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Autor	Ewa Krawczyk
Tytuł	Zastosowanie modelu ryzyka Value at Risk (VaR) opartego na metodzie Monte Carlo do rynku nieruchomości
Title	Using Value at Risk (VaR) Model Based on Monte Carlo Method on Property Market
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Abstract	Value at Risk – the method emerged several years ago that measures potential loss at a given confidence level. The method is undergoing continous improvment, finding new use in financial institutions. Investment briefcase management is inseparably connected with risk mamagement – process succured today with risk models. Presented attempt of enforcing specialized tool for measuring defined risk for separeted risk on property market analysis gives following remarks: 1. In the situation of considerable growth of investition on property market, which is financed mainly from bank infestations, there is need to make out risk models which describes market segment behaviour and let to limit possible loss. The loss caused by overoptimistic predictions and wrong costeffectiveness calculation. 2. Well-known and used at financial market risk models are great tools to connect both segments of market – financial and objective – and for empiric verification including investment projects. 3. VaR model may be used for the needs of defined risk of separeted investment project, which is characterized by indicator of profitability (NP), but obtained results should be treatened with limited confidence
Cytowanie	Krawczyk E. (2006) Zastosowanie modelu ryzyka Value at Risk (VaR) opartego na metodzie Monte Carlo do rynku nieruchomości.Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, nr 58: 117-133
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Pełny tekst	EIOGZ_2006_n58_s117.pdf

Autor	Agnieszka Biernat-Jarka
Tytuł	Finansowe wsparcie rolnictwa i obszarów wiejskich w UE, w latach 2007-2013
Title	European Union financial support to agriculture and rural areas in 2007-2013
Słowa kluczowe	Unia Europejska, Wspólna Polityka Rolna, fundusze, budżet
Key words	European Union, Common Agricultural Policy, funds, budget
Abstrakt	W artykule przedstawiono zmiany w zakresie finansowania wspólnej polityki rolnej i rozwoju obszarów wiejskich, w nowym okresie budżetowym 2007-2013. Zwrócono uwagę na fundusze, cele i możliwości wsparcia finansowego w ramach wytycznych, przyjętych przez Komisję Europejską. Pokazano także możliwości sfinansowania instrumentów w ramach Europejskiego Funduszu Rolnego Gwarancji (EFRG) a także działań Europejskiego Funduszu Rolnego na rzecz Rozwoju Obszarów Wiejskich (EFRROW).
Abstract	A fundamental reform of the Common Agricultural Policy was decided in June 2003. The reform is aimed at meeting the objectives of competitiveness, solidarity and better integration of environmental concerns, thus becoming a key step in the Lisbon and Goeteborg development strategy. It involves: a substantial simplification of the market support measures and direct payments, further strengthening the development of rural areas by transferring funds from market support to rural development through reductions in direct payments to bigger farms, strengthening of the financial discipline mechanism between 2007-2013. The European Commission created two new funds for financing the CAP: European Agricultural Guarantee Fund (EAGF) and European Agricultural Fund for Rural Development (EAFRD). EAGF will finance: intervention measures to regulate agricultural markets, refunds for exporting farm produce to non-EU countries, and direct payments to farmers. EAFRD will finance the expenditure on rural development programmes.
Cytowanie	Biernat-Jarka A. (2006) Finansowe wsparcie rolnictwa i obszarów wiejskich w UE, w latach 2007-2013.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 15, z. : 117-123
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Pełny tekst	PRS_2006_T15_n_s117.pdf

Autor	Aldona Zawojska
Tytuł	Przepływy finansowe środków unijnych na rozwój rolnictwa i obszarów wiejskich w Polsce
Title	Financial flows of the EU funds on agricultural and rural development in Poland
Słowa kluczowe	rolnictwo, obszary wiejskie, przepływy finansowe, Unia Europejska
Key words	ariculture, rural areas, financial flows, European Union
Abstrakt	W dwóch pierwszych latach przynależności do Unii Europejskiej Polska była netto beneficjentem przepływów z budżetu Unii w wysokości 2,69 mld euro. Oznacza to przepływ netto na głowę mieszkańca równy 70 euro. Suma przepływów ze strony Unii od momentu włączenia wyniosła 7,2 mld euro, z czego 27% było przeznaczone na finansowanie Wspólnej Polityki Rolnej. Komisja Europejska zaakceptowała rozliczenia polskich agencji płatniczych za lata 2004 i 2005 z wydatków na rzecz wsparcia rolnictwa finansowanych przez Sekcję Gwarancji EAGGF i za rok 2005 z wydatków na rzecz rozwoju obszarów wiejskich.
Abstract	In the first two years of membership Poland was a net beneficiary of flows from the EU budget. This translated into numbers means that Poland got from the EU 2.69 billion euro more than it paid. On a per capita basis, this means a net EU payment of 70 euro per person. EU-Poland accumulative financial flows since the first day of accession have reached a total of 7.2 billion euro of which 27% was spent on financing of the CAP. To ensure that Poland can absorb the EU funds effectively and manage them properly, a well-functioning administrative structure must be put in place. One of the key players in this structure is the Ministry of Agriculture and Rural Development which is responsible for programming and management of the funds allocated to agriculture and rural areas via two paying agencies: AMA and ARMA. The accounts of the paying agencies of Poland concerning expenditure financed by the EAGGF, Guarantee Section, with respect to the 2004 and 2005 financial years as well as expenditure on rural development with respect to 2005 were cleared by the European Commission
Cytowanie	Zawojska A. (2006) Przepływy finansowe środków unijnych na rozwój rolnictwa i obszarów wiejskich w Polsce.Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego, t. 15, z. : 221-229
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Pełny tekst	PRS_2006_T15_n_s221.pdf

Autor	Ewa Krawczyk
Tytuł	Zastosowanie metody kowariancji do określenia ryzyka na rynku nieruchomości komercyjnych
Title	Application of Covariance Method for Risk Assessing on the Commercial Real Estate Market
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Abstract	The Value at Risk model allows answering the base question asked by investor. How much money could be lost with given financial resources involved into given project, in fixed time and fixed risk preference The covariance method used to estimate VaR is static model, but analytic manner of computing allows, after essential analysis, to determine value at risk relatively clearly and quickly. Presented attempt of initiating tool to analyzing quantified risk of investment on real estate market, specialized for capital market, gives observations: a) in the situation of significant growth of investments on real estate market, financed mainly by banking institutions, there is necessity to work out risk models for this market segment, allowing to limit excessive losses caused by too optimistic prices and inappropriate calculations of the effectiveness of the investment, b) well known and used risk models for capital market are basics for connection the both market segments - capital and real - and empirical verification, including investing projects, c) VaR model can be used for determining quantified risk of an investing project, characterized by profitability ratio Net Present Value, but received results should be treated with limited confidence.
Cytowanie	Krawczyk E. (2005) Zastosowanie metody kowariancji do określenia ryzyka na rynku nieruchomości komercyjnych.Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, nr 55: 127-148
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Pełny tekst	EIOGZ_2005_n55_s127.pdf

Autor	Ewa Drabik, Anna Górska
Tytuł	Ocena inwestycji na Warszawskiej Giełdzie Towarowej w okresie od stycznia 2002 roku do lipca 2004 roku
Title	The Evaluation of lnvestments at the Warsaw Commodity Exchange from January 2002 to July 2004
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Abstract	Nowadays the commodity exchange offers not only a wide range of operations such as trade in commodities but also future contracts and other types of financial transactions. While at the stock exchange one can encounter mainly shares, the commodity exchange epitomizes an impressive variety of negotiable units. Mutual funds and deposits, which are an alternative way of investing, also play a relevant role on the financial market. From economical point of view deposits are burdened with the smallest risk. According to the modem financial theory, the attitude towards a risk is considered as a very important aspect of the situation on the market. Not only behaviour of the investors but also political and economical events determine the situation on the market. The. behaviour of the investors is analysed by the cognitive psychology, which is associated with a new behavioural current in financial theory, which is called the behaviour finance. The aim of this paper is to check, if it is worth to invest at the commodity exchange. The analysis is carried out on the basis of the data from Warsaw Commodity Exchange in the span of3 years: 2002-2004.
Cytowanie	Drabik E., Górska A. (2004) Ocena inwestycji na Warszawskiej Giełdzie Towarowej w okresie od stycznia 2002 roku do lipca 2004 roku.Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, nr 54: 89-99
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Pełny tekst	EIOGZ_2004_n54_s89.pdf