Fiscal policy in Poland: Growth booster or growth buster?

This paper presents major challenges for Poland's fiscal policy and strategic choices which have to be made in the area of economic policy in Poland's nearest future. The space to manoeuvre in Polish fiscal policy is very narrow. The most important constraint is not the formal one (Polish Constitution, budget law, European Stabilization and Growth Pact) but the economic one. Huge budget deficit and growing borrowing needs of public sector can destabilize economy and hamper economic growth. Fiscal adjustment is needed but one has to distinguish between means and ends of economic policy. The most important goal of economic policy is always a long-term economic development

Capital formation in post-socialist countries

Process of economic transition influences every aspect of economy. Capital formation process in post-socialist countries is very interesting. I check what are the determinants of level of investments during the transition process. I found that despite of high level of accumulation in socialist economies, capital production was not able to deliver level and structure of production which was demanded in market oriented economy

Post-crisis monetary policy and social cohesion

Goal of the text is show that although non-standard monetary policy conducted by major central banks is quite efficient in stabilizing post-crisis economy, there are few important side effects of such policy. One of the most important side effect of superexpansionary monetary policy is creating economic environment which favours financial sector and capital owners over working class what leads to higher income inequalities. Low level of central banks' interest rate does not mean that every economic unit has access to cheap capital. Ultra low cost of capital can be experienced only by the few selected players - financial institutions and strong corporations. The same can be said about the financing borrowing needs of the state - only few governments are able to borrow very cheap and others have to face huge power of financial market what leads to growing income gap between societies

Baltic cod reproduction in the Gotland Basin: annual variability and possible causes

Baltic cod spawning takes place in the deep basins and reproduction success is mainly related to environmental conditions (salinity and oxygen regimes, i.e. the 'reproduction volume'). Due to the Baltic Sea heterogeneity, cod reproduction success in the Southem and Centrat Baltic spawning grounds can differ significantly. Recent oceanographic changes i.e. decrease of water exchange and stagnation, as weil as a strong reduction of spawning stock caused the diminishing of the reproduction potential of the Gotland spawning grounds. The Gotland spawning grounds belong to four main cod spawning sites in the Baltic and historical analyses revealed that abundant generations of Baltic cod were produced when successful cod reproduction took place also in the Gotland Basin. Analyses of revised reproduction volume estimates for the Gotland Basin taking into account the spatial structure of hydrology in the basin during stagnation and aeration periods reveals high seasonal and inter-annual variability. To describe changes of abundance and distribution of the spawning stock and the recruits in relation to hydrographic conditions, results from trawl surveys carried out in 1975-1998 in the Gotland Deep are analyzed. In this analysis, the reproduction volume is used as a proxy for the environmental conditions

Female ovarian abnormalities and reproductive failure of autumn-spawning herring (Clupea harengus membras) in the Baltic Sea

Fecundity and reproductive potential are important factors to be considered in evaluating trajectories and demographic predictions of fish populations. Therefore, characterizing the nature and quantifying the extent of any reproductive failure should be considered in fisheries studies. Here, we describe morphological changes in developed ovaries of autumn-spawning herring (Clupea harengus membras) caught in the northern Baltic Sea and evaluate the magnitude of this phenomenon during 3 consecutive years. Visibly, abnormal ovaries were histologically characterized by irregular-shaped oocytes in a vitellogenic or final maturation stage with coagulative necrosis and liquefaction of the yolk sphere, degraded follicle membranes, and fibrinous adhesion among oocytes. Such degeneration is presumed to cause complete infertility in the fish. The frequency of fish with abnormal ovaries varied annually between 10 and 15% among all females sampled. However, specific sampling events showed up to 90% females with abnormal gonads. The specific cause of this abnormality remains unknown; however, prevalence was associated with unfavourable environmental conditions encountered before spawning. Thus, ovarian abnormality was positively related to water temperatures, with the highest level found at ≥15°C and negatively related to the frequency of strong winds. The frequency of occurrence of abnormal gonads decreased with the progression of spawning from August to October. The observed abnormality and associated spawning failure will negatively affect the realized fecundity of autumn herring in the Baltic Sea and may act as a limiting factor for recovery of the stock, which has experienced profound depression during the last three decades