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  THE GROWING ROLE OF SOVEREIGN WEALTH FUNDS IN MANAGING FOREIGN EXCHANGE

  Nowadays, almost all countries possess foreign currency reserves that are necessary for making both expected and unforeseen transfers abroad, specifically payments for imported goods and settling foreign debt. Looking back, these reserves were held in precious metals, dollar deposits, and other savings and debt instruments in convertible ... Nowadays, almost all countries possess foreign currency reserves that are necessary for making both expected and unforeseen transfers abroad, specifically payments for imported goods and settling foreign debt. Looking back, these reserves were held in precious metals, dollar deposits, and other savings and debt instruments in convertible currencies, and were managed by the central banks of the respective countries. However, in recent years, some countries, mainly developing ones, have accumulated reserves far above the necessary minimum that guarantees short-term payments and somewhat provides resources against unforeseen negative shocks. These surpluses are one of the reasons for the emergence of a new type of institutional investors in the form of sovereign wealth funds. Over the past twenty years, SWFs have experienced tremendous growth and therefore fall into the sights of fund managers and academic researchers. At the beginning of 2025, the assets they manage exceed 13.4 trillion dollars and are approaching the size of the foreign exchange reserves maintained by central banks, amounting to 16.8 trillion dollars. The object of analysis is the structural dynamics of the assets of sovereign wealth funds, public pension funds and foreign exchange assets of central banks. For this purpose, we use a coefficient for the direction of structural dynamics and aggregated data for each unit of the structure for the period 2000-2024.

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  THE ANTIDISSIPATIVE APPROACH TO OPTIMISING THE COSTS OF HOTEL BUSINESSES

  The costs incurred by hotel businesses are a key metric that, by influencing financial stability and revenue forecasting, determines the effectiveness of the revenue management system. The article states that the objectivity of costs arises from the objectivity of the factors that determine them. The issue of cost optimization involves a range of ... The costs incurred by hotel businesses are a key metric that, by influencing financial stability and revenue forecasting, determines the effectiveness of the revenue management system. The article states that the objectivity of costs arises from the objectivity of the factors that determine them. The issue of cost optimization involves a range of contradictions inherent in economic processes, which are clearly evident in the contradictions between limited resources and needs, as well as between the goal of maximizing revenue and the efficiency of business processes. Therefore, when determining scientific approaches to optimizing the costs of hotel businesses, it is advisable to rely on a methodology that enables the preventive identification of the prerequisites for cost dissipation at all stages of the hotel product production chain. Based on the results of the analysis of the state and trends of key performance indicators of hotel businesses, it has been established that: during periods of declining demand, it is natural for sales volumes to decrease and fixed costs to decrease, but at the same time, variable costs increase; crisis phenomena have negatively affected the profitability of hotel businesses, and the need to find ways to manage costs aimed at their optimisation, especially in turbulent internal and external conditions, is relevant from the perspective of the concept of revenue management. The principles of cost management have been defined, serving as fundamental rules that provide the basis for decision-making on cost optimization. The principles of cost optimization ensure objectivity, consistency, and reproducibility. The article analyzes the principles governing management decisions on cost optimization and has been ranked under the study's basic concept, "anti-dissipative approach". Therefore, the study of cost optimization principles has been deepened through methods that implement them in specific situations. At the same time, it has been proven that the expediency of applying an anti-dissipative approach lies in optimizing costs to prevent their dispersion at all stages of the production chain, focusing on enterprises with a hotel business in Ukraine.

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  ASYMMETRIES OF THE EU SINGLE MARKET EFFECTS IN THE POLISH ECONOMY

  The European Union Single Market represents one of the most advanced examples of economic integration in the contemporary global economy. The main thing about it is that it functions as a mechanism that systematically reduces transaction costs and increases the accessibility of national markets to economic actors from other Member States. The aim ... The European Union Single Market represents one of the most advanced examples of economic integration in the contemporary global economy. The main thing about it is that it functions as a mechanism that systematically reduces transaction costs and increases the accessibility of national markets to economic actors from other Member States. The aim of this study is to present the effects of the asymmetries of the EU single market on the Polish economy through a combination of data and methods. To pursue this objective, we use the industry-level International Trade and Production Database for Estimation (ITPD-E) of the U.S. International Trade Commission, and we rely on the workhorse empirical model of trade – the gravity equation, which we estimate for each of the 170 ITPD-E industries following the recommendations for gravity estimations. Against this backdrop, the contribution of our paper is to obtain estimates of the asymmetric effects of the Single Market on the exports vs. imports for Poland, looking at important sectors of the Polish economy such as Agriculture and Agricultural Products, Mining and Energy, Manufacturing, Services. As a final result, it can be stated that integration with the EU Single Market revealed and reinforced Poland’s existing comparative advantages in primary production, making the agricultural raw materials sector one of the earliest beneficiaries of trade liberalisation. At the same time, it entrenched an asymmetric pattern of specialisation, in which the growth of exports of raw products coexisted with a relatively greater dependence on imports of goods with a higher degree of processing