Bogdan Włodarczyk

The purpose of the article. The article aims to identify and assess the impact of the financialization process on the level of happiness as an effect of sustainable development in selected Central and Eastern European countries in 2012–2022. Methodology. The research used panel models. The World Happiness Index (WHI) was adopted as the dependent variable, taking into account social aspects of sustainable development. Financialization measures included the Financial Development Index (FDI) published by the International Monetary Fund and credit to the private sector (as a % of GDP). The models were estimated using OLS, fixed-effects and random-effects estimators. Macroeconomic variables were included in the set of explanatory variables. The most effective estimator was selected using Wald, Breusch-Pagan and Hausman tests. Robust standard errors were imposed on the models. Results of the research. In the estimated models, the significance of parameters in the case of financialization varied depending on the estimator used. The Financial Development Index was an insignificant variable in all models. Clear significance was observed in relation to credit to the private sector (as % of GDP). Regardless of the financialization measure adopted and the estimator used, the obtained parameters for financialization indicators were negative. Although financialization may be an instrument for financing sustainable development, it does not have a positive impact on the level of happiness that results from it. The basic reasons may lie in the too low scale of financing activities related to sustainable development or in the inadequate structure of this financing. Changes in financing are needed and its redirection to activities aimed at achieving sustainable development and happiness. Future research should use other measures of financiakization and happiness that take into account aspects of sustainable development and include other countries to make a comparison.

The commodity market is a key element of the global economy. It is influenced by the political and economic situation of the major participants on the supply and demand side, as exemplified by the geopolitical and economic situation related to the conflict in Ukraine. Another aspect of this influence is the close relationship between commodity markets and financial markets. Both factors contribute to the possibility of the commodity market becoming subject to contagion, resulting in the transfer of supply and demand shocks and volatility. The aim of this article is to identify the commodities that are the source of contagion (volatility) during the transmission of shocks and the increase of systematic risk in selected periods. Combining traditional network theory with vector autoregression (VAR) model, we aim to estimate systemic linkages as a measure of systemic risk and the contagion process underlying it. We used time series of commodity returns from the Refinitiv Eikon database to observe the relationships between commodities during crisis periods, starting from 2006. The results suggest that the commodities with the largest increase in volatility transmission compared to the pre-crisis period acted as a transmission gate for market shocks.

Theoretical background: The concept of the economic convergence process is one of the conclusions of neoclassical growth models, especially the Solow-Swan model. According to it, it is possible to catch up with countries with a lower level of economic development to the economic level of developed countries and to finally equalize the economies of countries. However, endogenous economic theories have indicated that economic convergence is not the only realistic scenario of economic development in the modern economy. Purpose of the article: The aim of the research is to determine the degree of beta and sigma economic convergence of the countries of Central and Eastern Europe to the EU-12 in the years 2004-2021. Research methods: Descriptive statistics and regression analysis were used in the research. The regression analysis was based on a beta and sigma convergence study. The first one was aimed at checking whether less developed countries are characterized by a faster rate of economic growth than more developed countries, while sigma convergence made it possible to check whether dispersion in the level of socio-economic development in selected countries was leveled in the years 2004-2021. Main findings: According to the results of the research, it is possible to confirm the existence of beta convergence of the CEE countries compared to the EU-12 in terms of economic prosperity, taking into account the average wealth of citizens (GDP per capita). The economic measure, which is key in the study of economic convergence, is the basis for stating that in the years 2004-2021, there was a process of convergence between the groups of the surveyed European Union countries. On the other hand, no reduction in the economic differentiation of the countries studied was observed based on the sigma convergence study.

Neural tube defects (NTDs) are congenital malformations resulting from abnormal embryonic development of the brain, spine, or spinal column. The genetic etiology of human NTDs remains poorly understood despite intensive investigation. CIC, homolog of the Capicua transcription repressor, has been reported to interact with ataxin-1 (ATXN1) and participate in the pathogenesis of spinocerebellar ataxia type 1. Our previous study demonstrated that CIC loss of function (LoF) variants contributed to the cerebral folate deficiency syndrome by downregulating folate receptor 1 (FOLR1) expression. Given the importance of folate transport in neural tube formation, we hypothesized that CIC variants could contribute to increased risk for NTDs by depressing embryonic folate concentrations. In this study, we examined CIC variants from whole-genome sequencing (WGS) data of 140 isolated spina bifida cases and identified eight missense variants of CIC gene. We tested the pathogenicity of the observed variants through multiple in vitro experiments. We determined that CIC variants decreased the FOLR1 protein level and planar cell polarity (PCP) pathway signaling in a human cell line (HeLa). In a murine cell line (NIH3T3), CIC loss of function variants downregulated PCP signaling. Taken together, this study provides evidence supporting CIC as a risk gene for human NTD.

This article presents the historical progression of changes and arguments indicating the need to move from fossil energy sources to the green economy in the European Union (EU) countries. It shows trends in the EU’s climate and energy policy compared to the rest of the world. At the same time, it points to the elements of the necessary compromise between the climate requirements and the energy security of countries and their economies. The aim of the article is to present the main quantitative challenges for the development of the green economy in the EU, which are analyzed from the perspective of the year 2030. For this year, specific values have been established to be achieved by European countries in several fundamental areas. On the other hand, the strategic goals and further development perspective are included until 2050. This undoubtedly indicates the complexity of the issue, which is intensified as a result of the various economic and political strategies of many European Union members. At the same time, as part of the analysis carried out, efforts are made to develop concepts and practical recommendations for the development of a green European economy.

Structural changes occurring in the crude oil market have stimulated the emergence of hypotheses suggesting that the relationship between prices of this raw material and the US dollar exchange rate can gradually become similar to that observed between oil prices and exchange rates of the currencies of the countries whose revenues from the export of this resource are a significant part of their current account balance. The purpose of this study was to determine and evaluate the time-varying dependence between oil prices and the exchange rate of the US dollar in the context of the same relationship for the Chinese, European, Japanese, Saudi, and Russian currencies. The results of our analyses implicate that a negative correlation between the variables in question grows stronger in time periods preceding global shocks and during thereof. The dominance of the USD in the crude oil market is reflected in similar characteristics of the correlations of the currencies of other countries, such as China, countries of the Euro area, or Japan. As for countries exporting crude oil, the situation varies. The results of our research suggest the lack of a stable relationships between prices of crude oil and currency exchange rates. It is also impossible to observe a long-term, unequivocal tendency of the currencies of oil exporting countries being positively correlated with oil prices. Russia was the closest to this situation. In Saudi Arabia, a positive correlation emerged during moments of crisis.

Entrepreneurship contributes to the economic well-being of every country. Specifically, the level of individual entrepreneurship is crucial in the process of developing and building economic potential, especially in Central European countries. Among the several factors impacting entrepreneurship, the ability to access the necessary external sources of financing need to be considered crucial. The financial literacy of the entrepreneur plays a crucial role in the relationship between the lender and the borrower. In this paper, we investigate the effects of financial literacy on sustainable entrepreneurship. We based our analysis on the framework proposed by the World Economic Forum. We present an OLS model that adopts entrepreneurship, financial literacy and macroeconomic variables. The analysis is carried out on individual and national data from different sources of information (Global Entrepreneurship Monitor, World Bank, and Organization for Economic Co-operation and Development). The results show a positive and statistically significant relationship between financial literacy and sustainable entrepreneurial activity. This evidence supports the increasing number of financial education initiatives and the inclusion of topics related to economic and financial culture in school education systems. We identify internationally valid policy implications. In the context of the growth strategies of Central European countries, financial literacy takes on even greater importance. The introduction of financial education in the national curricula could strengthen entrepreneurial skills and accelerate the inclusive growth process across Europe.

In the context of the 2030 Agenda for Sustainable Development, by adopting the EU Renewable Energy Directive and the European Green Deal, the European Union aims at an extremely ambitious goal to become climate neutral by 2050. This goal involves a massive investment plan to support this initiative, but also to reduce disparities between Member States, in order to transform the Union into a modern, resource-efficient, and competitive economy. The main objective of this paper is to investigate the sustainable development and renewable energy sources relationship in EU countries from a new perspective. Based on Eurostat available data and with the help of hierarchical clustering analysis, the Member States were divided in 2019 into five clusters, highlighting the key characteristics of the selected variables. The results of this research revealed high-performing groups of countries, as well as countries that need increased attention and additional support to become more efficient in achieving their sustainable development goals and renewable energy source targets.

Natural resources play a significant role in the development of the global economy. This refers, in particular, to strategic fuel and mineral resources. Due to the limited supply of natural resources and the lack of substitutes for most of the key resources in the world, the competition for the access to strategic resources is a feature of the global economy. It would seem that the countries which are rich in resources, because of this huge demand, enjoy spectacular economic prosperity. However, the results of empirical studies have demonstrated what is known as the ‘resource curse’. This article concentrates on the characteristics of the paradox of plenty, and in particular on the possibilities of preventing this phenomenon. The aim of this article is to identify the measures of economic policy with which to counteract the resource curse, based on the relationship between the state and the extraction business. Upon the critical analysis of the relevant literature, we concluded that the state’s economic policy, implemented in cooperation with the extraction business, is increasingly important for the prevention of the resource curse. In the context of the resource curse, the optimal and most consensual instrument, in comparison with other resource sharing agreements, is a production sharing agreement (PSA), which should also be adjusted to the current local economic conditions in a given country.

The aim of the article is to present the most important elements to be implemented in the European Union energy policy in the 2030 perspective in the context of sustainable development of the Member States. The solution to the too high emissivity of individual economies in the European Union is the energy mix, which will establish a compromise in the so-called the triad of EU policy goals. This is undoubtedly a current climate challenge for the modern world, which also has a direct impact on the economic situation of EU countries. The basis of the presented considerations and recommendations is a literature review on the subject and a statistical analysis of empirical data of the largest statistical organizations in the EU and the world. The starting point for the analysis is the assessment of the state of the energy sector in the EU. Therefore, the goals and tasks until 2030 result from many conditions of the energy sector. The article provides recommendations for the EU on future climate and energy policy, analysing the practices of member countries empirical and data compiled by the world’s largest organizations and institutions, such as the International Atomic Energy Agency (IAEA), the World Nuclear Association (WNA), Eurostat, and the International Energy Agency (IEA). The strategic goals of the EU climate and energy policy presented in the study show the necessary challenges for the implementation of sustainable development in the analyzed sector, which is the driving force of world economies. The conclusions were presented in accordance with the current economic efficiency of various energy sources and the necessity to seek a compromise among the so-called a triad of goals defined in EU policy.