Abstract Research background: Bankruptcy prediction models are frequently used in research. However, an industry approach is not often carried out. Due to this, this study included trends observable between the number of bankruptcies and its prediction by models. Purpose: The aim of the paper is to verify if changes in the number of actual bankruptcy in individual industries are properly predicted by the models. Also, if analyzed models are providing consistent information according to the risk of bankruptcy between industries. Research methodology: The data were collected from the Orbis database and the Coface reports. The period included in the study is 2014–2019. 5 Polish bankruptcy prediction models were used: these by D. Hadasik, E. Mączyńska and M. Zawadzki, M. Pogodzińska and S. Sojak, D. Wierzba and the Poznan one. Results: The analyzed models do not properly predict changes in the number of bankruptcy in individual industries, however, 3 out of 5 correctly predicted the trend for the entire sample. Analyzed models often provide inconsistent information. Hence, it seems sensible to use more than a few models in any further analyzes. Novelty: In the literature of the subject, there are often carried out analyses focused on the effectiveness of bankruptcy prediction models regarding individual companies. This research is focused on the prediction of changes in the number of companies to be considered as at bankruptcy risk between industries, and also on comparing these models.
摘要研究背景:破产预测模型是研究中经常使用的一种模型。但是，通常不采用行业方法。因此，本研究纳入了破产数量与模型预测之间可观察到的趋势。目的:本文的目的是验证模型是否正确地预测了个别行业实际破产数量的变化。此外，如果分析的模型根据不同行业的破产风险提供一致的信息。研究方法:数据来自奥比斯数据库和科法斯报告。该研究涵盖的时期为2014-2019年。使用了5个波兰破产预测模型:这些模型由D. Hadasik, E. Mączyńska和M. Zawadzki, M. Pogodzińska和S. Sojak, D. Wierzba和波兹南的一个。结果:所分析的模型不能正确预测单个行业破产数量的变化，但5个模型中有3个正确预测了整个样本的趋势。分析的模型通常提供不一致的信息。因此，在进一步的分析中使用多个模型似乎是明智的。新颖性:在该学科的文献中，经常有针对个别公司破产预测模型的有效性进行的分析。本研究的重点是预测不同行业被认为有破产风险的公司数量的变化，并对这些模型进行比较。
{"title":"An Analysis of the Effectiveness of Bankruptcy Prediction Models – an Industry Approach","authors":"Bartłomiej Pilch","doi":"10.2478/foli-2021-0017","DOIUrl":"https://doi.org/10.2478/foli-2021-0017","url":null,"abstract":"Abstract Research background: Bankruptcy prediction models are frequently used in research. However, an industry approach is not often carried out. Due to this, this study included trends observable between the number of bankruptcies and its prediction by models. Purpose: The aim of the paper is to verify if changes in the number of actual bankruptcy in individual industries are properly predicted by the models. Also, if analyzed models are providing consistent information according to the risk of bankruptcy between industries. Research methodology: The data were collected from the Orbis database and the Coface reports. The period included in the study is 2014–2019. 5 Polish bankruptcy prediction models were used: these by D. Hadasik, E. Mączyńska and M. Zawadzki, M. Pogodzińska and S. Sojak, D. Wierzba and the Poznan one. Results: The analyzed models do not properly predict changes in the number of bankruptcy in individual industries, however, 3 out of 5 correctly predicted the trend for the entire sample. Analyzed models often provide inconsistent information. Hence, it seems sensible to use more than a few models in any further analyzes. Novelty: In the literature of the subject, there are often carried out analyses focused on the effectiveness of bankruptcy prediction models regarding individual companies. This research is focused on the prediction of changes in the number of companies to be considered as at bankruptcy risk between industries, and also on comparing these models.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130173867","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}
Ephraim Ugwu, Christopher Ehinomen, P. Nwosa, Olubunmi Omotayo Efuntade
Abstract Research background: There is no consensus among scholars on the interaction effect between money supply, price, and wages despite various studies conducted to that effect. Purpose: This study investigates whether the neutrality of money assumption holds in the long run in Nigeria, using annual data from 1970 to 2018. Research methodology: The study utilized the Johansen cointegration test and the Vector Error Correction (VECM) approach for estimation. Results: The results from the Phillips curve model contradict the classical school of economics assumption that money is neutral in the long run. This implies that in the Nigerian economy, money is not neutral in the long run. The long run Fishers’ effect model shows that the coefficient of LOG (CPI) exhibits a negative sign and is statistically significant at a 5% significant level, thus contradicting the hypothesis which states that a one percent increase in consumer prices will lead to an increase in the rate of interest by one percent. The coefficient of nominal money supply indicates a negative sign and insignificant statistically on the interest rate. The Short-run estimated results showed that the coefficient of the error correction term ECM (–1) indicates a negative sign and is significant statistically in the Fishers’ effect model. The result shows the actual and equilibrium values are corrected with adjustment speeds equal to 31% yearly. Novelty: The study recommends that the Central Bank of Nigeria should ensure an effective implementation of monetary targeting measures in fine-tuning the economy and curbing inflationary pressures.
{"title":"Testing the Validity of the Long Run Neutrality of Money in Nigeria","authors":"Ephraim Ugwu, Christopher Ehinomen, P. Nwosa, Olubunmi Omotayo Efuntade","doi":"10.2478/foli-2021-0021","DOIUrl":"https://doi.org/10.2478/foli-2021-0021","url":null,"abstract":"Abstract Research background: There is no consensus among scholars on the interaction effect between money supply, price, and wages despite various studies conducted to that effect. Purpose: This study investigates whether the neutrality of money assumption holds in the long run in Nigeria, using annual data from 1970 to 2018. Research methodology: The study utilized the Johansen cointegration test and the Vector Error Correction (VECM) approach for estimation. Results: The results from the Phillips curve model contradict the classical school of economics assumption that money is neutral in the long run. This implies that in the Nigerian economy, money is not neutral in the long run. The long run Fishers’ effect model shows that the coefficient of LOG (CPI) exhibits a negative sign and is statistically significant at a 5% significant level, thus contradicting the hypothesis which states that a one percent increase in consumer prices will lead to an increase in the rate of interest by one percent. The coefficient of nominal money supply indicates a negative sign and insignificant statistically on the interest rate. The Short-run estimated results showed that the coefficient of the error correction term ECM (–1) indicates a negative sign and is significant statistically in the Fishers’ effect model. The result shows the actual and equilibrium values are corrected with adjustment speeds equal to 31% yearly. Novelty: The study recommends that the Central Bank of Nigeria should ensure an effective implementation of monetary targeting measures in fine-tuning the economy and curbing inflationary pressures.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132623434","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: An assessment of the dynamics of the development of the housing market is critical for development activity and the institutions that finance it. Due to the capital intensity of development projects, it seems necessary to perform detailed analyses to be sure that the investment will find buyers and to know how much time it will take for this undertaking to be sold. The absorption rate reports it. Purpose: The aim of the article is, therefore, to verify the importance of the absorption rate in assessing the dynamics of property market development based on the example of housing development activity in Łódź. Research methodology: To achieve the aim, in the empirical part of the article, information on developers’ investments in Łódź was independently collected, and based on them, absorption ratios for several periods were estimated. Results: The study showed dynamic changes in the absorption rate, as well as its diversity depending on the type of building and location. That is why it is so important to analyze this indicator in developers’ activity, where the risk of recovering the capital engaged is very high. Novelty: In Poland, there are few publications on the given topic, and the existing analyses of the absorption rate in Poland, prepared for the largest Polish cities, do not include the division into specific locations or the type of real estate, which is why they are not sufficiently reliable information for developers.
{"title":"Absorption Rate as a Tool for Assessing the Dynamics of Development Activity","authors":"Agata Antczak-Stępniak","doi":"10.2478/foli-2021-0013","DOIUrl":"https://doi.org/10.2478/foli-2021-0013","url":null,"abstract":"Abstract Research background: An assessment of the dynamics of the development of the housing market is critical for development activity and the institutions that finance it. Due to the capital intensity of development projects, it seems necessary to perform detailed analyses to be sure that the investment will find buyers and to know how much time it will take for this undertaking to be sold. The absorption rate reports it. Purpose: The aim of the article is, therefore, to verify the importance of the absorption rate in assessing the dynamics of property market development based on the example of housing development activity in Łódź. Research methodology: To achieve the aim, in the empirical part of the article, information on developers’ investments in Łódź was independently collected, and based on them, absorption ratios for several periods were estimated. Results: The study showed dynamic changes in the absorption rate, as well as its diversity depending on the type of building and location. That is why it is so important to analyze this indicator in developers’ activity, where the risk of recovering the capital engaged is very high. Novelty: In Poland, there are few publications on the given topic, and the existing analyses of the absorption rate in Poland, prepared for the largest Polish cities, do not include the division into specific locations or the type of real estate, which is why they are not sufficiently reliable information for developers.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"186 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122595215","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: There have been several studies on the degree of exchange rate pass-through (ERPT) to consumer prices, as well as macroeconomic environment with yet no clear direction. Purpose: This research work investigates exchange rate pass-through effects into consumer prices in Nigeria from 1960 to 2018. Research methodology: The methodology employed by the study for estimation is the Johansen cointegration and Vector Error Correction Model (VECM) procedures. Results: The empirical results indicate an incomplete pass-through of exchange rate into consumer prices in Nigeria. The pass-through is found to be 1.6 for the model under consideration. The impulse response function results indicate that the response of the consumer prices to the exchange rate shock decreases immediately to a negative shock in the short run, and continues along the horizon to a positive shock in the long run. Also, the response of consumer prices to interest rate shock decreases immediately and continues to fluctuate to a negative shock in both the short run long run horizon. Novelty: The results support the view that exchange rate policy should be complimented with coordinated macroeconomic policy approaches in order to control inflationary level in the economy. The study therefore recommends that the Federal Government should adopt a tightening of the monetary policy as it will help reduce the impact of exchange rate depreciation on consumer prices.
{"title":"Investigating Exchange Rate Pass-through to Consumer Prices in Nigeria","authors":"Ephraim Ugwu, D. Amassoma, Christopher Ehinomen","doi":"10.2478/foli-2021-0008","DOIUrl":"https://doi.org/10.2478/foli-2021-0008","url":null,"abstract":"Abstract Research background: There have been several studies on the degree of exchange rate pass-through (ERPT) to consumer prices, as well as macroeconomic environment with yet no clear direction. Purpose: This research work investigates exchange rate pass-through effects into consumer prices in Nigeria from 1960 to 2018. Research methodology: The methodology employed by the study for estimation is the Johansen cointegration and Vector Error Correction Model (VECM) procedures. Results: The empirical results indicate an incomplete pass-through of exchange rate into consumer prices in Nigeria. The pass-through is found to be 1.6 for the model under consideration. The impulse response function results indicate that the response of the consumer prices to the exchange rate shock decreases immediately to a negative shock in the short run, and continues along the horizon to a positive shock in the long run. Also, the response of consumer prices to interest rate shock decreases immediately and continues to fluctuate to a negative shock in both the short run long run horizon. Novelty: The results support the view that exchange rate policy should be complimented with coordinated macroeconomic policy approaches in order to control inflationary level in the economy. The study therefore recommends that the Federal Government should adopt a tightening of the monetary policy as it will help reduce the impact of exchange rate depreciation on consumer prices.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130212822","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: This paper analyses how different income sources affect the level of inequality in Poland, with focus on the role of family and children related allowances in decreasing income inequalities in 2015–2017. Therefore, the study has focused on the various subgroups of households with children. Purpose: The paper is aimed at examining the extent to which family and children related allowances affect household income inequality and identifying whether they affect inequality in various groups of households in the same way. Methodology: The study was carried out on micro-data gathered by Eurostat. To examine the extent to which different income components affect income inequality, we decompose the Gini coefficient according to the method introduced by Lerman and Yitzhaki. Results: Our study revealed that for most households with children, the inequality-reducing effect due to family and children related allowances increased in 2017 compared to 2015. However, despite the additional child-raising benefit under the “Family 500+” programme, income taxes and social security contributions remained by far the most important factor in reducing household income inequalities in Poland. Novelty: To our knowledge, no study has yet attempted to assess the extent to which family and child-allowances affect income inequality based on real data. The present analysis takes a step towards filling this gap. Unlike other studies based on microsimulation, in this paper we made use of the representative micro-data derived from the EU-SILC study.
{"title":"The Impact of Family and Child-Allowances on Income Inequality in Poland. Gini Decomposition by Income Sources","authors":"E. Wędrowska, J. Muszyńska","doi":"10.2478/foli-2021-0010","DOIUrl":"https://doi.org/10.2478/foli-2021-0010","url":null,"abstract":"Abstract Research background: This paper analyses how different income sources affect the level of inequality in Poland, with focus on the role of family and children related allowances in decreasing income inequalities in 2015–2017. Therefore, the study has focused on the various subgroups of households with children. Purpose: The paper is aimed at examining the extent to which family and children related allowances affect household income inequality and identifying whether they affect inequality in various groups of households in the same way. Methodology: The study was carried out on micro-data gathered by Eurostat. To examine the extent to which different income components affect income inequality, we decompose the Gini coefficient according to the method introduced by Lerman and Yitzhaki. Results: Our study revealed that for most households with children, the inequality-reducing effect due to family and children related allowances increased in 2017 compared to 2015. However, despite the additional child-raising benefit under the “Family 500+” programme, income taxes and social security contributions remained by far the most important factor in reducing household income inequalities in Poland. Novelty: To our knowledge, no study has yet attempted to assess the extent to which family and child-allowances affect income inequality based on real data. The present analysis takes a step towards filling this gap. Unlike other studies based on microsimulation, in this paper we made use of the representative micro-data derived from the EU-SILC study.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129303472","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 traditional function ascribed to a modern financial institution is to mobilize resources among the two units (surplus and deficit) of the economy. This can be achieved when financial institutions wake up to this responsibility and act as the pillar upon which other institutions can rely on. Purpose: This study examined the impact of bond market development on the growth of the Nigerian economy from 1986–2018. Research methodology: Data were analysed using the co-integration bounds test approach while the robustness of the estimates was also checked. Results: Government bond exhibited an insignificant positive relationship; corporate bond and value of bond traded were positive and statistically significant (prob. <0.05) while bond yield indicated a negative relationship with the growth of the Nigerian economy. Novelty: The study found that corporate bond and the value of bond traded were the major variables that increased the depth of bond market development in Nigeria. Therefore, policymakers in Nigeria should encourage the issuance of more corporate bonds to further enhance the efficiency of bond markets development.
{"title":"Impact of Bond Market Development on the Growth of the Nigerian Economy","authors":"M. O. Oke, Oluwabunmi Dada, Nelson O. Aremo","doi":"10.2478/foli-2021-0005","DOIUrl":"https://doi.org/10.2478/foli-2021-0005","url":null,"abstract":"Abstract Research background: The traditional function ascribed to a modern financial institution is to mobilize resources among the two units (surplus and deficit) of the economy. This can be achieved when financial institutions wake up to this responsibility and act as the pillar upon which other institutions can rely on. Purpose: This study examined the impact of bond market development on the growth of the Nigerian economy from 1986–2018. Research methodology: Data were analysed using the co-integration bounds test approach while the robustness of the estimates was also checked. Results: Government bond exhibited an insignificant positive relationship; corporate bond and value of bond traded were positive and statistically significant (prob. <0.05) while bond yield indicated a negative relationship with the growth of the Nigerian economy. Novelty: The study found that corporate bond and the value of bond traded were the major variables that increased the depth of bond market development in Nigeria. Therefore, policymakers in Nigeria should encourage the issuance of more corporate bonds to further enhance the efficiency of bond markets development.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133471394","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: Total Quality Management – TQM consists in managing an organization in which the continuous striving for quality based on the Deming Cycle is an important assumption. Even though the ‘product’, in reference to higher education, is not the same as in reference to industry, higher education can be improved in terms of quality and the manner of conducting classes, and administrative work by applying the TQM methods. Purpose: The main purpose of the research conducted at the University of Lodz was to identify and compare the determinants affecting the opinion of the students and lecturers on the assessment of the possibilities and effectiveness of introduction of the CQI methods in the Polish higher education. Research methodology: Multivariate statistical methods – cluster analysis were used for the analysis and cross tabulations. Results: Students and lecturers of the University of Lodz positively evaluated the CQI methods. The research shows most of the assumptions of the CQI concept can be adapted to the conditions of work at Polish universities; 68.92% of respondents stated that the CQI methods may be perceived as a concept of improvement of the quality of a university institution; 89.86% of respondents believe that the CQI methods are appropriate on the concept of the improvement of the quality of given classes/lectures. Novelty: The value of this paper is a contribution to the debate on needs and improving the quality of education at Polish universities.
{"title":"The Application of Continuous Quality Improvement Methods at Universities in the Opinion of Students and Lecturers of the University of Lodz","authors":"E. Zalewska","doi":"10.2478/foli-2021-0012","DOIUrl":"https://doi.org/10.2478/foli-2021-0012","url":null,"abstract":"Abstract Research background: Total Quality Management – TQM consists in managing an organization in which the continuous striving for quality based on the Deming Cycle is an important assumption. Even though the ‘product’, in reference to higher education, is not the same as in reference to industry, higher education can be improved in terms of quality and the manner of conducting classes, and administrative work by applying the TQM methods. Purpose: The main purpose of the research conducted at the University of Lodz was to identify and compare the determinants affecting the opinion of the students and lecturers on the assessment of the possibilities and effectiveness of introduction of the CQI methods in the Polish higher education. Research methodology: Multivariate statistical methods – cluster analysis were used for the analysis and cross tabulations. Results: Students and lecturers of the University of Lodz positively evaluated the CQI methods. The research shows most of the assumptions of the CQI concept can be adapted to the conditions of work at Polish universities; 68.92% of respondents stated that the CQI methods may be perceived as a concept of improvement of the quality of a university institution; 89.86% of respondents believe that the CQI methods are appropriate on the concept of the improvement of the quality of given classes/lectures. Novelty: The value of this paper is a contribution to the debate on needs and improving the quality of education at Polish universities.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"123 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133696729","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: Health outcome such as infant mortality rate is an important measure of the standard of living. It is a part of Millennium Development Goals, which all countries of the World strive to achieve, by allocating enormous economic resources to the health sector respectively. Purpose: The study assessed the impact of government expenditure on health and on health outcome (infant mortality rate) in the West Africa Sub-region. Research methodology: Secondary data were collected from 2000 to 2015 on thirteen countries in the Sub-region. Owing to the fact that the nature of the data involved is macro-panel data, the study performed the pre-estimation test (such as panel unit-root test and co-integration test) to ascertain the time series properties of the series. Based on the results of the pre-estimation tests, the work employed the fully modified ordinary least square (FMOLS). Results: It is found in the study that public health spending has an indirect impact on infant mortality rate in the West Africa Sub-region. Novelty: No extant study examined the impact of public expenditure on health and on maternal mortality rate using the West Africa Sub-region as an area of coverage. This study employed a fully modified OLS (FMOLS) to assess the impact of public expenditure on health and on infant mortality rate in the West Africa Sub-region.
{"title":"Impact of Government Health Expenditure on Health Outcomes in the West African Sub-Region","authors":"R. Mustapha, S. Onikosi-Alliyu, A. Babalola","doi":"10.2478/foli-2021-0004","DOIUrl":"https://doi.org/10.2478/foli-2021-0004","url":null,"abstract":"Abstract Research background: Health outcome such as infant mortality rate is an important measure of the standard of living. It is a part of Millennium Development Goals, which all countries of the World strive to achieve, by allocating enormous economic resources to the health sector respectively. Purpose: The study assessed the impact of government expenditure on health and on health outcome (infant mortality rate) in the West Africa Sub-region. Research methodology: Secondary data were collected from 2000 to 2015 on thirteen countries in the Sub-region. Owing to the fact that the nature of the data involved is macro-panel data, the study performed the pre-estimation test (such as panel unit-root test and co-integration test) to ascertain the time series properties of the series. Based on the results of the pre-estimation tests, the work employed the fully modified ordinary least square (FMOLS). Results: It is found in the study that public health spending has an indirect impact on infant mortality rate in the West Africa Sub-region. Novelty: No extant study examined the impact of public expenditure on health and on maternal mortality rate using the West Africa Sub-region as an area of coverage. This study employed a fully modified OLS (FMOLS) to assess the impact of public expenditure on health and on infant mortality rate in the West Africa Sub-region.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133198644","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 aim of this paper is to examine the long run relationship among oil prices and the Algerian Dinar exchange rate over the period January 1995–February 2020 in Algeria as one of the most important oil-exporting countries and one of the OPEC members. Purpose: This study investigated the co-integration relationship between oil prices and exchange rate in Algeria by testing the long-run relationship between the two variables and their positive and negative shocks. Research methodology: the study applied both the traditional co-integration analysis using Engle-Granger, Phillips-Ouliaris and Johansen-Juselius tests and the hidden co-integration presented by Granger and Yoon (2002). Results: The results revealed that there is no evidence of a co-movement and linkage between oil prices and exchange rate in Algeria over the period of study neither with the original series nor between the cumulative components whatever the dependent variable. Novelty: This paper fills in the missing link between the Algerian Dinar exchange rate and oil prices especially with the absence of the hidden co-integration analysis in the case of Algeria and most of the developing countries. To deal with the oil shocks according to Apergis and Miller (2007) and Narayan and Gupta (2015) studies where when they suggested distinguishing between the negative and positive oil price shocks because the asymmetric effect on the macroeconomic variables.
{"title":"Oil Prices and the Algerian Exchange Rate: Is there any Difference with Hidden Co-Integration?","authors":"Ayad Hicham","doi":"10.2478/foli-2021-0001","DOIUrl":"https://doi.org/10.2478/foli-2021-0001","url":null,"abstract":"Abstract Research background: The aim of this paper is to examine the long run relationship among oil prices and the Algerian Dinar exchange rate over the period January 1995–February 2020 in Algeria as one of the most important oil-exporting countries and one of the OPEC members. Purpose: This study investigated the co-integration relationship between oil prices and exchange rate in Algeria by testing the long-run relationship between the two variables and their positive and negative shocks. Research methodology: the study applied both the traditional co-integration analysis using Engle-Granger, Phillips-Ouliaris and Johansen-Juselius tests and the hidden co-integration presented by Granger and Yoon (2002). Results: The results revealed that there is no evidence of a co-movement and linkage between oil prices and exchange rate in Algeria over the period of study neither with the original series nor between the cumulative components whatever the dependent variable. Novelty: This paper fills in the missing link between the Algerian Dinar exchange rate and oil prices especially with the absence of the hidden co-integration analysis in the case of Algeria and most of the developing countries. To deal with the oil shocks according to Apergis and Miller (2007) and Narayan and Gupta (2015) studies where when they suggested distinguishing between the negative and positive oil price shocks because the asymmetric effect on the macroeconomic variables.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130589449","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: One of the main ways companies gain and maintain a competitive advantage in many markets is to introduce product innovations. The degree of their acceptance by consumers is determined by many factors, among which the level of consumer innovativeness is of great importance. The paper presents the results of a study on consumer innovativeness of the adult inhabitants of the Poznań agglomeration. Purpose: The main purpose of the study was to recognize the relationship between consumer innovativeness and consumer’s personal characteristics and to advance knowledge regarding consumer innovativeness. Research methodology: The research was carried out using the direct interview technique with the use of an interview questionnaire, on a sample of 795 adult inhabitants of the Poznań agglomeration. Results: The results show that there is a directly proportional relationship between consumer innovativeness and education or material status and an inversely proportional relationship between consumer innovativeness and age in the pro-innovative dimension. The results indicate that there are statistically significant differences in consumer innovativeness between groups based on respondents’ personal characteristics – gender, age, level of education and material situation. The results however are ambiguous. Novelty: The novelty of the study is based on the verification of the relations between consumer innovativeness and their selected personal characteristics, with the example of Poland.
{"title":"Consumer Innovativeness and Personal Characteristics – A Study Among the Inhabitants of the Poznań Agglomeration","authors":"Szymon Michalak, Paweł Bartkowiak","doi":"10.2478/foli-2021-0003","DOIUrl":"https://doi.org/10.2478/foli-2021-0003","url":null,"abstract":"Abstract Research background: One of the main ways companies gain and maintain a competitive advantage in many markets is to introduce product innovations. The degree of their acceptance by consumers is determined by many factors, among which the level of consumer innovativeness is of great importance. The paper presents the results of a study on consumer innovativeness of the adult inhabitants of the Poznań agglomeration. Purpose: The main purpose of the study was to recognize the relationship between consumer innovativeness and consumer’s personal characteristics and to advance knowledge regarding consumer innovativeness. Research methodology: The research was carried out using the direct interview technique with the use of an interview questionnaire, on a sample of 795 adult inhabitants of the Poznań agglomeration. Results: The results show that there is a directly proportional relationship between consumer innovativeness and education or material status and an inversely proportional relationship between consumer innovativeness and age in the pro-innovative dimension. The results indicate that there are statistically significant differences in consumer innovativeness between groups based on respondents’ personal characteristics – gender, age, level of education and material situation. The results however are ambiguous. Novelty: The novelty of the study is based on the verification of the relations between consumer innovativeness and their selected personal characteristics, with the example of Poland.","PeriodicalId":314664,"journal":{"name":"Folia Oeconomica Stetinensia","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115019604","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}
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