Contemporary Economics supports GIKA


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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 2 (2007)

International Business Cycle original article

pp. 5-19 | First published in 25 June 2007 | DOI:

Marek Lubiński


Prime stylized facts of international business cycle theory refer to positive correlationin the cyclical components of important macroeconomic variables acrosscountries. However a number of indicators of business cycle synchronization donot point to clear trends. It can be ascribed to the fact that different forces influencelevel of business cycle correlation. When investigating into the forces behindthe commonness in aggregate fluctuations economic research seems to have pointedin two directions. One strand of the literature examines the idea of commonexogenous shocks that affect economies simultaneously. In addition to that economicinterdependencies such as trade in goods and services or capital accounttransactions may serve as the channels through which disturbances spill overacross countries.The observed degree of output co movement reflects both the natureof the shocks that have occurred and the degree of economic interdependence.In the periods when common shocks prevail level of synchronization is usuallyhigher than in times of transmission dominance.

On the Fundamental Principles of Economic Policy original article

pp. 21-36 | First published in 25 June 2007 | DOI:

Witold Jakóbik


The article contributes to the debate focused on the institutional principles ofpolicies conducted by the fiscal as well as the monetary authorities. The authoroffers a brief review of the main relations between the aims of macroeconomic policyand the instruments that enable to fulfill the former. At the same time specificdeterminants of the aim-oriented decisions by the central bank or the governmentare reviewed. Last but not least in the analysis is the dilemma of policy mixcoordination and the formal/informal status of the government as well as of thecentral bank is extensively discussed.

Pension Systems in Europe – Case of Belgium original article

pp. 37-46 | First published in 25 June 2007 | DOI:

Jarosław Poteraj


The article presents an insight into the old age pension system in Belgium.The introduction is followed by four topic paragraphs: 1. the general informationabout the country, 2. the historical development of its pension system, 3. the presentsituation, and 4. challenges and foreseen changes. There, the authorís goalwas to present both past and present solutions employed by the Belgiumís pensionsystem, in search for ideas worth consideration in international comparisons. Inthe summary, the author highlights as a particular Belgian approach, on thebackground of other countries, the fact of existing in the Belgian reality the Officeof the Pension Mediations (fr. Service de mÈdiation pensions).

Role of Human Resources in the Mergers and Acquisitions Processes original article

pp. 47-55 | First published in 25 June 2007 | DOI:

Anna Szewczyk


The human resources are one of the most important topics when you talk aboutthe value and importance of a company itself. The article tries to show the differentaspects where the human resource affects a merger in the different states ofa merger process, especially to the pre-merger-phase, and to which problems itcan lead when you not pay attention to it. Finally the question, which is indeedthe most important aim concerning mergers namely: how and in which degree thehuman resource effects the goodwill, is tried to answer.

Selected Banks Economic Efficiency Indicators original article

pp. 57-82 | First published in 25 June 2007 | DOI:

Adam Szafarczyk


There are a lot of economic efficiency indicators in theory. It is necessary tochoice some of them for concrete purposes. ROA, ROE and C/I play important roledue to last experience of polish banks.Cost to Income Ratio plays very importantrole affecting not only efficiency monitoring process in the banks but also becominga very important target in strategy or finance plan. There are several methodologicalapproaches to construct this index in detail. Results are differingdue to implementing methodology. This article describes trends C/I concerningboth polish and foreign banks. It is difficult to compare banks in emerging countryand real giants in finance mature economies.

Influence of the Pharmaceutical Law Amendment on the Pharmaceutical Market in Poland. Selected Aspects original article

pp. 83-97 | First published in 25 June 2007 | DOI:

Agnieszka Woś


This paper presents the process of turnover the medicaments between pharmaceuticalmarket that is shaped by amendment of pharmaceutical law. Relationshippresented in this article is to show the way of medicament through thelaw maze from the moment of registration to the final distribution in the pharmaceuticalmarket in Poland.

Alternative Possibilities of the Insolvency-Predicting-Algorithms Using. The Case of Benchmarking and Rating in Construction Sector original article

pp. 99-110 | First published in 25 June 2007 | DOI:

Krzysztof Borkowski, Waldemar Rogowski


In the article it has been proposed that insolvency-predicting-algorithms (pol.SWO) may be successfully used in other areas of the financial analysis. A potentialuse of SWO in procedures of benchmarking and rating was presented as anexample and illustration. The authors suggest that it is possible to use such algorithmswithout deciding about the risk of the insolvency. The proposals have beenillustrated with the use of the financial data of 56 companies from the constructionsector.

Effectiveness of the Construction Services Outsourcing. Case of the Specialized Construction Company original article

pp. 111-122 | First published in 25 June 2007 | DOI:

Mariusz Włodarz


The article is the case of outsource the construction services made by GazbudLtd., one of construction firm, which realized its activity on the south of Poland.Main goal of the publication is concentrated on the problem, how it is possible tomeasure and control outsourcing effectiveness.

Application of Binomial Model and Market Asset Declaimer Methodology for Valuation of Abandon and Expand Options. The Case Study original article

pp. 123-147 | First published in 25 June 2007 | DOI:

Paweł Mielcarz


The article presents a case study of valuation of real options included in a investmentproject. The main goal of the article is to present the calculation and methodologicalissues of application the methodology for real option valuation. Inorder to do it there are used the binomial model and Market Asset Declaimer methodology.The project presented in the article concerns the introduction of radiostation to a new market. It includes two valuable real options: to abandon the projectand to expand.