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Numer 30 / 2011
PROBLEMY WSPÓŁCZESNEJ GOSPODARKI ŚWIATOWEJ
PRACE I MATERIAŁY INSTYTUTU HANDLU ZAGRANICZNEGO NR 30
ISSN 1230-6444
Redaktor naukowy: Hanna Treder
Recenzent: Teresa Kamińska
Redaktor Wydawnictwa: Maria Mosiewicz
Rada Naukowa: Danuta Marciniak-Neider, Janusz Neider, Ewa Oziewicz
Wydawca: Wydawnictwo Uniwersytetu Gdańskiego
Wersją pierwotną numeru jest wersja elektroniczna
Materiały do części informacyjnej o Instytucie Handlu Zagranicznego opracowała Urszula Mrzygłód
Prace
Spis artykułów (abstrakty) [PDF Spis treści i przedmowa]
ROZWÓJ RYNKU MIĘDZYNARODOWEGO
Tomasz Michałowski, Instytut Handlu Zagranicznego
Mechanizmy i problemy funkcjonowania Wschodniokaraibskiej Unii Walutowej [PDF PL]
The Eastern Caribbean Currency Union: mechanisms and challenges
The Eastern Caribbean Currency Union (ECCU) consists of six independent states (Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Vincent and Grenadines) and two British overseas territories (Montserrat and Anguilla). These are extremely small and open economies which are highly vulnerable to external shocks. The predecessors of the ECCU were: the British Caribbean Currency Board (BCCB) which was established in 1950 and the Eastern Caribbean Currency Authority which replaced BCCB in 1965. The pillar of ECCU is the Eastern Caribbean Central Bank which was established in 1983. It issues the common currency (the Eastern Caribbean dollar, EC$) and conducts monetary policy. The ECCU operates as a quasi currency board with the exchange rate of EC$ pegged to the US dollar (EC$2.70=US$1) and the minimum foreign exchange cover equivalent to 60% of the monetary base. The ECCU has been quite effective in ensuring price stability. Nowadays, one of the most important challenges for the members of this Caribbean monetary union are very high levels of public debt.
Katarzyna Osiecka-Brzeska, Instytut Handlu Zagranicznego
Zrównoważony rozwój w świetle wybranych teorii ekonomicznych [PDF PL]
Since 1987, sustainable development has become one of the most important economic issues. Although, there remains much controversy about the main assumptions and definition of the issues, the politicians and economists in their own way implement sustainable development policy to the economies all around the world. This article analyzes the SD in the perspective of such schools, as the economics of welfare, public economics and post-Keynesian economy.
Eugeniusz Gostomski, Instytut Handlu Zagranicznego
Znaczenie Hongkongu w międzynarodowym handlu i finansach [PDF PL]
The role of Hong Kong in the international trade and finance
The change in the political status of Hong Kong, which was caused by handing over to the People’s Republic of China by the United Kingdom in 1997, has positively influenced Hong Kong’s position as an international financial and trade centre. This rapprochement has given Hong Kong the position of Chinese window to the world in foreign trade and it’s important link to international financial transaction. Hong Kong’s economic infrastructure and legal regulations not only create favorable conditions for the development of business, but also make that Hong Kong is commonly perceived as a popular tax heaven. As one of the world’s leading international financial centre, Hong Kong has become the third world’s biggest international banking center and the tenth securities market as well
Magda Leszczyna-Rzucidło, Instytut Handlu Zagranicznego
Powstanie bałtyckiej przestrzeni ekonomicznej [PDF PL]
Emerge of the Baltic Sea economic space
The paper presents definition of the region and basic characteristic of various scientific approaches to the problematic aspects of the Baltic Sea Region. Article also identifies economic aspects of Baltic integration since 1990 until today presenting its challenges and opportunities. Basic economic indicators are presented to allow better understanding of the economic transformation process in the region.
Elżbieta Kucińska, Instytut Handlu Zagranicznego
Rynek uprawnień do emisji CO2 w Polsce [PDF PL]
Market for CO2 emission allowances in Poland
In article polish market of CO emission's allowances is described. Also three market-based flexible mechanisms Clean Development Mechanism, Joint Implementation and Emission Trading, as mechanisms which allow to reduce greenhouse gases have been introduced. To facilitate international emission trade European Union Emissions Trading System has been created by outlined in article three official instructions (Directive 2003/87/WE, Directive 2004/101/WE and Directive 2009/29/ WE). Acts implementing Directives of the European Union in Poland also has been mentioned. An institution of Krajowy Ośrodek Bilansowania i Zarządzania Emisjami is described as support of market and better control of greenhouse gases reduction. In the last part a commodity exchange - Towarowa Giełda Energii S.A. in Warsaw is introduces and possibilities to invest CO emission' allowances.
Krzysztof Ziółkowski, Instytut Handlu Zagranicznego
Polski eksport towarów do Niemiec w świetle wybranych wskaźników
The export of goods from Poland to Germany in light of selected indicators
The tradition of Polish–German economic and political relations reaches far into the past. Undoubtedly however, the most attention-grabbing aspect is the development of these relations in the 20 century, and, more specifically, during the post- World War I period. This is when Poland was able to regain its independence after more than a hundred years’ absence on the political and economic arena. The year 1990 was exceptional for the German economy due to the country’s unification, while also being of significant value to Poland, particularly to the development of Polish international trade. This is due to the major changes in Poland’s external linkages. The Polish economy also began shifting its focus from east to west, therefore in order to fully illustrate the structural changes in the Polish trade in goods with Germany, you can use three popular indicators: trade coverage index – TC, Revealed Comparative Advantages index – RCA and the Grubel-Lloyd index – G-L.
ORGANIZACJA I ZARZĄDZANIE PROCESAMI GOSPODARCZYMI
Anna Fornalska, Instytut Handlu Zagranicznego
The role of state and public institutions in supporting the development of Polish exports
Entrepreneurs operating in international markets are dealing with high risk attached to deal closures. Hence, they expect a support coming from both public and private sector. The international financial crisis of 2007 exposed the weakness of financial support of the Polish exporters. The main problem occurred in the field of export credits offered mainly by the commercial banks that decided to withdraw their offer in the time of recession. The decision although understandable since it’s aiming at minimalizing the risk faced by the bank, put the exporters in a difficult situation. Therefore Polish authorities developed a program aiming at supporting Polish exporters. It’s planned for the years 2010-2015 and offers 5,7 billiard zloty altogether for both export credits and letters of credit. Such a program is supposed to support polish entrepreneurs on the high risk markets, to even the competitiveness of Polish companies to those coming from other OECD counties and encourage foreign investment of polish companies by using public funding.
Danuta Marciniak-Neider, Instytut Handlu Zagranicznego
Zarządzanie procesem transportowym przez eksporterów i importerów [PDF PL]
Management of transportation process by exporters and importers
Incoterms® rules were introduced on January 1, 2011. These rules explain the tasks, costs and risks involved in the delivery of goods and their allocation between a seller and a buyer. There are 11 rules and two of them are new: DAT – Deliver at Terminal and DAP – Delivered at Place. All rules are presented in two groups: rules for any mode or modes of transport (EXW, FCA, CPT, CIP, DAT, DAP, DDP) and rules for sea and waterway transport (FAS, FOB, CFR i CIF). Some of them are suited container deliveries and multimodal transport. The rules explain division of loading/unloading costs and division of terminal handling charges between a seller and a buyer among other things. The seller’s and buyer’s obligations are also presented with reference to string sales, when cargo is sold several times during transit and with reference to delivery document.
Magdalena Jażdżewska-Gutta, Instytut Handlu Zagranicznego
Bezpieczeństwo w łańcuchach dostaw [PDF PL]
Supply Chain Security
Criminal activity is not a new phenomenon in international trade and transport. However, it gained importance after the terrorist attacks in 2001. Since then, the concept of supply chain security has become increasingly popular, both among companies and among governments or international organizations. As a result, many regulations have been introduced in order to assist in minimizing risk in the supply chain disruptions caused by criminal or terrorist activity. However, one might get the impression that among all these activities the basic idea has been forgotten, which is extremely important in international trade – that is, the need for trade facilitation. As a result, the company managing its supply chain must take into account not only potential threats but also a whole range of international security rules.
Joanna Bednarz, Instytut Handlu Zagranicznego
Klasyczne a nowe teorie przewagi konkurencyjnej przedsiębiorstw [PDF PL]
Classical or new theories of competitive advantage
Competitive advantage is the field of study which has been being investigated and analyzed continuously since the ‘70s of the 20th century. Both in literature and in the enterprises’ practices, there exist an opinion, that classical theories are based on traditional sources of advantage and they do not explain in full the mechanisms of creation and strengthening of the competitive advantage. That is why, since the early ‘90s, new theories of competitiveness have been being developed and are based on more complex methods of acquiring and development of enterprise competitive resources and skills. The subject of analysis in this article is an attempt to reveal differences in the approaches of the two groups of theories.
Katarzyna Bałandynowicz-Panfil, Instytut Handlu Zagranicznego
The demographic processes in the Pomeranian voivodeship and their implications for a regional labour market
The aim of this paper is to analyze the significance of the relationship between contemporary demographic processes and labour market relations in the narrower, local perspective. Pomeranian voivodeship has been chosen as the research area. Firstly, theoretical issues, relating to the impact of population processes on the labour market, were examined. Then, an analysis based on statistical data concerned the structure of society, in particular: size of population, age, gender and a degree of urbanization. Given that and specificity of the Pomeranian labour market a number of consequences were shown, as well as the key actions needed to take to exploit opportunities and reduce disadvantages for the labour market development in the perspective of changing demographics.
Joanna Sokół, Instytut Handlu Zagranicznego
Rola i znaczenie back office w działalności banku komercyjnego [PDF PL]
Duties, procedures and risk connected with activities of bank’s back office
Back office is responsible for processing deals done in front office by bank dealers. The back office role consists of physical settlement of transactions and post – settlement duties. These include, inter alia, verification of trade and settlement instructions, edition of trade details, general ledger entries, release of payments and reconciliation of nostro accounts. Although functioning of back office does not bring profits itself it can easily contribute to losses trough inappropriate functioning or by insufficient control of dealers activity. History of banking indicates cases where banks collapsed due to incorrect co-operation between back office and dealing room. The size of the market, development of technology and arrival of new financial instruments make the role of back office and its part in controlling risk more and more important. When so many banks offer similar products, what distinguishes them is the level of quality of service provided by back office to its customers and other banks
FUNKCJONOWANIE RYNKÓW FINANSOWYCH
Magdalena Markiewicz, Instytut Handlu Zagranicznego
Transformacja sektora bankowego krajów bałtyckich [PDF PL]
Transformation of the banking sektor of the Baltic States
The purpose of this article is to present the transformation of the banking sector of Lithuania, Latvia and Estonia and the consolidation processes in the background of foreign ownership in the assets of the sector. The analysis is also concerning the relation of the processes of consolidation and concentration ratios in the banking sector in Estonia, Lithuania and Latvia. The inflow of foreign capital, mainly from Scandinavia, to the banking sector of the Baltic countries has accelerated the adjustment process associated with the accession of these countries to the European Union in 2004, and above all implied intensification of consolidation processes in the banking sector. The largest commercial banks in all countries studied were created through the consolidation involving participation of strategic investors from the Scandinavian countries. The highest degree of concentration as measured by the CR5 was characterized by Estonia’s banking sector and the lowest degree of dominance of the banking sector could be observed in Latvia. The generally high concentration level in these countries was confirmed by the Herfindahl-Hirschman index. It should be noted, however, that the high level of concentration and a huge share of foreign capital were not a major source of destabilization in the region during the crisis in 2007–2009.
Monika Szmelter, Instytut Handlu Zagranicznego
Transmission of financial crisis impuls (2007–2009) across credit derivatives market
One of the youngest financial market is the credit derivatives market. We can distinguishtwo periods of its development. In the first phrase (up to the crisis explosion in year 2007) we have observed a very dynamic increase in the amounts of outstanding credit derivatives. Also in that period, we could observe that predictions of market growth were mostly below the realized volume. Problems, which occurred on the subprime credit market in USA have strongly affected the credit derivatives market development causing its dramatic decrease in its valuation. Most important reasons of a such huge decline were: structural weakness of credit derivatives market (for example low level of competition in credit default swap segment between financial institutions, low liquidity of collateralized debt obligation market) but first of all there were many errors in the pricing process of subprime credit risk in CDOs (these instruments valuation based on these credits). During financial crisis, credit derivatives were the channel, through which the toxic credit risk was transferred into financial system. We still observe the decline of the credit derivatives market as a consequence of the last crisis.
Joanna Adamska, Instytut Handlu Zagranicznego
Sekurytyzacja w ubezpieczeniach na życie [PDF PL]
Securitization in life insurance
Securitization is one of the most important innovations of finance in XX century. The process concerns the isolation of a pool of assets and selling them in capital markets as securities. For the first time securitization appeared in the 1970s with the securitization of mortgage loans, in insurance it appeared in 1988, as an answer for increasing demand for reinsurance. For many years securitization concerned only non-life sector. In the first decade of XXI century developed other types of catastrophic risk securities including life insurance. The mechanism of mortality securitization is similar to ABS – Asset-backed securitization – interests depend on financial condition of issuer. In life insurance securitization investors lose their money when the mortality is higher then expected. Till the beginning of 2011 there were six programs of extreme mortality securitization – five succeeded. Most of them were initiated by Swiss Re. However, the volume of life insurance transactions is still a very small, it is perceived as one of the most perspective branch. On the one hand it improves hedging process among insurers, on the other it provides a relatively safe, reliable investment for potential buyers of bonds.
Łukasz Dopierała, Instytut Handlu Zagranicznego
Bankowe sieci franczyzowe w województwie pomorskim [PDF PL]
Franchising systems of banks in Pomeranian province
Franchising is a specific method of selling goods and services. It lies in using another firm’s successful business model. In banking, the practice of franchising causes many benefits for franchisors as well as for franchisees. A vital part plays the way of agencies extension and development. Thanks to it the bank incurs lower costs be- cause it uses a large part of franchisee’s capital. Furthermore the crucial element is the way the bank is governed and the effectiveness of leading actions because in most cases franchisor acting to his own business achieves better results than employing an additional manager. A businessman who is joining the chain gets a component on the technological knowledge know-how and also the possibility to lead the bank without the enormous investment outlays which are required in the process of establishing his own bank. In banks’ offers there are two main models of franchising systems. In the first, one a bank provides a well-equipped local to a franchisee. It should look like as their own bank agency. Additionally, a bank choose by its own the most suitable location. One of the disadvantages of this system is high cost of the accession to the project. In the second model, the duty to find and equip the agency rests on franchisee. Of course selected location must be accepted by the franchisor. He also helps the franchisee in customizing the place to the actual standards. However it does not mean that the franchisor participate in the expenses. The bank agency must fulfill the criterion (concerning location and technological conditions) imposed by the franchisor. Frequently it must be situated in the city centre (on the ground floor), near a car park or in the shopping centre, where is a large accumulation of people. In Pomeranian province the placement of bank agencies is irregular. We can observe the concentration on the urbanized areas, like Tricity or S³upsk. The gathering causes strong competition between bank agencies. Banks may not approve the location of the franchising agencies in fear of becoming unprofitable. For the areas of increasing potential we can indicate small and medium cities which are located in Słupsk district, Sztum district, Bytów district or Człuchów district.