Olsztyn Economic Journal

The Importance of Services in Shaping the Volatility and Synchronization of Regional Business Cycles: a Comparative Analysis of the Polish and Portuguese Economies

2026-01-21T16:29:22+00:00

The aim of this article is to assess the role of services in stabilizing the volatility and the degree of synchronization of regional business cycles. The existing literature points to the relevance of services in smoothing business cycles. However, services can also play a negative role in stabilizing the economy, as the COVID-19 pandemic demonstrated. Among a variety of services, tourism plays a special role; it can act as a stabilizer during a typical business cycle or become a source of strain in the event of an exogenous shock, such as the COVID-19 pandemic.

The study focuses on the regions of two countries – Poland and Portugal – which differ in both the share and the structure of services in their regional GDP, which affects their resistance to changes in the economic environment. To examine this, such parameters of analysed business cycles were calculated, like: cycle length, phase length, coherence ratio, standard deviation ratio, coefficient of variation ratio, mean delay, cross-correlation ratio and average amplitude of upward and downward phases. The conducted analysis has shown that Polish and Portuguese regions exhibit varying degrees of resilience to business cycle fluctuations. Differences are also observed in the level of synchronization of regional cycles in both countries. Overall, the higher share of services in the regional GDP of Portugal translates into greater resilience to cyclical changes compared to the volatility observed in Polish regions. At the same time, Portuguese regions are more synchronized in terms of the phases of the business cycle. This may stem from the relatively higher share of services in GDP, particularly tourism services, in Portugal’s economy (11.9% of GDP) compared with Poland (2.2%).

Review of Migration Studies Conducted by the National Bank of Poland: Methodical Evolution and Research Challenges

2025-12-30T11:50:15+00:00

The aim of this article is to present the evolution of migration research conducted by the National Bank of Poland (NBP) in the period 2007–2025 and to identify the main methodological challenges arising under conditions of external shocks. The paper reviews research approaches applied both to Polish emigrants residing abroad and to foreign nationals working in Poland. Particular attention is devoted to methodologies used in studies of immigrants from Ukraine, due to their dominant share in the structure of migration inflows. Data on Ukrainian citizens currently constitute an important component of Poland’s balance of payments estimates, including workers’ remittances and compensation of employees. The findings highlight the necessity of combining survey data with administrative registers and point to the need for further development of migration research at NBP in the context of a changing geopolitical environment.

Segmented Reporting and its Changes as a Result of the Covid-19 Pandemic in the Construction and Real Estate Industry

2025-03-18T09:08:41+00:00

This paper analyses the impact of the COVID-19 pandemic on segment reporting in the construction and real estate sector in Poland. The study includes an analysis of the financial statements of companies listed on the Warsaw Stock Exchange in 2019 and 2023. The study results indicate that the COVID-19 pandemic did not cause fundamental changes in the structure of the reported operating segments of the surveyed companies (segmentation by business line still dominates), but it reduced the scope of disclosed financial results. In some cases, a reduction in the number of reported segments was observed, which could be a response to changing market conditions. The study results highlight the flexibility of segment reporting and its ability to adapt to global crises. Although the pandemic did not lead to significant changes in accounting regulations, it forced the adaptation of management strategies to new economic realities.

The Essence of Sustainable Development and its Importance for Future Generations

2025-10-17T07:30:38+00:00

Since the second half of the 20th century, the issue of sustainable development has been the subject of intense research and debate within the scientific community. Despite a precise definition, publications on sustainable development have presented divergent interpretations. This phenomenon results from the widespread adoption of sustainable development in scientific and social discourse, leading to numerous misinterpretations by its proponents and opponents. Sustainable development is composed of distinct terms, and their combined meaning is more than the sum of the meanings of the individual components. The subject of this work is sustainable development, and the goal is to analyze and assess sustainable development in the context of its importance for future generations. The main research question is: How can sustainable development impact future generations?
The article employs a literature review of both domestic and international literature and legal acts. Based on the collected material, it was concluded that sustainable development is crucial for the creation of future generations, as it allows access to natural resources and protects against environmental degradation and social and economic crises, ensuring the possibility of continued life and growth. The role of sustainable development is to strike a balance between economic, social, and environmental needs to ensure that the needs of the present generation are met without compromising the ability of future generations to meet their own needs.