The conditions of development of innovative business undertakings at the time of the COVID-19 pandemic

The paper is theoretical and analytical and aims to analyse and assess the impact of the COVID-19 pandemic on start-ups in Poland. Its first part discusses the specific nature of start-ups and the conditions of their development, known as the start-up ecosystem. The effect of these entities on economic development is addressed, too. The article then attempts to assess, based on domestic and international reports and analyses, the impact of the SARS-CoV-2 pandemic on start-ups in Poland and the prospects of their development.

Railway efficiency. Metodological aspects

Improving market competitiveness and economic efficiency was the objective behind the demonopolisation and liberalisation of the railway sector in the European Union. Achieving this objective remains important and crucial to the development of a single rail transport market. The transport performance and financial results of the sector under the new, separative organisational structure of railways in the EU is the result of the action of many different actors, private operators and public entities. This significantly complicates the development of uniform and clear comparable performance evaluation indicators for the sector and makes comparative analyses difficult. Moreover, the specific situation of railways in the EU as a tool for implementing environmental and social policy may conflict with the requirements of financial efficiency. The article presents determinants and methods of measuring railway efficiency proposed by researchers and practitioners.

Monetary Policy Targets and Macroeconomic Equilibrium. Some Theoretical Remarks

Purpose: The article attempts to systematize the strategies undertaken by individual countries (groups of countries) after the 2007+ crisis with regard to stabilizing prices and supporting economic recovery. It is about highlighting the strengths and weaknesses of particular types of strategies as well as opportunities and threats related to their implementation. Methodology: In the theoretical analysis, three types of economies were distinguished, using as a criterion the orientation of a given economy towards securing price stability or supporting economic recovery. The classical dynamized AD-AS model, commonly used in macroeconomics, and the SWOT analysis were used as a research tool. Findings: The basis for differences in the approach of economic authorities of individual countries to the problem of stabilizing prices or supporting economic recovery is the mandate of the central bank. Depending on the type of strategy implemented by the central bank, individual countries and groups of countries react diametrically to exogenous shocks, which results in different results in terms of economic growth and employment. Practical Implications: The results can be utilized by central authorities (central banks) in formulating assumptions and forecasts of monetary policy. Originality / Value: The paper contains an original division of countries / groups of countries due to their orientation in the field of medium-term stabilization policy. The analyzes of these countries are also original, having no equivalent in the world literature on this subject.

Overcoming the consequences of financial crisis on the example of Island and Ireland

Will Ireland share the fate of Iceland? Is this open, small economy with a debt-to-GDP ratio of above 130% on the verge of bankruptcy? Economists argue that if public debt is greater than national income, then smaller economies, heavily involved in the international division of labor are at risk of becoming insolvent. The bankruptcy of Ireland, whose prosperity is based on its reputation for being a good place to do business, could be a catastrophy. Contrary to the countries of southern Europe, the economy of the Green Island has never had problems with paying its liabilities and with solvency. While Greece has gone bankrupt five times since gaining independence in 1826 and Spain as many as thirteen in the past two centuries, Ireland's history in this area is impeccable (Reinhard, Rogoff, 2009, p. 3-6). Since the beginning of the 21st century Ireland's economic development has been based mainly on construction industry and not exports, as it used to be in the 1990s when the country was nicknamed the Celtic Tiger. The boom resulted in a budget surplus and a positive balance in current settlements. But it also resulted in higher prices - the Irish no longer had to accept slow wage growth to stay internationally competitive - which, combined with the low nominal interest rate of the European Central Bank, provided fertile ground for the build-up of the real estate bubble. The aim of the article is to identify the factors that led Ireland to the brink of bankruptcy and to try to answer the question whether the action of recapitalization of failing banks by the government and international financial institutions will bring the expected results in the form of healing the financial system and returning Green Island to the path of economic growth.

The European Union fiscal policy framework and fiscal sustainability: challenges for the post-crisis environment

The fiscal policy framework in the European Union was originally agreed upon in the Maastricht Treaty 30 years ago. In the following years it has been supplemented (Stability and Growth Pact) and modified, influenced by the experience of its application practice and external shocks, such as the financial crisis. However, the essence of this framework remained the same - member states are obliged to conduct a disciplined fiscal policy, which, in a nutshell, is assessed by comparing the ratio of budget deficit and public debt to GDP in a given country to the reference values. Even before the outbreak of the Covid-19 pandemic, the need to change the mechanisms for disciplining fiscal policy was widely recognized. High and persistent levels of public debt, pro-cyclicality of fiscal policy, shortage of public investment and the complexity of fiscal rules and their weak enforceability are indicated as unfavorable features of public finance. In 2019 the COVID-19 pandemic came as the biggest shock to the world community since World War II. In the context of the provisions on fiscal discipline, in May 2020 the Commission and the Council activated the general escape clause of Stability and Growth Pact, for the first time ever. This has allowed member states to take the necessary fiscal measures to deal with the crisis. On 19 October 2021, the European Commission adopted a Communication relaunching the public consultation, put on hold in March 2020, on the EU?s economic governance framework. The new governance framework should be tailored to the challenges the EU is facing, including the challenge of achieving a fiscal stance that is appropriate for the euro area as a whole. There is a fairly widespread belief in the need to move away from rigid reference values, which should be replaced by solutions that ensure the sustainability of public debt in the differing circumstances of member states. The proposed options for the revision of the EU fiscal framework, although justified in theory, have a fundamental flaw - they strengthen the position of supranational institutions and, moreover, open the door to discretion and potentially unequal treatment of member states. These proposals can be seen in a broader context - the federalization of the EU, which would limit the sovereignty of nation states.

EU rail passenger transport: an important determinant of sustainable development

The 2030 Agenda for Sustainable Development has become the global blueprint for sustainable development. Sustainable development is supposed to change functioning of societies and economies in order to minimize negative ecological effects, at the same time providing for the needs of present and future generations. Due to its functions, transport is indispensable for meeting these needs, but it also generates demand for energy resources and has a negative impact on the environment. Appropriate shaping of transport systems is, therefore, an important element of the transformation of economies towards sustainable development and thus a key task for government policy. Rail is among the most energy efficient modes of transport for freight and passengers. The aim of this article is to assess the development of rail passenger transport in European Union countries on the basis of statistical data in the context of the need to transform mobility systems in accordance with the principles of sustainable development. The analysis of the data shows that the development of rail transport is low compared to road and air transport, which raises questions about the reasons for this fact and the further measures needed.

Influence of the organisational and legal changes in the Municipal Sports and Recreation Centre on effectiveness of the provided services

The author of the article makes the research hypothesis that the local governments should join the restructuration programs of the municipal companies with more engagement because there are too less changes which would allow more efficient, cheaper and more competitive their management. Privatization is one of the restructuration methods recommended by the local governments which already have executed it. These are the actions which many local governments needlessly refrain and postpone them in time being afraid of sizes and scale of the changes in a company after their implementation. The local communities lose on such proceeding as they are forced to use expensive low-quality services. The purpose of the article is evaluation whether the change of the organisational and legal form from the budget unit to the limited liability company is effective. There will be used analysis of literature studies and source data concerning the Municipal Sports and Recreation Centre limited liability company in Radom to solve the created research problem. Results of the conducted research were included in the summary in points from 1 to 9, which prove that the assumed research?s goal in the article?s introduction has been achieved.

Foreign direct investment in the post-communist member states of the European Union: who are the leaders?

Joining the European Union has been treated as a chance for Poland and other post-communist countries to improve their economic growth and development. It was clear from the beginning that it was going to be a long and demanding process in which success is only possible if appropriate economic policies are pursued. That policy should provide stable frameworks to support business development, attract foreign direct investments (FDI), keep the discipline in public finances and assure the right institutional ability and managerial skills to absorb the EU funds. According to forecasts by The McKinsey Quarterly from 2004, 5% Poland's economic growth rate was to require around USD 10 billion of annual FDI inflow! The aim of this study was identifying the leaders in attracting FDI among post-communist European Union member states in the period of 2004-2020. The research showed a huge variation in attracting foreign capital among eleven post-communist EU members. Estonia, the Czech Republic, Hungary, Slovakia seem to be winners in this race, leaving Poland far behind.

Evolution of payment methods in Greece – Determinants of their use

From society’s point of view and the exchange of products, metal and gold, till the digital era of cryptocurrencies mediated a lot of phases in payment methods that Greeks used. In this assignment, means of payment are presented and analyzed through the years, differentiations and trends are examined as well as Greek citizens’, and not only, choices are commented according to the means of payment they use via statistical reports conducted by related entities. The aim of this primary research that has been developed in Delta Municipality is the specifying of factors which have an impact on users’ payment choices and also the discovery of a relation probably between those choices and those of sex, age, level of income or level of education. Findings show the general dominations of debit cards in all ages and level of income, for each kind of transaction (natural or digital), confirming the raise of plastic money in Greece after capital controls’ arrival. Speed, directness and convenience are the characteristics which are necessary to be fulfilled by a means of payment, but also another modern reason and necessity of plastic money is the new tax-free builder regime. Furthermore, loyalty programs that cards provide most of the time are really tempting. There is no familiarization neither with cryptocurrencies nor the new contactless media, but only for the concept, independently of age. Finally, grey payments are still a concerning issue, which are preferred by everyone verifying the Greek reality.

Corporate deleveraging. Lessons from the Polish experience (2006-2017)

How long do firms need time to reduce their debt level? We know from literature that the process is not rapid and mainly justified by the need to ensure financial flexibility in case of opportunities in the near future. Our purpose is to observe the behaviour of Polish firms in such process and the time needed (if any) to come back to their bottom border in terms of debt level. Our focal point is to appreciate if we have differences between firms in terms of size and sectors which could influence capital structure theories. The debt level defined is the debt net ratio, observed over 12 years (from 2006 to 2017) with a trough level estimated at the median of the ratio over such period. In line with previous studies, we find that the process to come back to the trough is not so rapid. However, and it is the originality of our article, we find significant differences between firms in terms of size (3.27 years for small firms against 5.13 years for medium firms and 4.53 years for large firms) and in terms of sectors. Our findings are consistent with a capital structure theory which focuses on differences between firms in terms of size and sectors to generalize some consistent and recurrent behaviors towards debt.