The approach of a unilateral impact of the financial sector on economic growth was invalidated by the last financial crisis which very quickly changed into a global economic crisis.
The aim of the study is the analysis of the impact of the financial sector on economic growth in the context of the growing phenomenon of financialization, which was one of the significant reasons of the financial crisis. The study was focused on presenting the growing scale of this phenomenon and analysing the impact of money supply in USD and EUR on world GDP and the GDP of the USA and the Eurozone. The following hypothesis was postulated: the growing process of financialization causes the growth of the USD and EUR supply, influencing changes in the world GDP, the GDP of the USA and the Eurozone. The study confirmed the hypothesis of the relation of the money supply with changes in economic growth. However, influencing economic growth with the money supply causes the purchasing power of business entities to decrease and causes growing debt. Furthermore, it does not contribute to the strength of the real economy. A repair of the current “system“ should not be sought for in constantly increasing macroprudential regulations, but in a return to a country’s interventionism, leading to a change in the priorities of the actions of financial institutions; mainly banks, and the supply of money based on fixed parities (gold, energy).
The purpose of the article was to characterize the international steam coal market based on the latest available data. The information goes back to the first half of 2018. The article focuses on the description of the three largest exporters and importers of steam coal. Representatives in these categories were selected using the latest global statistics on 2017. In 2017, global production of steam coal amounted to 5.68 billion tons and exceeded production in 2016 by 4%. For several years, invariably the world’s leading exporters of steam coal are: Indonesia, Australia and Russia. In total, these three countries in 2017 supplied 73% of steam coal to the international market. However, for the 46% of global steam coal imports (data for 2017), three Asian countries are responsible: China, India and Japan. For each of the six listed countries (i.e. for: three major global exporters and three major global importers), the paper presents volumes related to coal production, export or import. The directions of deliveries or major coal exporters to a given country were also included. At the end of the article, the price situation was presented, as it appeared in the first half of 2018 on the European and Asian markets.
Previous studies identified large differences between countries in the extent to which childbearing intentions are realised. Failure to realise an intention to become a parent was found to be particularly common in the post-socialist countries. In this paper we examine whether similarly low rates of realisation of fertility intentions can be found in Poland. We use two waves of the Polish Generations and Gender Survey (GGS-PL), conducted in 2010/2011 and 2014/2015. We first describe fertility intentions of Polish women and men as declared at the survey’s first wave. Next, we examine whether the short-term childbearing intentions expressed at wave 1 were followed by an actual birth by the second round of the data collection. For the respondents who did not get a child between waves 1 and 2, we analyse the stability of their fertility plans. We find that approximately 35% of the respondents who at wave 1 intended to have a child in the next three years actually had one by wave 2. Both realisation and stability of fertility intentions varied markedly by gender and parity.
There is a very high interest in international literature about the governance of common goods related to a redefinition of representative democracy. Scholars like Sheila Foster and Christian Iaione have proposed new models of governance enhancing the preservation and management of the commons in order to overcome problems and contradictions of complex contemporary cities, such as social exclusion and land privatisation. The aim of this paper is to verify, through a recognition of administrative documents, if in the example of Rome, the political actors, the municipal government, and the civil society, could be able to take part in a collaborative governance inspired reform. To answer this question, the relationship between the policy making process, the economic production model and the normative claims arising from social groups will be investigated. What is emerging is a difficulty of the administration in implementing collaborative principles. This is reflected in the issuance of discordant administrative measures, stemming from problems in relaying to civil society and active citizens the role that these principles assign. The reasons for this mismatching might be identified in the distinctive urban regime of Rome and the political and economic set that fosters social exclusion and does not consider the positive effects and the value of collaborative-oriented policy, enhancing sharing economy and social cohesion. The constant recall in the political discourse of concepts such as common goods, citizen’s participation and collaboration values takes the characteristics of a discursive resource, a ‘common washing’, which institutions and politics seem to re-propose and consolidate the traditional mode of public action, though apparently declaring its inadequacy and ineffectiveness.
This introduction to the volume outlines the conception of the pedagogical city. The author stresses flows, or continuous exchange between citizens as specific to city life. Such flows concern also thinking, which contributes to the creation of a community that one may identify, afer Aristotle, as koinopolis – an educational community of shared thinking, ‘a great teacher’. Against the background of the condition of the global city, the conception of pedagogical city contributes to the theory of social pedagogy, and to the conception of pedagogy of place in particular (including urban community education). One may speak, in this context, of koinpolitanism – a trait of thinking capable of inspiring the flow of changes taking place in the cities of today. The papers collected in this volume contribute to the development of this idea.
The concept of `diversity' has been one of the main open issues in the field of multiple classifier systems. In this paper we address a facet of diversity related to its effectiveness for ensemble construction, namely, explicitly using diversity measures for ensemble construction techniques based on the kind of overproduce and choose strategy known as ensemble pruning. Such a strategy consists of selecting the (hopefully) more accurate subset of classifiers out of an original, larger ensemble. Whereas several existing pruning methods use some combination of individual classifiers' accuracy and diversity, it is still unclear whether such an evaluation function is better than the bare estimate of ensemble accuracy. We empirically investigate this issue by comparing two evaluation functions in the context of ensemble pruning: the estimate of ensemble accuracy, and its linear combination with several well-known diversity measures. This can also be viewed as using diversity as a regularizer, as suggested by some authors. To this aim we use a pruning method based on forward selection, since it allows a direct comparison between different evaluation functions. Experiments on thirty-seven benchmark data sets, four diversity measures and three base classifiers provide evidence that using diversity measures for ensemble pruning can be advantageous over using only ensemble accuracy, and that diversity measures can act as regularizers in this context.
In the presented paper we discuss pure versions of pushdown automata that have no extra non-input symbols. More specifically, we study pure multi-pushdown automata, which have several pushdown lists. We restrict these automata by the total orders defined over their pushdowns or alphabets and determine the accepting power of the automata restricted in this way. Moreover, we explain the significance of the achieved results and relate them to some other results in the automata theory.
This paper presents novel approach to the Huffman’s asynchronous sequential circuit two valued Boolean switching system design. The algorithm is implemented as software using distributed, service oriented application model with means of the web service component design. It considers method implementation challenges, both towards Moore and Mealy structures with particular respect to the estimation of the Huffman’s minimization algorithm computational complexity. The paper provides implementation details, theoretical model estimation and experimental results that acknowledge the theoretical approach in practice. This paper also examine the multistep design process implementation and its problems inherent in web service based environment both for development and educational purposes.
Improving energy efficiency is key to moving toward sustainable development. It contributes to the reduction of energy consumption and carbon emissions, as well as to climate change mitigation. Indicators of energy efficiency play an important role in this field because their improvement is targeted by policy makers. Indicators based on the ratio between energy consumption and gross domestic product (GDP) are currently used by multiple key organizations, including Eurostat and the World Bank, as the main energy efficiency indicators. This study examines the most widely used indicators and identifies their deficiencies. Over the last decades, these indicators tend to show a continuous strong improvement, signifying positive progress toward energy efficiency, even in cases when the physical consumption of energy has increased significantly. This phenomenon is based on GDP adjustment. The energy intensity of economies, used currently to measure energy efficiency, masks problems and has led to the green labeling of wealthier economies. An analysis of energy efficiencies reported for multiple countries and the structure of their energy spending shows that the reported values are counterproductive for comparing economies in the context of environmental protection. The indicators sanction economies with low energy consumption and low or moderate GDP. The economies belonging to the group of the largest energy spenders per capita are labeled highly efficient because of GDP adjustment. Decision makers are therefore prompted to focus on GDP growth even at the cost of a major increase in energy consumption. An additional problem in the indicators is that they do not properly model international trade. The responsibility for energy spending is shifted toward the producers of energy-intensive goods and services. Energy intensity is a useful indicator to measure the resistance of an economy to the volatilities of energy prices. However, the challenges in the fields of environmental pollution and climate change are related to physical processes and energy consumption rather than to changes in the GDP or the monetary valuation of products and services. Indicators measuring energy efficiency as GDP per unit of energy use are inadequate and misleading as principal tools to measure energy efficiency.
The intention of this article is to evaluate the exogenous dismissal probabilityfor a certain worker depending on her characteristics for the Polish labormarket. To model this phenomenon I considered a range of count datamodels. In the analysis the data from the Polish General Social Survey of 2008 was used. Covariates explaining the number of unemployment spells wereselected in the spirit of the human-capital theory. In the course of the studyexistence of intransferable firm-specific human capital across employers anddepreciation of the human capital acquired through learning by doing have beenempirically confirmed. The conducted analysis may be considered the first stepin the calibration of a job-search model with heterogeneous agents.
In this study, we model realized volatility constructed from intra-day high-frequency data. We explore the possibility of confusing long memory andstructural breaks in the realized volatility of the following spot exchange rates: EUR/USD, EUR/JPY, EUR/CHF, EUR/GBP, and EUR/AUD. The resultsshow evidence for the presence of long memory in the exchange rates’ realizedvolatility. From the Bai–Perron test, we found structural breakpoints that matchsignificant events in financial markets. Furthermore, the findings provide strongevidence in favour of the presence of long memory.
Freedom of the high seas established in the law of the sea, as a customary norm comprises freedom to lay submarine cables and pipelines. This was confirmed by the Geneva Conventions of 1958 on the High Seas and the Continental Shelf The law of the sea Convention of 1982 retained freedom of the laying of submarine pipelines in the exclusive economic zone but in parallel it has given a number of rights to the coastal State. Thus the coastal State has rights to set up conditions concerning all stages of pipelines construction and functioning. Through it may not impede the laying or maintenance of pipelines nevertheless the delineation of the course for the laying of such pipelines in the exclusive economic zone and on the continental shelf is subject to its consent. It also has the right to authorize and regulate drilling on the sea bed. An analysis of provisions concerning artificial islands, installations and structures as well as marine scientific research demonstrates various lacuna. Debates around the project of the Baltic pipeline confirm the necessity to take into account the specific situation of this semi-enclosed sea, interests of the coastal States and recommendations of the competent international organizations. One can also argue that in the case of pipelines laid on the bed of the high seas beyond the continental shelf the Authority should be consulted. Problems are also caused by the fact that pipelines are laid by multinational corporations.
There is a growing interest in new transportation routes that combine benefits of shorter distances, cost-effective transits and routes not troubled by maritime security concerns. The Northwest Passage offers a package of routes through the Canadian maritime zone; it is 9,000 km shorter than the Panama Canal route and 17,000 km shorter than the Cape Horn route. The Northern Sea Route shortens a Hamburg-Yokohama voyage by 4,800 miles, in comparison with the Suez Canal route. The transpolar route, if it materializes with an ice-free Central Arctic Ocean route, would shorten distances even further. Given the increase in regional and international navigation and shipping in the region, it is therefore not surprising that in recent years Arctic States and international bodies focused on the needs of enhanced safety and environmental standards for polar shipping. In addition to the dedicated domestic polar shipping regulation, primarily in Canada and the Russian Federation, the Arctic Council and International Maritime Organization (IMO) have launched important initiatives. The most important is establishing of international rules for ships operating in polar waters – The Polar Code.
A dearth of properly formulated legal definitions undermines the clarity of the law, but so do other legislative practices. Such is the case with maritime legislation too. Most evident in the understanding and definition of vessel and ship owner, this lack of clear formulation is the subject o f the article.
The methane hazard is one of the most dangerous phenomena in hard coal mining. In a certain range of concentrations, methane is flammable and explosive. Therefore, in order to maintain the continuity of the production process and the safety of work for the crew, various measures are taken to prevent these concentration levels from being exceeded. A significant role in this process is played by the forecasting of methane concentrations in mine headings. This very problem has been the focus of the present article. Based on discrete measurements of methane concentration in mine headings and ventilation parameters, the distribution of methane concentration levels in these headings was forecasted. This process was performed on the basis of model-based tests using the Computational Fluid Dynamics (CFD). The methodology adopted was used to develop a structural model of the region under analysis, for which boundary conditions were adopted on the basis of the measurements results in real-world conditions. The analyses conducted helped to specify the distributions of methane concentrations in the region at hand and determine the anticipated future values of these concentrations. The results obtained from model-based tests were compared with the results of the measurements in realworld conditions. The methodology using the CFD and the results of the tests offer extensive possibilities of their application for effective diagnosis and forecasting of the methane hazard in mine headings.