Abstract Research background: The efficiency of the functioning of District Employment Agencies is often assessed on the basis of the level of employment and cost-effectiveness indices. The values of these indices are influenced by various socio-economic factors, which were grouped into five areas in the paper: unemployment, demography, environment, entities and the human potential of District Employment Agencies (PUPs). The research was conducted in 340 District Employment Agencies in 2017. Purpose: The purpose of the study is to separate groups of District Employment Agencies with similar values of employment and cost-effectiveness indices, with the simultaneous identification of the level of factors that characterize the socio-economic situation and staff potential in each of the separated groups. Research methodology: One of the methods of a multidimensional statistical analysis – the regression trees method was used in the work. Results: The use of regression trees allowed the separation of groups of District Employment Agencies, which differed in terms of the level of employment and cost-effectiveness indices, and characterized these groups due to socio-economic factors and staffing potential. Novelty: The survey covers all District Employment Agencies in Poland and the obtained research results can be useful for labor market institutions to assess the efficiency of PUPs.
{"title":"Classification of District Employment Agencies in Terms of Employment and Cost-Effectiveness Using Regression Trees","authors":"I. Bąk, K. Wawrzyniak, A. Sobolewski","doi":"10.2478/foli-2020-0033","DOIUrl":"https://doi.org/10.2478/foli-2020-0033","url":null,"abstract":"Abstract Research background: The efficiency of the functioning of District Employment Agencies is often assessed on the basis of the level of employment and cost-effectiveness indices. The values of these indices are influenced by various socio-economic factors, which were grouped into five areas in the paper: unemployment, demography, environment, entities and the human potential of District Employment Agencies (PUPs). The research was conducted in 340 District Employment Agencies in 2017. Purpose: The purpose of the study is to separate groups of District Employment Agencies with similar values of employment and cost-effectiveness indices, with the simultaneous identification of the level of factors that characterize the socio-economic situation and staff potential in each of the separated groups. Research methodology: One of the methods of a multidimensional statistical analysis – the regression trees method was used in the work. Results: The use of regression trees allowed the separation of groups of District Employment Agencies, which differed in terms of the level of employment and cost-effectiveness indices, and characterized these groups due to socio-economic factors and staffing potential. Novelty: The survey covers all District Employment Agencies in Poland and the obtained research results can be useful for labor market institutions to assess the efficiency of PUPs.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134013795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: Business support organization’s positive influence on innovation activity seems so obvious, but it is thought to find the systemic research that confirm such phenomenon form the one side. The author did not find papers with specific statistical interaction between them from the other one. Purpose: The main research goal is to assess the systemic importance of relationships between business environment institutions and the type of innovative activity in Poland. Research methodology: The survey was conducted in the years 2013–2017 on a group of 6,283 industrial companies in Poland (the primary database contained nearly eighty thousand active manufacturing enterprises with a 9% survey success rate). The author used multiregression logit models to describe the statistical significant relations between business support units and innovation activity in enterprises. Results: The positive feedback from the logit models show us homogeneity of the country system from the one side (the same direction influence) and heterogeneity from the other (differences between support units) that flows from these interactions. The impact of the BSO units were statistically significant, strong and positive in most cases, excluding some exceptions. Novelty: Appointment of systemic strength, direction and odds ratio of the impact the support units have on innovation activity in Poland.
{"title":"Innovation Activity in Industry and Business Support Organizations in Poland in 2013–2017","authors":"A. Świadek","doi":"10.2478/foli-2020-0053","DOIUrl":"https://doi.org/10.2478/foli-2020-0053","url":null,"abstract":"Abstract Research background: Business support organization’s positive influence on innovation activity seems so obvious, but it is thought to find the systemic research that confirm such phenomenon form the one side. The author did not find papers with specific statistical interaction between them from the other one. Purpose: The main research goal is to assess the systemic importance of relationships between business environment institutions and the type of innovative activity in Poland. Research methodology: The survey was conducted in the years 2013–2017 on a group of 6,283 industrial companies in Poland (the primary database contained nearly eighty thousand active manufacturing enterprises with a 9% survey success rate). The author used multiregression logit models to describe the statistical significant relations between business support units and innovation activity in enterprises. Results: The positive feedback from the logit models show us homogeneity of the country system from the one side (the same direction influence) and heterogeneity from the other (differences between support units) that flows from these interactions. The impact of the BSO units were statistically significant, strong and positive in most cases, excluding some exceptions. Novelty: Appointment of systemic strength, direction and odds ratio of the impact the support units have on innovation activity in Poland.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130658152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Janusz Brzeszczyński, Jerzy Gajdka, Tomasz Schabek
Abstract Research background: Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis of 2007/2008. Purpose: The purpose of this paper is to provide an analysis of Bitcoin from the perspective of the Polish market investor. More specifically, the aim of the empirical research presented in this study has been twofold: (1) comparison of Bitcoin with other currencies using returns and risk captured by the standard deviation of returns and (2) assessment of the sensitivity of the BTC/PLN exchange rate to the NBP’s monetary policy announcements. Results: Bitcoin appears to be weakly related to other currency exchange rates against the Polish zloty and the monetary policy announcements of the National Bank of Poland (NBP) have, effectively, no influence on the determination of the BTC/PLN exchange rate. Novelty: We discuss extensively the Bitcoin as a new asset on the financial market and we present the investigation of the BTC/PLN reactions to the monetary policy announcements in Poland, which is a novel analysis for this instrument using the Polish market data.
{"title":"Bitcoin as a New Currency","authors":"Janusz Brzeszczyński, Jerzy Gajdka, Tomasz Schabek","doi":"10.2478/foli-2020-0035","DOIUrl":"https://doi.org/10.2478/foli-2020-0035","url":null,"abstract":"Abstract Research background: Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis of 2007/2008. Purpose: The purpose of this paper is to provide an analysis of Bitcoin from the perspective of the Polish market investor. More specifically, the aim of the empirical research presented in this study has been twofold: (1) comparison of Bitcoin with other currencies using returns and risk captured by the standard deviation of returns and (2) assessment of the sensitivity of the BTC/PLN exchange rate to the NBP’s monetary policy announcements. Results: Bitcoin appears to be weakly related to other currency exchange rates against the Polish zloty and the monetary policy announcements of the National Bank of Poland (NBP) have, effectively, no influence on the determination of the BTC/PLN exchange rate. Novelty: We discuss extensively the Bitcoin as a new asset on the financial market and we present the investigation of the BTC/PLN reactions to the monetary policy announcements in Poland, which is a novel analysis for this instrument using the Polish market data.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127301527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: The successful learning of classifiers depends on the quality of data. Modeling is especially difficult when the data are unbalanced or contain many irrelevant variables. This is the case in many applications. The classification of rare events is the overarching goal, e.g. in bankruptcy prediction, churn analysis or fraud detection. The problem of irrelevant variables accompanies situations where the specification of the model is not known a priori, thus in typical conditions for data mining analysts.
{"title":"The Influence of Unbalanced Economic Data on Feature Selection and Quality of Classifiers","authors":"Kubus Mariusz","doi":"10.2478/FOLI-2020-0014","DOIUrl":"https://doi.org/10.2478/FOLI-2020-0014","url":null,"abstract":"Research background: The successful learning of classifiers depends on the quality of data. Modeling is especially difficult when the data are unbalanced or contain many irrelevant variables. This is the case in many applications. The classification of rare events is the overarching goal, e.g. in bankruptcy prediction, churn analysis or fraud detection. The problem of irrelevant variables accompanies situations where the specification of the model is not known a priori, thus in typical conditions for data mining analysts.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124968024","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: Following a rational health policy by the state is tantamount to having knowledge of society’s health status and health affecting factors. It has become particularly important to focus on the 21st century diseases resulting in premature deaths. That objective dominated the 2016 Act on Public Health and the 2016–2020 National Health Programme connected with it. Purpose: The aim of the paper is to present the results of an analysis concerning hospitals’ technical efficiency assessment in treating diseases of civilization in Poland by provinces. A BCC model with a changing effects of scale and the DEA method were applied, using linear programming. Results: The received results of assessing the technical efficiency of patient treatment related to diseases of civilization from the temporal and spatial point of view may serve as a basis for decisions on regional policy creation. Novelty: Interest in measuring production factors of healthcare activity and outcomes may be ascribed to increased care about costs borne in the sector and pressure on responsible management in the public sphere. Thus, planning appropriate actions aimed at maintaining and improving public health leads to the rational use of funds and improved lives of the population.
{"title":"Efficiency Frontiers in Treating Lifestyle Diseases","authors":"Danuta J. Rozpędowska-Matraszek","doi":"10.2478/foli-2020-0020","DOIUrl":"https://doi.org/10.2478/foli-2020-0020","url":null,"abstract":"Abstract Research background: Following a rational health policy by the state is tantamount to having knowledge of society’s health status and health affecting factors. It has become particularly important to focus on the 21st century diseases resulting in premature deaths. That objective dominated the 2016 Act on Public Health and the 2016–2020 National Health Programme connected with it. Purpose: The aim of the paper is to present the results of an analysis concerning hospitals’ technical efficiency assessment in treating diseases of civilization in Poland by provinces. A BCC model with a changing effects of scale and the DEA method were applied, using linear programming. Results: The received results of assessing the technical efficiency of patient treatment related to diseases of civilization from the temporal and spatial point of view may serve as a basis for decisions on regional policy creation. Novelty: Interest in measuring production factors of healthcare activity and outcomes may be ascribed to increased care about costs borne in the sector and pressure on responsible management in the public sphere. Thus, planning appropriate actions aimed at maintaining and improving public health leads to the rational use of funds and improved lives of the population.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"281 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116439576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: Lesser Poland is one of the most visited regions in Poland. Among the reasons why it is so, there are a variety of attractions located in this voivodeship and also the activities taken by local government, for which the development of the tourism industry is one of the key goals. Purpose: Building a ranking of poviats of Lesser Poland in terms of tourist attractiveness. Research methodology: Selected multivariate analysis tools, i.e. three methods of linear ordering and cluster analysis. Results: Using the Ward algorithm, poviats are grouped into four clusters of areas with similar characteristics due to tourist values. In addition, using three linear ordering techniques, poviats of the Lesser Poland voivodeship are ordered according to tourist attractiveness. The results of ordering are rather consistent and indicate that the most attractive poviats are: nowotarski, oświęcimski, tatrzański and the city of Kraków. Interestingly, these areas belong to three different groups obtained as part of a cluster analysis. This means that Lesser Poland is a diversified region in terms of the attractions that draw tourists’ to the area. Novelty: The study of tourist attractiveness using linear ordering techniques is not an original topic. The thesis is of cognitive value and fills a gap in the literature, in which there are no studies based on data from Lesser Poland.
{"title":"An Analysis of Tourist Attractiveness of Poviats of the Lesser Poland Voivodeship","authors":"J. Wolak","doi":"10.2478/foli-2020-0029","DOIUrl":"https://doi.org/10.2478/foli-2020-0029","url":null,"abstract":"Abstract Research background: Lesser Poland is one of the most visited regions in Poland. Among the reasons why it is so, there are a variety of attractions located in this voivodeship and also the activities taken by local government, for which the development of the tourism industry is one of the key goals. Purpose: Building a ranking of poviats of Lesser Poland in terms of tourist attractiveness. Research methodology: Selected multivariate analysis tools, i.e. three methods of linear ordering and cluster analysis. Results: Using the Ward algorithm, poviats are grouped into four clusters of areas with similar characteristics due to tourist values. In addition, using three linear ordering techniques, poviats of the Lesser Poland voivodeship are ordered according to tourist attractiveness. The results of ordering are rather consistent and indicate that the most attractive poviats are: nowotarski, oświęcimski, tatrzański and the city of Kraków. Interestingly, these areas belong to three different groups obtained as part of a cluster analysis. This means that Lesser Poland is a diversified region in terms of the attractions that draw tourists’ to the area. Novelty: The study of tourist attractiveness using linear ordering techniques is not an original topic. The thesis is of cognitive value and fills a gap in the literature, in which there are no studies based on data from Lesser Poland.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128347200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: Strengthening endogenous potentials, enhancing competitive advantage based on research and innovation remains an important component of regional development policy. Over the years this task has been carried out through e.g. the identification and support focused on smart specialisations. Purpose: The purpose of the assessment was to identify smart specialisations in the Dolnośląskie voivodeship and evaluate their competitiveness against the background of other voivodeships. Research methodology: The set of diagnostic indicators as well as the dynamics and location measures calculated on their basis, and also linear ordering methods using a weights system (Synthetic Measure of Smart Specialisations – SMSS) were used to identify regional smart specialisations. A statistical analysis was conducted on the basis of data at the level of PKD divisions (Polish Statistical Classification of Economic Activities; NACE is the EU equivalent). The identification was carried out taking into account the period 2012–2017 and focused primarily on 2017. Results: As a result, 4 RSSs were identified, of which the first two are the mining of non-ferrous metal ores and the production of motor vehicles. Novelty: The study proposes, based on the example of the Dolnośląskie voivodeship, the possibility of using linear ordering methods in determining the region’s smart specialisations (RSS), i.e. unique regional qualities and assets, which may constitute its competitive advantage, supported by appropriate research and development facilities and essential for the development of modern and innovative sectors of the economy.
{"title":"Identification of Regional Smart Specialisations on the Basis of Aggregate Measures – A Case of the Dolnośląskie Voivodeship","authors":"Beata Bal-Domańska, Elżbieta Sobczak, E. Stańczyk","doi":"10.2478/foli-2020-0004","DOIUrl":"https://doi.org/10.2478/foli-2020-0004","url":null,"abstract":"Abstract Research background: Strengthening endogenous potentials, enhancing competitive advantage based on research and innovation remains an important component of regional development policy. Over the years this task has been carried out through e.g. the identification and support focused on smart specialisations. Purpose: The purpose of the assessment was to identify smart specialisations in the Dolnośląskie voivodeship and evaluate their competitiveness against the background of other voivodeships. Research methodology: The set of diagnostic indicators as well as the dynamics and location measures calculated on their basis, and also linear ordering methods using a weights system (Synthetic Measure of Smart Specialisations – SMSS) were used to identify regional smart specialisations. A statistical analysis was conducted on the basis of data at the level of PKD divisions (Polish Statistical Classification of Economic Activities; NACE is the EU equivalent). The identification was carried out taking into account the period 2012–2017 and focused primarily on 2017. Results: As a result, 4 RSSs were identified, of which the first two are the mining of non-ferrous metal ores and the production of motor vehicles. Novelty: The study proposes, based on the example of the Dolnośląskie voivodeship, the possibility of using linear ordering methods in determining the region’s smart specialisations (RSS), i.e. unique regional qualities and assets, which may constitute its competitive advantage, supported by appropriate research and development facilities and essential for the development of modern and innovative sectors of the economy.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130409163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: So far, many methods of direct measurement of similarity in multidimensional scaling have been developed (e.g. ranking, sorting, pairwise comparison and others). The method selection affects the subjective feelings of the respondents, i.e. fatigue, weariness resulting from making numerous assessments, or difficulties in expressing similarity assessments. Purpose: In the proposed method, for all four-element sets (tetrads) of objects a respondent is asked to pick out the most similar and the least similar pair. Because the number of tetrads increases very rapidly with the number of objects, the aim of the study is to indicate the possibility of measuring similarities based on the reduced number of tetrads. Research methodology: In order to make scaling results independent from respondents’ subjective effects the analysis was made on the basis of the given distance matrix. To construct perceptual maps based on tetrads, multidimensional scaling with the use of the MINISSA program was performed. The quality of matching the resulting points configuration to the configuration determined based on the distance matrix was tested by a Procrustes statistic. Results: It was demonstrated that the choice of the incomplete set of tetrads has no significant effect on the results of multidimensional scaling, even when all pairs of objects in tetrads cannot be presented equally frequently. Novelty: An original method for calculating similarities in nonmetric multidimensional scaling.
{"title":"The Use of the Incomplete Tetrad Method for Measuring the Similarities in Nonmetric Multidimensional Scaling","authors":"A. Zaborski","doi":"10.2478/foli-2020-0030","DOIUrl":"https://doi.org/10.2478/foli-2020-0030","url":null,"abstract":"Abstract Research background: So far, many methods of direct measurement of similarity in multidimensional scaling have been developed (e.g. ranking, sorting, pairwise comparison and others). The method selection affects the subjective feelings of the respondents, i.e. fatigue, weariness resulting from making numerous assessments, or difficulties in expressing similarity assessments. Purpose: In the proposed method, for all four-element sets (tetrads) of objects a respondent is asked to pick out the most similar and the least similar pair. Because the number of tetrads increases very rapidly with the number of objects, the aim of the study is to indicate the possibility of measuring similarities based on the reduced number of tetrads. Research methodology: In order to make scaling results independent from respondents’ subjective effects the analysis was made on the basis of the given distance matrix. To construct perceptual maps based on tetrads, multidimensional scaling with the use of the MINISSA program was performed. The quality of matching the resulting points configuration to the configuration determined based on the distance matrix was tested by a Procrustes statistic. Results: It was demonstrated that the choice of the incomplete set of tetrads has no significant effect on the results of multidimensional scaling, even when all pairs of objects in tetrads cannot be presented equally frequently. Novelty: An original method for calculating similarities in nonmetric multidimensional scaling.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"10 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123741050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: The issues undertaken in the paper include the specification of an econometric model in real estate mass appraisal. Advantages and disadvantages of using econometric models in real estate mass appraisal are discussed. Purpose: The issue of aiding the valuation process with an econometric model based on the Szczecin algorithm of real estate mass appraisal is discussed in the paper. Such problems like multicollinearity, lack of coincidence and nonmonotonic influence of attributes are pointed out. Also, potential solutions to these problems are mentioned. Moreover, the paper features a discussion of cases in which econometric appraisal is not sufficient. Research methodology: The base for constructing an econometric model is the so-called Szczecin algorithm of real estate mass appraisal. Based on the algorithm, the econometric model was created to enable determining the impact of real estate attributes and location on their value. Results: problems related with specification, estimation and verification of the real estate mass appraisal econometric model are discussed in an empirical example. Novelty: A non-linear model is proposed, which features explanatory variables introduced into the model, and by taking into consideration the scale of their measurement. The proposed model, by introducing dummy variables, also account for the impact of a location, which significantly improves the fit to empirical values.
{"title":"Econometric Support of a Mass Valuation Process","authors":"M. Doszyń","doi":"10.2478/foli-2020-0005","DOIUrl":"https://doi.org/10.2478/foli-2020-0005","url":null,"abstract":"Abstract Research background: The issues undertaken in the paper include the specification of an econometric model in real estate mass appraisal. Advantages and disadvantages of using econometric models in real estate mass appraisal are discussed. Purpose: The issue of aiding the valuation process with an econometric model based on the Szczecin algorithm of real estate mass appraisal is discussed in the paper. Such problems like multicollinearity, lack of coincidence and nonmonotonic influence of attributes are pointed out. Also, potential solutions to these problems are mentioned. Moreover, the paper features a discussion of cases in which econometric appraisal is not sufficient. Research methodology: The base for constructing an econometric model is the so-called Szczecin algorithm of real estate mass appraisal. Based on the algorithm, the econometric model was created to enable determining the impact of real estate attributes and location on their value. Results: problems related with specification, estimation and verification of the real estate mass appraisal econometric model are discussed in an empirical example. Novelty: A non-linear model is proposed, which features explanatory variables introduced into the model, and by taking into consideration the scale of their measurement. The proposed model, by introducing dummy variables, also account for the impact of a location, which significantly improves the fit to empirical values.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121611869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Research background: Output volatility has potentially adverse consequences on the economy and the stabilizing role of fiscal policy is linked to the share of government size in an economy. Hence, given the relative large share of government in developing countries, government size is expected to play an important role in stabilizing output volatility. Purpose: This study examines the relationship between output volatility and government size in Nigeria. The study seeks to establish if government size mitigates output volatility in Nigeria. Research methodology: The study employs the Autoregressive Distributed Lag (ARDL) technique after conducting stationarity and co-integration tests. Results: The results of the ARDL estimate showed that government size lessens output volatility but the magnitude was insignificant. Further, the study found that volatility in aggregate government spending; international oil price and public debt were significant determinants of output volatility in Nigeria. Novelty: This showed that the automatic stabilization role of government size on output volatility could not be established. The automatic stabilization role of fiscal policy can be improved by increasing social security transfers (pension payment), payments of unemployment benefits and increasing civil servants minimum wage.
{"title":"Output Volatility and Government Size in Nigeria","authors":"P. Nwosa, Christopher Ehinomen, Ephraim Ugwu","doi":"10.2478/foli-2020-0017","DOIUrl":"https://doi.org/10.2478/foli-2020-0017","url":null,"abstract":"Abstract Research background: Output volatility has potentially adverse consequences on the economy and the stabilizing role of fiscal policy is linked to the share of government size in an economy. Hence, given the relative large share of government in developing countries, government size is expected to play an important role in stabilizing output volatility. Purpose: This study examines the relationship between output volatility and government size in Nigeria. The study seeks to establish if government size mitigates output volatility in Nigeria. Research methodology: The study employs the Autoregressive Distributed Lag (ARDL) technique after conducting stationarity and co-integration tests. Results: The results of the ARDL estimate showed that government size lessens output volatility but the magnitude was insignificant. Further, the study found that volatility in aggregate government spending; international oil price and public debt were significant determinants of output volatility in Nigeria. Novelty: This showed that the automatic stabilization role of government size on output volatility could not be established. The automatic stabilization role of fiscal policy can be improved by increasing social security transfers (pension payment), payments of unemployment benefits and increasing civil servants minimum wage.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130333042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：