Society and Politics

Streszczenia artykulów

No. 2(71)/2022

Jolanta Zombirt

Akademia Finansów i Biznesu Vistula

How to stimulate European securitization?


The main aim of this paper is to identify and assess the efforts from last years undertaken by Europeans to revitalise European securitisation. Some years after the subprime crisis, regulators started to change their thinking about securitization having noticed its advantages. At first, their efforts to create a more friendly environment for securitization were rather shy. A true acceleration of these efforts could be seen after COVID -19 and its devastating effects on banks’ balance sheets and the real economy. The Securitization Regulation came into force on 1 January 2019 but due to the pandemic it later began to be amended and adjusted. A huge wave of these adjustments have taken place in 2021. Market participants, however, have pointed out the regulations’ numerous loopholes and shortcomings. This has led to an amendment of the SR in April 2021, and the EC is to report on the SR's functioning before 1 September 2022.

As we observe the works, amendments and comments, however, it is proper to say that the consultation process that concentrates on:

-         the impact of the regulation on the securitization market

-         private securitizations

-         equivalence regime for non-EU entities regarding STS

-         disclosure of information on ESG and sustainable finance

may not be the end of the SR upgrade. This is partial because of the new events and facts that influence the European securitization framework. Yet, regulators seem to be somewhat hesitant to make use of this technique for fear of being blamed if something goes wrong.

The other attempt to encourage broader use of securitization can be described as the outcome of the Paris Agreement adopted in 2015 on the fight against climate change. This action is known as the ESG (or green securitisation) framework. But up to now the effects are rather slim.

Keywords: securitisation, regulatory amendments, landscape for securitisation.

JEL Codes: G21

Methodical article.



Mirosława Krzyścin

Politechnika Wrocławska

Dariusz Socha

Wyższa Szkoła Handlowa we Wrocławiu

The SARS-COVID 19 pandemic as a "black swan" in the labor market


The SARS-COVID 19 pandemic in Poland had a huge impact on various areas of economic life and on the deepening of the real loss of population on an unprecedented scale since World War II - 30%. Importantly for the considerations contained in this article - it also left its mark on the labor market, which had its effects in the statistics of the main parameters of this market, but also caused changes of a sociological, conservative, cultural and organizational nature (e.g. remote work with all consequences - both for employers, and employees and their family life).

Similar to the previous economic crises, there were changes in the place and form of employment, optimizations, job cuts, including many group layoffs, e.g. in banking, FMCG and the manufacturing industry. To mitigate the effects of the crisis, the government used a number of support tools, which are also discussed in this article. Despite the intervention programs, which probably slightly weakened the scale of the phenomenon, unfavorable changes were noted in the dynamics of GDP, the number of business registrations and bankruptcies, the unemployment rate, etc. discussed in the article.

Keywords: SARS-COVID 19 pandemics, labor market, remote system of work, job cuts, group layoffs, bankruptcies, unemployment.

JEL Codes: J00

Research article.



Maria Kocot

Uniwersytet Ekonomiczny w Katowicach

Artur Kwasek

Uczelnia Techniczno-Handlowa w Warszawie

Entrepreneurship of young people as a determinant of economic development in the light of own research


Entrepreneurship is a phenomenon determined by the rapid development of digitization and digitization, manifested by the development of new ICT technologies. The entrepreneurship of young people plays an extremely important role in economic development. The aim of the article is to analyze the entrepreneurial attitudes of students and the prospect of successfully running their own business. It was hypothesized that young people show entrepreneurial potential. In order to verify this hypothesis, a survey was conducted in January 2022 in accordance with the standards of the CAWI technique. 720 respondents took part in the study. The conducted research has shown that young people have entrepreneurial potential: young people are resourceful, creative and inventive. They plan to run their own business in perspective, analyzing the factors that could contribute to success and specifying the strategy of operation.

Keywords: entrepreneurship, enterprise, human capital, intellectual capital, organization

JEL Codes: O10

Research article.



Zbigniew Klimiuk

Instytut Pracy i Spraw Socjalnych w Warszawie

Shaping Polish-German economic relations in the years 1918-1928


The first document that opened the history of direct Polish-German economic relations after World War I was the economic agreement with the transit agreement concluded on October 22, 1919. The conclusion of the agreements was preceded by several months of talks. The initiator and protector of the pacts were the Main Allied Powers. Pursuant to the provisions of the treaty, Germany was to provide Poland with 75 thousand zlotys a month. tons of coal from Upper Silesia, and these deliveries were to increase until the average deliveries that Poland received from Upper Silesia in the period 1911-1913 were achieved. In addition, Germany undertook to put at the disposal of Poland 50,000. tonnes of coal stored in heaps, provided that it will be collected with the help of Polish rolling stock. Until the mid-1920s, trade with Germany accounted for nearly half of the volume of Polish foreign trade. Germany was the recipient of almost 80% of the coal mined in Poland. Political relations between the two countries continued in a state of constant tension over the background of divergent interests, in particular the territorial dispute over the Polish part of Pomerania and the Free City of Gdańsk. In January 1925, the most-favored-nation clause imposed on Germany by the Treaty of Versailles expired in relation to goods from the Entente countries, including Poland. In June, the duty exemption for products from the Śląskie Voivodeship, mainly coal mined there, which was regulated by the Geneva Convention on Upper Silesia of 1922, ended in June. Poland also refused to grant Germany customs discounts on their goods due to Germany's refusal to grant such discounts to Polish products in Germany. In retaliation, Germany unilaterally suspended the import of Polish coal from the Śląskie Voivodeship, thus contributing to significant economic losses for the Polish side. At the same time, the German side increased customs duties on Polish products and imposed an embargo on some goods. In response, the Polish government increased customs duties on goods imported from Germany and introduced a ban on the import of many products from Germany. Poland, as a supplier of raw materials and as a market for finished goods, was in the area of ​​commercial interest of Germany in the interwar period. The Polish market and the German market were more compensatory than competitive markets. Germany had a positive balance in trade in finished products, negative in all other groups. On the contrary, Poland had a negative balance in trade in finished products, positive in terms of food products, live animals, raw materials and semi-finished products.

Keywords: Poland, Germany, trade and economic relations, the Most Favored Nation clause, the interwar period, economic agreements and agreements, trade war, positive and negative trade balance.

JEL Codes:  E52, E58, F31, F32, N14



Renata Olesiejuk

Uniwersytet w Białymstoku

The Constitutional Principle of Media Freedom in the Light of the Independence of the Judiciary and Judges in the Republic of Poland


Freedom of the media is considered to be one of the imperatives of the policy of democratic countries. This principle, expressing general values, sets constitutional boundaries within which the process of establishing and executing the law, including the administration of justice in courts, is the source of the obligation of the state apparatus to weigh goods and implement constitutional norms. The pillars freedom of the media are: freedom of speech and the right to information about state organs. This freedom cannot be considered absolute, therefore it is often subject to certain limitations. Such limitations are sometimes necessary in the area of judiciary power exercised in courts, due to the implementation of the constitutional principles of the independence of courts and judges. The judiciary is obliged to make fair individual decisions in accordance with the applicable law.

Keywords: press, freedom of the media, justice system, Polish Constitution.

JEL Codes:  K10, K33, K38, K39


Nr 1(70)/2022

Tomoyuki Hashimoto

Vistula University

Conceptualising ‘state capture by securitisation’


While ‘state capture’ is an influential analytical framework to illustrate (post-communist) transition, it emphasises on the fragility of the state (e.g. lack of proper governance mechanisms) as a precondition of capture. It postulates the capturer’s ability to foresee the agenda-setting role which requires considerable knowledge and resources when it is applied to national security. This brief discussion piece proposes a way to modify the concept to facilitate such an application. To begin with, we shall relax the postulation of aforethought on the capturer’s side, featuring spontaneous reactions by the would-be capturers. Then, we shall re-examine political actors’ attempts to modify the national security agenda as a pretext to state capture, drawing insights from ‘securitisation.’ ‘State capture by securitisation’ can illustrate complex (and often derogatory to democratic) governance processes and practices at the wake of unforeseen events and external shocks, with ‘legitimacy’ building at the core of public relations.

Keywords: state capture, access to resources, public relations, legitimacy building.

JEL Codes: D72, E61, F52, K40



Ryszard Michalski

Akademia Finansów i Biznesu Vistula

Poland’s monetary policy in years 2018-2019 – before the big change


The article aims to provide an analysis of causes and consequences of Poland's monetary policy in years 2018-2019. Monetary policy brought then significant benefits to the government, which was able to increase its tax revenue and reduce the cost of public debt servicing. Due to the specific freezing of monetary policy it has evidently lost its efficacy not only because of mistakes of policy makers but also because for years they have not been able to overcome the over-liquidity in the home banking system what negatively impacts NBP's ability to use its monetary instruments. About persistent excess liquidity say lesser and lesser use of marginal lending funds by banks, their higher deposits with the central bank, and keeping POLONIA rate below pending reference rate of the NBP through majority of time during maintenance periods. The reversal of such a situation requires not only institutional changes but also essential reorientation of monetary policy’s concept and its main objective.

Keywords: interest rate policy, exchange rate policy, inflation, banking sector’s excess liquidity, external imbalance.

JEL Codes: E44, E51, F34, F36, G01, G28



Krzysztof Kietliński

Uniwersytet Kardynała Stefana Wyszyńskiego

Determinants of banking policy and the risk of individual loans


One of the manifestations of banking activity is the granting of loans. A bank that grants a loan to a customer takes some risk, which means the probability of the bank losing part or all of the loan granted together with the interest due. In the article, the author looks for answers to the following questions: what are the determinants of banking risk in relation to individual loans? What is banking policy and individual loan risk management in minimizing potential losses?

Keywords: credit risk, bank's credit policy, individual loan management.

JEL Codes: G21, G32, H81



Zbigniew Klimiuk

Instytut Pracy i Spraw Socjalnych w Warszawie

Changes in the economic structure of Nazi Germany in the 1930s


The article analyzes the changes in the institutional and functional structure of the economy that took place in Nazi Germany in the 1930s. strengthening the role of the state in economic life without, however, dismantling the foundations of the capitalist economy, including private property. The role of the market as a regulator of economic processes has been significantly reduced, but not eliminated. Hitler was given a power of attorney to completely rebuild the economy of Germany, which was in the nature of a managed economy, that is, in practice, the state applied interventionism, including centralism, planning and state control. As part of fascist corporatism, the production of individual goods was rationed and the operation of the market was limited. In October 1936, the Nazi state extended interventionism to all areas of the economy by proclaiming the Second Four-Year Plan and by appointing a new "Price Commissioner" whose task was no longer to control prices, but to set them together with the law of "using all necessary means to secure fair prices". The main goal of the Second Four-Year Plan was to equip the German armed forces with weapons and to prepare Germany economically to wage war. Two more sub-periods are distinguished in the preparation of the German economy for the war following the announcement of the Second Four-Year Plan. The first one lasted until 1938, and the main goal of the economy was self-sufficiency, but without changing production profiles. The second period began in 1938, when the German economy entered the stage of direct war preparations. Production for war needs was then given absolute priority.

Keywords: Nazi Germany, war economy, arms production, Four-Year Plan, combating unemployment, self-sufficiency policy, autarky, planning.

JEL Codes: N14



Patryk Kaleta

Akademia Finansów i Biznesu Vistula

Fight against terrorism during the presidency of Donald Trump


The fight against terrorism is still an important element of American external politics since most known terrorism attack in 2001. But “war on terror” made by republican president Donald Trump only gets worse. Therefore, the purpose of this article is to examine how Trump views on terrorism, leads this war and uses the phenomenon of terrorism to achieve his political goals. Therefore, the author of the constructivist approach will conduct a critical analysis and comparison of the available literature on selected speeches and activities of D. Trump in terms of combating terrorism in the period from the election campaign to the end of his candidacy in 2015-2020.

Key words: Donald Trump, USA warfare with terrorism, XXI century terrorism.

JEL Codes: H56, N42


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