Comparative analysis of economic transformation in Poland and selected central European countries

The aim of this study is an empirical evaluation and comparison of Poland’s economic transformation in 1989-2008 against the background of the results achieved in the same period by Hungary, the Czech Republic, the Slovak Republic, Lithuania, and the Ukraine. I have focused on the most distinctive features of economic transformation. The background for the empirical analyses constituted the macroeconomic stabilization frameworks of the economies, the standard growth mechanisms and the conditions of the economies’ competitiveness.convergence, divergence, transformation, competitiveness, transition economies E65, O16, O47, O57, P52

Economic policy and the financial and economic crisis

The aim of this paper is to present and evaluate the theory and principles of economic policy applied before the 2008-2009 crisis1. Against this backdrop we will attempt to describe the evolution of targets and tools of economic policy in view of the experiences of recent years and the conditions of the globalization in this time. The first Section contains an outline of the world economic situation after 1945. Section two includes presentation and evaluation of the evolution of economic policy theory which co-created the conditions for world economic growth and stabilization in recent decades. The third Section describes macroeconomic mechanisms and conditions of economic policy directly preceding the 2007-2011 situation, and provides an analysis of the 2008-2009 crisis implications for the theory and future practice of economic policy. The paper is summed up in a conclusion.quantitative policy, qualitative policy, monetary policy, exchange-rate policy, financial and economic crisis, globalization

The Simonian bounded rationality hypothesis and the expectation formation mechanism

Abstract. In the 1980s and at beginning of the 1990s the debate on expectation formation mechanism was dominated by the rational expectation hypothesis. Later on, more interest was directed towards alternative approaches to expectations analysis, mainly based on the bounded rationality paradigm introduced earlier by Herbert A. Simon. The bounded rationality approach is used here to describe the way expectations might be formed by different agents. Furthermore, three main hypotheses, namely adaptive, rational and bounded ones are being compared and used to indicate why time lags in economic policy prevail and are variable. JEL Codes: D78, D84, H30, E00.Keywords: bounded rationality, substantive and procedural rationality, expectation formation, adaptive and rational expectations, time lags

An Historical Walk Through Recent Financial Crises

This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper describes the Bretton Woods regime after World War II, details the era of adaptive expectations and motivates the emerging of the rational expectations school of thoughts. Various perspectives on the causes of the financial crisis are incorporated. The paper provides some policy suggestions and remarks on the consequences of ever-changing capital markets.Financial crises; The United States Financial Crisis Inquiry Commission; The 2010 Economic Report of the United States President; Keynsian Theory; Adaptive Expectations; Rational Expectations; Monetary and Fiscal Policies; Business Cycles; Regulations; General Agreement on Tariffs and Trade (GATT); World Trade Organization (WTO); Trade Liberalization; United States; China; Euro; Econometric Policy Evaluation

The economic and monetary union vs. shifts in competitiveness of member states

The paper deals with changes in the competitiveness of 12 countries forming the euro area in 1999-2000. These changes are analyzed using various macroeconomic indicators (real exchange rate, trade ratios, labor market and economic output performance). Due to the different levels of development of the countries forming the zone, changes in competitiveness do not extend uniformly. The paper ends with conclusions. The aim of this paper is to assess changes in the relative competitiveness of 12 countries forming the Economic and Monetary Union (EMU) between 1999-2009. Greece was the only EU country which had not yet been accepted in the Union in 1999 and later joined the Eurozone in 2001. Despite the time difference, it was assumed that by including this economy in the analyzed EMU 12 group it would allow for better comprehension of the influence of monetary solutions and general economic policy within this integration grouping on the relative competitiveness of its particular members. Section 1 is devoted to a brief presentation of assumptions and expectations regarding the EMU. Section 2 examines real effective exchange rates (REERs). Along with the standard literature, it is assumed that REERs are important summary measures of shifts in competitiveness. Section 3 is devoted to trade developments; they are linked to the REERs. We present and analyze gross measures such as exports to the gross domestic product (GDP) ratio, external exports, export/import ratio, the share of EMU country exports in world exports and the role of high-tech trade. Section 4 deals with the shifts in labor force performance and section 5 is devoted to the most comprehensive measures which are GDP and gross national income (GNI) developments. The paper closes with conclusions.Euro zone, competitiveness, convergence, economic policy, exchange rate

Public institutions, law making and law enforcement in Poland in 2009-2015: the managers’ perspective

Celem artykułu jest prezentacja i ocena ewolucji postrzegania przez menedżerów zmian w środowisku instytucjonalnym w Polsce w latach 2009-2015. Niewystarczająca sprawność funkcjonowania instytucji publicznych i jakość prawodawstwa w Polsce jest krytykowana przez obywateli, przedsiębiorców i polityków. Mimo że dostrzegają poprawę, podobne oceny polskiego otoczenia instytucjonalnego formułują zagraniczni obserwatorzy. Przedstawiane w artykule oceny zmian w otoczeniu instytucjonalnym oparte są na własnych badaniach prowadzonych od 1997 r. W artykule zaprezentowano zarys kanałów transmisji warunków w otoczeniu instytucjonalnym na bieżące i długoterminowe decyzje ekonomiczne.JEL: K00, D78, P37The aim of the article is to present and assess the evolution of managers’ perception of institutional changes in Poland in 2009-2015. The significant deficiencies in public institutions as well as the quality of law are criticised by citizens, businessmen and politicians. There are no doubts that some institutional improvements have been made but criticism comes also from foreign experts and business organisations. The article shows and assesses the empirical results of the continuous research that the author began in 1997. A special emphasis, however, was on the findings of the period 2009-2015. The transmission of shifts in an institutional environment into current and long-term decisions made by economic agents is also discussed.JEL: K00; D78; P3

Measurements of Turbulence Characteristics in Water and in Dilute Polymer Solutions

Measurements of turbulence characteristics were made inside a boundary layer in external flow of water and in water with polymer additives of the Polyox type. Flush mounted hot-film sensors and wedge, parabolic, and cylindrical sensors were used to measure the turbulent velocity fluctuations. Graphs are given of energy density, dissipation, turbulence shear correlation spectra, and microscale of turbulence distribution. Tests were run in an open channel flow at one Reynolds number and two rates of polymer injection to give 20 and 40 ppm average concentration in the boundary layer. The results indicate that the advent of the quartz insulated hot-film sensor permits many useful measurements to be made in conducting liquids. The general application has to be, however, carefully considered since the calibration in liquids with impurities or with additives, especially drag reducing polymers, is still a very difficult and uncertain procedure. The most reliable results available at present are the ones obtained from the data arranged in the form of a ratio of two measurements thus cancelling out the calibration factors. Even so a direct quantitative comparison cannot be made between measurements in water and in polymer without accurate calibration of the hot-film sensors, which is not yet possible

Economic policy and the financial and economic crisis

The aim of this paper is to present and evaluate the theory and principles of economic policy applied before the 2008-2009 crisis1. Against this backdrop we will attempt to describe the evolution of targets and tools of economic policy in view of the experiences of recent years and the conditions of the globalization in this time. The first Section contains an outline of the world economic situation after 1945. Section two includes presentation and evaluation of the evolution of economic policy theory which co-created the conditions for world economic growth and stabilization in recent decades. The third Section describes macroeconomic mechanisms and conditions of economic policy directly preceding the 2007-2011 situation, and provides an analysis of the 2008-2009 crisis implications for the theory and future practice of economic policy. The paper is summed up in a conclusion