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Anti-crisis fiscal policy in the face of the COVID-19 pandemic and the energy crisis and its consequences
No full textThe aim of the article is to diagnose the differences in the anti-crisis fiscal policy in 2020-2022 conducted by the governments of Polish, Czech, Hungarian and Slovak during the COVID-19 pandemic crisis and the energy crisis. The following research questions were asked :
What was the fiscal situation of Polish, Czech, Hungarian and Slovak countries after the pandemic and energy crisis at the end of 2024, considering the level and ratio of the deficit and debt of the general government sector to GDP?
What fiscal policy measures have the governments of Poland, the Czech Republic, Hungary and Slovakia taken during the pandemic and energy crisis and what was their scale? Which of the countries incurred the lowest and largest costs in relation to GDP?
The results of the empirical analysis indicate that at the end of 2024, i.e. after the pandemic period and the energy crisis, the best fiscal situation was in the Czech Republic, as evidenced by the lowest debt-to-GDP ratios and general government deficits. Hungary was in the worst situation, with its indicators clearly exceeding the permissible standards applicable in the European Union (general government deficit of 5.1% of GDP and general government debt of 75.8% of GDP).
During the periods of crisis analyzed, the governments of Poland, the Czech Republic, Hungary and Slovakia took many similar measures to correct them. Hungary incurred the largest expenditure on counteracting the effects of the COVID-19 pandemic in relation to GDP. In turn, the Czech Republic spent the largest expenditure on measures to counteract the energy crisis in relation to GDP, and Hungary the least. The main sources of data were the online databases of Eurostat, the European Central Bank, NATO and Bruegel
Rationalization of supply
No full textThe article presents the fundamental problems of optimizing supply processes. It presents: theoretical foundations of optimization, structure of the supply process, cost structure and methods of their estimation, as well as basic methods of optimizing supply costs. The use of the indicated methods does not provide immediate effects. However, it allows for a permanent reduction of costs in the future related to the size of the required warehouse space or capital frozen in inventories. The fundamental dilemma is the correct estimation of the costs of a single delivery and unit costs of maintaining the inventory. The article describes the methodology for their estimation in several variants. It seems the most logical, but its practical application can be quite complicated. The issue of optimizing supply costs should be viewed holistically. Because improving the efficiency of one sub-process can lead to a deterioration in the efficiency of the others
Forecasting of short-term power demands in Polish Power System using ensemble of LSTM networks
No full textThe article presents and discusses the results of the research of forecasting power demands in Polish Power System with time horizon of one hour ahead in conditions of limited availability of forecasting model input data, covering only three months. The prediction was carried out using deep neural networks - LSTM (Long Short-Term Memory) connected to an ensemble. The performance of the ensemble is much more efficient than individual networks working separately. The numerical experiments were conducted using MATLAB computing environment. The accuracy of the predictions was estimated using such statistical measures as MAPE, MAE, RMSE, Pearson correlation coefficient R
Characterization and selection of electromagnetic interference (EMI) line filter for Variable-Frequency Drive (VFD) application
No full textThis study investigates conductive interference in a low-power variable-frequency drive (VFD). The VFD generates high-frequency voltage harmonics at 16 kHz and 24 kHz. A suitable commercial electromagnetic interference (EMI) line filter is identified, which effectively reduces the amplitudes of these harmonic voltages. A simulation model of the EMI line filter is developed to analyze its common-mode and differential-mode noise attenuation properties in greater detail. The simulation results confirm the filter\u27s suitability for this specific VFD application. The filter\u27s performance is further validated through experimental measurements. In conclusion, a simple step-by-step guideline for EMI filter selection is proposed. The findings of this study may also serve as a foundation for educational material for undergraduate students, with several potential practical exercises developed based on this work
A new approach to the transformation of the uncontrollable and unobservable pairs to their canonical controllable and observable forms of linear systems
No full textNew approaches to the transformations of the uncontrollable and unobservable matrices of linear systems to their canonical forms are proposed. It is shown that the uncontrollable pair (A,B) and unobservable pair (A,C) of linear systems can be transform to their controllable (A,B) and observable (A,C) canonical forms by suitable choice of nonsingular matrix M satisfying the equation . It is also shown that by suitable choice of the gain matrix K of the feedbacks of the derivative of the state vector it is possible to reduced the descriptor system to the standard one
Collinear antenna for ADS-B system: Simulation and field tests
No full textThe paper a detailed investigation of collinear antennas for Automatic Dependent Surveillance - Broadcast (ADS-B) reception at 1090 MHz. Both four-element and twelve-element designs were analyzed using electromagnetic simulation and validated in field experiments. Performance metrics such as gain, standing wave ratio (SWR) and reception range were measured and compared. Results indicate that increasing the number of elements improves their parameters but may create many side lobes which create blind spots in antennas\u27 vertical plots
Czynniki kształtujące konkurencyjność MŚP w Polsce i Czechach
Full text linkCelem niniejszego opracowania jest identyfikacja oraz porównanie kluczowych determinant wpływających na konkurencyjność małych i średnich przedsiębiorstw (MŚP) w Polsce i Czechach. W ramach badań przeanalizowano pięć strategicznych obszarów funkcjonowania sektora: otoczenie regulacyjno-administracyjne, poziom innowacyjności i zaawansowania cyfrowego, dostępność źródeł finansowania, jakość kapitału ludzkiego oraz ogólne koszty prowadzenia działalności gospodarczej. Dodatkowo przeprowadzono analizę SWOT dla obu krajów, zastosowano benchmarking oraz dokonano przeglądu wybranych dobrych praktyk wspierających rozwój MŚP. Wyniki badań wskazują, że Czechy charakteryzują się korzystniejszym klimatem regulacyjnym, wyższym poziomem innowacyjności, bardziej zaawansowaną cyfryzacją oraz umiarkowanymi kosztami zatrudnienia i opodatkowania przedsiębiorstw. Polska natomiast dysponuje większym potencjałem rynkowym oraz wykazuje wyższą dynamikę eksportową MŚP, jednak napotyka istotne bariery administracyjne, relatywnie wyższe koszty pracy oraz niższy poziom wykorzystania technologii cyfrowych w sektorze przedsiębiorstw. Na podstawie przeprowadzonych analiz sformułowano rekomendacje ukierunkowane na wzmocnienie konkurencyjności polskich MŚP. Obejmują one m.in.: uproszczenie procedur administracyjnych, intensyfikację działań wspierających cyfryzację przedsiębiorstw, poprawę dostępności finansowania w początkowej fazie rozwoju oraz dostosowanie systemu edukacyjnego do realnych potrzeb rynku pracy
Equity crowdfunding IPOs: Under or overpricing? The case of Poland as an example of quickly catching up economy
No full textResearch background: The majority of research on equity crowdfunding concerns its evolution in developed countries. There are still relatively few works devoted to equity crowdfunding in developing regions, including Poland. Taking this into account and the lack of research on the effectiveness of ECF-based IPOs, there is a research gap that this article is trying to fill. This paper also contributes to the extensive literature dealing with the occurrence of the IPO underpricing phenomenon and focuses on a regional study on IPO underpricing in the still niche ECF-based IPOs.
Purpose of the article: The article aims to show the development of equity crowdfunding in Poland. The article also aims to (i) evaluate the effectiveness of debuts of companies that raised funds (and thus carried out their IPOs) using ECF platforms, and (ii) find the determinants of ECF-based IPOs performance.
Methods: The model for testing the potential determinants of ECF-based IPO performance is based on univariate linear regressions measuring the relationship between a dependent variable which stands for ECF-based IPO underpricing and one independent variable (chosen from a set of potential explanatory variables.
Findings & value added: The article shows that since 2020 ECF has become an important source of financing for listed SMEs in Poland. Based on the stylized fact on the risk-return tradeoff, it is assumed that ECF-based IPOs are more underpriced than IPOs of other companies to attract investors. The paper revealed that the effectiveness of ECF-based IPOs has mainly the cyclical nature and it depends on the stock price cycle. ECF-based IPOs are more underpriced then other IPOs only in the bull market while in the bear market they are more overpriced. To the best of my knowledge, this is the first study to explore the performance of ECF-based IPOs. Although this paper focuses on Poland, it opens the potential for broader global research in this area. The article can also hold significant practical value for all participants of the ECF market
Macroeconomic determinants of enterprise births in European countries: The moderating role of human capital in the unemployment structure
No full textResearch background: While micro-level studies evidence that unemployment increases the probability of being self-employed, the findings at the macro-scale are ambiguous. At the macroscale, the unemployment push mechanism is further conditioned by cyclical fluctuations and industry-specific characteristics. Most studies, however, have neglected the heterogeneity of the group of unemployed, which could also be behind the disparate results.
Purpose of the article: In filling this gap, the study aims to examine the links between the unemployment rate and enterprise births, while considering the unemployment structure in terms of the human capital of the unemployed and the unemployment duration.
Methods: The issue is examined using the example of 20 European countries in the period 2004–2020. The fixed- and random-effects panel models were applied. The sectoral diversity of entrepreneurial activity (manufacturing, wholesaling and retailing, professional and scientific activities, ICT), and the size class of the newly established enterprises (with/without employees) are also considered.
Findings & value added: The study reveals that the share of long-term unemployment and the skill structure of the unemployed have an impact on new firm formation, which varies with the knowledge intensity of the start-ups and their size. A higher share of highly qualified unemployed increases the start-up rates, particularly in knowledge-intensive services and manufacturing. A higher share of long-term unemployed has a negative impact on enterprise births, specifically in new businesses with employees. The findings are important for designing effective instruments to address unemployment by entrepreneurship within active labour market policy
Does the green bond premium exist in the secondary market? Evidence from Nordic countries
No full textResearch background: The green bond market is growing every year. This market becomes an effective financing mechanism for climate change mitigation and adaptation. Even though approximately two-thirds of the research confirmed the existence of a green bond premium (GBP) in the secondary market, certain circumstances may deny it. Among them are comparable credit quality, market demand and supply dynamics, market liquidity, regulatory and policy support, investment preferences, etc. These circumstances are the main motivation for continuing the studies related to GBP, testing its existence for the issuers in Nordic countries. These countries have rather ambitious policies for environmental protection and low-carbon development, the presence of a transformative Nordic model for greening the economy, and issuers overall are positive towards the EU Green Bond Standard.
Purpose of the article: This study aims to determine the GBP in the secondary market.
Methods: A matching method is used to determine the pairs of green and conventional bonds. A fixed-effects panel regression model is performed to control for the difference in liquidity between each green bond and its counterfactual to extract GBP. A Wilcoxon signed-rank test with continuity correction is applied to test the significance of GBP.
Findings & value added: The findings did not prove the existence of GBP, neither for the total sample nor for sub-samples by the issuer type. The study continued dividing the entire research period into three sub-periods (pre-COVID-19, COVID-19, and the Russian-Ukrainian war). However, the results did not change. The findings suggest that the GBP does not reflect market participants’ willingness to pay more for environmentally friendly investments, and it is not incorporated into pricing models by adjusting for risk, preference, and regulatory impact