Global instability of gold prices: view from the state-corporation hegemonic stability theory

Purpose: The purpose of this paper is an explanation of reasons of gold prices instability after the establishment of the free gold market in 1968-1974. Subject of the analysis, i.e. the gold has been chosen because of its big strategic importance as a reserve metal for states and business over the world. Therefore, prices of the gold are connected with the global political-economic situation. Design/Methodology/Approach: The design is a new application of the theory of the state-corporation hegemonic stability, i.e. a new contemporary theory of international political economy. The research method is a describing political-economic analysis based on statistical data. Author analyses the gold prices in particular time periods and according to the state-corporation hegemonic stability theory. Findings: According to presented point of view, fiat money in circulation and a lack of fixed gold exchange standard in connection with a relatively stable global political-economic situation are the most important reasons of unstable and relatively low market prices of the gold in long time periods. However, disturbances of the world system cause fast and relatively big growths of gold prices in short time periods. Therefore, the global instability of gold prices is a phenomenon of the contemporary world. A destruction of the global system or world war in the future can cause a big increase of gold prices. Moreover, in the longer run, a further growth of prices of the gold will be probably unavoidable because of inflation in spite of periods of their drops. A fiat money system without any established gold parity adds monetary advantages for the contemporary global market economy, i.e. opportunities to increase money supplies in spite of a lack of gold reserves. Therefore, according the state-corporation hegemonic stability theory, state-powers and biggest transnational corporations are not interested to change the fiat money standard into the gold money standard. Practical Implications: The result can be considered for short-term and long-term investments in gold. Originality/Value: Original research based on the new theory.peer-reviewe

CHANGES OF EU COUNTRIES POSITIONS IN INTERNATIONAL TRADE IN MACHINERY AND TRANSPORT EQUIPMENT IN 2005–2014

Artykuł ten analizuje zmiany eksportu, importu i salda handlu maszynami i sprzętem transportowym krajów członkowskich Unii Europejskiej w latach 2005–2014. Autor wykazał dominującą pozycję Niemiec jako eksportera netto maszyn i sprzętu transportowego w badanym okresie. Ponadto najważniejszymi eksporterami netto maszyn i sprzętu transportowego w 2014 roku były: Włochy, Republika Czeska, Holandia, Słowacja, Węgry i Polska. Najważniejsza zmiana dotyczyła Polski, która była importerem netto w 2005 roku. Włochy utrzymały swoją pozycję, zaś pozostali eksporterzy netto uzyskali lepsze miejsca w 2014 roku. Wielka Brytania była najważniejszym importerem netto maszyn i sprzętu transportowego w latach 2005–2014. Natomiast Francja spadła z pozycji eksportera netto do importera netto. Jednak istnieje stosunkowo duże prawdopodobieństwo odzyskania francuskiej nadwyżki. Podkreślono duże udziały eksportu i importu maszyn i sprzętu transportowego w handlu towarowym krajów UE. Ponadto autor udowodnił większe znaczenie eksporterów netto niż importerów netto w unijnym handlu międzynarodowym maszynami i sprzętem transportowym.This paper analyzes changes of exports, imports and trade balance in machinery and transport equipment of EU country-members in 2005–2014. Author illustrated a dominating position of Germany as a net exporter of machinery and transport equipment in this period. Moreover, there were the following most important net exporters of machinery and transport equipment in 2014: Italy, Czech Republic, Netherlands, Slovakia, Hungary and Poland. The most important change was connected with Poland which was net importer in 2005. Italy maintained its position and other net exporters obtained better positions in 2014. Great Britain was the most important net importer of machinery and transport equipment in 2005–2014. Whereas, France dropped from net exporter to net importer position. However, there is a relatively big probability to regain French surplus. There are stressed big shares of exports and imports of machinery and transport equipment in merchandise trade of EU countries. Moreover, author proved a bigger importance of net exporters than net importers in EU international trade in machinery and transport equipment

Wpływ zmian kursów walutowych na handel międzynarodowy produktami rolnymi w warunkach globalnej recesji

This paper analyzes influence of exchange rates on the international agricultural trade in the global recession terms. Changes in balance of agricultural foreign trade of many countries are analyzed. Also a special situation of commerce in agricultural products is focused on. / Synopsis. Artykuł analizuje wpływ zmian kursów walutowych na międzynarodowy handel produktami pochodzenia rolniczego w warunkach globalnej recesji. Analizowane są zmiany w saldzie bilansu rolnego handlu zagranicznego poszczególnych krajów. Zwraca się także uwagę na specyfikę wymiany produktami pochodzenia rolniczego

Changes of EU countries positions in the international trade of food, drinks and tobacco in 2016, 2019 and 2020 : influence of coronavirus pandemic

PURPOSE: The purpose of this paper is an explanation of an independency or dependency of particular countries of the European Union on food imports in spite of the fact that EU is net exporter of food. Moreover, the author considers an influence of the coronavirus pandemic on changes of positions of particular EU member-countries in the international trade of food, drinks and tobacco (named food in this article).DESIGN/METHODOLOGY/APPROACH: The design is finding the influence of the recession of 2020 caused by the corona pandemic on changes of food exports and imports of particular EU countries and perspectives. The research method is a describing political-economic analysis that bases on statistical data. The approach covers a description of relatively stable positions of particular EU countries in international trade of food including importance of food in their exports and imports of all products.FINDINGS: There were ten net exporters in food in EU in 2016. Most important of them were, The Netherlands, Spain, Poland, France, and Denmark. The first four countries did not change their positions in 2016-2019. However, the quantity of EU net exporters rose to thirteen countries in 2019. EU food surplus increased in spite of the pandemic and recession in 2020. Spain and Poland increased their food trade surplus in 2020 significantly. Britain, the first EU net importer in food leaved European Union on 31 January 2020. Germany advanced from second to first position of the EU net importer of food in 2020. The corona virus pandemic in 2020 did not cause big changes on the position of EU net exporters and had a small influence on the EU international trade in food.PRACTICAL IMPLICATIONS: The result can be considered to elaborate the short-term and longterm EU agricultural and trade policy.ORIGINALITY/VALUE: Original research paper.peer-reviewe

Zmiany pozycji krajów UE w międzynarodowym handlu surowcami w latach 2006-2015

W artykule dokonano analizy zmian eksportu, importu i salda handlu surowcami (z wyłączeniem paliw) krajów członkowskich Unii Europejskiej w latach 2006-2015. Surowce stanowią specyficzną grupę towarów, w przypadku których saldo handlu zagranicznego ma mniejsze znaczenie niż w przypadku innych towarów. Autor wykazał dominującą pozycję Holandii jako eksportera netto surowców w badanym okresie. Ponadto najważniejszymi eksporterami netto surowców w 2015 roku były Szwecja i Finlandia. Szwecja zajmowała także drugie miejsce w 2006 roku, Finlandia zaś była wówczas siódmym importerem netto surowców. Z kolei Niemcy były najważniejszym importerem netto surowców w 2015 r., w 2006 r. zaś były drugim po Włochach importerem netto. Natomiast drugi w 2015 r. importer netto surowców, czyli Włochy, zamienił się miejscami z Niemcami w stosunku do roku 2006 r. Trzecim importerem netto surowców w 2015 r. była Wielka Brytania, a czwartym Hiszpania, w 2006 r. zaś kolejność tych państw także była odwrotna. Polska była w 2015 r. ósmym importerem netto surowców, w 2006 zaś zajmowała dziewiąte miejsce. Wykazano stosunkowo niskie udziały eksportu i importu surowców w handlu towarowym krajów UE. Ponadto autor udowodnił większe znaczenie importerów netto niż eksporterów netto w unijnym handlu międzynarodowym surowcami

CHANGES OF EUROPEAN UNION COUNTRIES POSITIONS IN THE INTERNATIONAL TRADE OF RAW MATERIALS IN 2016, 2019 AND 2021. IMPORTANCE FOR AGRICULTURE

The purpose of this paper is an explanation of a strategic independency or dependency of particular countries of the European Union on raw materials imports. A strategic importance of raw materials for the EU and world economy is connected with the necessity of these materials for the production, including agricultural production and industrial production for agriculture. The design is finding the threats for the further development of most EU economies which results from their dependency on raw materials imports. There were fifteen net importers of raw materials in 2016. Most important of them were: Germany, Italy, Belgium and Spain. These first four countries did not change their positions in 2019 and 2021. The quantity of EU net importers decreased to fourteen member-states in 2019 and to thirteen countries in 2021. However, many EU net importers deepened their trade deficits of raw materials in 2021. The Dutch paradox explains the Netherlands position of the first EU net exporter in spite of this country dependency on imports of raw materials. Practical implications of the results can be considered to elaborate the short-term and long-term EU economic and trade policy

Global instability of currencies: reasons and perspectives according to the state-corporation hegemonic stability theory

This paper analyses reasons of the instability of the world monetary system. The author considers this problem from historical and contemporary perspectives. According to presented point of view banknotes and electronic money which replaced gold and silver coins in popular circulation are the most important reason of the instability. There are also proven positive and negative consequences of money instability. Reforms of the world monetary system need agreement within the global collective hegemony of state-powers and transnational corporations