CE Special Issue - COVID-19
Challenges of Contemporary Economics


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Volume 14 (2020) Volume 13 (2019) Volume 12 (2018) Volume 11 (2017) Volume 10 (2016) Volume 9 (2015) Volume 8 (2014) Volume 7 (2013) Volume 6 (2012) Volume 5 (2011) Volume 4 (2010) Volume 3 (2009) Volume 2 (2008) Volume 1 (2007)

Volume 4 Issue 1 (2010)

Hyman Minsky – wczoraj i dziś original article

pp. 5-20 | First published in 25 March 2010 | DOI:

Leszek Kąsek, Marek Lubiński


The article presents Minsky’s financial instability hypothesis and possibilities ofits using for financial crisis explanation. Hyman Minsky was an American economist andprofessor of economics at Washington University in St. Louis. His research attempted toprovide an understanding and explanation of the characteristics of financial crises.Minsky was sometimes described as a post-Keynesian economist because, in theKeynesian tradition, he supported some government intervention in financial marketsand opposed some of the popular deregulation policies in the 1980s, and argued againstthe accumulation of debt. Actually,Minsky’s hypothesis can translate the present subprimemortgage crisis.  

Banking Sectors in the new European Union Member States original article

pp. 21-46 | First published in 25 March 2010 | DOI:

Marek Stefański


The main goal of his article is to analyze the economic position and financialstrength of banking sectors in the new European Union member states (EU-12). The banking sector consists of all banks that operate in a given country except for the centralbank and non-operating banks, such as those in the state of insolvency or liquidation.The author discusses EU-12 banking sectors with regard to a number of economic andfinancial indices, including the size of assets, the degree of their concentration, ownershiptypes, financial results and efficiency. The analysis is followed by an attempt to evaluatethose sectors and assess their financial stability and resistance to macroeconomic andbanking risks. Action EU-12 banking sectors in the time of financial crisis is presentedas well. Analysis is accompanied by the hypothesis, that about further development ofUE-12 banking sectors will decide foreign owners of banks.

Spatial Differentiation of Labor Markets from the Labor Demand Perspective original article

pp. 47-58 | First published in 25 March 2010 | DOI:

Małgorzata Gawrycka, Anna Szymczak


The labor market is not a homogenous category. Its diversity is a consequence ofthe specificity of the region, its structure and level of development. In order to examinethe competitive advantages of local labor markets, in terms of conditions associated withthe operation of businesses, one shall specify characteristics determining features thepotential of the region. The multitude of these features makes it difficult to choosemeasures that could enrich picture of diversity of labor markets. This aim of a paper isto assess the spatial differentiation of labor markets from the labor demand perspective.In the paper the taxonomic methodology was applied.

About motives behind Securitization and its Implications: An Overview of Empirical Findings original article

pp. 59-78 | First published in 25 March 2010 | DOI:

Krzysztof Jackowicz


This article reviews empirical findings concerning motives behind securitizationand its implications. It turns out that the main reasons for securitization are: earningsmanagement, regulatory capital arbitrage, liquidity management and funding problems.Securitization favours risk taking by entities in bad financial conditions and weakens, insome cases, incentives for careful screening of potential borrowers. On themacroeconomic level securitization lowers credit interest rates in the long term.

New Connect Market Companies Growth and Development Efficiency in the Branch of Industry Approach original article

pp. 79-96 | First published in 25 March 2010 | DOI:

Piotr Szczepankowski


The article is an empirical research of growth and development efficiency of stockcompanies quoted on NewConnect – Warsaw Stock Exchange alternative trading system.The analysis was made in the industry branch approach. The main tool of research wasthe special coefficient called NCGI (NewConnect Growth Indicator). The article showssector differences of the companies’ growth and presents economic factors which couldinfluence on these differences.

Business environments versus corporate survival in Estonia and Poland in 2001–2009 original article

pp. 97-114 | First published in 25 March 2010 | DOI:

Grzegorz Gołębiowski, Piotr Wiśniewski


Corporate longevity is - in essence - determined by a company's intrinsiccompetitive advantage (sometimes dubbed a "moat") as well as exogenous factors: frombusiness doing ease - to broader, macroeconomic and strategic factors.In this study, we have endeavoured to compare the business environments andcorporate sectors of two recent entrants into the European Union: Estonia and Poland.Overall, Estonia, thanks to greater resolve in post-communist liberal transition, hasconsistently ensured a superior corporate governance framework. Surprisingly, it is themacroeconomic and strategic steadiness that led to higher corporate survival in Poland.The global economic crisis of 2007-2009 is expected to further back this claim, as thepatterns of macroeconomic growth for both countries are set to widen.  

PE/VC sector in Poland between 2005 and 2008 original article

pp. 115-127 | First published in 25 March 2010 | DOI:

Wiesław Dębski


Polish sector of PE/VC has begun to develop intensively in the recent years.Especially it is noticeable in comparison to the Central and Eastern Europe region. Thearticle presents conditions and law regulations concerning existence of VC in Polandand PE investments done in Poland in 2005-2008 as well. The article shows alsopossibilities of further development PE/VC in Poland and their influence on economy.  

Aspects of Private Labels Development in the Segment of Organic Food in Czech Republic original article

pp. 129-142 | First published in 25 March 2010 | DOI:

Olga Kutnohorska, Marek Botek


The article deals with various aspects of the private labels building. It primarilyfocuses on organic food market in the Czech Republic, but on this market it illustrates thegeneral trends, both in brand building, as well as in the importance of a brand inpurchasing decisions.Organic food market is specific as there is high importance of product attributes,which are based on customer's confidence. Many of the important criteria for the decisionto purchase (the way of cultivation and processing of food, freshness, taste, etc.) are notpossible to be objectively assessed before buying.A brand name plays a large role in the confidence based attributes. Consumersperceive it as a certain guarantee of the expected quality. In the field of organic foodthere are still not strong brands but there is the space and the need to differentiate organicfrom conventional foods, in particular. A suitable option could be the retail chain privatelabels, which are already partially developed as far as for consumers subconsciousexpectations are concerned.The final part of the article provides an overview of the current offer of organic foodprivate labels in the Czech Republic.  

The Useful art of the social-economic Rankings original article

pp. 143-162 | First published in 25 March 2010 | DOI:

Tomasz Kuszewski, Agata Sielska


The purpose of the paper is to identify advantages and disadvantages of variousmethods of constructing rankings. The subject of our study is important due to theinternational debate on development and welfare measurement methods and ways ofcomparing results obtained for different countries. Because GDP per capita does notallow sufficient assessment, countries are compared on the basis of many criteria andresults are usually presented in form of rankings.We discuss different outranking methods originating from multidimensionalstatistical analysis and multicriteria optimization and compare them taking intoconsideration the effect of each method and each set of criteria on the final result. Ourremarks are illustrated by rankings of development and economic performance built forEuropean Union countries.Our observations and results can be regarded also as an opinion in the discussionon the report of the International Commission onMeasurement of Economic Performanceand Social Progress chaired by J.E. Stiglitz and A. Sen.


Fundamentals of Value Based Management in practice of Quality management original article

pp. 163-173 | First published in 25 March 2010 | DOI:

Katarzyna Szczepańska


The article discusses the practical aspects of using the theory of value managementin quality management. Presents the essence of value based management (VBM) as abackground of reflection on its links with quality management. Coherence of the conceptin practice, been reviewed in the author’s own studies. The discovery of absence ofsufficient procedural structure of the metrics of an economic – financial, to measure thevalue of the quality management system, points to a gap between the theoretical andpractical considerations in managing the value of the company quality managementsystem.  


The meaning and Role of Projects in contemporary Management original article

pp. 175-190 | First published in 25 March 2010 | DOI:

Waldemar Walczak


The aim of the paper is to present and explain the important role and meanings ofprojects for modern organizations. The particular attention was paid on differing project’s features and premises that substantiate incremental interest of project managementmethodic of diagnosis key conditionality, which has fundamental meaning for correctplanning of project venture.Important element of led analysis was presenting and discussing project limitationand key processes related with project preparation phase. A very significant accent of ledconsideration are recommendations for management practice related with identifying theneeds, expectations and stakeholders influence on project success, as well as calling particular attention on benefits gained by organizations due to realized project.


Strengthening innovation and Technology policies for SME Development in Albania original article

pp. 191-205 | First published in 25 March 2010 | DOI:

Rovena Tahiti, Besa Shahini


This paper describes the current economic policies in Albania, particularly in thedevelopment of innovative SMEs, identifying the key challenges to promoting innovationin the whole economy - and highlighting specific actions where the private sector hasthe opportunity and is called upon to take a more active role.The purpose of this paper is to serve as a basis for discussion, primarily withAlbanian private sector organizations, in order to agree on the key priorities for actionto support innovation in Albania and to identify initiatives where these organizations canhelp catalyze change going forward.  


Chosen Conditions for Informatization of Public Authority Offices original article

pp. 207-222 | First published in 25 March 2010 | DOI:

Zenon Biniek


The most important conditions for informatization of public authority offices havebeen defined in hereby article. Legal, economical, and informative conditions have beendescribed. Postulate for an economical assessment of the IT investments undertakencurrently in the offices within the framework of the programme for information society hasbeen defined. IT conditions arising from different processing models of data, information,and knowledge, have been presented. Postulate for building knowledge processingmodels, supporting modern administration systems of public sphere has been described.


Customs as Facilitation of Trade. Case of Albania. original article

pp. 223-232 | First published in 25 March 2010 | DOI:

Etleva Bajrami, Gentiana Sharku


Economic cooperation and trade between countries of region is very important asa opening step for entering in big markets like EU-s. All agreements have a huge impactin customs administration for elimination of customs taxes and for facilitation of tradeduring customs crossing.Trade integration is seen as faster way for countries to complete all necessarycondition for European Integration. This process requires fulfillment of all reforms,needed for approaches the development and integration between countries. This processis spread in time because of the feature and difference between society and theireconomies. Regional economic integration is considered an import component for longtermintegration of South Eastern European countries in EU. Membership of Albania inWTO brings a number of free trade agreements, with the main purpose tradeliberalization. The essences of these agreements have been liberalization of customs tariffsfor increasing foreign trade and attract foreign investors. The loss of customs income willbe compensating from imports increasing and economic development in general.The role of Customs has changed from one of a complete focus on revenuecollection to a broad role encompassing components of revenue collection, tradefacilitation and border security. Simplified customs procedures and documents are veryimportant for improving relation of business and government and also improving businessperformance.The aim of this paper is to point out the roles, responsibilities and challenges ofcustoms, for concluding this we have conducted a survey for analyzing the performanceof customs in Albania.