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Zsfassung in engl. Sprache u.d.T.: The exchange rate and the interest rate during the time of changes of the polish financial market

Purpose – The purpose of the article is to assess the significance of multiannual expenditures in the state and budgets of local government units in Poland. Research method – In order to achieve the objective, the methods of comparative analysis of budget expenditures extending beyond one financial year of the state and local government units were used. The research period covers the years 2014-2018. The source of data utilised for the analyses are reports relating to the performance of the state budget and information on the performance of the budgets of local government units, as well as databases on multiannual financial forecasts of local government units. The analysis used data on expenditure related to the implementation of multiannual programmes (in the state budget) and expenditure on undertakings shown in multiannual financial forecasts (in the budgets of local government units). The analysis also included the non-expiring expenditures. Therefore, it was possible to indicate the share of expenditures extending beyond one financial year in the budgets executed annually. Results – The research results indicate that despite the existence of solutions for long-term budget planning at the level of the state and local government units in Poland, the scale of implementation of multiannual expenditures in annual budgets remains relatively small. In addition, differences in the implementation of multiannual expenditures between specific categories of local government units were pointed out.

Purpose – The purpose of this paper is to determine the consequences of the pandemic crisis for the financial situation of the local government subsector in individual European Union countries. Research method – The research is based on comparative analysis of the dynamics and structure of such budget figures as budget revenue (including transfers), expenditure (including COFOG classification), budget balance and debt. The comparisons covered the local government subsector in the 27 countries of the European Union for the years 2019–2021. The source of data for analysis is the Eurostat database. Results – The research indicates that local government finances in the EU countries did not suffer significantly because of the impact of the COVID-19 pandemic, which, however, was essentially due to the fact that the main source of funding for additional tasks and covering tax revenue shortfalls were transfers from the government subsector. At the same time, there was a change in the structure of local government spending in most EU countries by increasing the share of spending on health care, social protection and economic affairs and decreasing the share of spending on recreation, culture and religion, housing and community amenities and education. Originality/value/implications/recommendations – The originality of the presented approach is due to the comprehensive presentation of the consequences of the pandemic crisis for local government budget parameters for 2020–2021 in all the European Union countries.

Purpose – The aim of this study has been to provide a rationale for state aid granted to medium-sized enterprises in Poland. The fundamental point raised in the study became the answer to the question of whether the companies that received aid actually needed it. Research method – In their research, the authors used a comparative analysis of the financial situation of companies that obtained COVID state aid with that of companies not covered by COVID state aid. Results – The research shows that the aid was provided not only to the companies that needed it. At the same time, more than 30 per cent of medium-sized enterprises that experienced a drop in sales did not receive such assistance. This demonstrates the imperfect distribution of COVID state aid. Originality / value / implications / recommendations – The value of the research lies in the combined use of COVID state-aid data and information on the financial condition of medium-sized enterprises. The study covers more than 75% of the number of medium-sized enterprises in Poland.