"Journal of Finance and Financial Law" is a platform for presenting research in finance, economic policy, accounting, and regulation – from macroeconomic analyses to modern technologies in auditing and the banking sector.
The articles are available in English.
The following articles are included:
Vol. 4 No. 48 (2025)
Revisiting the 2007–2009 Financial Crisis: A Holistic Perspective
Emil Ślązak
This article provides a multidimensional assessment of the wideranging impact of the 2007–2009 financial crisis, with the particular emphasis on its financial, macroeconomic, and socio-political impacts. It examines the profound disruption to the banking sector and deterioration of macroeconomic conditions, as well as the subsequent political and social consequences. The findings support the research hypothesis that a crisis-induced decline in public trust in the banks and financial sector increased skepticism towards globalization and heightened political polarization.
Alternative investments based on the example of investments in wine from the Bordeaux region
Patryk Janusz Król
The article aims to indicate the economic conditions influencing the prices and distribution of Bordeaux wines on the European market, as well as to identify the key factors shaping their value. It raises the question of which aspects, including seasonality, quality, prestige, and consumer behavior, play a role in shaping the market for this unique good.
Technological Sovereignty and the Stability of the European Financial Sector in the Era of Artificial Intelligence
Michał Włodarczyk
The article aims to develop a composite index of technological sovereignty for EU member states and examine its relationship with systemic financial stress. It highlights technological dependencies as a potential source of systemic risk.
Use of the volume profile in making investment decisions on the stock market
Rafał Jóźwicki, Paweł Trippner
In order to effectively multiply money on the capital market, it is necessary to use effective analytical methods to select the right financial instruments for an investment portfolio. This article focuses on the issue of the possibility to use the so-called volume profile to make investment decisions, which in its essence differs from classic indicators using turnover. In the article, the authors hypothesize that the volume profile makes it possible to identify the turning points of a listed instrument and thus can be an effective means for making investment decisions. On the basis of the assumptions made and in the light of the calculations performed, the research hypothesis presented in the introduction of the paper was positively verified. This indicates that the volume profile can be an important decision-making tool for investors and can thus be usefully applied in investment decision-making.
Strategies for Financing the Housing Needs of Young Poles
Bartosz Buta, Bartosz Ciesielka
Housing issues are the foundation of every economic system and they are frequently the subject of public debate. Young people are among the most interested participants of the residential real estate market, as they are just creating the framework of their future professional and private life. The aim of this publication is to identify the diversity of strategies for financing housing needs of young Poles as well as to assess the significance of factors influencing preferences in this area. To achieve this goal, the article formulates a research hypothesis stating that mortgage loans constitute the primary source of financing for housing purchases among young Poles. In order to verify this hypothesis a survey and statistical data analysis tools were used.
Importance of the Relationship Between the Independent Financial Advisor and the Small and Medium-Sized Entrepreneur
Szymon Piotrowski, Marek Heidysz
The purpose of the paper was to determine the importance of the relationship between the independent financial advisor and SMEs. No academic or practice-oriented research has been yet undertaken in this field in Poland. The presented study aims to reduce the identified research gap.
Impact of External Shocks and Macroeconomic Instability on the Security and Profitability of the Cooperative Sector in Poland and the European Union Countries
Marian Gola
The beginning of the 21st century was a period of significant economic transformation, which changed the existing order of economic processes, thereby exerting a strong influence on the real economy, but also on the security and efficiency of the financial system. As a consequence of the 2007–2009 crisis, many credit institutions had to cover losses from insufficient capital and lost their solvency. Some of them underwent compulsory restructuring and, in some cases, nationalisation. The crisis caused by the COVID-19 pandemic and the geopolitical turmoil resulting from Russia’s attack on Ukraine had less severe consequences for the banking sector in Europe. Based on a review of the literature and other research, the article assesses the impact of these events on the safety and profitability of cooperative banks operating within selected banking groups in Europe. In this context, based on an analysis of statistical data, it is argued that the impact of external shocks on the cooperative sector was limited. As part of a case study, using the example of one of the Polish cooperative groups, shocks were identified which, however, did not have a negative impact on profitability and stability. A correlation was also demonstrated between the level of security of individual banks and the fact that they operate within the structure of the Institutional Protection System. The purpose of this article is to indicate the impact of macroeconomic shocks on the security of cooperative banks operating in the European Union, as well as to examine the relationship between the level of integration of cooperative banking groups and the level of financial stability of individual cooperative banks.
Euro adoption and inflation stability: Early evidence from Croatia and the Czech Republic
Carolyne C. Soper
The purpose of the article is to explore the link between monetary policy regimes and inflation dynamics in small open economies. Croatia and the Czech Republic provide a natural experiment for examining how small open economies with different monetary frameworks respond to global and regional shocks, including euro adoption and other external disturbances. The analysis sheds light on how institutional arrangements affect the stability of inflation rates in the presence of global shocks.
Information Policy of the Federal Reserve System and the European Central Bank During and After the Pandemic Crisis
Jakub Blicharski
Since the 1990s, central banks have become more transparent about their monetary policy. The meaning of the communication was amplified by the global financial crisis, when central banks began to use non-standard monetary policy instruments on a broader scale. Further changes resulted from the COVID-19 pandemic and the period of high inflation, which lasted several months afterwards. The article aims to present and analyse the measures taken by the Federal Reserve System (FED) and the European Central Bank (ECB) during the pandemic crisis and the period of high inflation.
Tax Base Estimation of Income – The Proposal of Selected Changes
Radosław Witczak
One of the measures to combat tax fraud is estimation of the tax base. The provisions point out the reasons and rules of estimating of the tax base. Polish legislation provides tax authorities with a list of six tax base estimation methods they can use. In cases when none of these methods is applicable, tax authorities may use other methods serving the same purpose, but the law (the Tax Ordinance Act) does not indicate what these methods should be. The aim of the article is to propose the changes to the tax base estimation in the Tax Ordinance Act.
Vol. 1 (2025): Special Issue
The struggle against the shadow economy and corruption: the possibilities of accounting and digital technologies
Vita Semaniuk, Iwa Kuchciak
The purpose of the article. The shadow economy and corruption pose significant threats to national economies, as illicit income from financial crimes and tax evasion often funds organized crime and terrorism, while exacerbating inequality and hindering development. This article examines key categories of financial crime, including asset misappropriation, fraud, bribery, cybercrime, and accounting violations. The study aims to enhance accounting methodology as a tool in combating corruption and the shadow economy. The central hypothesis is that improvements in accounting and auditingwhen supported by ethical, organizational, and technological infrastructurecan reduce these phenomena. Accounting information, when integrated with digital systems and ethical standards, becomes a powerful instrument for transparency and accountability.
Cloud technologies and blockchain in auditing: a new stage in the development of control systems
Valentyna Panasyuk
The purpose of the article is to study the impact of cloud technologies and blockchain on the development of control systems in auditing, in particular on the effectiveness of internal control procedures and information transparency. The central hypothesis is that the integration of modern digital technologies into accounting and audit processes can significantly increase the transparency of financial transactions, reduce information asymmetry and improve the effectiveness of risk management and internal control procedures. The study is a response to the growing challenges faced by traditional auditing in a dynamic business environment.
Accounting Strategies and Corporate Social Responsibility Under Conditions of War
Andrii Papinko, Vitalii Mazuryk, Maksym Bandurka
The purpose of the article. The purpose of this article is to substantiate the role of strategic accounting in integrating corporate social responsibility (CSR) into business practices under wartime conditions. The study aims to identify how accounting tools can be adapted to reflect the social and ethical responsibilities of enterprises, ensure transparency, and support decision-making processes in an unstable environment. Particular attention is paid to the development of indicators for assessing CSR activities, the challenges of their implementation in accounting systems, and the potential of CSR to enhance business resilience and social trust during military conflict.
