Purpose: The article analyzes the possible methods of public debt management, which not only aim to meet regulatory requirements but also obtain a market premium in the form of an optimal level of the yield on government bond yields that will be profitable for the issuer. The study analyzes the situation in the public finance sector in the countries that form the Visegrád Group (V4). The authors evaluate the main regulatory requirements of EU law in the area of numerical fiscal rules and their impact on the yield on basic securities such as ten-year government bonds, which directly influences the cost of servicing long-term public debt.

Methodology: The study uses desk research method for theoretical reasoning to verify the research hypothesis. The study seeks to answer the question of whether the application of national and EU fiscal rules in V4 budgetary frameworks contributes to lower yields on ten-year bonds and thereby reduces the cost of public debt. The authors utilize time series and cause-effect analysis as well as quantitative research for the systematization of statistical information and regression analysis for the examination of statistical dependencies.

Findings: The basic parameters subject to financial assessment within the fiscal rules index are (1) the deficit of public finance sector and (2) public debt with its servicing costs. In 2005–2016, the ratio of the public finance sector deficit to GDP was shaped in such a way that most V4 countries required the institution of excessive deficit procedures and further disciplinary regulations. The assessment of the situation in the public finance sector in the area of budget deficit and public debt does not translate into the yield on government bonds of non-Eurozone countries. Model-based testing indicates that the financial markets – when deciding to evaluate or purchase government bonds of non-Eurozone countries – failed to acknowledge the implementation of fiscal rules in these countries and its possible effects.

Originality: The study focuses on a unique comprehensive analysis of national fiscal rules employed in individual V4 countries and their impact on the yield on government bonds throughout the entire EU membership of the V4. What holds the greatest cognitive value in this article is the answer to the question of whether Eurozone membership impacts the valuation of a country’s public debt.

Purpose: The organization of this article was subordinated to the connections between the government program documentation related to the state social objectives and their implementation at the budgetary level. The article shows the necessity of perceiving fiscal policy as an instrument to implement government programming objectives. The aim of the article is to assess the degree of implementation of social objectives on the basis of information resulting from the experience gained in the area of performance budgeting in Poland.

Methodology: To assess the scale of financing of social objectives in Poland in comparison with other European countries, the author used Eurostat data from COFOG (Classification of the Functions of Government). To assess the effectiveness of state operations related to the achievement of social objectives, the author used information from the implementation of the performance-oriented state budget. It was assumed that the performance-oriented system linking the clear structure of public expenditure with the objectives and measures assigned to them to assess the effectiveness of fiscal policy in particular areas of government intervention.

Findings: The relations between individual strategic documents related to social objectives and performance-oriented budgetary structure are presented. The results indicate that the scale of financing of social tasks in Poland is at a lower level than the average for European countries. The author points out the functions related to the achievement of social objectives whose effectiveness could be improved.

Originality: Using information from the implementation of the performance-oriented budget to compare the individual budget functions of social character on the basis of the evaluation of the degree to which the measures for these functions’ operations have been implemented.

Purpose: To analyse the issue of public debt in Poland and examine its effect on other areas of socio-economic life as well as government policy.
Approach: The question of public debt is placed in its historical context by looking at how it grew during the Communist system and influenced the transition period. The article draws on a range of secondary economic statistics and considers in detail a number of public policy issues, such as the reform of the pension system.

Findings: One result of the large debt incurred by the end of the 1970s was that Poland became indebted to creditors in the West. This dependency helped to shape its economic policy at the end of the 1980s. The transition to a market economy placed new burdens on the country’s public services, primarily due to the resulting large deactivation of labour. Furthermore, the creation of a compulsory private pension system at the end of the 1990s diverted significant funds out of the government’s budget and swelled the country’s public debt. Since the outbreak of the economic crisis, Poland has avoided a recession by increasing public investment by utilising available European Union funds. However, due to internal and external limits on the size of its public debt, the government is being pressured to reduce this spending. In order to create more fiscal room, the government has partly dismantled the compulsory private pension system as a short-term solution to the growing debt crisis.

Value: In the wake of the global financial crisis and economic turmoil in the European Union, the matter of public debt has taken on increased importance. This paper considers this question from a long-term perspective in a country that has been relatively successful during the international economic downturn. By examining public debt from this broad perspective, we can better understand the economic situation in Poland and the European Union, whilst also shedding light on some of the surrounding academic perspectives and public policy debates.

Purpose: The paper presents the results of a qualitative analysis of selected aspects of general business
environment. The author strives to answer the following question formulated in the context
of postcolonial deliberations: has the general business environment been affected by European
colonialism?

Methodology: Semantic and semiotic analysis of primary sources (statistical data and research
findings formulated by international organisations, such as the World Bank, OECD, UNIDO) and
secondary sources (scientific and research studies of Polish and foreign authors based on primary
sources); literature review.

Findings: In the postcolonial perspective, qualitative analysis shows neither a positive nor a negative
impact of colonialism on the contemporary general business environment. If certain signs of
its deterioration are observed, they are mostly due to the erosion of state capacity, whose origins
can be traced back to the Berlin Conference.

Originality: Papers on Postcolonial Management and Critical Management Studies (CMS) bridge
the gap in literature pertaining to management issues, especially in Poland. Due to their interdisciplinary
nature, Postcolonial Management and CMS cover a broad range of research areas (i.e.
theory of state and nation, sociology, economic history). They pertain to both economics an management, and are therefore difficult to classify.

Purpose: The purpose of this paper is to present a theory that defi nes the creation of an area that includes many countries, in which there is one, single currency and the countries are characterized by a diversifi ed productivity. That is why the paper shows the importance of labor productivity parity for the creation of an integrating and non-discriminatory currency area and indicates the role of this value in the theory of the exchange rate.
Additionally, the paper analyzes the risks arising from joining the eurozone.

Methodology: The basic methodology is defi ned by a fundamental analysis of the exchange rate and its relation to labor productivity parity. The author formulates a theory of a currency area that integrates economies with different levels of labor productivity. The methodology is supplemented by calculations and a ranking of countries according to the Q-index.

Findings: Listing the member countries and candidate countries of the eurozone according to the labor productivity index has demonstrated that the founding member states are characterized by a Q-index close to 3.30. The countries that are already in the eurozone with an index of less than 2.5 belong to the group where problems are accumulating. Countries that are candidates for the eurozone with an index below 2.0, such as Poland, cannot become member of the eurozone. The principles of creating a currency area can however be modified in such a way that countries with various levels of Q can become members, by developing cooperation that is beneficial to the socio-economic development.

Originality: The labor productivity index Q is a result of elaborating an original concept of the production function that is suitable for the purposes of economic analysis. According to this function the Q-index is equivalent to the category labor share and the variable F corresponds to TFP. The function overcomes the disadvantageous features of econometric models of production identifi ed by Joan Robinson and the obtained results modify the
theory of the exchange rate, creating good prospects for general monetary integration.

Purpose: In this paper I investigate the information fl ow between the credit default swap market and the stock market as well as insider trading in the credit default swap market.

Methodology: For my analysis I use the event study methodology. Using the event study methodology I calculate abnormal stock returns and abnormal credit default swap premium changes. The analysis is based on 175,874 observations collected for 92 companies between the years 2001 and 2010.

Findings: The results show that the information fl ow from the credit default swap market to the stock market is the most signifi cant in terms of negative rating outlooks. The information fl ow is much less signifi cant in relation to negative surprises during announcements of annual fi nancial results and rating upgrades. Evidence of insider
trading is also most evident with reference to negative rating outlooks. Additionally, a distinctive feature of the credit default swap market and the stock market is the asymmetric response to negative and positive credit information.

Research limitations: The event study methodology does not consider other potentially important reasons for the information fl ow between markets than the ones actually investigated. The credit events and credit risk information used in this research are just a proposal and can be extended by future researchers.

Originality: This paper discusses a new research area. The main research area in terms of insider trading is still the stock market, with special focus on the US market. I decided to explore the insider trading phenomenon in the credit default swap market. I only considered contracts that are quoted with reference to European underlying assets. This part of the financial market is attractive in terms of economic research as credit derivatives are more commonly used not only in North America but also in Europe.

Purpose: The aim of this paper is to show the conditions of the EU against the realities of the global economy in the post-crisis era, an indication of which are the determinants of the development of the competitive advantage of the Community.

Methodology: An analysis of the determinants of growth at different stages of the process of EU integration with particular emphasis on optimum currency area criteria for the euro zone crisis, under asymmetric demand shock.

Findings: The last global crisis has highlighted the structural weaknesses of the EU, which in times of economic prosperity can be compensated by a system of transfers and the mechanism of credibility borrowing. With such a strong crisis Europe needs more growth.

Research limitations: The costs of this crisis affect the Community, significant for both public finances and the standard of life, but are also visible on a global scale, which is difficult to estimate.

Originality: An ex ante perspective on the determinants that will not only restore EU’s position in the world, but also did not miss an opportunity to play a significant role in the rapidly changing global economy, the twenty first century.