Editor-in-chief: Prof. Johannes Platje


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Vol. 2, No. 2, 5-40, June 2018

The effects of monetary policy on house prices in Spain: the role of the economic and monetary union membership in the housing bubble prior to the great recession

Author: Tibor PÁL
AGH University of Science and Technology, Poland

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Aim: This paper aims to discover the evolution of monetary transmission in Spain by focusing on the short-term interest rate, credit aggregates and house prices through different stages of economic development and European integration between 1975 and 2008. In addition, the analysis devotes special attention to the interval of the last housing boom, in order to reveal the importance of the interest rate policy of the ECB.

Design / Research methods: The study applies a tri-variate autoregressive model assigned to three overlapping periods outlined by regime shifts in the Spanish economy. The estimation output determines the strength and persistency of the links between interest rates, credit aggregates and house prices. Consequently, the results of the econometric analysis provide proper base for comparison in order to identify the dominating channels of monetary transmissions through a prolonged period.

Conclusions / findings: It is found that the transmission mechanism in Spain essentially altered over time since 1975. At the beginning of the full analysed interval the role of the credit channel was dominant, then its importance gradually diminished. After the EMU accession the traditional interest rate channel became the leading factor with an intensified and more persistent effect on house prices.

Originality / value of the article: While there are numerous researches aimed at estimating the impact of monetary policy on the real economy, empirical studies focusing exclusively on the link between interest rate policy and house prices in Spain are still rare. As the present paper concentrates solely on the Spanish characteristics through extended interval, the study provides country-specific inferences.

Implications of the research: Understanding the mechanism of the monetary policy effects on the housing sector is an essential aspect of designing policy interventions aimed at keeping house price development in check.

Limitations of the research: Despite the significant results of the empirical analysis, the excessively dynamic increase in the property prices suggests that the factor of irrational expectations also played important role in the latest Spanish housing bubble.

Key words: Monetary policy, VAR, ECB, Housing boom, Monetary transmission mechanism
JEL: E52, E58.

Doi: http://dx.doi.org/10.29015/cerem.540

Vol. 2, No. 2, 41-59, June 2018

Impacts of regional energy markets on decentralised energy supply


Author: Jens MAIWALD, Tino SCHŰTTE
University of Applied Sciences Zittau/Görlitz, Germany


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Aim: This paper aims to describe an approach to develop a simulation model for investigating regional energy markets. Therefore the so called Cellular Approach is combined with the approach of Agent-Based Modelling.
Design / Research methods: The model is built as a bottom-up approach for integral load management. Thus, supply factors such as limitations in generation are integrated directly and display flexibility. Thereby each market participant has its own economic interest. By the use of specific behaviour patterns and learning effects each agent in the model can act individually. This enables the market model to simulate how actors behave in changing situations.

Conclusions / findings: The model shown in this paper provides an alternative to considerations of energy supply systems via equation-based optimization models. The combination of these two approaches enhances to observe two central aspects of the German energy turnaround, decentralisation and the consumers changing role at the energy market.

Originality / value of the article: The Cellular Approach offers potential benefits for integrating renewable energy sources in regional power supply. Often discussed on a technical level, this paper focuses on the economical side of this topic. Moreover, differing to other research activities usually using optimization techniques, an Agent-Based Model is formulated to simulate a regional energy market. In the combination of a supply system primarily based on renewable energy sources and enhanced with different types of energy storage it is possible to simulate a supply system of the future.

Key words: Energy Markets, Renewable Energy Sources, Agent-based Modelling, Cellular Approach.

JEL: P18, P28, Q41, Q42

Doi: http://dx.doi.org/10.29015/cerem.654

Vol. 2, No. 2, 61-86, June 2018

Analysis of cost structure of international road transport operators in West Pomeranian voivodship in the years 2008-2014


Author: Błażej SUPROŃ
West Pomeranian University of Technology Szczecin, Poland


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Aim: The analysis of the cost structure and the factors determining these costs constitutes an important subject that is applied for both strategic planning of the company’s activity and the evaluation of the actions taken before. The aim of the study was to analyze the structure of the costs incurred by transport enterprises operating in the territory of West Pomeranian Voivodeship in the period from 2008 to 2014, as well as the factors which determined cost variations.

Design / Research methods: Literature research provided an introduction to the discussion along with an analysis of the secondary sources concerned with the subject of the study. Achieving the goals required the analysis of financial reports compiled by the enterprises examined for 2008-2014. The methods of descriptive statistics were used for collecting the data. Considering the fact that the study included more than half of the target group the results obtained can be referred with considerable caution to all other economic operators of this kind in the West Pomeranian Voivodeship.

Conclusions / findings: The results found that the costs of the enterprises examined were to the largest extent influenced by macroeconomic factors, such as interest rates, fuel prices, as well as the situation on the job market. Micro-enterprises were the most vulnerable to the changes in these factors. The study showed that there is a significant correlation between the expenses borne and the economic situation on the EU market.

Originality / value of the article: While the majority of the compilations concerning transport enterprises focuses on their general situation, the results of this study provide a thorough analysis of the internal situation of the entities examined and indicate the influence of the individual factors on the market situation of these entities. It is the first compilation focusing on transport enterprises which undertakes the analysis of the costs they incur applying such a broad aspect.

Implications of the research (if applicable): The results may be used by individuals who manage transport enterprises in order to track, within the framework of an ex post analysis, the factors influencing the costs, as well as their future optimization. From the scientific perspective, the findings may be applied for further considerations concerning the road transport sector and its market situation.

Limitations of the research: The main limitation of the study is the incomplete picture of the situation of all transport enterprises in West Pomeranian Voivodeship. Due to the lack of comparability of the financial data, as well as the difficulties in obtaining them, the study did not include the companies which are not required to publish financial reports and those keeping tax records. Another limitation is the lack of the data on enterprises which did not submit their reports to the relevant registers despite being obligated to do so.

Key words: costs, transport enterprises, cost structure

JEL: R41

Doi: http://dx.doi.org/10.29015/cerem.537

Vol. 2, No. 2, 87-103, June 2018

Implementation of the Sustainable Development Goals as an opportunity for greater socio-economic integration within the European Union


Authors: Emilia BAMWENDA
University of Wroclaw, Poland


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Aim: The aim of this article is to discuss the global and European concepts of sustainable development and how they can enhance European integration.

Design / Research methods: The analysis of statistical data will show positive and negative trends in Europe. In addition, barriers to the implementation of the sustainable development strategy will be indicated, as well as areas in which the EU should put more effort into achieving its ambitious goals.

Conclusions / findings: European Union countries stand out in the international arena for their high standard of living, made possible by a high level of economic development and extensive social welfare systems. However, at the turn of the 20th and 21st centuries it became clear that maintaining these high standards in the face of fundamental changes – both externally and internally – would require a significant reorientation of the current development policy. Euroscepticism, European integration, globalization and the increasing competitiveness of the rapidly growing Indian and Chinese economies, the IT revolution, the rise of the importance of knowledge and innovation, the prospect of depleting non-renewable natural resources crucial for modern development (combined with the associated risk in prices) are all becoming increasingly prominent in the list of challenges which Europe faces.

Originality / value of the article: The article discusses the current statistical data of the whole concept of sustainable development rooted in the Europe 2020 program in contrast to other, studies, which in the majority focus on one issue of European programs.

Implications of the research: This analysis complements the discourse regarding the Europe 2020 strategy.

Key words: Sustainable Development, European Union, European initiatives, integration, GDP

JEL: Q01, F15.

Doi: http://dx.doi.org/10.29015/cerem.520

Vol. 2, No. 2, 105 -117, June 2018

Application of Kano questionnaire to assess the level of teaching staff’s quality from the student’s point of view


WSB University in Wrocław, Poland
Mirosława SZEWCZYK
Opole University of Technology, Poland



Aim: The aim of the paper is to present the possibility of using Kano method by a student to assess teaching staff’s quality level.

Design / Research methods: The research method encompassed the analysis of the subject-specific literature and the authors’ own research employing Kano questionnaire. The survey was carried out in November 2016. The lecturer characteristics from the student’s point of view have been diagnosed, including their prioritization, which allowed for determining the teaching staff’s quality level and student satisfaction with lecturers. The qualities requiring further development were indicated.

Conclusions / findings: The study shows that university authorities should primarily provide lecturers with good theoretical knowledge and capable of defining clearly the student’s obligations.

Originality / value of the article: The authors recommend that higher education institutions use Kano questionnaire instead of traditional surveys for evaluation of teaching staff by students.

Implications of the research: Kano questionnaire can be applied in a variety of branches and can relate to various products and services, with the aim to point to their qualitative characteristics which should be developed in particular and those which are immaterial to the customer.

Limitations of the research (if applicable): The selection of elements for the sample was of a non-random character. Because of the subject matter dealt with by the authors in this paper, as well as due to limitations of space, only some of the results obtained were presented – the evaluation of lecturers. The survey also included other categories which – in the students’ opinions – are decisive regarding the quality of educational service, such as: organization of study courses, seminar timetable, facilitations, and infrastructure.

JEL: Kano method, quality, student, satisfaction, lecturer

Doi: http://dx.doi.org/10.29015/cerem.464

Vol. 2, No. 2, 119-142, June 2018

EU rules on corporate governance as means to promote sustainability?


Author: Izabella SCHIFFAUER
WSB University in Wrocław, Poland


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Aim: As part of the recent economic and financial crisis management in the EU new regulatory measures have been adopted which are of relevance for company law and corporate governance. Although the modalities of corporate governance are primarily determined by companies themselves, the establishment of basic national and EU level rules is required so that minimum standards are respected in the public interest. With regard to EU competences, they pertain to full implementation of and safeguarding proper functioning of the EU internal market (Article 3(3) TEU and Articles 26-27 TFEU). The purpose of this paper is to analyse EU regulatory measures in the field of corporate governance with a view to their potential positive impact on sustainable functioning of European companies, notably in the financial sector, and thus also the stability of the financial system at large.

Design / Research methods: The applied research methodology includes a combination of theoretical and analytical methods. The paper is based on a review of relevant literature and an analysis of EU regulatory measures pertaining to inter alia new capital requirements for financial institutions, shareholder’s involvement and risk management.

Conclusions / findings: It is submitted that, at least in theoretical terms, the analysed regulatory measures have a potential of improving sustainability of single companies, thereby translating into improved reliability of the whole financial system, also by way of reducing the risk of moral hazard of failing banks counting on public money injections.

Implications/ Limitations of the research: The real impact on sustainability may, however, only be assessed once the dis-cussed EU measures have been fully implemented or, as the case may be, where and on condition that they are fully endorsed by the companies themselves. In that regard, the theoretical and analytical methods applied in this research prove insufficient to provide a fully satisfactory answer to the research question, with the real impact of the discussed measures on sustainability being a potentially interesting field of study on the basis of a sample of system relevant financial institutions in the years to come.

Key words: EU corporate governance framework; risk management; financial institutions, sustainability

JEL: G3, G01, K2, H12

Doi: http://dx.doi.org/10.29015/cerem.567

Vol. 2, No. 2, 143-157, June 2018

The balance paradox of management


Author: Tadeusz GOSPODAREK
WSB University in Wrocław, Poland


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Aim: There exists an inequilibrium between the available quantity of goods and the level of consumption resulting in local economic polarisations and asymmetric capital concentrations. Replacements of real money with derivative instruments cause strong perturbations on capital markets. Consumer preferences change towards the maximization of the utility of the used capital. The above observations are a basis for the hypothesis that managers, in general, prefer to maximize the momentum profit regardless of the risk of losing the stability of macroeconomic systems.

Design/Research method: It is heuristic about the objective function of an organization based on observations, that there are two excluding tendencies in formulating goals: to maximize the profit (using all possible opportunities) and simultaneously to achieve stability in the long run (keeping the micro-macro balance).

Conclusions/findings: Managements cause deviations from the micro-macro balance, and at the same time trying to keep this balance. This leads to the following paradox of management (the balance dilemma of management): Managers always try to maximize opportune profits, regardless of future benefits that may be derived from keeping the equilibrium. And conversely, rational long-term stability suggests postponing most opportunities and keeping external boundaries (e.g. realizing sustainable development). However, managers’ temporary preferences lead to an increasing number of unbalanced interactions between organizations and their surroundings, up to the critical point when some catastrophic economic processes may take place.

Originality/value of the article: Original heuristics based on the observations of some micro-macro economic balance relations in business practice.

Implications of the research: One more paradox in the theory of management have been presented. It is important for base statements of the theory of organizational bahaviors consistency and inferring would be more accurate.

Key words: General economic equilibrium, rationally bounded decisions, paradox of management, micro/macro balance, management theory.

JEL: L2, M21, D5, F41

Doi: http://dx.doi.org/10.29015/cerem.526

Vol. 2, No. 2, 159-177, June 2018

Bankruptcy prediction models as a source of assessment of the company’s financial situation


Author: Justyna Beata BARLIK
WSB University in Wrocław, Poland


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Aim: The aim of the work is to make an attempt at matching an appropriate discriminatory model to companies in the Polish energy sector in 2013-2015.

Design/Research methods: The unitary financial statements of five companies from the energy sector in Poland over the period of 2013-2015 were studied. Following the example of practical calculations, the effects and result of the methods used were presented.

Conclusions / findings: Assigning accurately a particular model to the whole energy industry is not possible, as there has not been any research so far that would allow for matching bankruptcy prediction models to specific industries and enterprises. When assessing the risk of failure, taking into account just one model is not sufficient.

Originality / value of the article: Demonstration of many methodical problems that require further research in order to find optimal methods for matching discriminatory models to specific market segments.

Key words: discriminatory models, bankruptcy of the company, financial situation.

JEL: G01,G11,G17

Doi: http://dx.doi.org/10.29015/cerem.479