminist political economy through the work of V. Spike Peterson and J. K. Gibson-Graham. The last part of the article focuses on specific issues linked to the current crisis of global capitalism and on the questions raised by this approach. The main questions are: how can we describe the crisis and what solutions can we search for? Is it a crisis of the hegemonic capitalist mode of production, a crisis of the capitalocentrist order, or just a crisis of certain institutions? Is the current economic crisis only a negative phenomenon, or does it open the way to establishing alternative paradigms to that of the global hegemony of capitalism?
EN
The article presents the analysis of the causes and effects of mortgage credits in the USA. The present credit crisis in the USA and some UE countries is caused by a mechanism of expansion of mortgage banking generating mistaken factors in risk management, mainly as a result of the overvaluation of securities. The crisis in the American subprime market brought about negative effects regarding the liquidity of not only American financial market but the other countries' markets as well. The financial crisis was mainly the result of the excessive expansion of mortgage credits and incorrect assessment of credit risk by rating institutions. Moreover, the American market collapse was caused by the lack of some regulations in the housing market, standards of consumer protection as well as clarity and control of non-banking financial institutions..
EN
The article aims to present directions of development of investment banking in the global market. The Authors present the most significant historical facts relating to the development of investment banking in Europe and the USA. They identified key factors in the dynamic development of investment banking in the late twentieth century. Next part of the article concentrates on general characteristics of the main services offered by investment banking. Then, the essence of the subprime crisis and its impact on the development of investment banking in the global market is discussed. In conclusion, the Authors pointed out the prospects for development of investment banking after the end of the global subprime crisis.
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2008
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nr 4(23)
84-123
EN
The aim of the article is to analyze the determinants of the latest financial crisis. The starting point for this is the analysis of trends in the American real estate market because the dynamic development of this market should be considered as a so-called 'shock' leading to the burst of the present crisis. However, the intensive development of the real estate market in the USA would not have been possible if there had not been numerous factors favorable to its boom which are discussed in detail in the article. On the other hand, the creation of the 'bubble' in the real estate market and then its 'burst' with all the negative consequences, especially serious as they can wield enormous influence on the most risky segment of innovative financial instruments based on mortgages, contributed to the burst of the financial crisis.
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2009
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nr 2(25)
13-43
EN
In the end of 2008, the financial and economic crisis engulfed the world's economy. On the one hand it originated in the weaknesses of the American economic system and economic policy, and on the other hand in the deficiencies of the world's financial architecture. A characteristic feature of the latter is an asymmetry on many planes and a lack of opportunities for global financial institutions to influence the economic policies of individual countries - at least in regard to marking the limits and boundary value problems for the economic and financial policies. The key to a provision of the world economy resistance to global financial and economic crises is the abandonment of unilateralism in conducting foreign economic policy and strengthening the role of global financial and economic institutions.
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