Comparative Analysis of the Use of Financial Instruments – Regional Perspective
Purpose: The aim of the article is to indicate how provinces in Poland support regional development with European Union money, especially with repayable instruments. The article poses the following research hypothesis – repayable financial instruments can effectively support regional development and previous experience is useful in the implementation of this support nowadays. The article first addresses the essence of EU cohesion politics and explains the essence and role of financial instruments and the type of support used in every region in Poland. A key element of the article is the calculation of the share of repayable instruments which will be used in the years 2021-2027, and indicating reason, and aims using that kind of support. Design/Methodology/Approach: A critical analysis of the literature and an observational method using argumentation to support generalized theses were used to achieve the aim. In addition, the induction and deduction method, the comparison and generalization method, and the synthesis method were used. Findings: The analysis carried out allowed the identification of the kind of support used in the Polish regions. The analysis has shown that the popularity of using repayable instruments is growing in voivodeships in Poland, although grants are popular as well. Practical Implications: Implementation of EU money is very crucial for regional development however the is a visibly increasing share of financial instruments, which have many advantages and should be introduced at a larger scale. Those politics in FI case will generate the regional financial institutions and regional support system. Originality/Value: The article presents the results of its own desk research and calculations. The issue presented has not previously been addressed in discussions published internationally.