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 zeszyty naukowe kolegium gospodarki światowej nr 29

 

Spis treści ZN 29 

  1. Globalna nierównowaga płatnicza i obecny kryzys finansowy
    Karol Lutkowski
  2. Pakiety ratunkowe oraz ich wpływ na finanse publiczne i stabilność rynków finansowych
    Leokadia Oręziak
  3. Stabilność międzynarodowych rynków aktywów finansowych
    Krzysztof Kalicki, Arkadiusz Krześniak
  4. Międzynarodowy Fundusz Walutowy a stabilność międzynarodowych rynków finansowych
    Elżbieta Chrabonszczewska
  5. Renta walutowa i „szczególny przywilej” w międzynarodowych stosunkach finansowych
    Andrzej Dorosz
  6. Kryzys finansowy końca I dekady XXI wieku w Rosji - perspektywa porównawcza
    Andrzej Kargul
  7. Teoria optymalnych obszarów walutowych
    Katarzyna Sum
  8. Determinanty umiędzynarodowienia zakupów przedsiębiorstwa. Przykład polskich przedsiębiorstw branży elektromaszynowej
    Marzanna K. Witek-Hajduk
  9. Przedsiębiorstwa zagraniczne na rynku infrastruktury transportowej w Polsce
    Igor Pawłowicz
  10. Oddziaływanie korporacji transnarodowych z krajów wschodzących na gospodarki goszczące
    Artur Klimek
  11. Dynamika integracji ekonomicznej w Azji Wschodniej
    Dominik Skopiec
  12. O kilku modelach samolubnego karania w ekonomii behawioralnej
    Adam Karbowski
    Materiały i opracowania
  13. Recenzja książki Elżbiety Czarny, Katarzyny Śledziewskiej Polska w handlu światowym
    Eliza Chilimoniuk-Przeździecka, Andżelika Kuźnar

Zeszyty Naukowe KGS No. 29

CONTENTS

  1. Global imbalance of payments and the current financial crisis
    Karol Lutkowski
  2. Rescue packages and their impact on public finance and stability of financial markets
    Leokadia Oręziak
  3. Crisis and the stability of international financial asset markets
    Krzysztof Kalicki, Arkadiusz Krześniak
  4. International Monetary Fund and the stability of the international financial markets
    Elżbieta Chrabonszczewska
  5. Currency rent and “special privilege” in the international financial relations 
    Andrzej Dorosz
  6. Financial crisis of the late first decade of the XXI century in Russia – comparative perspective
    Andrzej Kargul
  7. The theory of optimal currency areas
    Katarzyna Sum
  8. Determinants of the procurement internationalization. The example of the Polish electromechanical industry companies
    Marzanna K. Witek-Hajduk
  9. Foreign companies on the transport infrastructure market in Poland
    Igor Pawłowicz
  10. The Impact of Multinational Corporations from Emerging Economies on Host Countries
    Artur Klimek
  11. The dynamics of economic integration in the East Asia
    Dominik Skopiec
  12. About few models of selfish punishment in the light of behavioral economics
    Adam Karbowski
    Papers and materials
  13. Review of the book by Elżbieta Czarny, Katarzyna Śledziewska Polska w handlu światowym [Poland in the Word Trade]
    Eliza Chilimoniuk-Przeździecka, Andżelika Kuźnar

SUMMARIES

Karol Lutkowski
Global imbalance of payments and the current financial crisis 

Economic debate on the nature of the most pressing issues facing the world economy in the first decade of the XXI century has been predominantly focused upon two problems. The first of them is the persistence and progressive growth of disequilibria in capital and trade accounts of the leading world economies (economic regions); while the second one concerns the sources and effects of the global financial crisis, which ensued in the wake of bursting of the credit bubble. The shake-up to the financial structure of the world economy in the aftermath of the crisis ultimately led to recession of unparalleled proportions, at least since the end of the Great Depression (1929 – 33). The effects of those developments are likely to linger for quite some time yet.

An intriguing question arises, therefore, whether the two phenomena could have been interlinked in the sense that the period of growing disequilibria preceding the crisis could have created the conditions propitious to unleashing the forces, which brought about the meltdown. The problem remains even though this was certainly not the only important factor responsible for triggering the disaster. Having reviewed the most popular hypothesis advanced to explain the causes of the disequilibria, their merits and demerits, as well as the circumstances which led to the outbreak of the financial crisis, this article attempts to demonstrate that the disequilibria in question - and, in particular, the way of financing them - have indeed importantly contributed to the enhancement of the fragility of the world economy to destabilizing shocks, even though a number of other factors were also at play.

In particular, with the benefit of hindsight, it may be argued persuasively that a prolonged period of excessively relaxed monetary policy in the USA at the turn of the century contributed decisively both to the emergence of the payments disequilibria and to the swelling of the asset market bubble. Nevertheless, reserves accumulating in the surplus countries were subsequently recycled back to the United States, thus fuelling the bubble even more.

In any case, even though relative importance of disequilibria in originating the crisis may be disputed, one thing is certain, namely – that reducing the imbalances in international payments undoubtedly remains one of the crucial preconditions of replacing the world economy on the path to sustainable growth, while keeping open the channels of free trade and unfettered long-term capital flows.

Leokadia Oręziak
Rescue packages and their impact on public finance and stability of financial markets

The financial crisis of 2007 resulted in the deepest world recession since the 1930s. It strongly affected most of the countries in the world, including almost all developed ones. It may be assumed that the problems of world economy caused by the financial crisis would be much more serious, had the majority of developed countries not initiated the rescue actions on a massive scale.
The Author discusses the rescue packages for financial institutions such as TARP (Trouble Asset Relief Program) and fiscal packages (stimulating) implemented in the USA and other countries; then she analyses the crisis in public finances of the European Union countries and public indebtedness and the risk of insolvency in case of developed countries.

In recapitulation, the Author concludes that the initiated rescue and fiscal packages aimed at stimulation of economy, allowed limitation of the negative effects of the global financial and economic crisis. On the other hand, they contributed to the worsening of public finances in particular countries. Nevertheless, it is very probable that without these packages the effects of a possible collapse of the financial system would be much more severe, while public finances could be in much worse condition.

Krzysztof Kalicki, Arkadiusz Krześniak
Crisis and the stability of international financial asset markets

The paper presents the main concepts of the asset markets theory with regard to the theory of    speculation bubbles. The Authors reviewed the processes that took place in particular classes of assets during the crisis of 2007/2008. They also analysed actions of central banks which policy according to the Authors was of a key importance for stability of the international financial markets, both in the phase of the increase of assets, and at the moment of bursting the successive speculation bubbles on the financial asset markets.

The challenge that monetary policy currently faces is coordinated withdrawing of the monetary impulse from economy. The time of withdrawing, its pace and the structure of changes in balances of central banks, will be of key significance for liquidity in the banking system, credit supply, and medium-term inflation tendencies. The central banks will have to adjust the pace of tightening monetary policy in order to prevent slackening of economic growth (e.g. through pressure on deceleration of the pace of money supply, or through the increase in costs of maintaining the public debt) or avert inflation pressure in case of too late withdrawal of  additional liquidity or raising interest rates.

Elżbieta Chrabonszczewska
International Monetary Fund and the stability of the international financial markets

The aim of the research is answering the question about the role of the IMF in ensuring stability of the international financial markets. The main thesis of the research was that fast increasing of the international financial markets caused the difficulty in maintaining the stability only by one international financial institution – the IMF. Restoring and maintenance of the stability require not only coordinated cooperation between the participants of the markets but also the overall reform of international monetary system, including new international currency.

The paper consists of fourth parts:

  • the first part comprises the characteristic of stability of international financial markets
  • the second part comprises the analysis of the role and there are discussed the funds of the IMF
  • the third part includes the IMF’ activity concerning   financial stability
  • the fourth part comprises the propositions of the reform of the international monetary system and IMF

Andrzej Dorosz
Currency rent and “special privilege” in the international financial relations

The nature of the international monetary system lies in ensuring effective functioning of the currency markets, i.e. the effective exchange of national currencies. Currently, the exchange of particular currencies has been carried out through the so-called international currencies. Their role is held by the currencies of the largest and most developed countries, which have banking systems specialised in servicing the foreign clients and well developed, liquid financial markets, particularly treasury stock markets.
The most important international currencies are currently   dollar and euro. The role of other international currencies is significantly less important. The dominant position held by the United States economy since the mid twentieth century, has led to the situation where its currency became the major international currency. This manifests inter alia in the fact that the share of dollar in turnover of the currency markets comprises about 80%, while in official currency reserves 64-67%.

The position of dollar as the only world currency is a source of advantages for the United States. The most important of them is currency rent and “special, exorbitant privilege.” Also other countries that have international currency participate in currency rent; however, the scope of profits that they gain through it is much lower than in case of the USA. In case of the United States, “special, exorbitant privilege” means that this country can afford carrying out the expansive domestic and foreign policy without taking into account limitations of balance of payment for a long time. It may finance its own external expenditures with issuing its own currency. In the first decade of the 21st century, the United States took advantage of this particular privilege to the extent that caused exorbitant net demand for dollar. It became an autonomous  cause of  disorders in functioning international currency system, as it led to fluctuation of exchange rates, which in turn worsened problems caused by global financial crisis on the world’s economy.

Andrzej Kargul
Financial crisis of the late first decade of the XXI century in Russia – comparative perspective

The last two years in economy may be referred to as the years of financial crisis, which not only affected ordinary citizens but also stirred debate of specialists in the area of economy theory and practice concerning its structural reasons. Particularly interesting events were observed in Russia. In 2009, a drop in the Russian GDP comprised 7.9% and was the highest among the countries of the G20. It was  extremely surprising for many as this country enjoyed large economic growth for over 10 years, increasing its GDP almost 9 times in that period.

The article objective is providing the answer to the question: what led to the fact that Russia was struck with the second serious economic crisis over the decade. The interesting conclusions come from comparison of the recent events with those that took place 12 years ago. Worth stressing is the fact that the origins of the crisis of the years 2008-2009 lied in  internal factors inseparably connected with the character of the Russian economy.

Katarzyna Sum
The theory of optimal currency areas

The theory of monetary integration has undergone significant changes during the last decades. Many ideas concerning the separation of optimal currency areas (OCA) have emerged. Although the OCA theory is regarded as incoherent and its respective forms rely on various, sometimes contradictory assumptions, it remains the basic tool for the analysis on the monetary integration processes in the modern economies. The article is aimed at showing the main streams of the OCA theory, formulating of OCA criteria and attempting to adopt them to a practical example- the EMU.

The article shows that the OCA conception is not a coherent one and undergoes a constant evolution. The variety of its forms renders it difficult to use it for practical reasons. The attempt of applying it to a case study shows that it is hard to separate unequivocally an OCA based on the theory. The euro area countries meet some of the criteria selectively. One cannot conclude that the criteria have undergone an endogenous development. Although one can state, that not fulfilling some of the OCA conditions can lead to worrisome economic tendencies. This is a crucial conclusion for candidate countries to the euro area.

Marzanna K. Witek-Hajduk
Determinants of the procurement internationalization. The example of the Polish electromechanical industry companies

The evolution of management in direction to the growing importance of building and maintaining competitive advantage of a company has been observed. It is also underlined that procurement is one of the most important company’s support activities that allow creating competitive advantage: low-cost position or uniqueness perceived by the customer.
This paper draws on the identification of the determinants (motives and limitations) of the Polish enterprises procurement internationalization. It is based on the results of CATI interviews run in 2010 in 124 Polish companies from the electromechanical industry.

According to the surveys, the most important motives of the procurement internationalization are access to the low-cost and high quality supply sources. The most important limitations of the procurement internationalization are high costs and long distance to the foreign markets.

Igor Pawłowicz
Foreign companies on the transport infrastructure market in Poland

The paper objective is presenting the situation on the Polish construction market, with particular consideration of the role played there by international companies. Over the last years the significance of international exchange of services have been increasing. It is caused  by both deregulation initiated by the World Trade and   progressing European integration, as well as globalization processes in economy.

The significant presence of the foreign construction companies on the analysed transport infrastructure market observed  since the beginning of transition already in the 90s, the accession of Poland to the European Union and increasingly larger funds available for implementation of  development programmes, attracted successive potentates of the world construction market.

The motives of the presence of the foreign companies on the Polish market are of economic and socio-economic character. On the one hand,  there emerged a large commission market with the perspectives for stable development, while on the other, over 20 years of democracy allowed consolidation of systemic stability and the partner’s credibility. Whereas, large foreign companies choose various ways to achieve their presence in Poland, from  trying to solicit commissions without  registration of the Polish branches to taking over the companies present on this market for many years.

International companies are currently present in all sectors of the infrastructural construction in Poland. The analysis on granted commissions indicates that they play the major role on the road infrastructure market, currently covering realization of over a half of the value of all projects. It is even more important considering the fact that the funds appointed for development of  roads and motorways exceed all other  expenditures on infrastructure development.

Artur Klimek
The Impact of Multinational Corporations from Emerging Economies on Host Countries

This paper has been devoted to the issue of the effects of foreign direct investment for the host economies. In order to control for the ownership of the multinational enterprises, the author has separated between firms from advanced and emerging economies. This procedure was necessary due to the fact that the two groups of multinationals are influenced by different set of motives and their foreign activities differ significantly.

The key areas taken into analysis were: technology, products, employment, and international trade. The main conclusions of the study are as follows. Multinational corporations from emerging economies represent lower level of technological development, what also influences their foreign operations. This also reflects lesser impact on host economies. We can also notice the phenomena of reverse spillover effects. It is associated with the fact that the “new multinationals” undertake some of the investment projects abroad in order to acquire technology from host country.

When it comes to the products offered by multinational corporations from emerging countries, we can note that they mostly belong to the mature industries. The advantages are frequently obtained by adjusting the products to the needs of emerging countries (e.g. television receivers attuned to the poor network coverage).

The influence of emerging markets multinationals on the level of employment in host countries is ambiguous. If the investment is undertaken in a country of a similar level of development, it may lead to a slight increase in development in that location. However, in a case of investment in advanced economy the workplaces may be moved to cheaper locations.

A positive impact of the “new multinationals” on the international trade is limited by close links between affiliates and the headquarter company, and thus using imported products in a country of expansion.

Dominik Skopiec
The dynamics of economic integration in the East Asia

The purpose of this article is to demonstrate how dynamic the economic integration in the East Asia has been over the past twenty years and to analyse the determinants of this process. Particularly, emphasis was put on the role of Asian financial crisis 1997-1998 in the acceleration of integration in the region.

The most important vehicle of economic integration in the East Asia is the Association of South East Asian Nations (ASEAN). Within ASEAN, member states have embarked on trade liberalization and have pursued this process through ASEAN Free Trade Area (AFTA). As a result, the average tariff in the region has been driven down to 1.65%. However, the share of intraregional trade remains low in comparison with interregional trade.

Nevertheless, ASEAN countries decided to deepen the integration in the aftermath of the Asian financial crisis. In 2003, they issued a declaration known as Bali Concord II which set an objective in the form of establishment of the ASEAN Community comprised of the ASEAN Economic Community, the ASEAN Security Community and the ASEAN Socio-cultural Community.

The most far-reaching initiatives in the field of economic integration involve various ways of monetary cooperation. They range from introducing a parallel currency in the form of the Asian Currency Unit (ACU) to an establishment of monetary union.

Notwithstanding the impressive dynamics of economic integration in the East Asia, there is a great number of barriers. Profound discrepancies in the level of economic development constitute the crucial obstacle. In addition, the so called institutional deficit plays a pivotal role. Namely, Asian countries are very reluctant to delegate competences in the area of economic policy to the supranational authority. Moreover, the political instability in the region may hinder economic integration as well.

Bearing all this in mind, the East Asia has a great potential to develop economic integration on the condition that member states would be able to pursue substantial reforms to eliminate the most important barriers.