Search

The study aims to assess whether there are significant differences among EU member states regarding the Russo-Ukrainian-conflict-driven changes in macroeconomic indicators and whether these differences are linked to the country’s energy vulnerability. Applying k-means clustering, three country groups are distinguished, similar with regard to their energy intensity, energy dependence (including dependence on Russian gas), and household budgets’ exposure to energy prices. Based on the Kruskal-Wallis and Wilcoxon pairwise comparison tests, the study reveals statistically significant differences among the distinguished country clusters in the level of inflation and interest rates at the time of this conflict as well as differences in the 2022 forecasts’ changes for GDP, inflation, budget balance and unemployment. The results indicate that EU economies characterised by the most significant energy vulnerability economically suffer the most in the aftermath of the Russian invasion of Ukraine.

Financial literacy plays a crucial role in individuals' decision-making processes. The paper aims to thoroughly identify the financial literacy needs and challenges of adults with low financial literacy living in rural areas. The paper presents the results of a focus group study conducted among a target group (35 people) and interviews with financial experts (14 people) in the first quarter of 2023. The study allows us to identify common areas of financial knowledge crucial for adults with low financial literacy living in rural areas. The study was conducted in seven European countries as part of the Erasmus+ project "Learning by Experiencing Escape Rooms: Financial Literacy for Adults (FLER)". Key findings from the study revealed that participants exhibited low awareness of financial fraud and expressed a need to protect personal information when using digital platforms. There was a clear demand for improved knowledge in certain areas, such as budgeting, emergency funds, balancing risk and reward, and planning for retirement or long-term savings. Participants consistently viewed gamification as a valuable tool for enhancing their understanding of financial topics. The contribution of our study is that we narrow the research gap on the needs and challenges related to financial literacy among rural residents. The results will help pinpoint specific areas of financial knowledge and competencies that are particularly important for adults with low financial literacy. Moreover, these insights are crucial for developing educational content integrated into a virtual escape room to improve financial literacy through engaging, scenario-based learning. [ABSTRACT FROM AUTHOR]

In recent years, research on trade rebalancing in agri-food supply chains has gained prominence due to trade sanctions, supply chain disruptions, and vulnerabilities exposed by pandemics and conflicts. This study focuses on the recalibration of agri-food trade dynamics, using the 2014 Russian import ban as a case study. The ban significantly altered the structure of agri-food export destinations for affected countries, particularly those sharing a border with Russia (e.g., Poland, Finland, Estonia, Latvia, Lithuania). Employing a cross-section regression model and structural break tests, we assess the trade rebalancing process. Our findings reveal short-term trade rebalancing effects, primarily observed in product groups not traditionally considered main trade specializations. There is evidence that significant part of the lost trade was redirected to EU28 or EAEU countries and end up in the common trade areas of these countries. Furthermore, we argue that the Russian import ban initiated a long-term structural shift in export patterns for non-traditionally traded banned products, while rebalancing for traditionally traded products was significantly quicker. [ABSTRACT FROM AUTHOR]

Purpose - The paper aims to assess the credit financing of microenterprises and farmers by commercial and cooperative banks in pre-COVID-19 and COVID-19 subperiods. Research method - In the study, we apply the Kruskal-Wallis test and Wilcoxon ranksum pairwise comparison test with the adjustment based on the Benjamini and Hochberg method to check whether there are significant differences in median values of banking loan categories for microenterprises and farmers among commercial and cooperative banks in the pre-COVID-19 and COVID-19 periods. Results - We observe that microenterprises mostly use commercial banks, while farmers depend majorly on cooperative banks. Additionally, farmers use investment loans more often than microenterprises. We show a significant decline in loan sales and enquiries among microenterprises and farmers during COVID-19. Moreover, we observe the median values of all analysed categories show significant differences between commercial and cooperative banks. It concerns both investment and working capital loans. Originality / value / implications / recommendations - Our contribution is that we analyse this issue from the perspective of leading suppliers offering banking loans, i.e., commercial and cooperative banks. We detect whether analysed banking loan categories differ significantly in the group of microenterprises and farmers across commercial and cooperative banks in Poland in the above-mentioned periods. To our knowledge, there are no similar studies. The results of our study might be helpful for banking institutions and policymakers in the context of a potential future pandemic or crisis situation. [ABSTRACT FROM AUTHOR]

Public guarantee programmes aim to improve access to financing for micro, small, and medium-sized enterprises (SMEs) and support entrepreneurship. The objective of our paper is to present and assess the de minimis guarantee programme for SMEs in the wholesale and retail trade sector in Poland. In detail, we analyze changes in the number and value of credit guarantees from national and regional perspectives. The research period covers the first eight years of the program functioning, i.e., 2013-2020. Data was gathered from Bank Gospodarstwa Krajowego (BGK), a Polish national development bank. The study reveals visible fluctuations in the number and value of de minimis guarantees obtained by the SMEs in the wholesale and retail trade sector. However, in 2019-2020 we observed their substantial growth. SMEs in the analysed sector primarily use the de minimis guarantee programme to secure revolving working capital loans. Micro-enterprises obtain 75% of the total number and 40% of the total value of guarantees. We observe substantial regional differences in the number and value of granted guarantees among 16 Polish voivodeships rooted in the voivodeship size. The t-test analysis confirmed that both numbers and values of credit guarantees are significantly greater in 2019-2020, at a 1% significance level. Such results may indicate an increased need for external support for analysed SMEs due to changes in the de minimis guarantee program, stricter bank lending policy and the harmful effects of the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

Copyright of Zeszyty Naukowe SGGW: Ekonomika i Organizacja Logistyki is the property of Warsaw University of Life Sciences (SGGW), Faculty of Economic Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Listy Cukrovarnicke a Reparske is the property of VUC Praha a.s. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Agriculture or agrarian sectors together with non-resource manufacturing can be the key drivers of non-mineral development among natural resource-rich countries. However, agricultural development lags behind the extractive industry which puts a big share of the labor force into an uncertain position and creates food security risks. In Azerbaijan, which is an oil-rich post-soviet country, details focus on individual exports like vegetable exports that have not been carried out against specific economic indicators such as the Extractives Dependence Index (EDI), the Real Effective Exchange Rate (REER), etc. This paper is based on one-way variance analysis (ANOVA) and Tukey’s honest significance test (Tukey’s HSD test), as well as the Granger causality test. Our analysis shows that Azerbaijan’s dependency on natural resources (measured by the EDI) has a significant effect on the value of vegetable exports. Moreover, the Granger causality test revealed a one-side causal relationship from the REER and production costs to the vegetable exports, at a 10% significance level. Similarly, a unidirectional Granger causal relationship from crude oil prices to the REER, at a 1% significance level was found. Thus, our findings indicate that overall Dutch disease affects the Azerbaijan economy towards vegetable exports. [ABSTRACT FROM AUTHOR]