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Climate policy relevant sectors in the Polish commercial banks
No full textThe aim of the study is to estimate credit exposures and their changes in commercial banks\u27 portfolios in terms of sectors important for climate policy, which exposes them to the risk of transition in Poland in 2013-2022. The research concerned the analysis of changes in the structure of the loan portfolio in terms of sectors relevant to climate change (CPRS) broken down by groups (green, black, brown, dirty), industries (fossil fuels, utility-electricity, production, manufacturing, transportation, agriculture), and types of activity divided into sections. The CPRS methodology was applied (Battiston), which is used in EiOPA, ECB, EBA. The share of green exposures of the entire banking sector in 2013-2022 increased (to 49%) and the share of dirty exposures decreased (to 51%). Due to the link between the sections, the three pillars of industries with the greatest risk to transformation among the CPRS were: buildings, transportation and manufacturing
Budgetary operating balances in the assessment of the financial aspects of European integration
No full textThe aim of the study was to assess whether the presentation of financial flows between states and the EU budget provides constructive information, since the literature on the subject emphasizes that the assessment of the benefits and costs of integration has a much broader and more complex scope resulting from the free movement of people, services, goods and capital. In the paper it was used data from 2019 taking into consideration the last year of the UK\u27s full membership in the European Union and a year before COVID-19 pandemic which also has influenced EU finance. In addition, the current operating balances of the member states are presented based on the latest data from 2022 referring to the author’s modified algorithm for calculating operating budgetary balances according to the guidelines of the European Commission. Findings resulting from the conducted research are as follows: referring to the formulated hypotheses it should be stated that there are no grounds to reject them. Correction mechanisms on the revenue side of the European Union budget affect the operating balance of a given country, although they do not have to cause a change in the operating balance from negative to positive or vice versa. In addition operating budgetary balances do not provide a true picture of the benefits and costs of European integration. Providing the value of budget balances for member states in relation to the EU budget should be considered a strictly accounting procedure. The wider use of operating budgetary balances can be considered a denial of the essence of European added value, because they refer to the idea of "fair return" as the expectation of a certain adequacy between the amounts paid and the funds received from the budget
G–7 and BRICS countries in global value chains
No full textG–7 and BRICS countries play important roles in the world economy and global politics. The aim of the article is to answer the research question: “How participation of G–7 and BRICS countries in global value chains has been changing since 1995?”. To answer this question global value chains participation indexes were calculated. They were derived from Inter-Country Input-Output Tables. The value-added of this study stems from employing Input-Output Tables delivered by two institutions (Organization for Economic Co-operation and Development and Asian Development Bank). Consequently, article presents indexes calculated on the basis of two datasets. Combining two databases enabled to conduct study for quite long period (1995–2022). Analyzing the changes of global value chains participation indexes of G–7 and BRICS countries, we can distinguish following phases of internationalization: period of rapid globalization (1995–2008), global crisis and economic rebound (2009–2011), period of slowbalization somewhat strengthened by coronacrisis (2012–2020), and another recovery (2021–2022). This finding lead us to the conclusion that fast internationalization came to a halt in 2008 and since global financial crisis globalization has been quite slow despite some periods of recovery. Thus, there is an implication for more detailed research on slowbalization – its grounds, tendencies and prospects (whether fast internationalization is possible in the future; what is the role of economic policy in stimulating the pace of globalization)
The influence of capital markets on Austria\u27s economic growth
No full textThis research undertook a comprehensive assessment of how capital market have affected Austria\u27s economic development, scrutinizing data spanning from 1975 to 2020. In pursuit of this objective, the study meticulously constructed an econometric model utilizing the GRETL software, a tool known for its robust analytical capabilities in economic modeling. This model was specifically designed to probe the extent to which the capital market have been a driving force behind Austria\u27s economic progress. Once the model was in place, it was applied to the aforementioned dataset using the GRETL program, allowing for a detailed and nuanced analysis. The results derived from this process were pivotal in establishing a clear and quantifiable understanding of the capital markets\u27 impact on Austria\u27s economic growth trajectory over this extensive period. This comprehensive approach, integrating long-term data analysis with sophisticated econometric modeling, provided valuable insights into the dynamic interplay between capital market fluctuations and national economic performance
Disturbance of Trains Movement under the ERTMS Control System
No full textThe article presents a discussion leading to the identification the possible causes of disturbances in train movements under the supervision of the European Rail Traffic Management System ERTMS. As a consequence of detected events, unintentional initiation of a train braking procedure occurs despite the absence of objective reasons for such behaviour. In essence, the paper presents the ERTMS as a real-time system based on the two subsystems ETCS and GSM-R. Each of these subsystems includes a vehicle part and an infrastructure part. The article starts by identifying general considerations that may affect the lack of compatibility between vehicle and trackside infrastructure as a result of changes in versions of the specification (baseline). The following part of the article reviews the process leading to train braking is reviewed. The next part of the article refers to ETCS scenarios and parameters affecting the system response during operation. It referred to the considerations of message transmission between the ETCS ground infrastructure and the vehicle via the telecommunications network, including the GSM-R. The final section focuses on the causes and consequence of the overlap of the RBC\u27s and GSM-R radio cells boundaries. The article concludes with a brief summary and conclusions
Polityka klimatyczno-energetyczna UE a rozwój gospodarek europejskich
No full textW artykule omówiono politykę klimatyczno-energetyczną Unii Europejskiej. Przedstawiono jej cele na przestrzeni lat. Wspomniane zostały zdefiniowane przez Traktat o Funkcjonowaniu Unii Europejskiej cele zarówno energetyczne, jak i klimatyczne dla organizacji. Wyjaśniono cele Zielonego Ładu oraz zademonstrowano zmiany w emisji gazów cieplarnianych w krajach UE i Wielkiej Brytanii na przestrzeni lat w różnych sektorach gospodarki. Ponadto omówiony został stosunek UE do dostaw surowców "z zewnątrz" i przedstawiono kluczowych dostawców tych surowców na teren Unii Europejskiej. Wspomniany został także stosunek państw do polityki klimatyczno-energetycznej (Polska, Niemcy)
Google and Apple mobility data as predictors for European tourism during the COVID-19 pandemic: A neural network approach
No full textResearch background: The COVID-19 pandemic has caused unprecedented disruptions to the global tourism industry, resulting in significant impacts on both human and economic activities. Travel restrictions, border closures, and quarantine measures have led to a sharp decline in tourism demand, causing businesses to shut down, jobs to be lost, and economies to suffer.
Purpose of the article: This study aims to examine the correlation and causal relationship between real-time mobility data and statistical data on tourism, specifically tourism overnights, across eleven European countries during the first 14 months of the pandemic. We analyzed the short longitudinal connections between two dimensions of tourism and related activities.
Methods: Our method is to use Google and Apple\u27s observational data to link with tourism statistical data, enabling the development of early predictive models and econometric models for tourism overnights (or other tourism indices). This approach leverages the more timely and more reliable mobility data from Google and Apple, which is published with less delay than tourism statistical data.
Findings & value added: Our findings indicate statistically significant correlations between specific mobility dimensions, such as recreation and retail, parks, and tourism statistical data, but poor or insignificant relations with workplace and transit dimensions. We have identified that leisure and recreation have a much stronger influence on tourism than the domestic and routine-named dimensions. Additionally, our neural network analysis revealed that Google Mobility Parks and Google Mobility Retail & Recreation are the best predictors for tourism, while Apple Driving and Apple Walking also show significant correlations with tourism data. The main added value of our research is that it combines observational data with statistical data, demonstrates that Google and Apple location data can be used to model tourism phenomena, and identifies specific methods to determine the extent, direction, and intensity of the relationship between mobility and tourism flows
Barriers to immigrant entrepreneurship: A causal relationship analysis of the Asian immigrant entrepreneurs in Germany employing the DEMATEL approach
No full textResearch background: Entrepreneurship and migration are top priorities on many national and international agendas. As a result, entrepreneurship is one of the most popular strategies immigrants use to avoid unemployment in a host country. However, studies lack to discuss causal relationships among key barriers to immigrant entrepreneurs.
Purpose of the article: This study attempts to fill the knowledge gap and investigate the causal relationship between the primary obstacles faced by Asian immigrant entrepreneurs in Germany.
Methods: A predesigned questionnaire was used in face-to-face interviews with Asian business owners in Germany for the study, and the Decision-Making Trial and Evaluation Laboratory (DEMATEL) method of data analysis was used.
Findings & value added: The findings reveal that lack of sufficient financial resources to establish a business, high market competition, and a lack of knowledge of the local language of the host country are the most significant barriers, among others, which may severely hamper Asian immigrant business performance and have a considerable impact on their entrepreneurial decision. At the same time, lack of professional knowledge & skills, problems with rules & regulations, and cultural differences are among the least essential obstacles for Asian immigrant entrepreneurs. The findings show that unfamiliarity with the local language, problems with rules and regulations, cultural differences, and lack of international business experience are associated with the causer category. However, lack of enough capital to establish a venture, lack of professional knowledge and skills, difficulty in access to financial resources, and high market competition relate to the receiver category. This research generates value for policymakers, particularly those participating in migration studies. One of the study\u27s novelties is using the DEMATEL framework for decision-making on barriers to immigrant entrepreneurship in the European context
The impact of financial speculation on futures contracts price movements: A study of the US markets for dairy commodities
No full textResearch background: The study analyzes whether financial speculation destabilizes commodity prices in light of recent price volatility and spikes in agricultural commodities. The study delves deeper into the US dairy futures markets, which are less studied by other authors in their research and relatively new in comparison to other agricultural commodity markets. These dairy commodity futures contracts provide dairy businesses and farmers the chance to hedge against price risks, which are particularly crucial in uncertain economic times such as the post-2020 COVID-19 pandemic timeframe. The analysis makes use of the weekly returns on futures contracts for nonfat milk powder, butter, milk class III, and cheese that are obtained from the Chicago Mercantile Exchange (CME).
Purpose of the article: Conduct an empirical study to evaluate the effect of financial speculation on dairy product prices on US commodity markets, including the post-2020 timeframe.
Methods: Time series analysis is used in the investigation: the generalized auto-regressive conditional heteroskedasticity (GARCH) method, the Granger causality test, and the Augmented Dickey-Fuller (ADF) test.
Findings & value added: Our analysis\u27s findings show that, even though most commodities experienced an increase in return volatility during the post-2020 period, there is no evidence for financial speculation being the cause of increased returns from dairy futures contracts. The research also suggests that financial speculation, in some cases, even lowers the volatility of dairy futures prices. Therefore, non-commercial market participants may help to distribute price risks, making these markets more liquid
