Contemporary Economy <p>Contemporary Economy (Współczesna Gospodarka; ISSN 2082-677X) is a peer-reviewed, open-access scientific journal, published by the Institute of Maritime Transport and Seaborne Trade, University of Gdansk. It addresses issues of importance to both academics and business.</p> Uniwersytet Gdański en-US Contemporary Economy 2082-677X The effect of financial risk on the demand for supplementary health insurance <p style="text-align: justify;">As access to medical services provided by public healthcare system in Poland is limited, private supplementary health insurance becomes an increasingly interesting option for pa-tients. Private insurance market has grown significantly in recent years. Therefore, it is interesting to determine factors contributing to the demand for supplementary health insurance by adopting a mathematical model of both compulsory public health insurance and additional, voluntary private health insurance. Such a model was introduced in Dudzinski’s work (2015). The model takes into consideration such factors like compulsory insurance premium, health status of a patient and effectiveness of the public health care system. In this paper we extend the model to the case of additional background financial risk. We show that introducing the additional source of risk exerts certain impact on the demand for the supplementary insurance, however its overall effect depends on the pa-tient’s prudence related to a sign of third derivative of the utility function. The paper pro-poses conditions under which the demand for supplementary insurance increases or de-creases, depending on the relation between patient’s prudence with respect to wealth and cross-prudence in health. The results are different from Dudzinski’s article which considered a two-period model.</p> Piotr Dudziński Copyright (c) 2019 2019-06-30 2019-06-30 10 2 (33) 1 8 10.26881/wg.2019.2.01 Macroeconomic determinants of corporate failures in Poland <p style="text-align: justify;">This study aims at identifying macroeconomic factors of corporate bankruptcy.The main objective of this work is to analyse quantity of bankruptcy in Poland in 2000-2017 and attempt to estimate parameters of the regression model where the number of insolvent companies is explained by variance of macroeconomic factors. Essential data has been collected from GUS and Coface resources. Based on selected, macroecomic variables, econometric cause-effect model has been developed. The equation has been estimated by the Ordinary Least Squares method (OLS). A statistical investigation resulted in observing few macroeconomic factors with influence on corporate failure intensity in Poland, among others: expenditures on consumer goods and services, export and exchange rates.</p> Jędrzej Siciński Copyright (c) 2019 2019-06-30 2019-06-30 10 2 (33) 9 20 10.26881/wg.2019.2.02 The expected green revolution becomes the new main engine of modern shipping <p style="text-align: justify;">The purpose - the main concept of the work is to present somestrong and definite influence of the world’s continuously growing demand for better prevention and clear marine environment which is exerted on contemporary shipping through respective legislation.Thenew already implemented pro-environmental marine law forces sea transport to start making fundamental changes in the shipping business operations. Furthermore it is confirmed that innovative fuel technologies as well as their&nbsp; revoluniatory alternatives including future electric energy as the main ship’s drivedescribed here as the green revolution become one of the most important and efficient tools leading towards modern shipping. It also marks some other revolutionary trends and ideas being developed in shipping like no-man ship operation and digitalizationof majority of data.The innovation technologies will havesome serious impact on seatransport cost level as well as on acceleration of scrapping of old age tonnage which will be substituted by new buildings. In the next few years demand for modern ships having various innovative technologies onboard will be continuously growing.Furthermore the new pro-ecological&nbsp; solutions will become some very efficient carriers’ marketing tool towards environment-oriented markets and their consumers. Showing different aspects of the sulphur new regulations coming in force since 01.01.2020 recognized as a mile stone of the new marine era and what is more expectedthe work is to prove a direct link between the related new innovative green technologies and their impact on shipping towards its faster modernization.</p> <p style="text-align: justify;">Methodology: Publication research, empirical study and prospective study.</p> <p style="text-align: justify;">Findings: The common growing demand and respective legislation to preventbroadermarine environmentexertstrong pressureon shipping to apply new innovative technologies.</p> Roman Woźniak Copyright (c) 2019 2019-06-30 2019-06-30 10 2 (33) 21 30 10.26881/wg.2019.2.03 Forward guidance as a tool of the European Central Bank’s monetary policy <p style="text-align: justify;">The purpose of this article is to take a closer look at one of the most unconventional instruments of monetary policy which is the Forward Guidance. This instrument is increasingly more often adopted by central banks. What is more, it is also used by the European Central Bank which implemented this approach for the first time in 2013.</p> <p style="text-align: justify;">The first part of the article will be focused on presenting a theoretical approach of forward guidance, while the following part will describe examples of implementation of this instrument by the European Central Bank as the new way of communication with the market. The example of forward guidance use by the European Central Bank covers the way of communication of future monetary policy regarding the interest rates.</p> <p style="text-align: justify;">The data presented in this paper shows a positive effect of the forward guidance approach. This method of communication has brought a clearer view of monetary policy adopted by the European Central Bank. Moreover it limited some uncertainty showed by the market participants regarding the level of future interest rates. The positive effects of the forward guidance lead not only to the continuous but also widespread use of this approach by the European Central Bank.</p> Damian Werbowy Copyright (c) 2019 2019-06-30 2019-06-30 10 2 (33) 31 40 10.26881/wg.2019.2.04 Training and remuneration systems as motivational incentives based on the example of company x - case study <p style="text-align: justify;">In the 21<sup>st</sup> century management boards of enterprises are looking for newer incentives that stimulate employees to work even better. They are now the main driver of success, and the process of motivating has become an integral part of a well-functioning company. All this in connection with the behaviour of contemporary employees, who are often not satisfied with the working conditions and who change their place of employment, has led to formulating the purpose of this study, i.e. to evaluate training systems and salaries in the surveyed construction company. The study should be treated as a pilot - a field of experience, because in the future, this experience will be translated into a study with a representative group of companies. By defining and analyzing the validity of the criteria, the author specified two methods that meet the above criteria - the audit questionnaire method and the direct questionnaire. The analysis showed that the training and remuneration systems in the surveyed company X are properly designed - they have a positive impact on the employees' motivation. It also turned out that effective motivation with non-wage elements is possible only if the staff is satisfied with the level of their remuneration.</p> Michał Igielski Copyright (c) 2019 2019-06-30 2019-06-30 10 2 (33) 41 54 10.26881/wg.2019.2.05