Template-Type: ReDIF-Article 1.0 Author-Name: Edyta Małecka-Ziembińska Author-Workplace-Name: Poznań University of Economics and Business Author-Name: Łukasz Ziębakowski Author-Workplace-Name: Poznań University of Economics and Business, Faculty of Economics, Department of Public Finance, Al. Niepodległości 10, 61-875 Poznań Title: POTENTIAL FISCAL AND NON-FISCAL CONSEQUENCES OF INTRODUCING A POLL TAX IN POLAND Publication-Status: Published Abstract: The inspiration to take up the issue of the poll tax resulted from the desire to verify the claims made by supporters of the introduction of this tax in Poland in relation to its amount. For this purpose, the simulation of quota rate of this tax, assuming compensation of total income from income tax from natural persons was carried out. In addition, the potential effects of the introduction of this tax in the fiscal and social areas were subjected to analysis. The analysis of simulation of replacing the Personal Income Tax with poll tax brings the conclusion that the poll tax would not gain acceptance in Poland in modern times. The potential consequences of this change must be considered not only in fiscal, but above all – social context. Rates of poll tax assessed on the basis of the concept of its followers are regressive. This is a disqualifying factor of this tribute, because it would bring a number of undesirable consequences to the economy and society. Keywords: poll tax, capitation tax, head tax, Personal Income Tax Journal: Research Papers in Economics and Finance Pages: 25-32 Volume: 1 Issue: 1 Year: 2016 Month: December DOI: 10.18559/ref.2016.1.34 File-URL: https://journals.ue.poznan.pl/REF/article/view/34 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/34/7 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:1:y:2016:i:1:id:34 Template-Type: ReDIF-Article 1.0 Author-Name: Piotr Lis Author-Workplace-Name: Poznań University of Economics and Business Title: Preface Publication-Status: Published Abstract: Dear Readers, I have the pleasure of presenting to you the first issue of our research journal entitled ”Research Papers in Economics and Finance” (REF), published by the Faculty of Economics at Poznań University of Economics and Business. Caring about the high level of the content of our publications, we publish only the manuscripts which have received two positive reviews under the “peer review” procedure, after initial verification done by the Editorial Committee. The articles published within REF are available online in English and in an open mode. REF focuses on two science disciplines: economics and finance. Within the former area it touches mainly upon such issues as: micro and macroeconomic policy, analysis of goals, instruments and models of socio-economic and sector policies, public sector analysis, conception of development and cyclic nature of the economy, principle of market functioning, research within the area of international economics, spatial economics, studies of the history of economic thought and the history of the economy. As regards the area of finance, we focus on such issues as: research on the phenomena and processes which take place in the economy, connected with the financial sphere, analysis of the reasons and consequences of capital flows, identifying the motifs and criteria for taking economic decisions, assessment of the investment process risk, assessment of financial markets functioning, analysis of redistribution of financial resources, taking into consideration the tax system.  REF is a quarterly journal, with the first issue containing six research articles. Let us bring you closer to the outcomes of the works presented in volume 1. The article entitledThe Impact of Monetary Policy Announcements on Stock Market Index in Poland by H. Kołodziejczyk examines whether the NBP’s announcements have an impact on either stock returns or volatility and whether the content of such communiqué (either interest rate cut or raise) matters.The results suggest that, in fact, interest rate changes do have a significant impact on both returns and volatility. However, the reactions to news are different with respect to the type of announcement. The article entitled Exchange rate volatility and trade: the case of Ukraine by O. Popova, J. Jablinski and T.M. Lukashenko concerns the subject matter ofthe exchange rate volatility and its influence on international trade on the basis of Ukraine. Even if there has not beenany significant visible correlation between trade and the exchange rate volatility, it does not mean that there is no relationship between these two factors, because there are a lot of factors which affect the level of trade. The article entitled Potential fiscal and non-fiscal consequences of introducing a poll tax in Poland by E. Małecka – Ziembińska and Ł. Ziębakowski verifies the claims made by the supporters of the introduction of a poll tax in Poland in relation to its amount. The poll tax would not gain acceptance in Poland nowadays. Potential consequences of this change must be considered not only in the fiscal, but above all – social context. The rates of the poll tax assessed on the basis of the concept of its followers are regressive. This is a disqualifying factor of this tribute, because it would bring a number of undesirable consequences to the economy and society. The article entitled Capital outflow in the countries exporting oil and gas as a deterrent to the economic development by Y.Y. Finogenova, D.V. Domaschenko, О.V. Boyko, V.A. Krylov, touches upon the subject matter ofcapital outflows under the financial account of the trade balancein some countries exporting oil and gas. The main reasons for capital outflows lie in the specific features of the national law concerning foreign exchange as well as in the psychology of the behaviour of the economic agents carrying out activities on the territory in question. The capital outflow is caused not only by a higher exposure of business operations, corruption, weak competitiveness of the economy etc. The authors have demonstrated that the most vulnerable countries exposed to the highest level of the capital outflow risk are the countries with hybrid exchange rate regimes, in contrast to the countries adopting hard exchange rate pegs or the floating exchange rate regime. The article entitled Complex assessment of plant growing development in regions of Ukraine to work out recommendations for institutional changes in agriculture by N. Shmygol presents the prospects and trends of crop production development in Ukraine, as well as the methods and ways of supporting this industry by the state.The author has made an appropriate ranking of Ukraine regions according to the area of sown crops in Ukraine, based on which four sectors of Ukraine areas have been allocated and grouped by crop production development level.The article goes on to give the recommendations for decision making supporting investments and state aid for each of the selected sectors to further develop crop production in the regions of Ukraine. The article entitled The effectiveness of using electric cars for reducing the CO2 emissions in Poland by M. Walkowiak concerns the estimation of indirect CO2 emissions associated with using electric engines in Poland. The current structure of the Polish power system, which serves as the supplier of the prime mover for electric cars, uses mainly the conventional (high-emission) sources of power. Using electric cars becomes an indirect cause ofthe emission of pollution into the atmosphere. The author of this study compares the influence of electric cars on the environment in relation to adequate parameters which characterise cars with combustion engines. Special attention has been paid to: the specificity of the Polish system of production and distribution of energy, energy consumption and the level of emissions in the cars under analysis. The author has also presented in the article his own methodology for estimating the indirect emissions of exhaust generated by electric cars with reference to the area in which the energy is taken. I would like to thank everyone who has been engaged in writing, editing and publishing this journal, and especially dr hab. Kamilla Marchewka – Bartkowiak, Associate Professor at UEP and the Dean of the Faculty of Economics at Poznań University of Economics and Business, for approving of this idea and supporting it actively as the Publisher. I am also very grateful to all Reviewers, who have assessed the articles in great detail, as well as to the members of the Program Committee for their support and remarks concerning the content, the members of the Editorial Committee, without whom this and the other issues would never have been prepared. Last but not least, I would like to thank all the Authors for submitting interesting articles, their modifications following the reviews and the trust they have placed in this new journal. We hope, as the Editorial Committee, that the articles presented in this journal will become a stimulus to creative discussions over the issues concerning contemporary economics. Yours faithfully, dr hab. Piotr Lis, Editor in Chief Keywords: Research Papers in Economics and Finance; REF Journal: Research Papers in Economics and Finance Pages: 2-6 Volume: 1 Issue: 1 Year: 2016 Month: December DOI: 10.18559/ref.2016.1.0 File-URL: https://journals.ue.poznan.pl/REF/article/view/46 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/46/9 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:1:y:2016:i:1:id:46 Template-Type: ReDIF-Article 1.0 Author-Name: Hanna Zofia Kołodziejczyk Author-Workplace-Name: Poznań University of Economics and Business Title: The Impact of Monetary Policy Announcements on Stock Market Index in Poland Publication-Status: Published Abstract: Financial market participants are influenced by the news reaching them from all manner of sources, including the country’s central bank. In this paper we model daily returns of WIG20 index with respect to announcements made by the National Bank of Poland (NBP) regarding the changes of the official interest rate of open market operations (the so-called reference rate) during the period of 2004-2016. The goal is to examine whether the NBP’s announcements have an impact on either stock returns or volatility and whether the content of such communiqué (either interest rate cut or raise) matters. The FIGARCH model is found to be an appropriate specification for the data. Moreover, the results suggest that, in fact, interest rate changes do have a significant impact on both returns and volatility. However, the reactions to news are different with respect to the type of announcement. Keywords: monetary policy; news effect; stock market Journal: Research Papers in Economics and Finance Pages: 7-16 Volume: 1 Issue: 1 Year: 2016 Month: December DOI: 10.18559/ref.2016.1.1 File-URL: https://journals.ue.poznan.pl/REF/article/view/32 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/32/2 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:1:y:2016:i:1:id:32 Template-Type: ReDIF-Article 1.0 Author-Name: Olga Popova Author-Workplace-Name: Donetsk National Technical University Author-Name: Jörg Jablinski Author-Workplace-Name: Ostwestfalen-Lippe University of Applied Sciences, Lemgo, Germany Author-Name: T. Lukashenko Author-Workplace-Name: Otto-von-Guericke-University, Magdeburg, Germany Title: Exchange rate volatility and trade. The case of Ukraine Publication-Status: Published Abstract: This article demonstrates the assumptions of economic theory and its followers, the theories which stimulate research on the positive correlation between the success of the economy, its growth and the level of international trade. The empirical analysis of this paper examines the example of the exchange rate volatility and its influence on international trade on the basis of Ukraine. In the descriptive part of this study, which looks at the exchange rate volatility in Ukraine as a whole, the authors have aggregated the bilateral volatilities using trade shares as weights to obtain what is referred to as the “effective volatility” of the country’s exchange rates. It is summarized that the current situation in Ukraine is extremely difficult, and external financial support could alleviate the crisis. The time span used in the work includes the years from 1999 to 2014, with the help of which the authors have demonstrated the fluctuation and correlation between these two factors. From the graph it has been possible to make the conclusion that even if there was no significant visible correlation between trade and the exchange rate volatility, it does not mean that there is no relationship between these two factors, because there are a lot of factors which affect the level of trade. Keywords: volatility; trade; exchange rate; transitional economies; international transactions; growth rate Journal: Research Papers in Economics and Finance Pages: 17-24 Volume: 1 Issue: 1 Year: 2016 Month: December DOI: 10.18559/ref.2016.1.2 File-URL: https://journals.ue.poznan.pl/REF/article/view/29 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/29/3 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:1:y:2016:i:1:id:29 Template-Type: ReDIF-Article 1.0 Author-Name: Edyta Małecka-Ziembińska Author-Workplace-Name: Poznań University of Economics and Business Author-Name: Łukasz Ziębakowski Author-Workplace-Name: Poznań University of Economics and Business Title: Potential fiscal and non-fiscal consequences of introducing a poll tax in Poland Publication-Status: Published Abstract: The inspiration to take up the issue of the poll tax resulted from the desire to verify the claims made by the supporters of the introduction of this tax in Poland in relation to its amount. For this purpose, the simulation of the quota rate of this tax, assuming compensation of the total income from the income tax on natural persons, has been carried out. In addition, potential effects of the introduction of this tax in the fiscal and social areas have been subjected to analysis. The analysis of the simulation of replacing the Personal Income Tax with a poll tax brings the conclusion that the poll tax would not gain acceptance in Poland nowadays. Potential consequences of this change must be considered not only in the fiscal, but above all – social context. The rates of the poll tax assessed on the basis of the concept of its followers are regressive. This is a disqualifying factor of this tribute, because it would bring a number of undesirable consequences to the economy and society. Keywords: poll tax, capitation tax, head tax, Personal Income Tax Journal: Research Papers in Economics and Finance Pages: 25-32 Volume: 1 Issue: 1 Year: 2016 Month: December DOI: 10.18559/ref.2016.1.3 File-URL: https://journals.ue.poznan.pl/REF/article/view/35 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/35/5 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:1:y:2016:i:1:id:35 Template-Type: ReDIF-Article 1.0 Author-Name: Yulia Finogenova Author-Workplace-Name: Plekhanov Russian University of Economics Author-Name: Denis Domaschenko Author-Workplace-Name: Plekhanov Russian University of Economics Author-Name: Olga Boyko Author-Workplace-Name: Plekhanov Russian University of Economics Author-Name: Victor Krylov Author-Workplace-Name: Plekhanov Russian University of Economics Title: Capital outflow in the countries exporting oil and gas as a deterrent to their economic development Publication-Status: Published Abstract: The economies of the countries exporting oil and gas generally have a positive balance of trade and a current account surplus. However, among them there are countries facing the problem of capital outflows under the financial account of the trade balance, which reduces financial resources for the economic growth and diversification. The main reasons for capital outflows lie in the specific features of the national law concerning foreign exchange as well as in the psychology of the behavior of the economic agents carrying out activities on the territory in question. The capital outflow is caused not only by a higher exposure of business operations, corruption, weak competitiveness of the economy etc. The authors have demonstrated that the most vulnerable countries exposed to the highest level of the capital outflow risk are the countries with hybrid exchange rate regimes, in contrast to the countries adopting hard exchange rate pegs or the floating exchange rate regime. The changes in the behavior of economic agents influencing the capital outflow during the transition of their currency exchange rate regimes to the floating regime have been studied on the example of Russia. Among the main parameters indicating excess capital outflows, the percentage of foreign currency denominated assets and liabilities in bank balance sheets has been chosen.In the long term the pattern of behavior of the economic agents in Russia will be similar to that of those in Norway and Canada, where even severe fluctuations of local currency exchange rates do not make money aggregates, the level of economy’s monetization and the percentage of foreign currency denominated assets and liabilities in bank balance sheets fluctuate significantly. Keywords: The economy of oil and gas export; exchange rate regime; capital outflow; impact of oil price shocks Journal: Research Papers in Economics and Finance Pages: 33-46 Volume: 1 Issue: 1 Year: 2016 Month: December DOI: 10.18559/ref.2016.1.4 File-URL: https://journals.ue.poznan.pl/REF/article/view/33 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/33/4 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:1:y:2016:i:1:id:33 Template-Type: ReDIF-Article 1.0 Author-Name: Nadia Shmygol Author-Workplace-Name: Zaporizhzhya National University, Head, Department of Accounting and Taxation Title: Complex assessment of plant growing development in regions of Ukraine to work out recommendations for institutional changes in agriculture Publication-Status: Published Abstract: This article deals with the prospects and trends of crop production development in Ukraine, as well as the methods and ways of supporting this industry by the state.According to the article, the primary objective of the state is to create conditions through the reallocation of resources and facilitate the introduction of new forms of economic activity in the regions, which are depressed in terms of agriculture today.It is noted that to justify the need for institutional changes in crop production we must take into account the appropriate specifics of agricultural production in some areas.The article reports that, a large number of similar types of agricultural enterprises, unlike in other sectors of the economy, allow us to group the results of their activity: in terms of forms of management, on a territorial basis or according to other types of features for further comparative analysis.Therefore, the article offers the crop production regions clustering in certain areas, to determine which areas need the state aid priority.It is noted that in terms of crop production it is possible to increase the efficiency of agricultural activity due to a better use of agricultural land, as well as by an increase in average crop yield per 1 hectare. Therefore, it is offered to use the integral index of crop production position of each region, based on the ratios of extensive and intensive load.The extensive load factor represents the degree of agricultural land use.The intensive load factor reflects the effectiveness of land fund usage, that is, the average yield, which is produced from the agricultural land of the same region. However, the average yield cannot directly serve as the basis for calculation, because the structure of the sown area of each region is heterogeneous.In this study, while calculating the intensive load factor, it is offered primarily to carry out the procedure of yield rate normalization for each group of crops separately.Using the method of integral estimation of crop development, the autor has made an appropriate ranking of Ukraine regions according to the area of sown crops in Ukraine, based on which 4 sectors of Ukraine areas have been allocated and grouped by crop production development level.The article goes on to give the recommendations for decision making supporting investments and state aid for each of the selected sectors to further develop crop production in the regions of Ukraine. Keywords: agricultural sector; estimation of plant growing; intensive load (stocking) factor; extensive load (stocking)factor; crop capacity Journal: Research Papers in Economics and Finance Pages: 47-54 Volume: 1 Issue: 1 Year: 2016 Month: December DOI: 10.18559/ref.2016.1.5 File-URL: https://journals.ue.poznan.pl/REF/article/view/30 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/30/6 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:1:y:2016:i:1:id:30 Template-Type: ReDIF-Article 1.0 Author-Name: Mikołaj Walkowiak Author-Workplace-Name: Poznań University of Economics and Business Title: The efficiency of electric cars for mitigating CO2 emissions in Poland Publication-Status: Published Abstract: This paper concerns the estimation of indirect CO2 emissions associated with the use of electric engines in Poland. The indirect production of exhaust fumes emitted by electric cars is determined by two factors: the engine’s power consumption and the volume of the emissions produced when generating power sold by distributors. The current structure of the Polish power system, which is the supplier of the prime mover for electric cars, uses mainly the conventional (high-emission) sources of energy. Thus, using electric cars becomes an indirect cause of the pollution in the atmosphere. Increasing the efficiency of the power production process along with limiting the emission level of the combustion process in conventional power plants is a fundamental and essential solution to reduce air pollution. Keywords: electric cars; CO2 emission; electric power production; transport development strategy; Polish electric power system Journal: Research Papers in Economics and Finance Pages: 55-61 Volume: 1 Issue: 1 Year: 2016 Month: December DOI: 10.18559/ref.2016.1.6 File-URL: https://journals.ue.poznan.pl/REF/article/view/38 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/38/8 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:1:y:2016:i:1:id:38