Polskie Towarzystwo Ekonomiczne – W Zielonej Górze
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Polish Economic Society in Zielona Góra Scientific Journal of the Polish Economic Society in Zielona Góra No. 6 Zielona Góra 2017 PUBLISHED BY Polish Economic Society (PTE) in Zielona Góra Copyright © by PTE, Zielona Góra 2017 SCIENTIFIC COUNCIL Elżbieta Mączyńska (Chairwoman), Anetta Barska, Yuryi Boshytskyi, Markus Breuer, Bogu- sław Fiedor, Grzegorz Gorzelak, Janina Jędrzejczak-Gas, Jerzy Kaźmierczyk, Anatolii Kolot, Olivera Kostoska, Maria Agnieszka Paszkowicz, Stanisław Owsiak, Marko Perić, Vasyl Petukh, Bogusław Pietrulewicz, Stanisław Rudolf, Marianna Siničáková, Eulalia Skawińska, Nebojša Stojčić, Andrzej Szplit, Bogdan Ślusarz, Janusz Witkowski, Henryk Wnorowski, Joanna Wyrwa, Maciej Żukowski REVIEWERS Aldona Andrzejczak, Bogusław Banaszak, Robert Barski, Adam Baszyński, Michał Borychowski, Markus Breuer, Wiesław Danielak, Andrzej Daniluk, Włodzimierz Deluga, Ratbek Dzhumashev, Bogusław Fiedor, Grzegorz Gorzelak, Hanna Hall, Paweł Jóźwiakowski, Magdalena Knapińska, Iveta Korobaničová, Olivera Kostoska, Barbara Kryk, Krzysztof Kubiak, Piotr Kułyk, Mirosława Kwiecień, Jolanta Laskowska, Elżbieta Mączyńska, Stanisław Owsiak, Aleksander Panasiuk, Marko Perić, Bogusław Pietrulewicz, Oksana Roza, Waldemar Rydzak, Katarzyna Smędzik-Ambroży, Małgorzata Słodowa-Hełpa, Nebojša Stojčić, Gerasimos T. Soldatos, Andrzej Szplit, Janusz Śnihur, Jacek Trębecki, Viktor Voronov, Anna Wasiluk, Julia Wojciechowska-Solis, Joanna Zarębska, Agnieszka Ziomek, Maciej Żukowski EDITORIAL BOARD Editor-in-Chief Bogdan Ślusarz Subject Editors Anetta Barska, Janina Jędrzejczak-Gas, Jerzy Kaźmierczyk, Joanna Wyrwa Technical Editor Jacek Grzelak Translated by Jakub Majchrzak Copy Editors Anna Kuzio, Richard Sharp ISSN 2391-7830 This journal was originally published in print. The texts contained in this publication were printed based on the materials provided by the Authors, including peer review comments and the necessary editorial correction. The publisher is not responsible for the content, form or style of these texts. Editorial Address: Polskie Towarzystwo Ekonomiczne Żeromskiego 3, 65066 Zielona Góra, Poland tel./fax: 68-3202589, 68-3270419 email: [email protected], www.ptezg.pl Issue 1 Printing and binding: www.ligatura.com.pl Cover deisgn: www.reklamowaagencja.pl Scientific Journal of the Polish Economic Society in Zielona Góra 2017, Vol. 6. CONTENTS Artur Bartoszewicz Social impact of the crisis of foreign currency-related mortgage loans 4 Maria Celińska-Mysław, Planning of construction investment projects in a sustainable approach 14 Tomasz Wiatr Vladimir Davydenko, Gulnara Russian government activities during social and economic space for- 24 Romashkina, Ruzilia Nasyrova mation of the russian retail The dimensions of enterprise innovation vs selected trends on the food Elżbieta Goryńska-Goldmann 34 market Sławomira Kańduła Methods of increasing the flexibility of state budget expenditure 46 Anatolii Kolot, Government and business: the search for new forms of cooperation 59 Oksana Poplavska Mirosława Kwiecień Economics of moderation and reporting corporate social responsibility 69 Marek Leszczyński The economic dimension of security 80 Małgorzata Łatuszyńska, Analyzing the impact of public interventions on poverty 86 Shivan Fate Is it worth abandoning OFE? The rate of return and the risk of the Paweł Mikołajczak, Piotr Bajak 98 capital part of the pension system in Poland in 1999-2013 Radosław Murkowski The challenges and demographic prospects of European countries 107 Anna Niewiadomska Long-term unemployment of the elderly in Lubuskie Province. 118 Grzegorz Ostasz, Krzysztof Prendecki, How much state within a state? 129 Krzysztof Rejman Andrzej Prusek Poland’s strategic development challenges in post-crisis conditions 137 Lech Sawicki People with disabilities in the labor market in Poland 145 Ilona Skibińska-Fabrowska The role of central banks in the economy - a post-crisis perspective 154 Beata Skubiak Education as a tool for eliminating development disparities 160 The financial situation and well-being of people aged 60+ and by re- Ewa Sobolewska-Poniedziałek 166 gion Innovative tourism products in the metropolitan area of Krakow Monika Wojcieszak 176 – an attempt of characterization The New Silk Road. Economic importance of China expansion Michał Zaremba 189 in the modern global economy 3 Scientific Journal of the Polish Economic Society in Zielona Góra 2017, Vol. 6. Artur Bartoszewicz, PhD https://doi.org/10.26366/PTE.ZG.2017.75 Warsaw School of Economics Społeczne skutki kryzysu kredytów hipotecznych odnoszących się do walut obcych Streszczenie Kredyty indeksowane oraz denominowane do walut obcych (odnoszące się do walut ob- cych) były udzielane w Polsce osobom nie osiągającym dochodów w walucie obcej, w okresie od 2000 do 2013 roku. Charakterystyczną cechą tych kredytów było to, że najczęściej były udzielane w krajach Europy Środkowo-Wschodniej. W przywołanym okresie kredyty mieszka- niowe były najszybciej rosnącą pozycją w aktywach banków. Jedynie w okresie od grudnia 2002 roku do końca 2012 roku udział kredytów mieszkaniowych w aktywach banków wzrósł ponad pięć razy, a w należnościach od sektora niefinansowego zwiększył się czterokrotnie. W latach 2005-2010 kredyty mieszkaniowe zdominowały strukturę bilansu sektora bankowego. Znaczna zmiana kursów walutowych (m.in. CHF, EUR, USD i JPY) w odniesieniu do złotego (znaczne osłabienie PLN) wpłynęła bezpośrednio na wartość bieżącą kosztów obsługi zobowią- zania, jak też wycenę łącznego zobowiązania kredytu hipotecznego odnoszącego się do walut obcych – wartości kredytu i jego kosztów wyliczonych w PLN. Słowa kluczowe: koszty społeczne, kredyt hipoteczny, kredyt indeksowany, kredyt denomi- nowany, kredyt walutowy Abstract Social impact of the crisis of foreign currency-related mortgage loans Loans indexed and denominated in foreign currencies (related to foreign currencies) used to be granted in Poland to those not receiving income in a foreign currency, in the period from 2000 to 2013. A characteristic feature of these loans is that they were usually granted in the countries of Central Eastern Europe. In this period, loans were the fastest growing item in the banks' assets. In the period from December 2002 to the end of 2012, the share of housing loans in banks' assets increased more than fivefold, and fourfold in receivables from the non-financial sector. In 2005-2010, loans dominated the structure of the balance sheet of the banking sector. A significant change in foreign exchange rates (e.g. CHF, EUR, USD and JPY) in relation to the zloty (a significantly depreciated PLN) contributed directly to the current value of the costs of operating liabilities, as well as the valuation of total mortgage obligations related to foreign exchange, the value of credit and its costs calculated in PLN. Keywords: social costs, mortgage, indexed loan, denominated loan, foreign currency loan JEL CODE: D10, D12, D14, D90, D91, E20, E21 Introduction In the post-war years, until 1989, no housing stock was generated on a scale that would meet the growing social needs. This was caused by two things: deficit in the offer of flats for rent on one hand, and on the other hand the enormous pressure on property possession, which used to be largely limited, and often inaccessible, prior to the transformation. The above cir- cumstances justify a radical change in the attitude of banks and mortgage clients, manifested in a wide range of such loans (especially those denominated in foreign currencies). This al- lowed banks to get through to those clients who would not be able to service the loan in zlotys and also created a broad demand base for housing and the connected, what at that time seemed, cheap debt financing. 4 Scientific Journal of the Polish Economic Society in Zielona Góra 2017, Vol. 6. The banking sector was offering mortgages related to foreign currency, including Swiss franc, as early as 2000. Interest rates on housing loans in zloty was as high as 20% at that time. For many Polish people who wanted to buy an apartment, loans at such a high cost were then simply unavailable. In 2004-2005, there was a strengthening of the PLN against the CHF, thus allowing those with loans denominated in Swiss franc to actually experience re- duced interest rates, which further reinforced the common argument for such loans being a favorable solution and built an additional marketing message. The relative ease (favorable initial conditions relating to the share of credit in real estate financing and different credit scoring procedure than in foreign currency-denominated loans) in obtaining a mortgage loan related to a foreign currency resulted in the entry to the group of borrowers of those persons and households who would not normally receive a PLN loan at that time, which would therefore not lead to the conclusion of a real estate purchase transac- tion. The situation in which one could, without much formalities, take a mortgage loan in foreign currency triggered a huge increase in the number of transactions on the real estate market, and thus the corresponding real estate price increase, until the revaluation. Bank cus- tomers were eager to borrow easily available loans and most of them did not anticipate deteri- oration of their credit conditions or what would happen if they were no longer be able to pay back their loans (Szelągowska 2010, p. 22). An additional impetus for increased purchase transactions in 2005-2006 was the grow- ing real estate boom, further expanded by media reports on the planned restrictions on