Studia humana (SH) is a multi-disciplinary peer reviewed journal publishing valuable
contributions on any aspect of human sciences such as...
read more...

EARLY VIEW:

A Word From the Editors: Humanism in the Economy.
Introduction to the Special Issue “Humanistic Economy”

Issue of the journal “Humanistic Economy” is a collection of articles which are a response to the increasingly frequent voices, for contemporary economics to be treated not only as a set of economic notions, but as a science, where human beings and their happiness are the main focus. The authors suggest the use of solutions from the area of psychology, sociology or cultural studies in economics, that allows to consider economics as a humanities science.

Financialization and the Erosion of the Common Good

The phenomenon of financialization is multifaceted and can be considered from different points of view. The main purpose of the article is to show how financialization affects the erosion of the common good. To achieve this, various negative sides of financialization are described, referring to the eight principles of the common good: effective use of limited resources, freedom, prosperity, justice, responsibility, solidarity, primacy of interpersonal relations and institutional principle. Further considerations concern the presentation of possible solutions to the problem of financialization. Two perspectives are selected. First, the answer of Catholic social teaching to the phenomenon of financialization, as presented in the form of the Vatican document Oeconomicae et pecuniariae quaestiones from May 2018. Next, one of the main causes of financialization is shown: economic and financial theories, which has become the theoretical foundation for the phenomenon. On this basis, the need for new theoretical solutions based on the institutional approach in the science of economics and finance is discussed. Possible new alternative approaches, including the concept of financial personalism, are also recognized.

Multi-Factor Evaluation of the Financialization Degree of Polish Households in the Background of the Euro Area

The Author: Justyna Chmiel,
Financialization is a term that is becoming increasingly popular in the Polish literature. One of its important aspects, which is multidimensionality, is often emphasized. It is a process whose effects are visible at all levels of the economy. The effects of financialization could be seen both at the national level and in the basic economic unit, which is a household. Firstly, the purpose of this study is to analyze changes, which in literature are considered to be symptoms of financialization in Polish households. The second, no less important goal, is to compare the level of financialization of Polish households with the level characteristic for countries belonging to the euro area.

Stability in a Two-Dimensional Dynamical System of Endogenous Growth with Public Capital

The aim of this study is to present a stability in a two-dimensional dynamical system of endogenous growth with public capital. We assume the simple model of the economic growth, in which both private and public capital can influence on the rate of growth of knowledge. The public capital is rival but non excludable goods, i.e. there is a congestion in use of public capital. The model of growth is formulated as a two-dimensional dynamical system. Using mathematical methods of dynamical systems, we analyze growth paths as well as the stationary states of the system and their stability.

Unique Goals of Family Businesses and Their Absorption of Finance Instruments in the Financialization Era

Nowadays financialization seems to be an inherent and obvious phenomenon and it appears to have infected all industrialized economies. Within general phenomenon of financialization, three areas should be indicated: financialization as a system of capital accumulation, financialization of business entities and financialization of every day-life. In our paper we try to investigate family businesses that are unique due to the overlap of family and business subsystems in one entity. More specifically, we undertake to find out whether intertwining of family values with business objectives can influence the level of absorption of various finance instruments that are offered on nowadays financial market. Analysis revealed a few statistically significant relationships between perception of family firm objectives and absorption of basic and sophisticated finance instruments. It is the first to suggest, that family firms which are intrinsically-oriented, i.e. those more willing to keep independence or to keep long term survival, are less prone to absorb sophisticated finance instruments, e.g. private equity, venture capital, hybrid capital or they are less keen to become a public company. On the other hand, if a family firm is more oriented towards risk minimisation or keeping long term growth, then it is also more open for absorption of advanced finance instruments.

Public Debt Management and The Country’s Financial Stability

The Author: Piotr Misztal,
The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the importance of sound public debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors.

Social Trust as a Development Factor – Selected Aspects

The Author: Małgorzata Kmak,
The aim of the article is to present selected relationships between social trust and the development of a territorial unit. Social trust affects the level of coop-eration in society and decides about the competitiveness of a territorial unit [12, p. 7]. The main thesis of the article is the author’s conviction that there is a significant correlation between social trust and the activity of citizens, the con-sequence of which is the development of territorial units. This relationship ap-plies to different categories of units, the article mainly focuses on municipal units. The conclusions presented are a consequence of the analysis of infor-mation sources and surveys carried out in three cities: Cracow, Helsinki and Valletta. The socio-economic situation of Poland, Finland and Malta is varied, also due to historical and political conditions. Social trust in these cities de-pends on different factors. Everywhere, however, significantly affects the di-rection of urban development, accelerating and stabilising it. Trust is a compo-nent of social capital, which translates into the ability to build an innovative and modern economy. In countries where citizens trust each other, a sense of security increases which significantly affects well-being.

Rafał Rydzewski

The Author: Rafał Rydzewski,
The video game producers are currently in spotlight of market information services. Successes and huge budgets of such companies attract many readers. However, scientific studies related to this sector do not share the same popularity. A reflection on the source of value in this sector shows that what generates revenues is not disclosed in the report. Great examples are customers’ relationships or the value of employees creating the game code and story of the game. Video games producers sector presents a good combination of business and culture that allows reflection on financial characteristics of knowledge based companies. Prior studies show that market’s valuation takes into account unrecognised assets but capital-intensive character of a production and intangibility of a product and its assets causes problems with exact valuation. In this paper the author asks about the impact of the characteristics on the assessment of a financial condition. The research question in this paper is whether it is possible to use and interpret correctly popular discriminant analysis model for knowledge based entities on the example of video game companies. Results are applicable by analysts and managers of this sector and help to determine the usefulness of this method, but it still depends on assumptions and accounting policies. The reflection presented also broadens the discussion on financialisation because analysed companies can oppose this trend in a specific way.

The Role of the Bank in Meeting the Housing Needs of an Average Household – Evaluation of the Situation in 2018

The Author: Marta Martyniak,
The aim of the article is to determine the profile of an average Polish household and the possibility of satisfying average housing needs thereof as well as to indicate the role played by the bank in their implementation. The characteristics of an average household, the value of income and expenses thereof, the prices of residential properties and the data of the credit market were determined. The research material was obtained from reports and statistical studies, including data from the Statistics Poland, Eurostat, the database of residential property prices of the National Bank of Poland and the average offer prices of the rental market – for 2018, which reflects the current economic situation. The research was of a quantitative nature (statistical measures, housing availability index, credit simulations). The results indicate that as of 2018 an average household cannot afford to buy or rent a flat. The bank’s role in satisfying housing needs is not only important but rather necessary.

RECENT COMMENTS