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1091 research outputs found
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Innovation and Competition with Imperfect Patent Protection
Full text linkWe employ a duopoly model with horizontal differentiation of a product to analyse impact of imperfect patent rights in the form of a patent thicket on market entry and outcomes in a market when a single unit of a good is to be provided, reflecting a competition of two potential suppliers within a tender procedure of a complex product. We show that even under price competition, a treat of litigation coming from the overlap in the patent protection leads to pricing decisions above marginal costs level. Such a situation, on the one hand, is socially costly due to costs linked to fixed costs of market entry of both competitors, but on the other hand, it is not necessarily the most beneficial from the point of view of a buyer. The paper resolves Bertrand paradox in a novel way.2025-1121-1
Ekonomista
Full text linkKlasyfikacja JEL: I23, J24, J31Wśród wielu danych udostępnianych przez ogólnopolski system monitorowania ekonomicznych losów absolwentów szkół wyższych
znajdują się względne wskaźniki zarobków, zdefiniowane jako zarobki absolwentów odniesione do zarobków średnich w powiatach
ich zamieszkania. Analiza danych dla roczników 2014–2017 wskazuje, że dla pewnych grup absolwentów, pomiędzy pierwszym
a piątym rokiem od ukończenia studiów, występuje zjawisko spadku względnych wynagrodzeń. W artykule przedstawiono wyniki
badań wskazujących, że zjawisko to w znaczącym stopniu dotyczy absolwentów niestacjonarnych studiów w uczelniach niepublicznych,
a w znikomym – absolwentów uczelni publicznych. Przedstawiono także zróżnicowanie tego zjawiska w skali województw
oraz według dziedzin nauki, do których przyporządkowano kierunki studiów.Among the many data provided by the nationwide system for monitoring the economic fate of graduates are relative earnings indicators defined as graduates' earnings compared to the average earnings in the counties of their residence. Data for the years 2014-2017 show that for certain groups of graduates, there is a decline in relative wages between the first and fifth year after graduation. The article presents analyzes indicating that this phenomenon applies to a significant extent to graduates of part-time studies at non-public universities, and to a negligible extent to graduates of public universities. The diversity of this phenomenon in voivodeships and according to the fields of science to which the fields of study were assigned was also presented.2243-25
Journal of Finance and Financial Law
Full text linkCel artykułu: Artykuł ma na celu przedstawienie kluczowych statystyk polskiego rynku nieskarbowych papierów dłużnych, ukazanie istoty zaostrzenia regulacji prawnych oraz ich wpływu na rozwój rynku, a także wskazanie problemów rozwojowych rynku oraz propozycji de lege ferenda, pozwalających w dłuższym horyzoncie poprawić jego atrakcyjność dla inwestorów i emitentów.
Metodyka: Artykuł nawiązuje do poprzedniej publikacji autora z 2020 r. i ma unikalny charakter, ponieważ ukazuje rynek nieskarbowych papierów dłużnych w sposób przekrojowy w oparciu o analizę aktów prawnych i publikacji prasowych, najnowsze i częściowo niepublicznie statystyki KDPW oraz praktykę rynkową autora.
Wyniki badania: Wartość nominalna polskiego rynku obligacji nieskarbowych to 454,2 mld zł, jednak bez quasi skarbowych papierów BGK, PFR i EBI jest to 157,6 mld zł, z czego jedynie 49,4% papierów jest notowanych na rynku Catalyst, który w tym roku obchodzi swoje 15-lecie. W latach 2017–2024 istotnie zaostrzono prawo obligacji w celu ochrony przed missellingiem inwestorów detalicznych, których realny udział w rynku pierwotnym jest niewielki. Nowe prawo wzbudza wiele wątpliwości i komplikuje proces emisji rodząc pytania o to, czy w ostatecznym rozrachunku pomoże czy zaszkodzi rozwojowi rynku. Wielu inwestorów detalicznych nie wykorzysta poprawy przejrzystości rynku i dostępu do nowych informacji z powodu braku wiedzy ekonomicznej. Oprócz nowych regulacji, wyzwaniem dla rynku nieskarbowych papierów dłużnych pozostają także m.in. brak edukacji finansowej, niechęć nowych emitentów do wejścia na rynek obligacji, brak ratingów i niedostateczne pokrycie analityczne emitentów, brak standaryzacji dokumentacji oraz brak animacji i płynności rynku wtórnego.The purpose of the article: The article aims to present key statistics of the Polish market for non-treasury debt securities, to show the essence of the tightening of legal regulations and their impact on the development of the market, as well as to identify market development problems and de lege ferenda proposals to improve its attractiveness to investors and issuers in the long term.
Methodology: The article follows the author's previous publication in 2020 and is unique in that it shows the market for non-treasury debt securities in a cross-sectional manner based on an analysis of legal acts and press publications, the latest and partly non-public statistics of the KDPW, and the author's market practice.
Results of the research: The nominal value of the Polish non-treasury bond market is PLN 454.2 billion, but excluding the quasi-treasury securities of BGK, PFR and EIB, it is PLN 157.6 billion, of which only 49.4% of the securities are listed on the Catalyst market, which is celebrating its 15th anniversary this year. Between 2017 and 2024, the bond law was significantly tightened to protect retail investors, whose real share of the primary market is small, from misselling. The new law raises many questions and complicates the issuance process, raising questions about whether it will ultimately help or hurt market development. Many retail investors will not take advantage of improved market transparency and access to new information due to lack of economic knowledge. In addition to the new regulations, challenges to the non-treasury debt securities market also remain, including lack of financial education, reluctance of new issuers to enter the bond market, lack of ratings and insufficient analytical coverage of issuers, lack of standardization of documentation, and lack of secondary market animation and liquidity.455-34
Project Management in Urban Regeneration in the Context of Sustainability and Heritage
Full text linkThis monograph examines the application of project management methodologies in urban regeneration
processes carried out in the context of sustainability and cultural heritage protection. It combines ma-
in the Context
nagerial frameworks such as PMBOK, PRINCE2 and Agile with urban policy, spatial planning and civic
participation, highlighting how governance models and planning instruments can support long-term trans-
formation in European cities.11-9
The Role of Fiscal Rules for Spending Multipliers in European Union Countries
Full text link"This paper focuses on the role of fiscal rules in shaping the macroeconomic effects of fiscal policy. We compare the fiscal multipliers across the European Union members and search for the drivers of their heterogeneity. To this aim we apply interacted panel vector autoregressive models to data from 27 EU countries over the period 1999-2022. Our results show that government spending multipliers are higher for countries with a relatively higher fiscal rule index compared to those with a lower index.2025-1081-3
Everyday Cash Usage and Corruption Perception: Evidence From a Panel of Countries
Full text linkThis paper examines the relationship between cash usage in consumer transactions and corruption perception for a panel of 29 developed countries from 2012 to 2024. We construct a unique dataset based on payment diary studies conducted in these countries to gauge the share of cash transactions in the total volume of consumer payments. Using Bayesian Model Averaging, we find strong evidence that cash prevalence affects the corruption perception. Notably, traditional macroeconomic variables show minimal impact on corruption perception, indicating that payment habits may be more influential than broader economic conditions. These findings suggest that policies promoting electronic payments could enhance transparency and reduce perceived corruption by creating traceable transaction records that limit opportunities for corrupt practices.2025-1141-1
ENHR 2025 conference paper
No full textThe European Commission is embracing the field of housing policy, bringing together two agendas: affordable housing supply and decarbonisation and energy efficiency. It is a steep learning curve and the EC is in listening mode. The new EC Commissioner for Energy and Housing and its Housing Task Force will soon develop a European Affordable Housing Plan, while the European Parliament via a Special Committee will prepare a report on the Housing Crisis and appropriate responses. The EIB is also playing an active role. So far, member states with established affordable housing systems have been relatively quiet. More effective and productive systems can be found in Austria, Denmark, France and Finland. They make use of mission focused providers, incorporating long term stable circuits of investment, promoting the growth and maintenance of social housing assets. Their success stems from the requirement to cover costs, build-up of equity and reduce reliance on costly finance and uncertain subsidies. Well regulated systems also prevent costly profiteering and extractive practices and promote long term security of tenure. A number of EU member states have not established such effective systems. To fill this institutional void, more contract-based approaches are being promoted. PPP contracting is also occurring in parallel with innovating systems, as in Ireland. This paper reviews evidence on growth and sustainability of affordable and social housing in several countries in Europe through contrastive research, validated through national expert interviews. It makes recommendations of relevance to the European Housing Plan, as well other national housing strategies.ENHR Grand Paris 2025: Affordable Housing in Greening Cities, Paris, France, 30.06.-04.07.20251-38Working Group: Comparative Housing Polic
Poland : competitiveness report 2025 : reconfiguring global value chains and shaping competitive advantages
Full text linkThe crises that have affected the world in the past five years, such as COVID-19, geopolitical tensions, and the energy crisis, have revealed the threats that arising from increasing integration with global value chains (GVCs). The disruption of supply chains, as well as difficulties in accessing raw materials or markets, highlighted the need to increase resilience to external shocks and diversify the geographical structure of international trade and investment links. This monograph contributes to the ongoing discussion on the competitiveness of an open economy in the context of deepening integration within GVCs. Taking into account the global and European context, the authors of the monograph aim to assess the competitiveness of the Polish economy and its changes during the period 2015–2023 in comparison with other EU member states, in relation to Poland’s position in global and European value chains.1-20
City, Culture and Society
Full text linkThis paper researches the mechanisms generating inequalities in the music and games sectors using the Global Production Network approach. It explores where, how and in what form inequalities are found in the music and games sectors through the examination of three case studies. By unpacking the structure and dynamics of the production network of each case study, it identifies power imbalances and how inequalities are created through different power relations. Three types of inequalities are discussed, namely market access, gender and intersectionality, and working conditions. The paper also showcases the importance of the GPN perspective for the CCS: GPN enables a holistic understanding of inequalities in different phases of CCS in a detailed and causal way which can, in turn, facilitate the adoption of policies and measures that address all phases of the production network rather than concentrating in just one.1-94
Monetary Policy and Exchange Rate Dynamics in a Behavioral Open Economy Model
Full text linkWe analyze the implications of adding boundedly rational agents a la Gabaix (2020) to the canonical New Keynesian open economy model. We show that accounting for myopia mitigates several ``puzzling" aspects of the relationship between exchange rates and interest rates and helps explain why some of them only arise in the nested case of rational expectations. Bayesian estimation of the model demonstrates that a high degree of ``cognitive discounting" significantly improves empirical fit. We also show that this form of bounded rationality makes positive international monetary spillovers more likely and exacerbates the unit root problem in small open economy models with incomplete markets. On the normative side, the model with behavioral agents provides arguments against using the exchange rate as a nominal anchor.2025-1111-5