Publishing House of Wroclaw University of Economics and Business Journals
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Market power in the EU banking sector in a time of unconventional monetary policy
Get PDFAim: This paper investigates how market power has evolved in the EU banking sector during a period of unconventional monetary policy, particularly under negative interest rates.
Methodology: The author estimated an adjusted Lerner index through stochastic frontier analysis applied to an unbalanced panel of 272 EU commercial banks from 2015 to 2019, accounting for contextual factors including monetary policy stance, financial system development and regulatory environment.
Results: The findings show that the traditional Lerner index overstated market power in EMU countries due to near-zero interest rates. The adjusted index reveals lower market power in EMU banks and consistently higher levels in non-EMU countries, especially the UK and the Nordic countries.
Implications and recommendations: The findings emphasise the need to consider monetary policy and institutional factors in competition analysis. Future research should explore how banks adjust pricing under persistent low-rate environments.
Originality/value: This paper offers a refined measure of bank market power that corrects for biases in standard metrics during periods of unconventional monetary policy, enhancing cross-country comparability within the EU
Does increased trade openness enhance the impact of transport infrastructure investment on economic growth?
Get PDFAim: This paper focuses on the impact of transport infrastructure investment on the economic growth of European countries, with a particular emphasis on analysing the effects of investment in both road and railway infrastructure in the first two decades of this century. The primary objective was to empirically test whether greater trade openness amplifies the positive effects of investment in transport infrastructure on economic growth.
Methodology: The panel data analysis approach was employed for its numerous advantages over timeseries or cross-section analyses, encompassing a sample of 19 European countries from 2001 to 2021. Following the results of the applied econometric tests, models were estimated using generalised least squares (GLS) and ordinary least squares with panel-corrected standard errors (PCSE) methods.
Results: The results revealed the positive impact of transport infrastructure investment on economic growth, with a pronounced significance associated with rail infrastructure investment, especially in the most developed countries. Road infrastructure investment only exhibited a positive impact in transition countries. Crucially, the analysis determined that the positive effects of investing in transport infrastructure on economic growth intensified with increasing trade openness.
Implications and recommendations: The implications of the findings suggest that transport infrastructure investment alone is insufficient to drive economic growth. Other conditions must also be satisfied, particularly the economic integration of the country. Consequently, alongside transport infrastructure investment, it is essential to foster high levels of trade openness to ensure significant positive effects on the economy. Future research should further explore the significance of additional enabling conditions, such as a well-educated workforce and improved institutional environments, in facilitating and enhancing the positive effects of transport infrastructure investment.
Originality/value: Given that the most significant investment in developing high-quality transport infrastructure within the European Union took place in the two first decades of this century, this research offers valuable insights through its empirical analysis of this period, deepening the understanding of the relationship between transport infrastructure investment and economic growth in Europe. The study’s value lies in identifying the particularly strong positive impact of investing in rail infrastructure in the most developed countries, alongside the positive influence of investing in road infrastructure, especially in transition countries where motorways comprise the largest share of investment projects. The originality of this research largely stems from its quantitative verification that increased trade openness enhances the positive effects of investing in transport infrastructure on economic growth
The level, antecedents and consequences of occupational burnout among academic teachers from state universities of economics in Poland
Get PDFAim: The purpose of the study was to diagnose the level of occupational burnout of academic teachers from state universities of economics in Poland, and to identify its antecedents and consequences. The hypotheses are as follows: H1: The level of occupational burnout of academic teachers from state universities of economics is high; H2: The higher the effort-reward imbalance, the higher the level of occupational burnout; H3: The higher the work-family conflict, the higher the level of occupational burnout; H4: The higher the family-work conflict, the higher the level of occupational burnout; H5: The higher the intensity of stress-inducing student behaviour, the higher the level of occupational burnout; H6: The higher the level of occupational burnout, the higher the turnover intention; H7: The measured occupational burnout is a consequence of effort-reward imbalance, stress-inducing customer behaviour, work-family conflict and family-work conflict; H8: Turnover intention is a consequence of occupational burnout; H9: Turnover intention is a consequence of effort-reward imbalance, stressinducing customer behaviour, work-family conflict and family-work conflict.
Methodology: The study applied a variety of psychometric tools, including Burnout Assessment Tool (BAT), Effort-Reward Imbalance (ERI) questionnaire, Carlson Scale (measuring Work-Family Conflict (WFC) and Family-Work Conflict (FWC)), Stress-Inducing Customer Behaviour Scale (SCBS) and Turnover Intention Scale 6 (TIS-6).
Results: In the surveyed group of academic teachers from state universities of economics in Poland, one in five was at a very high risk of burnout, and one in five was qualified to be considered as being at risk of burnout. Their burnout is related to the effort-reward imbalance, the severity of the workfamily conflict, and the family-work conflict, and the intensity of stress-inducing student behaviour. The most important factors were the effort-reward imbalance and the work-family conflict. Burnout is also clearly correlated with turnover intention.
Implications and recommendations: This study has both scientific and practical implications. Research at other types of universities in Poland is recommended for further studies. Moreover, international inquiries would enable an international and multicultural view of the occupational burnout of academic teachers, whilst expanding research onto organizational, social, and personality-related factors would give a more comprehensive view of the studied phenomenon. The practical implications show the need to incorporate strategies for prevention of burnout at state universities of economics.
Originality/value: The research significantly expands the existing knowledge about the level and important antecedents and consequences of occupational burnout among academic teachers. The methodological novelty of the study lies in the unique and multi-dimensional combination of burnout antecedents. The investigation included one of the first applications of the Turnover Intention Scale (TIS-6). The research is also one of the first in the world (and the first in Poland) application of the Burnout Assessment Tool (BAT) among a group of academic teachers
Some insights on the development of economic sciences through the lens of the Nobel Prize
Get PDFThe paper discusses the key developments in the area of economic sciences. The insights are derived from the analysis of the achievements of the laureates of the prize in economic sciences in memory of Alfred Nobel
Variability in Times of Disease. Application of ARMA-GARCH in Modelling and Predicting Volatility of S&P500 Index Return Rates in COVID-19
Get PDFAim: The article considers the time series case of the closing prices of the S&P500 index over the period from January 2020 to April 2021. The author selected the best ARMA(p,q)-GARCH(1,1) models with different forms of probability density functions. The errors of the forecasts generated both in terms of logarithmic returns and their variability were compared.
Methodology: The study followed the Box-Jenkins procedure. Applying the information criterion the study considered the best among these models with normal, skewed Student’s t, generalised error and generalised hyperbolic distribution.
Results: The author obtained the following representations: ARMA(2,0)-GARCH(1,1) and ARMA(0,2)-GARCH(1,1), with normal, skewed Student’s t and generalised error distribution. The assessment of forecast accuracy showed that in the case of conditional variance forecasts, the ARMA(2,0)GARCH(1,1) models with a normal distribution and a generalised error distribution were the best. The largest errors of conditional variance forecasts were generated by models with a skewed Student’s t-distribution.
Implications and recommendations: It is worth extended the study to models based on the range of fluctuations (such as Range GARCH-RGARCH or Conditional Autoregressive Range Model-CARR).
Originality/value: The author considered models with various probability density functions, showing that such diversity was important when looking for the best models in times of high volatility
Comparative Analysis of Household Debt Levels and Structures in European Countries: Trends and Implications
Get PDFAim: The aim of the article was to analyse the level and structure of household indebtedness in selected European countries over two periods: 2018–2019 and 2020–2022. The research focused on two key objectives: (1) a comparative analysis of the forms of indebtedness among households in different European countries, and (2) a comparative analysis of the euro area and non-euro area EU Member States with respect to the level and structure of household debt.
Methodology: The study is based on secondary data from Eurostat concerning the financial resources and debt levels of European households. The analysis covered two distinct time periods (2018–2019 and 2020–2022) and compared the prevalence and structure of different debt instruments. The research included descriptive and comparative methods, examining household behaviour in euro area and non-euro area countries.
Results: The analysis showed that there were no statistically significant differences between euro area and non-euro area households in terms of asset and debt categories. In the euro area, households more frequently used short-term and long-term loans, while they were less likely to invest in quoted shares and bonds. In non-euro area countries, short-term loans dominated, suggesting a stronger tendency to use quick access financing tools. Debt securities and long-term loans were less prevalent in these countries.
Implications and recommendations: The findings suggest that household debt preferences were relatively stable across Europe, with minor regional differences. Policymakers should consider these patterns when designing financial literacy programmes and credit regulations. Future research could focus on the behavioural factors influencing household debt decisions and investigate the impact of macroeconomic changes on these trends.
Originality/value: This study contributes to the literature by offering a comparative perspective on household indebtedness in euro area and non-euro area countries, using up-to-date Eurostat data across two relevant time frames. It provides insights into the structure of household liabilities and the regional differences in debt preferences
E-portfele jako instrument płatności cyfrowych nomadów
No full textAim: The aim of the paper was to examine the determinants affecting the number of e-wallets (Stored Value Digital Wallets) owned by digital nomads, highlighting the features of digital wallets that differentiate them from other available money storage options.
Methodology: The research methods applied were literature analysis, in-depth interviews, and the Pearson correlation coefficient.
Results: When conducting the Pearson correlation analysis, it should be emphasised that the strongest correlation with the number of e-wallets owned was related to the number of countries visited by digital nomads in a year and the number of employers/clients. After analysing the in-depth interviews, the main determinant for having e-wallets was their usefulness, popularity, and ease of use.
Implications and recommendations: The conducted research may constitute the basis for further research on the use of new technologies by digital nomads.
Originality/value: The paper describes the identified research gap related to the use and perception of e-wallets by digital nomads.Cel: Celem artykułu jest zbadanie determinant wpływających na liczbę e-portfeli (Stored Value Digital Wallets) cyfrowych nomadów oraz podkreślenie cech e-portfeli odróżniających je od innych dostępnych możliwości przechowywania pieniędzy.
Metodyka: Metody badawcze zastosowane w powyższym artykule to analiza literatury, wywiady pogłębione oraz współczynnik korelacji Pearsona.
Wyniki: Wykorzystując korelacje Pearsona, należy podkreślić, że najsilniejsza korelacja liczby posiadanych e-portfeli występuje z liczbą odwiedzanych krajów w ciągu roku przez cyfrowych nomadów oraz liczbą pracodawców, klientów. Po analizie wywiadów pogłębionych głównym powodem posiadania e-portfeli była ich użyteczność, popularność i łatwość obsługi.
Implikacje i rekomendacje: Przeprowadzone badanie może stanowić podstawę do dalszych badań dotyczących wykorzystania nowych technologii przez cyfrowych nomadów.
Oryginalność/wartość: Przeprowadzone badania opisują zidentyfikowaną lukę badawczą związaną z wykorzystaniem i postrzeganiem e-portfeli przez cyfrowych nomadów
Recenzja książki: Magdalena Śliwińska, Fair Trade and Sustainable Development. Dispersed Hybrid Market, Routledge, New York and London, 2024
Get PDFSustainable development of Polish cities – case study of Wrocław
No full textCel: Celem niniejszego opracowania jest ocena realizacji celu 11 Agendy 2030 w połowie horyzontu czasowego obowiązywania rezolucji. Rozważania podjęto na przykładzie Wrocławia, jednej z najważ-niejszych polskich metropolii.
Metodyka: W pracy wykorzystano krytyczną analizę literatury i dokumentów strategicznych oraz ana-lizę statystyczną. Zrównoważony rozwój rozpatrywany był w trzech aspektach: gospodarczym, społecznym oraz środowiskowym. Dokonano również przeglądu działań realizowanych przez władze Wrocławia, przyczyniających się do osiągnięcia zrównoważonego rozwoju miasta.
Wyniki: Dzięki wysokiemu poziomowi rozwoju społeczno-gospodarczego, możliwa jest realizacja szeregu inicjatyw mających na celu poprawę środowiska naturalnego i racjonalne wykorzystanie zasobów, jednak mimo podejmowanych działań, osiągnięcie zrównoważonego rozwoju pozostaje w sferze dłu-goterminowych planów strategicznych
Implikacje i rekomendacje: W dobie postępującej urbanizacji coraz większa uwaga koncentrowana jest na miastach. Kumulując na swoim obszarze kapitał, ludność, instytucje kultury i sztuki, stanowią one motory napędowe rozwoju społeczno-gospodarczego. Jednak przez wiele lat rozwój odbywał się kosztem środowiska naturalnego. W tym kontekście znaczenia nabiera cel 11 Agendy na rzecz zrównoważonego rozwoju do roku 2030 Organizacji Narodów Zjednoczonych, który koncentruje się na zrównoważonym rozwoju miast, ich bezpieczeństwie i włączeniu społecznym. Również polskie miasta stoją przed wy-zwaniem wdrożenia idei zrównoważonego rozwoju.Aim: The aim of this paper is to assess the achievements of goal 11 of Agenda 2030 halfway through the time frame of the adopted resolution. Considerations are undertaken using, as an example, Wrocław, one of the most important Polish metropolises.
Methodology: The paper uses critical analysis of the literature and strategic documents, as well as statistical analysis. Sustainable development is considered from three aspects: economic, social and environmental. A review is also conducted of actions implemented by the Wrocław authorities that have contributed to achieving the city’s sustainable development.
Results: Thanks to a high level of socio-economic development it is possible to implement a range of initiatives aimed at improving the natural environment and the rational use of resources, however, despite the actions taken, achieving sustainable development remains in the sphere of long-term strategic plans.
Implications and recommendations: In an era of increasing urbanization, ever more attention is focused on cities. By accumulating capital, population and cultural and art institutions within their territory, they become the driving force of socio-economic development. However, for many years this development was at the cost of the natural environment. In this context, goal 11 of the United Nations’ Agenda for sustainable development to the year 2030 is of particular importance. This goal focuses on the sustainable development of cities, their safety and social inclusion. Polish cities also face the challenge of implementing the ideas of sustainable development
Model decyzyjny optymalizacji zbiórki odpadów komunalnych w horyzoncie średnioterminowym
No full textAim: The article presents the process of municipal waste management, with particular emphasis on the organization of waste collection, and discusses the objectives of waste management, the principles of operation in Poland and order in municipalities, and various approaches to organizing waste collection. The rest of the article presents a decision model for schedule generation based on mixed integer programming (MIP). This model aims to minimise the number of resources involved while meeting the requirements regarding the frequency of waste collection. One distinguishing characteristic of the proposed method is its premise that transport-related work should remain constant throughout the entire year, irrespective of holidays or days off. To achieve this, the model incorporates schedule substitutions which enable the strategic adjustment of schedules for collection dates affected by holidays, while preventing significant spikes in waste collection volume on those days.
Methodology: The article proposes a decision model based on mixed integer programming (MIP), minimising the maximum amount of waste collected in one day.
Results: Using the proposed decision-making model, tests were carried out on a set of 35 instances corresponding to real problems of preparing waste collection schedules in cities in the Lower Silesian Voivodeship. The test results confirmed the model’s efficiency.
Implications and recommendations: The results obtained can be used in municipalities to create schedules and optimise the costs of municipal waste collection.
Originality/value: The model proposal presented in the article contains unique elements, such as a decision model for optimising municipal waste collection over the year and substitutions in the context of the waste collection schedule. Introducing test case analysis adds value by demonstrating the practical application of the model.Cel: W artykule przedstawiono proces zarządzania odpadami komunalnymi, ze szczególnym uwzględnieniem organizacji zbiórki odpadów. W tekście omówiono cele gospodarki odpadami, zasady funkcjonowania w Polsce zgodnie z ustawą o utrzymaniu czystości i porządku w gminach oraz różne podejścia do organizacji zbiórki odpadów. W dalszej części tekstu przedstawiono model decyzyjny generowania harmonogramu, oparty na programowaniu całkowitoliczbowym (MIP). Model ten ma na celu minimalizację liczby zaangażowanych zasobów przy spełnieniu wymagań dotyczących częstotliwości odbioru odpadów.
Metodyka: W artykule zaproponowano model decyzyjny oparty na programowaniu całkowitoliczbowym (MIP), minimalizujący maksymalną ilość odpadów odbieranych w jednym dniu.
Wyniki: Za pomocą zaproponowanego modelu decyzyjnego przeprowadzono testy na zestawie 35 instancji odpowiadających rzeczywistym problemom układania harmonogramu zbiórki odpadów w miastach województwa dolnośląskiego. Wyniki testów potwierdziły poprawność modelu oraz jego wydajność.
Implikacje i rekomendacje: Uzyskane wyniki można wykorzystać w gminach do tworzenia i optymalizacji kosztów zbiórki odpadów komunalnych.
Oryginalność/wartość: Przedstawiona w artykule propozycja modelu zawiera unikalne elementy, takie jak model decyzyjny optymalizacji zbiórki odpadów komunalnych w horyzoncie roku oraz substytucje w kontekście harmonogramu zbiórki odpadów. Wprowadzenie analizy przypadków testowych dodaje wartość, pokazując praktyczne zastosowanie model