The aim of the paper is the presentation of the discussion on innovativeness, risk and paradigms changes with regards to paradigm in finance. The author starts with the description of globalization ...process that supported by science and technology affected socio-economic development but also intensified phenomena indicating symptoms of chaos. Second part focuses on the innovativeness and risk associated with innovativeness activity. Then the Kuhn's theory of paradigm is confronted with nowadays world of growing chaos with regards to finance. The conclusions is that innovativeness of societies is not determined by how much people representing the world of science but how the whole society refer to science. In terms of financial paradigm a worrying phenomenon of disappearance of ethical principles is witnessed.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
Abstract We examine the propagation of a small unexpected supply shock through a production network and the role financial constraints play in its transmission. Using data on almost all Turkish ...supplier-customer links, we exploit the heterogeneous impact of an unexpected import-tax increase for identification. We find that this relatively minor shock had a nontrivial economic impact on exposed firms and propagated downstream through affected suppliers. Importantly, we show that low-liquidity firms amplified its transmission.
We test the trade finance channel of exports by controlling for the bank credit channel. Using Turkey’s July 2012 adoption of Basel II as a quasi-natural experiment, we examine whether shocks to ...trade financing costs affect exports. With data for 16,662 Turkish exporters shipping 2,888 different products to 158 countries, we find that the share of letters-of-credit-based exports decreases (increases) when the associated risk weights for counterparty exposure increase (decrease) after the adoption of Basel II. However, growth of firm-product-country-level exports remains unaffected. Trade financing might have a lesser role in exports than previously suggested by the previous literature.
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BFBNIB, INZLJ, NMLJ, NUK, PNG, SAZU, UL, UM, UPUK, ZRSKP
The main aim of the study is to present the history and the state of research in Polish medical geography. Its origins are the same as in world geography, i.e. it is associated with non-geographers. ...However, it was developing very slowly till the mid-1980s. Since then a slow increase in the number of publications has been noted (with a noticeable predominance of studies in disease geography over health geography). But still, it must be emphasised that medical geography in Poland is poorly developed.
Po transformacji ustrojowej z 1989 r. polskie miasta i wsie, w których znajdowały się małe porty i przystanie morskie, stanęły przed dużą szansą rozwoju. Jednak przemiany ekonomiczne, przystąpienie ...do Unii Europejskiej oraz degradacja Bałtyku zmniejszyły znaczenie portów i przystani w rozwoju tych miast i wsi. Celem niniejszego opracowania jest analiza zmiany funkcji usteckiego portu i wpływ tego procesu na szanse rozwojowe miasta Ustka. W toku przeprowadzonej analizy stwierdzono, że znaczenie portu dla miasta bardzo zmalało. Stracił on funkcję przemysłową i przeładunkową, a rola bazy dla rybołówstwa uległa zmniejszeniu. Port zachował funkcję turystyczną, lecz ma ona charakter uzupełniający wobec plaż nadmorskich, które są głównym walorem turystycznym Ustki. Port zyskał także przeznaczenie mieszkaniowe, co uznano za mylną koncepcję. Również zamierzona lokalizacja w porcie bazy serwisowej dla planowanych morskich farm wiatrowych nie będzie mieć tu nowej roli miastotwórczej.
In monitoring the social situation at the regional and the local level there are 5 groups of problems arising from: (1) temporal conditions, (2) low frequency or clear specificity of the process, (3) ...impossibility to clearly define indicators, (4) difficulty in delimitation units, (5) the so-called human factor. The article focuses on the first of these groups of problems and periods rarer than one year. These problems are illustrated with examples from the Pomeranian Voivodeship. For both discussed issues, ways to partly avoid them are also proposed. In the case of processes of a deterministic character, taking older data is suggested. In the case of processes of a stochastic character and while monitoring of a relatively small number of local government units, some data can be collected directly from these units. In the case of processes of a stochastic character and a large number of units, no viable solution has been found. // Monitorując sytuację społeczną na szczeblu regionalnym i lokalnym spotykamy się z pięcioma grupami problemów wynikających z: (1) uwarunkowań czasowych, (2) małej częstotliwości lub wyraźnej specyfiki procesu, (3) niemożności jednoznacznego zdefiniowania wskaźników, (4) trudności z delimitacją jednostek, (5) tzw. czynnika ludzkiego. Główne cele artykułu są dwa. Pierwszym jest omówienie jednej z grup problemów – związanej z czasową dostępnością danych. Drugim celem jest przedstawienie propozycji radzenia sobie (tam, gdzie to jest możliwe) z tą grupą problemów. W ramach omawianej grupy problemów wyróżniono te wynikające z dużego opóźnienia w dostępie do danych oraz będące rezultatem gromadzenia danych w okresie rzadszym niż roczny.
Using U.S. interstate banking deregulations, we identify the effect of market-entering banks’ prior industry exposures on the manufacturing sector growth in the new state that they enter. We create ...banking integration and industry specialization measures that consider both direct (state-pair) as well as indirect (tertiary-state) links created by expanding multi-bank holding company networks. First, consistent with the economic mechanism we have in mind, we observe that banks’ home state's industrial specialization is positively correlated with their lending specialization when participating to in-state as well as out-of-state syndicated loan markets. Then, focusing on industry value added at the state-industry-level, we find evidence consistent with the positive impact of market-entering banks’ prior exposure to a sector on the growth of that industry in the newly-entered state. The observed effect is larger when the state-pair-level discrepancy in sector-specialization is greater. Our findings are robust and hold in capital-related components of industry-level value added. We observe that the above results are more prominent in sectors that are more external finance dependent, have lower amounts of physical capital that can be pledged as collateral, generate more valuable patents, are durables-producers, and have a higher risk. Our findings suggest that a bank integration channel helps shape states’ industrial landscape.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
The trend in the industrial power electronics electrical drives is to reach high power density and high efficiency in variable load conditions at cost-effective unwasteful designs. Currently, motors ...with permanent magnets (such as IPMSM and PMaSynRM) are of great interest because of compactness, low losses, and high-torque capability. The performance of a drive system can be predicted with a motor electromagnetic authentic nonlinear model. In this article, a novel, fast, and precise motor model of PMaSynRM based on virtual reluctance (VR) is proposed. It takes into account the cross saturation, winding distribution, space harmonics, slotting effect, and stepped skewing. The VRs are identified by finite element analysis (FEA) and implemented in the time-stepping simulation. The flux inversion is not required. The proposed concept is useful in the rotating field or phase quantities (for open phase simulation). The model is also discretized for SiL and HiL applications. Finally, the validation in FEA and experimental setup was performed.
This study compares the development of insurance markets in countries such as Portugal, Italy, Greece and Spain to mature markets in countries such as the UK and Germany during the 2007 financial ...crisis. Markets are examined from the product innovation perspective. The market in a country is assessed using taxonomic measures, such as distance and similarity. Markets are described by a set of features divided into five groups: market structure, technical sphere, finance and investment, effectiveness, and product. The measures are calculated at two points in time, 1997 and 2010. The data were gathered from publications of the World Bank, European Union Commission (statistics offices), National Polish Bank and insurance associations. The financial crisis has slowed the speed of market development and influenced other spheres. In countries like Greece and Portugal, progress was even slower than in post-Soviet states, like Poland. The crisis has not imposed structural changes within the selected markets and the influence of the crisis is visible. The sectors were not very innovative, particularly in the product sphere. The literature on the influence of the crisis on insurance is contradictory. This study’s novelty is that it applies multidimensional analysis when comparing insurance-market innovativeness and development.
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