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The objective of this study is to present the evolution of the financing of Greek enterprises during the years of crisis, and in particular analyze the impact of the crisis on companies' access to external financing. The deep economic crisis that hit Greece is reflected, inter alia, in the main macroeconomic ratios, like Gross Domestic Product and unemployment and some indicators of the banking sector,...
In their analyses devoted to the directions of international capital flows, economists dealing with the subject often make references to conclusions reached by R. Lucas Jr, i.e., to the so called Lucas paradox. In literature, Lucas paradox provides the starting point for considerations on how neoclassical model works when it comes to the directions and volume of capital flowing among countries in...
The aim of the paper is to examine the connection between the intensity of integration processes and the real convergence process in the group of 28 member states of the European Union, with special regard to individual countries' impact on it. A study of β-convergence process in "new" UE member states' pre-accession period (1993-2004) and the period after enlargement of the EU (2004-2014)...
The aim of this paper is to point out the characteristics of Forfaiting as it is applied the Greek economy and to investigate the reasons of its underperformance. The conclusions are linked with the dominant role of transactions with free shipping documents instead of time letters of credit.(original abstract)
Systemic transformation, international economic integration and globalisation have been, without doubt, the most important socio-economic processes of the last decades. These processes have a huge impact on the economies of individual countries, as well as the contemporary system of the world economy. The subsystems of the world economy are also changing. The subject of discussion in this paper is...
Samuelson and Nordhaus (2012: 436) claim that "There is no pattern in the type formulas, the trajectory of the planets or swing of the pendulum, which would be used to predict the duration and timing of business cycles. Rather, they resemble a change in the weather". Nogalski and Klimek showed that in the years 1995-2010, the Polish GDP was forming in a way that made it possible to describe...
The aims of paper are to analyze how closely Central European stock markets are integrated with the stock markets in the US,UK and the euro area and to investigate the correlation of changes in the US S&P500, UK FTSE100, DJ EUROSTOXX 50 yields on the yields of the Polish and other main Central European stock exchange markets. The authors has formulated following hypothesis: Czech, Hungarian and...
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