Challenges of Contemporary Economics


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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 1 Issue 4 (2007)

Polish and Estonian Economic Competitiveness. A Comparative Study original article

pp. 5-21 | First published in 11 December 2007 | DOI:

Grzegorz Gołębiowski, Anna Kowalska


The starting point of the study has been a survey of indices developed by internationaleconomic organizations. Such indices tend to encompass a number ofqualitative/quantitative variables relating to economic viability, e.g. economic liberties,budgetary balance, judiciary, technical sophistication, social factors andinnovation.Basing on the aforementioned data, the study has focused upon the comparisonof both countriesí competitive stances and permitted the formulation of certaineconomic policy guidelines with regard to Poland, which has underperformedEstonia in most of the rankings.  

The Monetary Policy – Restrictive or Expansive? original article

pp. 23-43 | First published in 11 December 2007 | DOI:

Adam Szafarczyk


The monetary policy plays an important role in macroeconomic policy of government.There is a question concerning type of this policy ñ expansive or restrictive(easy or tidy monetary policy). Unfortunately, we have a lot of criteria. Eachof them gives us other answer. So due to equitation of Irving Fisher we have dominantlyexpansive monetary policy. This same situation exists when we use nominalvalue of rediscount interest rate of central bank. Opposite result appearswhen we use real value of this interest rate or level of obligatory reserve. Takingunder consideration liquidity on money market we know, that level of interest rateis too high.  

Deposit Rate Ceilings as a Tool of Prudential Regulation original article

pp. 45-63 | First published in 11 December 2007 | DOI:

Janusz Krajewski


The purpose of the paper is to present one of prudential regulation instrumentsin an environment that favors to engage in moral hazard behavior.The last decades proved that there is a link between financial liberalizationand banking crises. In order to avoid crises and prevent banks engaging in gambling behavior, the system of prudential regulations has been implemented. Theemphasis has been placed on the use of capital requirements, typically using theBIS standard developed in the Basel Accord.As the excessive reliance on capital requirements can become costly for thebanks and lead to loose their franchise value and undermine incentives for prudentinvesting. The instrument that can create the franchise value, i.e. earningprofits in the current period and in the future, is a policy of deposit rate controls.In the paper was also revealed why the policy of setting interest rate ceilingon deposits had not achieved its intended objectives, especially in the view of thefail of the Regulation Q policy.

Pension Systems in Europe. Case of Spain original article

pp. 65-76 | First published in 11 December 2007 | DOI:

Jarosław Poteraj


The article presents an insight into the old age pension system in Spain. Theintroduction is followed by such a topic paragraphs as: the general informationabout the country, the historical development of its pension system, the present situationand challenges, and foreseen changes. There, the authorís goal was to presentboth past and present solutions employed by the Spanishís pension system,in search for ideas worth consideration in international comparisons. In the summary,the author highlights as a particular Spanish approach, on the backgroundof other countries, the fact of existing in the Spanish reality the special oldage pension system for domestic servants.

Using of Ratio Analysis for Identification of Opportunities within the Early Notification System original article

pp. 77-87 | First published in 11 December 2007 | DOI:

Agnieszka Ordys


The article discusses the use of ratio analysis as a part of early warning andnotification systems to identify potential opportunities. The basic issues related toratio analysis and early notification systems are introduced. In order to exemplifythe problem the article presents the analysis of 19 food sector companies listedon the Warsaw Stock Exchange basing on the Altmanís classic Z-score model.

Advertisement without Ethical Principles? original article

pp. 89-102 | First published in 11 December 2007 | DOI:

Wojciech Słomski


The article replies to the question, whether the advertisement can exist withoutethical principles or ethics should be the basis of the advertisement. One cansay that the ethical opinion of the advertisement does not depend on content andthe form of advertising content exclusively, but also on recipientís consciousness.The advertisement appeals to the emotions more than to the intellect, thus restrictingthe area of conscious and based on rational premises choice, so it is morallybad. It is not that the moral evil immanently underlines the advertisement,but it concerns the mechanisms which cause that the advertisement turns out tobe effective. The only admissible form of the advertisement would be the reliablefull information about the advantages and flaws of the concrete advertised product.The only admissible form of the advertisement would be the reliable full informationabout the advantages and defects of the concrete advertised product.The most serious difficulty connected with the ethical opinion of the advertisementis the fact that the advertisement is the indispensable link of the presenteconomy, and everyone who accepts the free market and perceives the positives ofthe economic growth, should also accept the advertisement. The advertisementconstitutes the element of the economic activity, so in consequence the responsibilityfirst of all lies with enterprises for its far-reaching results.

Basic Elements of Knowledge Management original article

pp. 103-116 | First published in 11 December 2007 | DOI:

Marcin W. Staniewski


The article is a review of basic knowledge management terminology. It presentssuch a description as: knowledge resources levels (data, information, knowledge,and wisdom), knowledge sources (internal, external), and knowledge typology(implicit, tacit or individual, social). Moreover the article characterizesknowledge management process, knowledge management system and main knowledgemanagement strategies (codification, personalization). At the end of the articlethere is mentioned the knowledge creating process (the concept of knowledgecreation spiral) and the role of Intelligence Technology (IT) and organizationalculture as main elements supporting knowledge management implementation inorganizations.

On-Line Analytical Processing (OLAP) as a Information Tool for Modern Management original article

pp. 117-130 | First published in 11 December 2007 | DOI:

Hanna Borzęcka


The article contains on question, what it is the wholesalers of data and whatare the advantage from its initiating. It defines the actual information needs formanagement as well as it defines the part of wholesalers of data in satisfying theseneeds.It the conception of multidimensional structures of data, in the article formalizemultidimensional model of data and basic structure wholesalers data are introduced,built according to authoressí own conception. It is the OLAP cube. Publicationcontains also the proposal of innovation and it forecasts the rise of newgeneration of wholesalers data for solving modern management problems.

Introduction to the Workflow Systems in Management original article

pp. 131-139 | First published in 11 December 2007 | DOI:

Aleksander Wocial


The article concerns ontology of workflow management systems. The fundamentaldiagrams and their constituent elements are presented, the meaning ofcomponents and relation or interaction among them as well. The first is conceptualmodel of flow process, followed by meta model of process definition. The understandingof terms is crucial for IT or management specialists involved in thearea of workflow.


Forms of Market and Competition in the Contemporary Economics. Theoretical Aspect original article

pp. 141-148 | First published in 11 December 2007 | DOI:

Ryszard Zabrzewski


In the article author analyses the subjective structures of markets (as abstractnotion). Bases of these structures are quantitative criteria. The main mechanismwhich changes these structures is the non-perfect competition. Twenty years agoM.E. Porter, the famous American economist, was formulated a concept of newstage of market rivalry. Above the article, the author makes a critical remark onPorterís concept of market competition.


Problems with Cash and Other Non-Operating Assets Value in the Process of Valuing Company original article

pp. 149-176 | First published in 11 December 2007 | DOI:

Piotr Szczepankowski


In economic practice the process of valuing enterprises is based on potentialearnings from companies operating assets ñ operating fixed assets and operatingworking capital. Cash and other non-operating assets (mainly financial) are treatedas unproductive, non-income assets. Eventually, in process of pricing theircurrent, accounting value is added to income value of enterprise or cash is treatedas source for quick covering the debts of firm, what of course indirectly improvefor better value of equity (the lower financial risk). Not taking into account the profitable influence of cash value and other non-operating assets can negativelyaffect on result of final value of enterprise, reducing it.In the article two alternative approaches (separate and inclusive) of cash valueis presented. Also main determinants of estimating value of cash are describedas well as potential threats of its valuation.


The Shareholders Value Measuring. Case of „Zelmer” original article

pp. 177-194 | First published in 11 December 2007 | DOI:

Tomasz Filipczuk


The Value Based Management and measuring the shareholders value approachesare presented in the article. Theoretical descriptions are illustrated by caseof one Polish stock company which is "Zelmer". Based on results of this analysis,main enterprise value determinants are presented as well.