In many theories of economics and empirical research, foreign direct investment (FDI) is perceived as a potential technology transfer channel bringing tangible benefits to FDI exporting countries and host countries. In light of some theories, such as Vernon’s product life cycle theory or Dunning’s pull factor theory, and the results of empirical research, the impact of inward FDI flows inhibits the development of innovation or has a neutral effect on innovation in the host country. In the era of the growing internationalisation of enterprises, and the search for opportunities for enterprises to compete on the domestic and foreign markets, innovation is becoming one of the most important elements of building a competitive advantage. Innovation and new technologies are also of fundamental importance for Polish enterprises that want to compete effectively. The question is, to what extent FDI in Poland favours this process, and to what extent limits it? In the empirical studies conducted so far for the Polish economy in the field of the relationship between the inflow of FDI and innovation, there are not many models that would allow to describe the cause-effect relationship between the discussed categories. The authors of this article attempt to fill this research gap. The main goal was to examine the directions and intensity of the impact of foreign direct investment on the level of innovation of enterprises in the main sectors of the economy in Poland. The study used, among others, panel data models with error correction mechanism (ECM) and the Granger causality test. The results confirmed the positive impact of foreign direct investment on the innovativeness of enterprises both in the industrial sector and in the service sector. Moreover, the impact of FDI on the innovativeness of enterprises in the industrial sector turned out to be stronger than the impact on the innovativeness of companies from the service sector.
{"title":"Study on the influence of foreign direct investment on innovations in enterprises in Poland using the ECM model","authors":"M. Salamaga","doi":"10.15611/aoe.2023.1.06","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.06","url":null,"abstract":"In many theories of economics and empirical research, foreign direct investment (FDI) is perceived as a potential technology transfer channel bringing tangible benefits to FDI exporting countries and host countries. In light of some theories, such as Vernon’s product life cycle theory or Dunning’s pull factor theory, and the results of empirical research, the impact of inward FDI flows inhibits the development of innovation or has a neutral effect on innovation in the host country. In the era of the growing internationalisation of enterprises, and the search for opportunities for enterprises to compete on the domestic and foreign markets, innovation is becoming one of the most important elements of building a competitive advantage. Innovation and new technologies are also of fundamental importance for Polish enterprises that want to compete effectively. The question is, to what extent FDI in Poland favours this process, and to what extent limits it? In the empirical studies conducted so far for the Polish economy in the field of the relationship between the inflow of FDI and innovation, there are not many models that would allow to describe the cause-effect relationship between the discussed categories. The authors of this article attempt to fill this research gap. The main goal was to examine the directions and intensity of the impact of foreign direct investment on the level of innovation of enterprises in the main sectors of the economy in Poland. The study used, among others, panel data models with error correction mechanism (ECM) and the Granger causality test. The results confirmed the positive impact of foreign direct investment on the innovativeness of enterprises both in the industrial sector and in the service sector. Moreover, the impact of FDI on the innovativeness of enterprises in the industrial sector turned out to be stronger than the impact on the innovativeness of companies from the service sector.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose: Developing Tourism Satellite Account (TSA) at regional level is a challenging task for any country that wishes to have data for its component regions or its sub-national entities. There are numerous conceptual and methodological issues to be faced in such an endeavour. Considering data availability, particularly the lack of demand-side data at regional level, the purpose of this paper was to employ a top-down method for regionalizing TSA data in Romania at the level of its eight development regions. Design/methodology/approach: This method is based on using multiple regional indicators and existing data sources coming from the supply side: tourism statistics, passenger transport statistics, culture statistics, administrative data, structural business survey, labour cost survey, as well as national and regional accounts. Findings: Regionalizing TSA was obtained but restricted only to calculating the TSA aggregates at regional level. Originality: This paper will contribute to enhancing the TSA development at sub-national (regional) level by proposing a quick top-down method based only on the existing data sources. Research limitations/implications: The major limitation is the lack of a direct reconciliation of data between regional supply and regional demand which is actually the philosophy of any TSA. Practical implications: The regionalization of TSA data proposed in this paper can be illustrative for countries having national TSAs and wishing to make advancements at sub-national (regional) level.
{"title":"Regionalizing a Tourism Satellite Account: A top-down approach based on existing data sources","authors":"C. Frenț","doi":"10.15611/aoe.2023.1.10","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.10","url":null,"abstract":"Purpose: Developing Tourism Satellite Account (TSA) at regional level is a challenging task for any country that wishes to have data for its component regions or its sub-national entities. There are numerous conceptual and methodological issues to be faced in such an endeavour. Considering data availability, particularly the lack of demand-side data at regional level, the purpose of this paper was to employ a top-down method for regionalizing TSA data in Romania at the level of its eight development regions. Design/methodology/approach: This method is based on using multiple regional indicators and existing data sources coming from the supply side: tourism statistics, passenger transport statistics, culture statistics, administrative data, structural business survey, labour cost survey, as well as national and regional accounts. Findings: Regionalizing TSA was obtained but restricted only to calculating the TSA aggregates at regional level. Originality: This paper will contribute to enhancing the TSA development at sub-national (regional) level by proposing a quick top-down method based only on the existing data sources. Research limitations/implications: The major limitation is the lack of a direct reconciliation of data between regional supply and regional demand which is actually the philosophy of any TSA. Practical implications: The regionalization of TSA data proposed in this paper can be illustrative for countries having national TSAs and wishing to make advancements at sub-national (regional) level.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The correct approach to liquidity risk management in banks is essential for securing their financial stability. The position of liquidity risk among the rest of bank risks is specific because the negative outcome is not just a loss, but directly the bankruptcy of the institution. Such an occurrence might start a chain reaction and bring uncertainty into the entire financial system. This paper focused on one source of liquidity risk, i.e. management of liquidity throughout the day. The management of intraday liquidity is related to cash inflows and outflows occurring during the business day, their timing and settlement. In 2013, the BCBS published the document Monitoring tools for intraday liquidity management, often referred to by the regulatory authorities. It offers basic concepts of intraday liquidity monitoring and sketchily defines stress scenarios. The author suggests possibilities of how to perform intraday liquidity stress testing in a bank, which is often required by supervisors, even though no detailed approach or methodology as to how to proceed was introduced by the regulators. The research was carried out on anonymised data of cash inflows and outflows recorded on a central bank reserves account of one of the Slovak commercial banks. Both a base and four stress scenarios were developed and suggested for the better understanding of expected cashflows in standard conditions and during stress. The author’s aim was to develop scenarios in a non-traditional way by means of a basic and EWMA historical bootstrap simulations, respectively. Stress scenarios are supposed to simulate reputation crisis, disruption in RTGS payment system, increased deposit outflows and bank run. The purpose of the proposed intraday liquidity monitoring scenarios was to strengthen resilience not only for a concrete bank, but also the entire financial system. Intraday liquidity monitoring is a key factor in securing stability of the financial sector.
{"title":"Intraday liquidity modelling using statistical methods","authors":"Mária Vojtková, Patrik Mihalech","doi":"10.15611/aoe.2023.1.08","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.08","url":null,"abstract":"The correct approach to liquidity risk management in banks is essential for securing their financial stability. The position of liquidity risk among the rest of bank risks is specific because the negative outcome is not just a loss, but directly the bankruptcy of the institution. Such an occurrence might start a chain reaction and bring uncertainty into the entire financial system. This paper focused on one source of liquidity risk, i.e. management of liquidity throughout the day. The management of intraday liquidity is related to cash inflows and outflows occurring during the business day, their timing and settlement. In 2013, the BCBS published the document Monitoring tools for intraday liquidity management, often referred to by the regulatory authorities. It offers basic concepts of intraday liquidity monitoring and sketchily defines stress scenarios. The author suggests possibilities of how to perform intraday liquidity stress testing in a bank, which is often required by supervisors, even though no detailed approach or methodology as to how to proceed was introduced by the regulators. The research was carried out on anonymised data of cash inflows and outflows recorded on a central bank reserves account of one of the Slovak commercial banks. Both a base and four stress scenarios were developed and suggested for the better understanding of expected cashflows in standard conditions and during stress. The author’s aim was to develop scenarios in a non-traditional way by means of a basic and EWMA historical bootstrap simulations, respectively. Stress scenarios are supposed to simulate reputation crisis, disruption in RTGS payment system, increased deposit outflows and bank run. The purpose of the proposed intraday liquidity monitoring scenarios was to strengthen resilience not only for a concrete bank, but also the entire financial system. Intraday liquidity monitoring is a key factor in securing stability of the financial sector.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study aimed to quantify the returns to tertiary educational attainment and measures the extent to which these returns differ for men and women. The article provides new empirical evidence of the returns to tertiary education literature by introducing a unique instrument, namely the supply of education to deal with endogeneity. The analysis is implemented using a pooled cross-section of five rounds of the Pakistan Social and Living Standards survey with 10,000 observations. The results show that the marginal returns to acquiring one extra year of education beyond matriculation are higher for women than for men. This result could partially explain the reversal of the gender gap in enrolments from secondary and lower to the post-secondary level of education in Punjab. The first stage results highlight the significance of investing in physical infrastructure for the greater accumulation of human capital.
{"title":"Unequal pay for equal education! A case of gender wage gap from Punjab, Pakistan","authors":"Zunia Tirmazee","doi":"10.15611/aoe.2023.1.04","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.04","url":null,"abstract":"This study aimed to quantify the returns to tertiary educational attainment and measures the extent to which these returns differ for men and women. The article provides new empirical evidence of the returns to tertiary education literature by introducing a unique instrument, namely the supply of education to deal with endogeneity. The analysis is implemented using a pooled cross-section of five rounds of the Pakistan Social and Living Standards survey with 10,000 observations. The results show that the marginal returns to acquiring one extra year of education beyond matriculation are higher for women than for men. This result could partially explain the reversal of the gender gap in enrolments from secondary and lower to the post-secondary level of education in Punjab. The first stage results highlight the significance of investing in physical infrastructure for the greater accumulation of human capital.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A very important research problem is the specification of the level of the socio-economic development of the EU regions. Within the cohesion policy, one may differentiate between regions more and less advanced in terms of general development, including the worth of GDP per capita. Following that measure, one can establish the areas eligible for getting help from EU budget support programmes. The purpose of the article was to present the variation in the level of the socio-economic development of 28 EU countries within the 1,347 NUTS-3 units. The level of the development was established on a multilevel basis, subcategorising three factors of regional development: human capital, the natural environment and the economy. The article specifies the extent of the NUTS-3 unit general progression following the analysis of 31 indicative measures structured around publicly available Eurostat statistical data (as of 2019). The extent of the progression was demonstrated based on a synthetic measure revealing the taxonomic distance of a particular region from the assumed arrangement measuring the development. The research procedure consisted of five development levels, namely: the establishment of factors of the progression of regions, a choice of variable factors, a decrease in the multi-factor space, an identification in the extent of the social and economic progression of the researched units and a subcategorisation of the units on the scale of the social and economic progression structured around a ranking prepared using the analysis of a lowering synthetic measure. The research resulted in spatial variation of 1,347 NUTS-3 unit subregions in 28 EU states presented in terms of the level of the social and economic progression and the three subparts of the progression. The highest synthetic measure was noted in the areas including the capitals of the states included in the research and in a belt comprising the Irish subregions, Central England, the Benelux states, Western and Southern Germany, up until the Alpine subregion. Moreover, significant differences between the levels of the development within the respective states were presented. The results of the research may be a source of inspiration for EU institutions within the scope of the manner of specifying the richest and the poorest EU regions, whose purpose is to ensure the efficient introduction and conclusion of the cohesion policy in the programming periods specified.
{"title":"The variation in the level of the socio-economic development of the NUTS-3 subregions in the European Union","authors":"M. Spychała","doi":"10.15611/aoe.2023.1.09","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.09","url":null,"abstract":"A very important research problem is the specification of the level of the socio-economic development of the EU regions. Within the cohesion policy, one may differentiate between regions more and less advanced in terms of general development, including the worth of GDP per capita. Following that measure, one can establish the areas eligible for getting help from EU budget support programmes. The purpose of the article was to present the variation in the level of the socio-economic development of 28 EU countries within the 1,347 NUTS-3 units. The level of the development was established on a multilevel basis, subcategorising three factors of regional development: human capital, the natural environment and the economy. The article specifies the extent of the NUTS-3 unit general progression following the analysis of 31 indicative measures structured around publicly available Eurostat statistical data (as of 2019). The extent of the progression was demonstrated based on a synthetic measure revealing the taxonomic distance of a particular region from the assumed arrangement measuring the development. The research procedure consisted of five development levels, namely: the establishment of factors of the progression of regions, a choice of variable factors, a decrease in the multi-factor space, an identification in the extent of the social and economic progression of the researched units and a subcategorisation of the units on the scale of the social and economic progression structured around a ranking prepared using the analysis of a lowering synthetic measure. The research resulted in spatial variation of 1,347 NUTS-3 unit subregions in 28 EU states presented in terms of the level of the social and economic progression and the three subparts of the progression. The highest synthetic measure was noted in the areas including the capitals of the states included in the research and in a belt comprising the Irish subregions, Central England, the Benelux states, Western and Southern Germany, up until the Alpine subregion. Moreover, significant differences between the levels of the development within the respective states were presented. The results of the research may be a source of inspiration for EU institutions within the scope of the manner of specifying the richest and the poorest EU regions, whose purpose is to ensure the efficient introduction and conclusion of the cohesion policy in the programming periods specified.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"237 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study decomposes the casino hospitality business cycles of Las Vegas and Macao into highgrowth states (HGS) and low-growth states (LGS) using a Markov switching model. The casino gaming sector in Macao experiences greater fluctuations than the sector in Las Vegas due to more volatility in tourism flows; that is, Macao has a slightly higher HGS and a considerably lower LGS than Las Vegas. Las Vegas’s hospitality cycle appears to be more robust than Macao’s, although both hospitality cycles are desirably asymmetric. Various factors, including external business cycles and supply-side factors, affect local hospitality cycles. In terms of policy suggestions, the study’s results suggest that promotional marketing must be strengthened in Las Vegas, and Macao must diversify its industrial base.
{"title":"Modelling casino hospitality business cycles","authors":"Li Sheng, Yechang Yin, Anning Zhang, Ziqing Yang","doi":"10.15611/aoe.2023.1.02","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.02","url":null,"abstract":"This study decomposes the casino hospitality business cycles of Las Vegas and Macao into highgrowth states (HGS) and low-growth states (LGS) using a Markov switching model. The casino gaming sector in Macao experiences greater fluctuations than the sector in Las Vegas due to more volatility in tourism flows; that is, Macao has a slightly higher HGS and a considerably lower LGS than Las Vegas. Las Vegas’s hospitality cycle appears to be more robust than Macao’s, although both hospitality cycles are desirably asymmetric. Various factors, including external business cycles and supply-side factors, affect local hospitality cycles. In terms of policy suggestions, the study’s results suggest that promotional marketing must be strengthened in Las Vegas, and Macao must diversify its industrial base.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
New challenges resulting from dynamic changes observed in the twenty-first century are driving the evolution of approaches to city marketing communication. This article adapts the integrated marketing communication (IMC) concept for cities and develops a measurement framework and a theoretically consistent, valid, and reliable measurement tool for assessing city integrated marketing communication (CIMC). A literature review and previous qualitative studies provided the basis for conceptualising and identifying the specific constructs of CIMC, namely strategic consistency, interactivity, and stakeholder-centred focus. The research developed a theoretically consistent, valid, and reliable measurement tool for assessing CIMC. Empirical validation of the CIMC scale was conducted on data collected from a survey completed by representatives of municipal offices responsible for marketing communication in 279 Polish cities. The value and originality of this article derive from the development of the measurement framework and the new scale for assessing CIMC, which provide the foundation for further research on model solutions in this area. The measurement tool also contains subscales that can be used in research on specific dimensions of city marketing communication. The CIMC scale will assist practitioners in their decision-making processes and facilitate comparisons of cities in a local and international context.
{"title":"City integrated marketing communication – identification and measurement framework","authors":"Magdalena Daszkiewicz, E. Mazurek, A. Pukas","doi":"10.15611/aoe.2023.1.01","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.01","url":null,"abstract":"New challenges resulting from dynamic changes observed in the twenty-first century are driving the evolution of approaches to city marketing communication. This article adapts the integrated marketing communication (IMC) concept for cities and develops a measurement framework and a theoretically consistent, valid, and reliable measurement tool for assessing city integrated marketing communication (CIMC). A literature review and previous qualitative studies provided the basis for conceptualising and identifying the specific constructs of CIMC, namely strategic consistency, interactivity, and stakeholder-centred focus. The research developed a theoretically consistent, valid, and reliable measurement tool for assessing CIMC. Empirical validation of the CIMC scale was conducted on data collected from a survey completed by representatives of municipal offices responsible for marketing communication in 279 Polish cities. The value and originality of this article derive from the development of the measurement framework and the new scale for assessing CIMC, which provide the foundation for further research on model solutions in this area. The measurement tool also contains subscales that can be used in research on specific dimensions of city marketing communication. The CIMC scale will assist practitioners in their decision-making processes and facilitate comparisons of cities in a local and international context.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"42 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Risk prediction models in credit scoring have to fulfil regulatory requirements, one of which consists in the interpretability of the model. Unfortunately, many popular modern machine learning algorithms result in models that do not satisfy this business need, whereas the research activities in the field of explainable machine learning have strongly increased in recent years. Partial dependence plots denote one of the most popular methods for model-agnostic interpretation of a feature’s effect on the model outcome, but in practice they are usually applied without answering the question of how much can actually be seen in such plots. For this purpose, in this paper a methodology is presented in order to analyse to what extent arbitrary machine learning models are explainable by partial dependence plots. The proposed framework provides both a visualisation, as well as a measure to quantify the explainability of a model on an understandable scale. A corrected version of the German credit data, one of the most popular data sets of this application domain, is used to demonstrate the proposed methodology.
{"title":"How much do we see? On the explainability of partial dependence plots for credit risk scoring","authors":"Gero Szepannaek, Karsten Lübke","doi":"10.15611/aoe.2023.1.07","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.07","url":null,"abstract":"Risk prediction models in credit scoring have to fulfil regulatory requirements, one of which consists in the interpretability of the model. Unfortunately, many popular modern machine learning algorithms result in models that do not satisfy this business need, whereas the research activities in the field of explainable machine learning have strongly increased in recent years. Partial dependence plots denote one of the most popular methods for model-agnostic interpretation of a feature’s effect on the model outcome, but in practice they are usually applied without answering the question of how much can actually be seen in such plots. For this purpose, in this paper a methodology is presented in order to analyse to what extent arbitrary machine learning models are explainable by partial dependence plots. The proposed framework provides both a visualisation, as well as a measure to quantify the explainability of a model on an understandable scale. A corrected version of the German credit data, one of the most popular data sets of this application domain, is used to demonstrate the proposed methodology.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085249","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The article makes references to the existing cost-benefit analyses on adopting the euro in Poland and other new member states of the EU. In general, they considered a decrease in the cost of capital to be among the crucial benefits of adopting the common currency. As a result, the costs of a credit boombust cycle, to which adoption of the euro may lead, were at best underestimated. The authors discussed the possible solutions to mitigate the risk of boom-bust cycles and concluded that although they are conceptually simple, their effective implementation may be difficult, mostly due to political pressures. To overcome the feasibility problem, the power over undertaking macro prudential measures should be delegated to the central bank. Its past performance in stabilising the economy (at least until recently) suggests that it could make a good use of such a power. Furthermore, adopting the euro would resolve the problem of the ‘difficult cohabitation’ of monetary and macro prudential policy that such a delegation would otherwise create.
{"title":"Should Poland join the euro area? The challenge of the boom-bust cycle","authors":"Jakub Karnowski, A. Rzońca","doi":"10.15611/aoe.2023.1.11","DOIUrl":"https://doi.org/10.15611/aoe.2023.1.11","url":null,"abstract":"The article makes references to the existing cost-benefit analyses on adopting the euro in Poland and other new member states of the EU. In general, they considered a decrease in the cost of capital to be among the crucial benefits of adopting the common currency. As a result, the costs of a credit boombust cycle, to which adoption of the euro may lead, were at best underestimated. The authors discussed the possible solutions to mitigate the risk of boom-bust cycles and concluded that although they are conceptually simple, their effective implementation may be difficult, mostly due to political pressures. To overcome the feasibility problem, the power over undertaking macro prudential measures should be delegated to the central bank. Its past performance in stabilising the economy (at least until recently) suggests that it could make a good use of such a power. Furthermore, adopting the euro would resolve the problem of the ‘difficult cohabitation’ of monetary and macro prudential policy that such a delegation would otherwise create.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67085325","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-14DOI: 10.24818/oec/2021/30/3.07
M. Nedelcu
The aim of this paper is to analyse the new foreign policy focus of the British Government in a post-Brexit world. While the new approach, presented in the Parliament in 2021, known as “Global Britain in a competitive age”, may seem somewhat distant from the globalized world of the 21st century and more appealing to the imperialist past of the island nation, the truth can be far from that. Relations with the European Union may be colder than what they used to be, but the world does not end with the Mediterranean or the Urals. In this paper, I will attempt to answer the question regarding Britain’s place in the world and whether or not it is capable of displaying power while taking advantage of its old network of allies.
{"title":"GLOBAL BRITAIN\u0000\u0000– BETWEEN “GUNBOAT DIPLOMACY”\u0000AND “SOFT POWER SUPERPOWER”","authors":"M. Nedelcu","doi":"10.24818/oec/2021/30/3.07","DOIUrl":"https://doi.org/10.24818/oec/2021/30/3.07","url":null,"abstract":"The aim of this paper is to analyse the new foreign policy focus of the British Government\u0000in a post-Brexit world. While the new approach, presented in the Parliament in 2021,\u0000known as “Global Britain in a competitive age”, may seem somewhat distant from the\u0000globalized world of the 21st century and more appealing to the imperialist past of the\u0000island nation, the truth can be far from that. Relations with the European Union may be\u0000colder than what they used to be, but the world does not end with the Mediterranean or\u0000the Urals. In this paper, I will attempt to answer the question regarding Britain’s place in\u0000the world and whether or not it is capable of displaying power while taking advantage of\u0000its old network of allies.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"93 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90725625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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