Pub Date : 2022-12-30DOI: 10.22630/pefim.2022.28.77.14
A. Ginter
The changing model of functioning of agriculture brings new directions of its development, including functions related to providing environmental benefits. Environmental protection has become the most important point of reference in shaping all policies implemented by the European Union (EU), including the Common Agricultural Policy. Farmers, as its main beneficiaries, should take this into account. Decisions made by agricultural producers in their production processes are of great importance to the environment. The aim of the paper was to show and analyze regional differentiation of environmental benefits resulting from the functioning of small farms on the example of selected farm characteristics. The data for the analysis was obtained from the System of Collection and Use of Farm Accounting Data (Polish FADN) from three years (2017, 2018 and 2019). On the basis of a comparative and statistical analysis, it was concluded that the provision of environmental benefits by small farms is regionally differentiated. Soil protection and pro-environmental measures are emphasized in the Common Agricultural Policy's new arrangements for 2023-2027. This will primarily require knowledge transfer at the level of the institutional environment of agriculture (primarily of an advisory nature) at the national and regional level.
{"title":"THE PROVISION OF ENVIRONMENTAL BENEFITS BY SMALL FARMS FROM A REGIONAL PERSPECTIVE – SELECTED PROBLEMS","authors":"A. Ginter","doi":"10.22630/pefim.2022.28.77.14","DOIUrl":"https://doi.org/10.22630/pefim.2022.28.77.14","url":null,"abstract":"The changing model of functioning of agriculture brings new directions of its development, including functions related to providing environmental benefits. Environmental protection has become the most important point of reference in shaping all policies implemented by the European Union (EU), including the Common Agricultural Policy. Farmers, as its main beneficiaries, should take this into account. Decisions made by agricultural producers in their production processes are of great importance to the environment. The aim of the paper was to show and analyze regional differentiation of environmental benefits resulting from the functioning of small farms on the example of selected farm characteristics. The data for the analysis was obtained from the System of Collection and Use of Farm Accounting Data (Polish FADN) from three years (2017, 2018 and 2019). On the basis of a comparative and statistical analysis, it was concluded that the provision of environmental benefits by small farms is regionally differentiated. Soil protection and pro-environmental measures are emphasized in the Common Agricultural Policy's new arrangements for 2023-2027. This will primarily require knowledge transfer at the level of the institutional environment of agriculture (primarily of an advisory nature) at the national and regional level.","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"148 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77846510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-30DOI: 10.22630/pefim.2022.28.77.12
K. Boratyńska
This article presents the impact of the COVID-19 pandemic on the scale of corporate bankruptcies in Poland. The study aims to determine the changes in the number of corporate bankruptcies during the COVID-19 pandemic according to the following criteria: type of procedure, type of activity, and province/region. The methods of analysis and processing of research results include descriptive and comparative analysis, as well as synthesis and deductive inference. The results indicate that the totalnumber of corporate bankruptcies and restructuring proceedings has increased significantly during the COVID-19 pandemic. The research shows that in 2021, in comparison to the previous year, there were 65.8% more bankruptcy and restructuring proceedings, but most of them (82%) werecarried out in the form of simplified restructuring procedures for approval of the arrangement in-troduced as part of the anti-crisis shield. The basis of the study was state public aid spent to support businesses in coping with the negative economic and social consequences triggered by the COVID-19 pandemic.
{"title":"THE SCALE OF CORPORATE BANKRUPTCIES DURING THE COVID-19 PANDEMIC","authors":"K. Boratyńska","doi":"10.22630/pefim.2022.28.77.12","DOIUrl":"https://doi.org/10.22630/pefim.2022.28.77.12","url":null,"abstract":"This article presents the impact of the COVID-19 pandemic on the scale of corporate bankruptcies in Poland. The study aims to determine the changes in the number of corporate bankruptcies during the COVID-19 pandemic according to the following criteria: type of procedure, type of activity, and province/region. The methods of analysis and processing of research results include descriptive and comparative analysis, as well as synthesis and deductive inference. The results indicate that the totalnumber of corporate bankruptcies and restructuring proceedings has increased significantly during the COVID-19 pandemic. The research shows that in 2021, in comparison to the previous year, there were 65.8% more bankruptcy and restructuring proceedings, but most of them (82%) werecarried out in the form of simplified restructuring procedures for approval of the arrangement in-troduced as part of the anti-crisis shield. The basis of the study was state public aid spent to support businesses in coping with the negative economic and social consequences triggered by the COVID-19 pandemic.","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85390194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-30DOI: 10.22630/pefim.2022.28.77.18
I. Kowalska
The issue of an operating surplus of local government units (LGUs) is gaining significance due to, inter alia, the enactment of legal changes resulting in a decline in the current income of LGUs from PIT. The purpose of the research is evaluation of the development of the LGUs' operating surplus in the context of legal changes (enacted in 2019-2022) causing the said decline as well as the evaluation of the mechanisms compensating LGUs for that decline. The following were applied to accomplish the research objective:(1) quantitative analysis, taking into consideration the data of the Ministry of Finance presented in the reports on LGUs' budget implementation for 2020-2021 and multi-annual financial forecasts for the LGUs’ budget plan for 2022; (2) review of source literature and legislation related to the research subject. The analysis performed for the years 2020-2022 shows that the period of growth in the value of the operating surplus in all types of LGUs in 2021 in comparison to 2020 is followed by a significant decline in its value in 2022 (as planned). Across Poland, this applies to: municipalities, cities with county rights and voivodeships. Whereas, in the case of counties (on a Poland-wide scale), no operating surplus has been planned at all for 2022. The above situation may result not only in a decline in the capacity to finance investments from the operating surplus in LGUs, but also in the differentiation of these capacities within specific LGU types. Increased differentiation of this phenomenon in specific local governments may be affected by, inter alia, the adopted system of criteria of distribution of funds as part of the compensation for the decline in current income from PIT (especially in the development part of the general subsidy).
{"title":"OPERATING SURPLUS OF LGUS IN THE CONTEXT OF LEGAL CHANGES RESULTING IN A DECLINE OF LGUS' CURRENT INCOME FROM PIT","authors":"I. Kowalska","doi":"10.22630/pefim.2022.28.77.18","DOIUrl":"https://doi.org/10.22630/pefim.2022.28.77.18","url":null,"abstract":"The issue of an operating surplus of local government units (LGUs) is gaining significance due to, inter alia, the enactment of legal changes resulting in a decline in the current income of LGUs from PIT. The purpose of the research is evaluation of the development of the LGUs' operating surplus in the context of legal changes (enacted in 2019-2022) causing the said decline as well as the evaluation of the mechanisms compensating LGUs for that decline. The following were applied to accomplish the research objective:(1) quantitative analysis, taking into consideration the data of the Ministry of Finance presented in the reports on LGUs' budget implementation for 2020-2021 and multi-annual financial forecasts for the LGUs’ budget plan for 2022; (2) review of source literature and legislation related to the research subject. The analysis performed for the years 2020-2022 shows that the period of growth in the value of the operating surplus in all types of LGUs in 2021 in comparison to 2020 is followed by a significant decline in its value in 2022 (as planned). Across Poland, this applies to: municipalities, cities with county rights and voivodeships. Whereas, in the case of counties (on a Poland-wide scale), no operating surplus has been planned at all for 2022. The above situation may result not only in a decline in the capacity to finance investments from the operating surplus in LGUs, but also in the differentiation of these capacities within specific LGU types. Increased differentiation of this phenomenon in specific local governments may be affected by, inter alia, the adopted system of criteria of distribution of funds as part of the compensation for the decline in current income from PIT (especially in the development part of the general subsidy).","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85641931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.22630/pefim.2022.27.76.5
A. Milewska, Daniel Błażejczyk
The goal of this article was to identify and characterize the socio-economic effects of the introduction of the “Family 500+” program in Poland. The research part focused on checking the implementation of the assumptions, which were placed on the introduction of the "Family 500+" program. The main focus of the study was fertility, the improvement of which is a key goal of the program. The research methods used in the article were: data analysis method - data on the number of births of children in Poland, the fertility rate as well as the method of synthesis, inference and interpretation were analyzed. On the basis of the data analysis, conclusions were drawn and their nature explained. This was done in order to reflect on the effectiveness of public spending on the "Family 500+" program. To achieve the intended objective, research and analysis were carried out using selected indicators and statistical data. Their results allowed to verify the effectiveness of public funds spent on the indicated program.
{"title":"POLAND’S “FAMILY 500+” PROGRAM AS AN OPPORTUNITY TO SOLVE THE PROBLEMS OF FAMILY AND DEMOGRAPHIC POLICY","authors":"A. Milewska, Daniel Błażejczyk","doi":"10.22630/pefim.2022.27.76.5","DOIUrl":"https://doi.org/10.22630/pefim.2022.27.76.5","url":null,"abstract":"The goal of this article was to identify and characterize the socio-economic effects of the introduction of the “Family 500+” program in Poland. The research part focused on checking the implementation of the assumptions, which were placed on the introduction of the \"Family 500+\" program. The main focus of the study was fertility, the improvement of which is a key goal of the program. The research methods used in the article were: data analysis method - data on the number of births of children in Poland, the fertility rate as well as the method of synthesis, inference and interpretation were analyzed. On the basis of the data analysis, conclusions were drawn and their nature explained. This was done in order to reflect on the effectiveness of public spending on the \"Family 500+\" program. To achieve the intended objective, research and analysis were carried out using selected indicators and statistical data. Their results allowed to verify the effectiveness of public funds spent on the indicated program.","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73367017","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.22630/pefim.2022.27.76.4
G. Michalczuk, Urszula Konarzewska
Socially responsible investing (SRI) is becoming an increasingly fast-growing segment of the capital market. It refers to transactions in which the investment objective is determined not only by financial criteria (expected rate of return and risk) but also by non-financial aspects related to environmental, social and corporate governance (ESG) issues. The aim of the article is to diagnose socially responsible investing in the capital markets in spatial terms. An additional aim is to identify the strategies implemented by investors in individual markets. The classical methods of research were used in this article, such as the study of the literature concerning socially responsible investing and the method of desk research based on documents showing global trends in socially responsible investing in terms of value and investment strategies used by investors. Referring to statistics, it can be seen that socially responsible investing becomes a significant form of locating funds in a global capital market. In 2020, the global value of the SRI market amounted to over USD 35 trillion. However, it is not a homogeneous market, as evidenced by the varying rates of development of socially responsible investing in different regions of the world. It is also a market that evolves in terms of the investment strategies used. This is reflected in moving away from making investment decisions mainly with the use of negative/exclusionary screening to investments made on the basis of ESG integration.
{"title":"SOCIALLY RESPONSIBLE INVESTING AS THE DI-RECTION OF CAPITAL MARKET DEVELOPMENT","authors":"G. Michalczuk, Urszula Konarzewska","doi":"10.22630/pefim.2022.27.76.4","DOIUrl":"https://doi.org/10.22630/pefim.2022.27.76.4","url":null,"abstract":"Socially responsible investing (SRI) is becoming an increasingly fast-growing segment of the capital market. It refers to transactions in which the investment objective is determined not only by financial criteria (expected rate of return and risk) but also by non-financial aspects related to environmental, social and corporate governance (ESG) issues. The aim of the article is to diagnose socially responsible investing in the capital markets in spatial terms. An additional aim is to identify the strategies implemented by investors in individual markets. The classical methods of research were used in this article, such as the study of the literature concerning socially responsible investing and the method of desk research based on documents showing global trends in socially responsible investing in terms of value and investment strategies used by investors. Referring to statistics, it can be seen that socially responsible investing becomes a significant form of locating funds in a global capital market. In 2020, the global value of the SRI market amounted to over USD 35 trillion. However, it is not a homogeneous market, as evidenced by the varying rates of development of socially responsible investing in different regions of the world. It is also a market that evolves in terms of the investment strategies used. This is reflected in moving away from making investment decisions mainly with the use of negative/exclusionary screening to investments made on the basis of ESG integration.","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"138 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88721944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.22630/pefim.2022.27.76.2
A. Gałecka, M. Ganc
The stability of public services and the financial situation of local governments has a significant impact on a nation’s economic development. It also affects the long-standing process of political reforms aimed at promoting the efficiency of public sector units, their balanced budgets and financial stability. It is a concept defined in different ways, which is due, among other things, to its multifaceted nature and the lack of precisely defined measures to assess this phenomenon. The main objective of the paper was to assess the financial stability of rural municipalities in Poland’s Lublin voivodeship in 2016-2020. Within the framework of the main objective, ratio analysis and survey research was conducted. The paper was based on the study of literature on the subject, reports on the implementation of budgets in the studied municipalities published by the Regional Chamber of Accounts in Lublin, and a survey questionnaire. Based on the analyses, it was found that the studied municipalities in 2016-2020 recorded sustainability in terms of fiscal policy, and a stable level of financial liquidity and debt, albeit with a relatively low level of revenue independence. The crisis in 2020 caused by the Covid-19 pandemic caused a significant increase in the current expenditures of local government units compared to revenues, which were less than planned, although it did not significantly worsen the financial performance of the surveyed municipalities. In the opinion of the respondents (heads of rural municipalities), the vast majority of rural municipalities in the Lublin voivodeship were financially stable and the Covid-19 pandemic generally did not have a significant impact on their levels of stability.
{"title":"FINANCIAL STABILITY OF RURAL MUNICIPALITIES IN POLAND’S LUBLIN VOIVODESHIP IN 2016-2020","authors":"A. Gałecka, M. Ganc","doi":"10.22630/pefim.2022.27.76.2","DOIUrl":"https://doi.org/10.22630/pefim.2022.27.76.2","url":null,"abstract":"The stability of public services and the financial situation of local governments has a significant impact on a nation’s economic development. It also affects the long-standing process of political reforms aimed at promoting the efficiency of public sector units, their balanced budgets and financial stability. It is a concept defined in different ways, which is due, among other things, to its multifaceted nature and the lack of precisely defined measures to assess this phenomenon. The main objective of the paper was to assess the financial stability of rural municipalities in Poland’s Lublin voivodeship in 2016-2020. Within the framework of the main objective, ratio analysis and survey research was conducted. The paper was based on the study of literature on the subject, reports on the implementation of budgets in the studied municipalities published by the Regional Chamber of Accounts in Lublin, and a survey questionnaire. Based on the analyses, it was found that the studied municipalities in 2016-2020 recorded sustainability in terms of fiscal policy, and a stable level of financial liquidity and debt, albeit with a relatively low level of revenue independence. The crisis in 2020 caused by the Covid-19 pandemic caused a significant increase in the current expenditures of local government units compared to revenues, which were less than planned, although it did not significantly worsen the financial performance of the surveyed municipalities. In the opinion of the respondents (heads of rural municipalities), the vast majority of rural municipalities in the Lublin voivodeship were financially stable and the Covid-19 pandemic generally did not have a significant impact on their levels of stability.","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76570721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.22630/pefim.2022.27.76.10
Marta Wiśniewska
The aim of the research was to find out the opinions of stockbrokers working at the Warsaw Stock Exchange regarding the behaviour of Polish investors in the face of the coronavirus (COVID-19) pandemic. The research was carried out among 51 stockbrokers representing brokerage houses with a long history of operations. It has been found that psychological conditions of people and stock market sentiments play an important role in the decision-making process, and irrational investor behaviours, including largely herd effects, are particularly evident during the pandemic. The research shows that the occurrence of the coronavirus has not reduced the activity of Polish investors. Thus, significantly growing interest in shares of companies listed on the Warsaw Stock Exchange has been noted. The behaviour and attitude of market participants towards risk were volatile during the developing pandemic, which manifested itself in rapid buying of overvalued assets or rapid selling of assets.
{"title":"THE IMPACT OF THE CORONAVIRUS (COVID-19) PANDEMIC ON INVESTORS’ BEHAVIOUR IN THE LIGHT OF BEHAVIOURAL FINANCE","authors":"Marta Wiśniewska","doi":"10.22630/pefim.2022.27.76.10","DOIUrl":"https://doi.org/10.22630/pefim.2022.27.76.10","url":null,"abstract":"The aim of the research was to find out the opinions of stockbrokers working at the Warsaw Stock Exchange regarding the behaviour of Polish investors in the face of the coronavirus (COVID-19) pandemic. The research was carried out among 51 stockbrokers representing brokerage houses with a long history of operations. It has been found that psychological conditions of people and stock market sentiments play an important role in the decision-making process, and irrational investor behaviours, including largely herd effects, are particularly evident during the pandemic. The research shows that the occurrence of the coronavirus has not reduced the activity of Polish investors. Thus, significantly growing interest in shares of companies listed on the Warsaw Stock Exchange has been noted. The behaviour and attitude of market participants towards risk were volatile during the developing pandemic, which manifested itself in rapid buying of overvalued assets or rapid selling of assets.","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75165217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.22630/pefim.2022.27.76.3
M. Garstka
The consequences of the Covid-19 pandemic on the quality and scope of financial information prepared by accounting are complex. The scope of the financial statement and the obligation to audit depend on the classification of units based on their size. The required scope is narrower for micro and small entities than it is for larger organizations. The crisis may have influenced the size of entities and by that their classification and the scope of information that they need to disclose. The goal of this article is to verify whether post-pandemic demands for information, assuming it will be the same as pre-pandemic, can be fulfilled. The accessibility of information is connected with the level of security of engaging in business activities. Making changes in the criteria of an entity’s inclusion as an SME and in its obligation to audit can be one solution for the problem of insufficient information. The methodology used in this study is analysis of regulations and deductive reasoning. It showed that the effects of the pandemic, particularly the increase in the number of micro and small entities, can limit the accessibility of information. This article contributes to the scientific literature by displaying and justifying the need to verify the classification criteria of businesses and other entities.
{"title":"ACCESSIBILITY OF FINANCIAL INFORMATION IN RELATION TO CHANGES IN SIZE OF ENTITIES CAUSED BY THE COVID‐19 CRISIS","authors":"M. Garstka","doi":"10.22630/pefim.2022.27.76.3","DOIUrl":"https://doi.org/10.22630/pefim.2022.27.76.3","url":null,"abstract":"The consequences of the Covid-19 pandemic on the quality and scope of financial information prepared by accounting are complex. The scope of the financial statement and the obligation to audit depend on the classification of units based on their size. The required scope is narrower for micro and small entities than it is for larger organizations. The crisis may have influenced the size of entities and by that their classification and the scope of information that they need to disclose. The goal of this article is to verify whether post-pandemic demands for information, assuming it will be the same as pre-pandemic, can be fulfilled. The accessibility of information is connected with the level of security of engaging in business activities. Making changes in the criteria of an entity’s inclusion as an SME and in its obligation to audit can be one solution for the problem of insufficient information. The methodology used in this study is analysis of regulations and deductive reasoning. It showed that the effects of the pandemic, particularly the increase in the number of micro and small entities, can limit the accessibility of information. This article contributes to the scientific literature by displaying and justifying the need to verify the classification criteria of businesses and other entities.","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"71 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76884034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.22630/pefim.2022.27.76.6
P. Misztal, Marcin Łupiński
The financial crisis that began in 2007 pointed out deficiencies in policy-makers’ responses to systemic risk. It turned out that not only individual bank insolvencies but also spillovers from negative externalities among entities can cause serious threats to the financial sector. During the last 10 years, many international and national initiatives were taken to strengthen the soundness of the financial system, introducing a macroprudential perspective to financial supervision. However, the recent COVID19 pandemic resulted in a serious negative shock for many economies and their financial sectors. In this paper, using the network model we try to analyse how these recent unexpected developments affected the Polish banking sector with systemic risk. To analyse Polish bank stability we developed a formal stress-testing framework based on the network model that allowed systemic risk identification, modelling and measurement. We tried to integrate analysis of time and the cross-sectional nature of systemic risk.
{"title":"ARE POLISH BANKS STABLE? A SYSTEMIC RISK ANALYSIS","authors":"P. Misztal, Marcin Łupiński","doi":"10.22630/pefim.2022.27.76.6","DOIUrl":"https://doi.org/10.22630/pefim.2022.27.76.6","url":null,"abstract":"The financial crisis that began in 2007 pointed out deficiencies in policy-makers’ responses to systemic risk. It turned out that not only individual bank insolvencies but also spillovers from negative externalities among entities can cause serious threats to the financial sector. During the last 10 years, many international and national initiatives were taken to strengthen the soundness of the financial system, introducing a macroprudential perspective to financial supervision. However, the recent COVID19 pandemic resulted in a serious negative shock for many economies and their financial sectors. In this paper, using the network model we try to analyse how these recent unexpected developments affected the Polish banking sector with systemic risk. To analyse Polish bank stability we developed a formal stress-testing framework based on the network model that allowed systemic risk identification, modelling and measurement. We tried to integrate analysis of time and the cross-sectional nature of systemic risk.","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88819944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.22630/pefim.2022.27.76.9
Mateusz Śliwa, Aleksandra Kłosowska
The main theme undertaken in this paper is the assessment of the impact of the COVID-19 pandemic on corporate lending. The main objective of the article is to analyze the qualitative and quantitative changes in the level of corporate lending in Poland. The author focuses, on the one hand, on the ability of firms to incur liabilities and, on the other hand, on the changes in bank lending rules over the course of a changing economic reality burdened by the crisis caused by the pandemic. The individual analyses also show a broader comparative context by referring to statistical data before the onset of the virus crisis. In the case under review, uncertainty about the health of the MSP sector during the crisis weighed on the tightening of credit policy. An increase in demand for bank financing in the pandemic period was reported by both large companies and micro enterprises. However, only in the case of the former did the availability of loans increase. As a result, the gap between the availability of bank loans to large firms and the MSP sector widened.
{"title":"CHANGE IN THE LEVEL OF CORPORATE LENDING IN POLAND DURING THE COVID-19 PANDEMIC","authors":"Mateusz Śliwa, Aleksandra Kłosowska","doi":"10.22630/pefim.2022.27.76.9","DOIUrl":"https://doi.org/10.22630/pefim.2022.27.76.9","url":null,"abstract":"The main theme undertaken in this paper is the assessment of the impact of the COVID-19 pandemic on corporate lending. The main objective of the article is to analyze the qualitative and quantitative changes in the level of corporate lending in Poland. The author focuses, on the one hand, on the ability of firms to incur liabilities and, on the other hand, on the changes in bank lending rules over the course of a changing economic reality burdened by the crisis caused by the pandemic. The individual analyses also show a broader comparative context by referring to statistical data before the onset of the virus crisis. In the case under review, uncertainty about the health of the MSP sector during the crisis weighed on the tightening of credit policy. An increase in demand for bank financing in the pandemic period was reported by both large companies and micro enterprises. However, only in the case of the former did the availability of loans increase. As a result, the gap between the availability of bank loans to large firms and the MSP sector widened.","PeriodicalId":34405,"journal":{"name":"Polityki Europejskie Finanse i Marketing","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82020173","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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