The paper examines the application of alternative risk transfer (ART) in Poland. ART methods, enabling firms to transfer operational risks on capital markets, can be an interesting alternative to traditional insurance and reinsurance solutions, particularly in the catastrophic risk domain. Papers written to date on the ART subject have overwhelmingly focused on the West European and North American markets. Poland, as a post-communist country, can be an interesting example of an effective transformation of the national economy from socialism to capitalism. That's why the identification of factors that stay behind implementation of modern risk management strategies, such as ART, is a relevant issue. In our research, we have identified the key characteristics of enterprises using ART tools as part of their risk management policy. The empirical studies were based on the data derived from a survey questionnaire carried out on the representative sample of 642 medium-sized and large enterprises operating in Poland. The survey was conducted in 2017 on a sample of Polish medium-sized and large companies. A log-linear analysis was used to identify the features characterizing the enterprises that use modern ART

The aim is to determine whether it is possible to achieve a permanent surplus of the social security funds subsector balance to improve the balance of the general government sector. Hypotheses: it is possible to achieve a permanent surplus of the balance of the social security funds subsector in certain macroeconomic conditions; current systemic solutions do not affect the lasting improvement of the balance of social security funds subsector. Model: A linear congruent dynamic model. Results: The balance of the social security funds subsector may be positive and its impact on public finance, favourable. This balance determines the scope and type of system solutions used, but also discretionary decisions. However, the balance changes are not permanent.

Motivation: It is commonly known that the public authorities responsible for the implementation of fiscal policy aim to achieve social and economic objectives. Nevertheless, as in the case of the private sector, there are factors that can limit the achievement of these goals. Retrospective analysis of the policy conducted by fiscal authorities in Poland, in the period prior to and post-crisis, proves the existence of numerous reasons that determine the particular effectiveness of the policy. This in turn leads to many interesting evaluative judgments. The essence and main objectives of fiscal policy will be defined on the basis of the literature review. Furthermore, an attempt will be made to answer the question what effective fiscal policy means, what factors determine it and what measures can evaluate this effectiveness. Empirical part of the paper will present shaping of the macroeconomic indicators. Further, it will concern the recognition of factors that affect the achievement of the objectives on the basis of statistical data analysis. The summary will include assessment of the rationality and verification of the validity of fiscal decisions taken by the authorities. Aim: The main goal of the article is to recognize and assess the factors affecting the achievement of the objectives of fiscal policy in Poland. This aim is accompanied by the following hypothesis; adopted system solutions by the authorities make it impossible to conduct effective fiscal policy in Poland. Results: The anticipated results will be visible in the form of highlighting the factors which were characterized by both the negative and positive impact on the achievement of the objectives of fiscal policy in Poland. It should consequently contribute to considering possible system changes in the future.

Objective: This paper investigates whether and which of a set of macroeconomic variables may be a Granger cause for changes in the financing of the social security sector, and vice versa.Research Design & Methods: Descriptive statistics, the bootstrap panel Granger causality test, and Pesaran CD test for cross-sectional dependence in panels and Pesaran’s CIPS test for unit roots in panels were applied. Panel data of the CEE countries, which are members of the European Union, was used. The research period was 2000–2019.Findings: It was determined that lagged values of macroeconomic indicators can improve forecasting of social security sector expenditure. In turn, understanding the social security sector’s expenditure may contribute to better forecasting of the macroeconomic indicators considered for the research.Implications / Recommendations: Maintaining stable economic growth may contribute to the financial stability of the social security system.Contribution: The research is the first to refer to the financing of the social security sector. The study provides a framework that takes full account of the main elements of social security systems and associates them with the most significant macroeconomic indicators.

Celem artykułu jest ocena bezpieczeństwa ekonomicznego państw Unii Europejskiej w odniesieniu do pandemii COVID-19 i przedstawienie dyrektywy Solvency II w roli narzędzia wspierającego władze państw Wspólnoty w dążeniu do zachowania bezpieczeństwa ekonomicznego. Hipoteza: złagodzenie reżimu regulacyjnego dyrektywy Solvency II sprzyja poprawie sytuacji ekonomicznej państw Unii Europejskiej. Metoda: badania przeprowadzono na podstawie przeglądu literatury przedmiotu, a także analizy danych pochodzących z raportów Insurance Europe, OECD oraz Komisji Europejskiej. Rezultaty: z przeprowadzonych badań wynika, że istnieją merytoryczne przesłanki uzasadniające konieczność wprowadzenia zmian w dyrektywie Solvency II na rzecz wspierania sytuacji ekonomicznej państw. Pandemia COVID-19 przyczyniła się do drastycznej zmiany warunków ekonomicznych, a złagodzenie zapisów dyrektywy może korzystnie wpłynąć na sytuację ekonomiczną państw Wspólnoty, jednak decyzja o zmianie dyrektywy należy do władz europejskich.