Prices In Poland Research Articles

Comparative Analysis of Transaction Prices and the Values of Forest Properties in Poland

Research Highlights: In the paper, we explore systematic discrepancy between sale prices and values of forest properties in Poland. We argue that the systematic valuation bias found is partially caused by the simplified parametric appraisal methodology currently used in Poland. Background and Objectives: Most of the forests in Poland are state-owned, but in recent decades, the market for private forest properties has been dynamically growing. In the paper, we investigate the relations between the actual transaction prices, and the estimated value of forest properties in selected regions in Poland. We hypothesize that sale prices systematically deviate from valuations. An additional question arises regarding the determinants of forest property prices. We hypothesize that due to asymmetric information positive amenities are not fully capitalized in property prices in Poland. Materials and Methods: In the paper, we adopt two regression models used to investigate the valuation accuracy and bias. We test the hypothesis that valuations are unbiased estimates of transaction prices. Results: The results indicate that market prices for forest properties systematically differ from estimated values. Conclusions: Systematic deviation of forest property sales prices from market values may contribute to the imperfect information available to the market participants, especially when information is asymmetrically distributed between buyers and sellers. This may confirm the hypothesis that sellers are not fully aware of the advantages of the property being sold, and provide further explanations for large systematic differences between sales prices and valuations based on parametric valuation methods used in Poland.

Milk Market Integration between Poland and the EU Countries

Milk is one of the most essential agricultural products in the EU. One of the major milk producers in the EU is Poland. Polish farmers account for supplying 8% of the total EU production. Nevertheless, Polish milk prices differ from the prices recorded in its western neighbors. The aim of the article has been to evaluate the dynamics of the relationships between milk prices in Poland and in the EU countries. To develop it, the monthly raw milk prices, covering the period January 2005 through December 2018, were applied. The calculations were made for the entire selected period as well as for two sub-periods: 2005–2011 and 2012–2018. The results were used to confirm the milk market integration between Poland and the EU countries. Besides, it must be noted that the relations increased considerably since 2012. The EU countries which have recorded the greatest impact on the prices in Poland are Germany, Ireland, France and Slovakia.

LINKS BETWEEN SMP PRICES IN POLAND AND SELECTED FOREIGN MARKETS

The aim of the paper was to determine the links between SMP prices in Poland and SMP prices in selected countries. The article uses secondary data for the monthly price of butter at a level of countries collected by the Milk Market Observatory and the Italian Dairy Economic Consulting portal for 2000-2016. The analyzed period was divided into two periods: 2000-2004 and 2005-2016. The article uses Johansen cointegration tests, and Granger’s causality analysis. The analyzes in the first stage concerned the links between SMP prices in Poland and SMP prices in Western Europe, the USA and Oceania. In the second stage, the links between SMP prices in Poland and selected EU countries were identified. The results of the study confirmed a stronger link between SMP prices in Poland and SMP prices in Western Europe and Oceania. It is worth noting that these links mainly occurred in the period following Poland’s accession to the EU. Within EU countries, SMP prices in Belgium, the Czech Republic, Germany, Ireland and the Netherlands were related to prices in Poland.

Comparative Analysis of Wind Energy Generation Forecasts in Poland and Portugal and Their Influence on the Electricity Exchange Prices

Currently, the privileged position of wind energy producers is being weakened by their enforced participation in the market on equal terms. This requires accurate production forecasting. The main aim of this study is to comparatively examine the wind generation forecasts in Poland and Portugal, as well as to verify their influence on the day-ahead market prices. The statistical analysis revealed significant deviations of the forecasted and actual wind production in both countries, which referred to the corresponding spot and balancing prices caused considerable financial losses by the wind energy suppliers. In this paper, the influence of the wind generation forecasts on the spot prices has been examined through developed the auto-regressive moving average (ARMA), ARMA with exogenous inputs (ARMAX) and non-linear auto-regressive neural network (NAR), NAR with exogenous inputs (NARX)artificial neural network (ANN) models. The results have shown that the usability of the information of forecasted wind generation is not unequivocal in models developed for spot prices in Poland, mainly because of the randomness and volatility of recorded wind generation forecasts. However, in the case of Portugal, the forecasted wind generation occurred to be a valuable input in spot prices models, which results in an improvement in the models’ accuracy.

Spatial Integration of the Milk Market in Poland

The production of milk is an essential branch of agricultural production in Poland. There have been considerable changes in the milk market in Poland over the last 20 years (such as, e.g., the adjustment of the market to the EU requirements, which had an impact on the functioning of this market as well as its spatial integration. This research mainly aimed to assess the processes of spatial integration on the Polish milk market in the period 1999–2018. In order to process the material collected, the author applied the analysis of price differences, the analysis of correlation, the Johansen test of cointegration and the Granger causality test. As a result of the research conducted, it was found that there is a long-term balance between prices in various voivodeships in Poland. Moreover, the closer the voivodeships were to one another, the greater the co-variability of prices was between them. In addition, it was indicated which voivodeships were crucial from the point of view of the process of revealing and determining raw milk prices in Poland by two distinguished periods (1999–2008 and 2009–2018).

Milk price changes in Poland in the context of the Common Agricultural Policy

Changes in the retail prices of pasteurised milk, purchase prices, and the price relationship between retail prices for pasteurised milk and other food products are analysed for Poland during the period from 2004–2018. In addition, the paper presents factors affecting changes in milk prices in Poland and characterises the Common Agricultural Policy (CAP) on the milk market. The adoption of a long period of analysis allows for the study of periods of both high and low variability. The data analysis uses various methods including the Augmented Dickey-Fuller (ADF) test and the Autoregressive-Moving-Average Model (ARMA). The milk market showed significant response because it was one of the few that was strongly administered by the European Union. These policies led to a significant increase in milk prices in the analysed period. The average price of pasteurised food milk increased by 63% in 2003–2015, and the purchase farm price of milk increased by 91.74%. The situation changed when the production limits were eliminated after 2015. In the initial period after quotas ended, the price of milk decreased and then increased. Similar changes were observed in other EU countries. Even short-term fluctuations associated with economic crises did not significantly affect the milk market.

Impact of legislative changes on agricultural property trading

This paper attempts to describe selected elements regarding the situation on the agricultural property market and the assumptions of the policy in this respect in Poland. Particular attention was paid to legislative changes related to agricultural property trading. Statistical data from the Property Market Analysis and Monitoring System (AMRON), the Central Statistical Office, the Agency for Restructuring and Modernization of Agriculture (ARiMR) and the National Center for Agricultural Support, were used. The purpose of the study was to attempt to assess changes in land prices in Poland after systemic transformation. Attention was also paid to the issue of changes in the conditions for purchasing a property after the entry of the amended provisions of the Act on shaping the agricultural system came into force. An attempt was made to answer the question whether the introduced restrictions caused the prices of agricultural properties in Poland to change in spatial terms

Biogas production as an element of sustainable development of rural areas in EU and Poland

The article is devoted to the issue of sustainable rural development, with particular focus on biogas. It presents legal regulations in this area used in the European Union, including Poland. Additionally, the article provides the results of operational tests (conducted in 2011-2012) of a small biogas plant with total capacity of two reactors 411 m 3 . The cost of electricity production was on the level of 113.76 PLN•MWh -1 and heat production costs - 206.06 PLN•MWh -1 . The construction cost of biogas plant was equal 1100 PLN per cubic meter. The exploitation costs of biogas plant were 42450 PLN•year -1 as the cumulative costs: the annual cost of installation maintaining 27 000 PLN•year -1 and cost of use of the biogas plant was 5450 PLN•year -1 . The calculated profit from the sale of produced electricity was 100622 PLN•year -1 . The calculation has been prepared in accordance with the level of prices in Poland in the years 2011-2012.

Analysis of the Impact of Fly Ashes on the Structure of SCC Concrete Aeration

The paper presents the results of tests of the impact of fly ash admixture on the structure of aeration and on selected physical and mechanical properties of self-compacting concrete (SCC) concrete mix. The effects were compared to those obtained for SCC concrete made solely with the use of Portland cement. Tests were performed on a fresh concrete mix (spread, viscosity and air content by pressure method). The aeration parameters of the fresh concrete mix were determined by Air Void Analyser (AVA) method (total air content A, micropores content A300 and spacing factor ). For hardened concretes, the following characteristics were determined: compressive strength (after 2, 7, 28 and 56 days), water absorption, water tightness and frost resistance. Unit prices were also calculated (for prices in Poland) for SCC concrete made solely with the use of Portland cement and separately with the use of fly ash admixture. The analysis of the results demonstrated that the addition of a large amount of fly ashes to SCC concrete clearly has a negative impact on the stability and quality of its aeration characteristics and, as a consequence, significantly reduces its frost resistance and thus durability. The unit price calculated for SCC concretes made with the use of fly ash is clearly lower than of concretes made solely with the use of Portland cement, but in many cases this does not justify the use of fly ash.

Price volatility of agricultural land in Poland in the context of the European Union

In this paper the price volatility of land in Poland is examined during the years 1992-2016. The analysis concentrates particularly on stationarity, variation and GARCH. Differences in land price changes in particular provinces in Poland are presented and land prices in Poland are compared with other EU countries. The land market in Poland is diverse. Purchasers can buy land from private owners in the market and from the government’s Agricultural Property Agency. Generally, land offered by the Agricultural Property Agency is cheaper, but it is also more difficult to purchase. The authors of the paper used and analyzed quarterly price data from the main Statistical Office in Warsaw in PLN. The survey found high variability for land prices in Poland. The price of agricultural land has increased significantly since the integration of Poland into the EU. In 2016 the average price of land from the (APA) Agricultural Property Agency increased by 791% and the average price of private agricultural land increased by 690.2% in comparison to 2004. The prices of land differ regionally in Poland. In 2016 compared to 2005 the price of land increased the most in Warmińsko-Mazurskie voivodeship (587,2%), Opolskie voivodeship (547,8%) and Lubuskie voivodeship (534,9%). In 2016 in comparison to 2005 the price of agricultural land increased the least in Małopolskie voivodeship (252,6%), Podlaskie voivodeship (295,0%) and Łódzkie voivodeship (304,9%). The study presents the descriptive statistics of agricultural land. The coefficient of variation of price changes in the years 2005-2016 was the highest in Slovakia (69,8%), Romania (60,4%) and Estonia (59,4%) and the lowest in Italy (9,2%) and France (12,1%). The ADF test (Augmented Dickey-Fuller test) shows that the agricultural land prices data can be classified as not stationary. The implication of the GARCH (Generalized Autoregressive Conditional Heteroskedasticity) model of price volatility of agricultural land is that conditional volatility cannot be confirmed.

Światowe i krajowe ceny żywności w latach 2016-2017

Otwarcie polskiej gospodarki w wyniku transformacji systemowej i integracji europejskiej zwiększyło jej zależność od zjawisk o charakterze globalnym. W ostatniej dekadzie światowe ceny i podaż żywności doświadczały poważnych szoków, co miało istotne konsekwencje dla polskiego rynku żywnościowego. Celem artykułu jest przedstawienie zmian cen żywności w Polsce w latach 2016-2017 na tle tendencji występujących na rynkach światowych, ze szczególnym uwzględnieniem rynku unijnego, określenie siły ich wzajemnych powiązań oraz wskazanie czynników warunkujących te procesy. W wyniku przeprowadzonych analiz stwierdzono, że w Polsce w badanym okresie ceny żywności rosły szybciej niż w UE, ale wolniej niż na rynkach światowych, wykazywały mniejszą wahliwość niż na rynkach zewnętrznych oraz bardzo wysoką korelację ze zmianami cen w UE. Powiązanie z rynkiem unijnym było szczególnie widoczne w przypadku cen produktów mlecznych, zbóż, mięsa wieprzowego, roślin oleistych i cukru.

Exchange Rate and Oil Price Interactions in Selected CEE Countries

This paper reports a study on the causal dynamics between spot oil price, exchange rates, and stock prices in Poland, the Czech Republic, Hungary, Romania, and Serbia. The results are compared with a benchmark analysis in which U.S. monthly data are used, and time periods are selected according to the flexibility of exchange rate regimes in each country. A period between 2000 and 2015 is analyzed. The methodology is based on the Granger causality test, and the non-linear Diks–Panchenko test, while the causality in variance is checked with the Hafner–Herwartz test.

CONDITIONS OF AGRICULTURAL LAND PRICES DEVELOPMENT IN POLAND

The aim of the paper has been to diagnose factors determining agricultural landprices, classifying them and determining which of them plays the most importantrole. The considerations were based on selected subject literature, the results ofresearches conducted by other authors, as well as analysis of statistical data from theCentral Statistical Office of Poland and Eurostat. Factors determining agriculturalland prices in Poland can be divided into two groups: 2) Market: supply and demandfor agricultural land allotted to agricultural production; supply and demand foragricultural land that can be, in compliance with the binding law, allotted to purposesother than agricultural; simultaneous functioning of two market segments - private(on which a majority of land trading is conducted among farmers) as well as the statemarket segment – the Stock of Agricultural Property of the State Treasury managed,on behalf of the owner - the State Treasury, by the state institution - the AgriculturalProperty Agency; profitability of agricultural production. 2) Non-market: historicalconditions – dominance of private property in Polish agriculture, both in the marketeconomy and in the previous economic system; tradition, culture - passing farmsfrom generation to generation; Poland’s accession to the European Union andcovering Polish farmers with common agricultural policy instruments; ending thetransitional period of purchasing Polish agricultural properties by foreigners on 1May 2016. After this period, the hitherto limitations (special permits) for foreignersin purchasing agricultural properties in Poland were lifted.

Price interrelationships in the EU cow milk markets

This work evaluates the integration of cow milk markets in the European Union (EU) using monthly wholesale prices from 16 member states over 2003 to 2017 and rank-based cointegration techniques. The empirical results suggest that the degree of spatial market integration is high since the prices in 13 of the 16 national markets move to a large extent in sync with the average EU price for cow milk. Exceptions are the prices in Poland, Portugal and Lithuania. It appears that the differences in price dynamics may be associated with the time of accession to the EU, with Eurozone membership and with country-specific factors such as the availability of substitute commodities.

Ceny ziemi rolnej w Polsce na tle Unii Europejskiej

Long before Poland̛s accession to the European Union, the prices of agricultural land were of interest not only to potential investors in the agri-food sector, but also to speculators, whom agroeconomists were tasked with monitoring. The aim of this study was to assess changes in agricultural land prices in Poland compared to the European Union and to identify variables that strongly depend on the average level of prices of agricultural land in the European Union. This article also demonstrates that in EU countries there is a significant correlation between agricultural land prices and the value of direct payments and the value of gross domestic product per capita.

BUTTER MARKET INTEGRATION BETWEEN POLAND AND SELECTED EUROPEAN UUNION COUNTRIES

The aim of the paper was to determine the links between butter prices in Poland and butter prices in selected EU countries. The article uses secondary data for the monthly price of butter at the level of EU countries collected by the Milk Market Observatory and the portal CLAL.IT for 2007-2016. The analyzed period was divided into two periods: 2007-2011 and 2012-2016. The article uses Pearson’s correlation, Johansen cointegration tests, and Granger’s causality analysis. The results of the study confirmed the stronger link between butter prices in Poland and EU butter prices in the second period.

Czynniki kształtujące ceny wybranych produktów rolno żywnościowych

Różnice cenowe w istotny sposób kształtują handel i wpływają na zachowania konsumentów. Zmiany cen produktów rolnych implikują zmiany cen żywności. Czynniki kształtujące ceny produktów rolno–żywnościowych można podzielić na strukturalne (np. plon, powierzchnia zasiewu, spożycie, import, eksport) i koniunkturalne (np. ekstremalne zjawiska pogodowe, kursy walut). Celem tego artykułu jest badanie wpływu czynników podażowo-popytowych na cenę skupu wybranych produktów na rynkach UE i Polski. Główną metodą badawczą, za pomocą której przeprowadzono analizy, były ekonometryczne modele przyczynowo-skutkowe. Ponadto modele trendów pozwoliły wyznaczyć kierunek rozwoju cen analizowanych artykułów rolno-żywnościowych. Do badań wykorzystano dane OECD i FAO oraz EUROSTATU. Wyniki badań wskazały zależności pomiędzy ceną skupu produktów rolno-żywnościowych a czynnikami podażowo-popytowymi oraz umożliwiły porównanie tych cen w Polsce i UE. Modele trendów pozwoliły wyznaczyć prognozy cen na kolejne dwa lata.

Market Commentaries and Stock Prices in Poland: A Text Mining Approach

From a theoretical point of view, the scope and quality of available information determines the market efficiency and, thus, investors’ decisions. However, an excessive amount of information leads to information overload. In the case of textual data, advanced analytical methods must be applied to identify some regularities and trends within the analysed text corpora. Text mining may be useful in supporting the decision-making process. The paper examines the interdependencies between market commentaries and stock prices. More specifically, it verifies the linguistic characteristics of opinions distributed by institutional investors (investment fund company) and their intertemporal links to the price movements on the Warsaw Stock Exchange. The results indicate that: 1) there is no significant linguistic difference between market commentaries written after weeks of relatively low and relatively high rates of returns on the Warsaw Stock Exchange; 2) the linguistic content of selected market commentaries does not have a predictive value for the Polish stock market; 3) commentaries with a one-week time difference linguistically differ less than the commentaries with two or more weeks’ time difference.

Investment Property in the Financial Statements of Capital Groups Listed on the Warsaw Stock Exchange

In recent years, investing in property has become very popular. It is related to a significant decrease in interest rates, which has resulted in a decrease in interest rates on bank deposits and risk-free securities. What is more, this kind of investment seems to be less risky than investing in shares or raw materials due to a steady increase in property prices in Poland in the recent years. Investment property owned by an entity conducting business activity must be properly presented in financial statements, which is next reflected in the evaluation of financial position. Recognition, measurement and presentation of investment property in financial statements have been comprehensively prescribed in International Accounting Standard 40 – Investment Property, which was released in December 2003. It was first applied to financial statements prepared for the reporting period starting after January 1, 2005. The standard was revised twice – first in 2008 and then in 2013. The aim of this paper is to describe the recognition, measurement and disclosure of investment property under polish and international accounting regulations as well as to analyze the presentation of such information in financial statements of the largest companies listed on the Warsaw Stock Exchange. The main methods used include the analysis and evaluation of legal acts and subject-related literature as well as the analysis of information disclosed in financial statements of the largest companies listed on the Warsaw Stock Exchange

The Impact of Green Areas on Dwelling Prices: the Case of Poznań City

Objective : The objective of this paper is to estimate the impact of urban green areas on dwelling prices in Poznan. Research Design & Methods : In order to identify the influence of the green spaces on dwelling prices, the hedonic method was used. In the analysis, transaction prices of residential units in Poznan were used. Findings: The application of the log-linear model allows to identify the percentage difference in the price of the same dwelling located with different distances to green areas. In case of this research, the results indicates that increase the distance from green area by one kilometer lowered the price of a dwelling by 3% in Poznan in years 2013-2015. Implications & Recommendations: It is necessary to conduct research on impact of green areas on other types of properties. Different types of urban green areas may affect in different way. Contribution & Value Added: The originality of this work lies in studying some aspects of influence of green areas on dwelling prices in Poland.