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 2 Issue 3 (2008)

Global Imbalances: The Evolution of the Process and Policy Responses original article

pp. 5-20 | First published in 23 September 2008 | DOI:

Ryszard Wilczyński


W trakcie ostatnich dziesięciu lat gospodarka światowa osiągnęła wysoką dynamikę, która uległa niewielkiemu i krótko trwałemu obniżeniu na początku dekady lat 2000 oraz weszła w kolejną, prawdopodobnie o wiele większą, fazę spowolnienia w 2008 r. Szybki wzrost globalnej gospodarki nie był pozbawiony napięć. Jednym z nich jest narastająca międzynarodowa nierównowaga płatnicza. Na rachunku obrotów bieżących USA wystąpiły rekordowo wysokie deficyty, a w krajach Azji i Bliskie go Wschodu - nadwyżki. Przyczyny i skutki globalnej nierównowagi płatniczej są przedmiotem kontrowersji w kołach akademickich, jak i wśród polityków. Część z nich uważa, że jest ona naturalnym przejawem globalizacji rynków finansowych i mechanizm tych rynków zapewni potrzebne procesy dostosowawcze. Inna część ekonomistów, nawiązując do zawodności rynku, stoi na stanowisku, że niezbędne są korekty w polityce makroekonomicznej najważniejszych gospodarek. Przykładem takich działań jest proces wielostronnych konsultacji uruchomiony przez Między narodowy Fundusz Walutowy. W ramach wielostronnych konsultacji sformułowano właściwy program działań dostosowawczych. Obecnie kluczowe znaczenie ma wdrażanie tego programu przez najważniejsze gospodarki i dostosowanie narodowych priorytetów do priorytetów programu.

Sources Evolution of Budget Deficit’s Financing in Poland Subject to Push-out Effect original article

pp. 21-30 | First published in 23 September 2008 | DOI:

Krzysztof Kocurek


In the article, the author analyses sources of budget deficit’s financing in thetransformation period in Poland. Firstly, different instruments that can balance expensesof state’s budget over its income are presented. Then an analysis of the structure of deficit’sfinancing and its consequences for the economy is made. The author pays attention toefficiency of the fiscal expansion in the short and long term and describes the direct andindirect push out effect. In result performed analysis it is claimed that the choice of sourcesof deficit’s financing has the fundamental significance for the economic policy

The Effectiveness of the Discriminant Analysis Models. Study Based on the Selected Polish Companies Quoted on the Warsaw Stock Exchange original article

pp. 31-45 | First published in 23 September 2008 | DOI:

Grzegorz Gołębiowski, Krzysztof Żywno


The article presents the result of research on en effectiveness of discriminant modelson the example of selected Polish joint-stock companies which declared bankruptcy. Asidefrom general results describing an effectiveness of discriminant models on the base ofthe own research of the authors, a comparison of the received findings with otherseconomists’ results of research was made. Moreover, an analysis how the relation of anenterprise with the economic situation impacts on an effectiveness of considered modelsconcerning the forecast of a risk of bankruptcy was carried out.

Retail Banking original article

pp. 47-64 | First published in 23 September 2008 | DOI:

Adam Szafarczyk


The retail banking plays more and more important role in polish banking sector. Thereare several targets of this article. First of all is retail banking identification, both inEuroland and Poland. The next one – trends, especially household deposits and creditsand last – retail banking in particular banks.

The Place of Small and Medium Enterprises within the Sustainable Development Framework original article

pp. 65-69 | First published in 23 September 2008 | DOI:

Irina Purcarea


Small enterprises make up for at least 95% of the enterprises in the EuropeanCommunity, and constitute an important source of employment. Sustainable development,on the other hand, involves each of us, individual or organization. It is a concept thatshould be embraced by each of us, by each enterprise no matter its size. Each companyshould clearly understand the concept and undertake the specific actions considering thefact that their impact will have certain effects that will echo in the future, thereforeaffecting future generations. The present research intends to gain an insight into theapproach adopted by small and medium enterprises as concerning the sustainabledevelopment framework, with a focus on corporate social responsibility initiativesundertaken by SMEs.

Analysis of Products Demand on E.U. Markets Based on Commerce Activity of Large Stores original article

pp. 71-82 | First published in 23 September 2008 | DOI:

Simona Ghita, Emilia Titan


Retail in large store-chains extended in well-developed countries. 465 millions inhabitants express their supply on their markets; between 2000 and 2005 sales values were increasing; the increase-sources were the promotional prices, as well as the European buyers' availability to respond to the supply's diversity. After the political events that happened after 1989, in Romania appeared large hypermarket-chains and supermarket-chains, most of them being transnational companies that developed their own business in our country. Due to these commercial-units, the retail-value in Romania grew in a spectacular way, with more than 85% during 2000-2005 period, although from the retail-value per inhabitant point of view, we are far behind other European countries' level. The number of retail-commercial units, as well as the sales-purchasing value in these units characterizes the commercial sector situation in a country. For a comparative analysis at territorial level, for different European Union's countries, we will realize a multicriterial hierarchy, based on the two statistical indicators previously mentioned, and on other two general macroeconomic indicators: Gross Domestic Product (GDP) per inhabitant and unemployment-rate. The main European Union's countries hierarchy based on the four criteria was realized by two statistical methods: the ranks' method and the relative-distance method from the maximum performance unit.

Social Responsibility Instruments original article

pp. 83-96 | First published in 23 September 2008 | DOI:

Katarzyna Mizera


Responsible business notion is more and more present in Polish economy, howeverthe results of the research carried out in Polish business still shows a low level of CRSidea knowledge, especially in small and medium companies. Although responsiblebusiness notion is generally known, its details, ways of preparing strategy, instrumentsand what is more its benefits are still narrowly spread. Many business people face thelack of knowledge and information, which on one hand make it easier to spread anddeepen wrong stereotypes connected with this notion and on the other hand make businesspeople unwilling to implement CRS in their companies. The subjects of this article areexamples of instruments which are responsible for realization of social responsibilitystrategy.

The Role of a Human Factor and Psychological Contract in Managing the Knowledge in Conditions of Globalization original article

pp. 97-108 | First published in 23 September 2008 | DOI:

Joanna Rębisz


The modern business world is characterized by dynamic, changing markets andcontinuous technological advance. This article focuses on an issue related to a definitionof the meaning of a man and his location in an organization that works in conditions ofglobalization. Certainly, the meaning of human as the source of knowledge in thedevelopment of organization is not a new subject. Knowledge is intrinsically linked topeople and enables them to act. Modern organizations base their theory on the knowledgethey can exploit to improve the competence of the employee, his loyalty and commitmentto the company which aims at the competitive predominance. The identification ofknowledge is necessary for the effective implementation of knowledge managementsystem. Above all, presented theoretical analysis pinpoints mainly on discussing a man’srole and psychological contract in managing the knowledge.

Education Management in Knowledge Based Society original article

pp. 109-117 | First published in 23 September 2008 | DOI:

Daniela Todose


Europe is developing its “knowledge society”. It passes from an economy based ontraditional factors of production (land, labor, capital) to one in which the majorcomponents are information and knowledge. It is well known that the socio-economicaland technological development has an important impact on the labor market in developednations. So, more skills are needed and a flexible and dynamic labor supply. Nowadays,developed and developing nations are increasingly able to deliver high skills at low costs.This paper investigates the achievements of the education systems and theinterdependences between education and welfare.


Modified Motivation System as the Information Source for Personal Controlling. Case of the Hotel original article

pp. 119-131 | First published in 23 September 2008 | DOI:

Małgorzata Sztorc


The purpose of the article is to analysis of employee system incentive hotel there besource of information for personal controlling. New incentive system fitted look to suggestfor notes entered by employee. It pay attention in article, that there is sole form ofmotivating of forceful employee proprietary form financial motivator. Proper system ofmotivation effects boost of efficiency of staff aiming at achievement in firm purposesindicated appointee. Besides, it shows revolt of working group about miscellaneousfeatures, requirements, engagement, skilful management leads achievement of fairesteffect of work which. We understand control result of taken personal decision throughdefinition personal controlling, structures of employment, system of remuneration,motivation systems, utilization of active time of employee and cost of work.Among others, counteraction belongs to tasks in sphere of management in taking upof erroneous decision human resources controlling, high cost of employment have, helpingwith fitting human resources for real requirements of firms and through suitable utilizationof potential work stimulation. There is in firm personal wanted controlling in order to itwere of limited activity of professional employee for forward taking reward only.


Valuation of Sequential Compound Option to Default During Construction Included in R&D Project. Case Study original article

pp. 133-142 | First published in 23 September 2008 | DOI:

Paweł Mielcarz


The article presents a case study of valuation of sequential compound option todefault during construction included in R&D project. The main goal of the author is topresent methodological issues of application the binominal tree algorithm into real capitalbudgeting process. In order to achieve the goal the Market Asset Declaimer methodologywas used. The article is a part of earlier presented publications, which discussed differentmethodological issues of real options valuations.


Divided Co-Ownership and Matrimonial Property in Legal Regulations of Slovak Republic original article

pp. 143-150 | First published in 23 September 2008 | DOI:

Magdaléna Kerul’ová


The objective of the study is to transparently outline a system of relations connectedwith two different forms of property right that are incorporated in Slovak legal system. Inthis study author dealt with principles of the divided co-ownership and matrimonialproperty which lead to the pointing up to the differences between these legal concepts. Onthe basis of analysis of the null and present rules of law author persuade to theconclusions which are evaluation of the present status and inevitability of the changes inthe future.


Communication of the Organization original article

pp. 151-158 | First published in 23 September 2008 | DOI:

Wojciech Słomski


Communication always takes place by means of symbols. Information must be coded by the sender, i.e. expressed by the use of symbols (mostly language symbols), and then decoded by the recipient. The process of message decoding may be divided into two stages: the acquisition and the interpretation of the message, so-called "understanding" through the attaching of the meaning to symbols, which made up the message. Itself the understanding of the message is a not a sufficient condition of communication, as it may happen so, that the recipient interprets (understands) the message in a more or less different way from what the sender intended to transfer, what in practice may lead to the consequences more or less similar to the total impossibility of decoding the message. We may speak about communication only if the meanings attached by the sender to the individual symbols are close or identical to the meanings attached to these symbols by the recipient.