Pub Date : 2023-09-29DOI: 10.18778/1508-2008.26.27
Tariq Aziz
Volatility spillover informs whether the information in one market impacts the information in another. This paper examines whether oil market volatility spills over to the equity markets of selected SAARC countries. The study uses data from February 2013 to September 2019 to obtain updated evidence about the transmission of global oil price volatility to the equity markets of the SAARC member countries. The bivariate EGARCH model is used to test for volatility transmission from the oil market to the stock market. It is found that oil price shocks do not significantly impact equity market volatility, except in Bangladesh. Policymakers can use these findings when making policy decisions.
{"title":"A Reassessment of Oil Market Volatility and Stock Market Volatility: Evidence from Selected SAARC Countries","authors":"Tariq Aziz","doi":"10.18778/1508-2008.26.27","DOIUrl":"https://doi.org/10.18778/1508-2008.26.27","url":null,"abstract":"Volatility spillover informs whether the information in one market impacts the information in another. This paper examines whether oil market volatility spills over to the equity markets of selected SAARC countries. The study uses data from February 2013 to September 2019 to obtain updated evidence about the transmission of global oil price volatility to the equity markets of the SAARC member countries. The bivariate EGARCH model is used to test for volatility transmission from the oil market to the stock market. It is found that oil price shocks do not significantly impact equity market volatility, except in Bangladesh. Policymakers can use these findings when making policy decisions.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199634","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}
Pub Date : 2023-09-29DOI: 10.18778/1508-2008.26.21
Pierpaolo Pontrandolfo, Oksana Polinkevych, Barbara Scozzi, Olena Kuzmak
The concept of a “smart city” is being actively implemented by several European cities to improve citizens’ quality of life and sustainability at the local community level. The article evaluates “smart city” programs adopted by Ukraine cities in the Volyn region based on well‑being assessment. To do so, a literature review was conducted to identify indicators to assess well‑being at the local level, and Benessere equo e sostenibile dei territori (BESdT, Equitable, and Sustainable Territorial Well‑being) was adopted. BESdT is an institutional measurement framework developed by the Italian National Institute of Statistics (ISTAT) to measure well‑being at the local level through a collection of indicators that cover different well‑being domains. The BESdT indicators available for Ukraine and Poland were collected and then measured. The main goals of the scientific research are to clarify if it is possible to use the BESdT indicators, which are used to assess smart cities in Southern Europe, for the countries of North‑Eastern Europe using the example of the Volyn region and the city of Lublin. The work investigates the indicators of smart cities and considers examples of their construction for 2003–2021. The results testify to the upward trend in implementing “smart city” programs in the regional context. In the Volyn region, the priority areas of project implementation are security, transport, and electricity. In this region, development can be identified concerning trends such as a reduced death rate, an improved balance between work and personal life, increased economic prosperity, and the improved environmental component and security of society. On the other hand, a reduction in innovation implementation and a loss of trust in the government were also identified. The analysis shows that the positive changes above are due to the actions of the central rather than the regional government. Based on the analysis, it was established that the countries of North‑Eastern Europe have the level of development of Smart City 3.0, except for Ukraine, which has generation 1.0, and in Southern Europe, generation 4.0.
一些欧洲城市正在积极实施“智慧城市”的概念，以提高当地社区居民的生活质量和可持续性。本文基于福祉评估对乌克兰沃林地区城市采用的“智慧城市”项目进行了评估。为此，进行了文献综述，以确定评估地方一级福祉的指标，并采用了Benessere equo e sostenibile dei territori (BESdT，公平和可持续领土福祉)。BESdT是意大利国家统计局(ISTAT)制定的一个制度性衡量框架，通过涵盖不同福祉领域的一系列指标，在地方一级衡量福祉。收集并测量了乌克兰和波兰可用的best dt指标。科学研究的主要目标是澄清是否有可能使用BESdT指标，该指标用于评估南欧的智能城市，以沃尔林地区和卢布林市为例，用于北欧国家。这项工作调查了智慧城市的指标，并考虑了2003-2021年智慧城市建设的例子。结果证明了在区域范围内实施“智慧城市”计划的上升趋势。在沃林地区，项目实施的优先领域是安全、交通和电力。在本区域，可以确定的发展趋势包括死亡率降低、工作和个人生活之间的平衡得到改善、经济更加繁荣、社会环境组成部分和安全得到改善。另一方面，创新实施的减少和对政府的信任的丧失也被发现。分析表明，上述积极变化是由于中央政府的行动，而不是地方政府的行动。基于分析，确定除乌克兰为1.0代外，东北欧国家为3.0代，南欧为4.0代，其余国家为3.0代。
{"title":"Smart Cities for the Sustainable Development of Local Communities: the Cases of the Volyn Region and the City of Lublin","authors":"Pierpaolo Pontrandolfo, Oksana Polinkevych, Barbara Scozzi, Olena Kuzmak","doi":"10.18778/1508-2008.26.21","DOIUrl":"https://doi.org/10.18778/1508-2008.26.21","url":null,"abstract":"The concept of a “smart city” is being actively implemented by several European cities to improve citizens’ quality of life and sustainability at the local community level. The article evaluates “smart city” programs adopted by Ukraine cities in the Volyn region based on well‑being assessment. To do so, a literature review was conducted to identify indicators to assess well‑being at the local level, and Benessere equo e sostenibile dei territori (BESdT, Equitable, and Sustainable Territorial Well‑being) was adopted. BESdT is an institutional measurement framework developed by the Italian National Institute of Statistics (ISTAT) to measure well‑being at the local level through a collection of indicators that cover different well‑being domains. The BESdT indicators available for Ukraine and Poland were collected and then measured. The main goals of the scientific research are to clarify if it is possible to use the BESdT indicators, which are used to assess smart cities in Southern Europe, for the countries of North‑Eastern Europe using the example of the Volyn region and the city of Lublin. The work investigates the indicators of smart cities and considers examples of their construction for 2003–2021. The results testify to the upward trend in implementing “smart city” programs in the regional context. In the Volyn region, the priority areas of project implementation are security, transport, and electricity. In this region, development can be identified concerning trends such as a reduced death rate, an improved balance between work and personal life, increased economic prosperity, and the improved environmental component and security of society. On the other hand, a reduction in innovation implementation and a loss of trust in the government were also identified. The analysis shows that the positive changes above are due to the actions of the central rather than the regional government. Based on the analysis, it was established that the countries of North‑Eastern Europe have the level of development of Smart City 3.0, except for Ukraine, which has generation 1.0, and in Southern Europe, generation 4.0.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199630","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}
Pub Date : 2023-09-29DOI: 10.18778/1508-2008.26.25
Erico Wulf Betancourt, Ryszard Piasecki
This paper analyzes the fiscal policy implications set in the Mundell‑Fleming (M‑F) model and its effectiveness in emerging economies. It also widens the scope of the policy mix with alternative exchange rates. The empirical evidence about the economies of Chile (1991–2003) and Colombia (1994–2004), about institutions, fiscal policy rule, and the eurozone conditions (1999), were considered relevant The paper has three sections a. The budget‑surplus fiscal policy rule and policy effectiveness, b. The role of institutions in setting policy rules, c. The experience of the Chilean and Colombian economies concerning fiscal policy rules within the M‑F framework. The main conclusion is that as long as country risk is lower due to countercyclical fiscal policy rules, governments have an alternative means of getting funds at a lower international interest rate. The fiscal policy effect on GDP (output)becomes positive.
本文分析了蒙代尔-弗莱明(M - F)模型中设定的财政政策含义及其在新兴经济体中的有效性。它还扩大了替代汇率政策组合的范围。关于智利(1991-2003年)和哥伦比亚(1994-2004年)经济、制度、财政政策规则和欧元区条件(1999年)的经验证据被认为是相关的。本文分为三个部分:a.预算盈余财政政策规则和政策有效性;b.制度在制定政策规则中的作用;c. M - F框架下智利和哥伦比亚经济关于财政政策规则的经验。主要结论是，只要国家风险因反周期财政政策规则而降低，政府就有以较低国际利率获得资金的替代手段。财政政策对GDP(产出)的影响为正。
{"title":"The Mundell‑Fleming Model and Macroeconomic Stabilization Policies","authors":"Erico Wulf Betancourt, Ryszard Piasecki","doi":"10.18778/1508-2008.26.25","DOIUrl":"https://doi.org/10.18778/1508-2008.26.25","url":null,"abstract":"This paper analyzes the fiscal policy implications set in the Mundell‑Fleming (M‑F) model and its effectiveness in emerging economies. It also widens the scope of the policy mix with alternative exchange rates. The empirical evidence about the economies of Chile (1991–2003) and Colombia (1994–2004), about institutions, fiscal policy rule, and the eurozone conditions (1999), were considered relevant The paper has three sections a. The budget‑surplus fiscal policy rule and policy effectiveness, b. The role of institutions in setting policy rules, c. The experience of the Chilean and Colombian economies concerning fiscal policy rules within the M‑F framework. The main conclusion is that as long as country risk is lower due to countercyclical fiscal policy rules, governments have an alternative means of getting funds at a lower international interest rate. The fiscal policy effect on GDP (output)becomes positive.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199633","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}
Pub Date : 2023-09-29DOI: 10.18778/1508-2008.26.22
Maciej Jewczak, Karol Korczak
The problem of poverty, both in theory and practice, gained a new meaning with the beginning of the transformation of selected European economies from being centrally planned to market economies. The transition and the accompanying ownership changes resulted in significant shifts in the income distribution, which affected the increase in the stratification of society in terms of material situation and the deterioration of the living conditions of some social groups. Developing and evaluating anti‑poverty programs should be preceded by identifying who is considered poor. Defining poverty is the first and a key step in measuring its characteristics, e.g., its intensity. Hence, the choice of a specific definition of poverty is of fundamental importance for the results of this measurement. The aim of the paper is to assess the material situation of European societies in terms of poverty change in a holistic approach – considering all the information available in international statistics on the problem. To achieve the research objective at the regional data level, we used the URi measure to decompose changes in structure and estimate the direction and intensity of poverty recorded. Further, we evaluated whether the transformations coincide temporarily and spatially. Applying the Hellinger distance (HD) allowed us to identify the significance of trends in changes in the poverty structure, especially in the years of the COVID–19 pandemic, when an increase in the importance of individual structural components of poverty was observed in the analysed European NUTS–2 spatial units. For some economies, the transition was also a consequence of European economic crises or major events of international importance, e.g., sports events or countries acceding to the EU.
{"title":"Poverty in Selected European Countries. A Spatio-temporal Analysis from 2003–2020","authors":"Maciej Jewczak, Karol Korczak","doi":"10.18778/1508-2008.26.22","DOIUrl":"https://doi.org/10.18778/1508-2008.26.22","url":null,"abstract":"The problem of poverty, both in theory and practice, gained a new meaning with the beginning of the transformation of selected European economies from being centrally planned to market economies. The transition and the accompanying ownership changes resulted in significant shifts in the income distribution, which affected the increase in the stratification of society in terms of material situation and the deterioration of the living conditions of some social groups. Developing and evaluating anti‑poverty programs should be preceded by identifying who is considered poor. Defining poverty is the first and a key step in measuring its characteristics, e.g., its intensity. Hence, the choice of a specific definition of poverty is of fundamental importance for the results of this measurement. The aim of the paper is to assess the material situation of European societies in terms of poverty change in a holistic approach – considering all the information available in international statistics on the problem. To achieve the research objective at the regional data level, we used the URi measure to decompose changes in structure and estimate the direction and intensity of poverty recorded. Further, we evaluated whether the transformations coincide temporarily and spatially. Applying the Hellinger distance (HD) allowed us to identify the significance of trends in changes in the poverty structure, especially in the years of the COVID–19 pandemic, when an increase in the importance of individual structural components of poverty was observed in the analysed European NUTS–2 spatial units. For some economies, the transition was also a consequence of European economic crises or major events of international importance, e.g., sports events or countries acceding to the EU.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199631","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}
Pub Date : 2023-09-29DOI: 10.18778/1508-2008.26.24
Dorota Michalak, Paulina Szyja
The purpose of this study is to compare the advancement of Poland’s adaptation policy with the policy of other EU countries. Benchmarking was used, and the research was preceded by comparing the degree of climate change impact on the economies of individual EU countries. The study used 12 comparative quantities, forecast to 2100 for 27 countries. The added value of the analysis is the diagnosis that indicates whether the advancement of the adaptation policy of individual countries is appropriate for the projected climate change, together with the indication of the level of the adaptation policy in Poland compared to other member states. It was determined that, compared to Western countries, Poland has the lowest projected impact of climate change, as represented by selected indicators in the study, but it also has the lowest degree of adaptation policies. However, comparing Poland with the other countries that joined the EU in 2004 shows the opposite trend. The survey is a starting point for further analysis of adaptation in its broadest sense, at national, EU, and global levels. It indicates that despite the high rate of increase in the negative consequences of climate change, the implementation of adaptation policies is still insufficient and often at an early stage of planning.
{"title":"Polish Adaptation Policy to Climate Change vs. EU Countries’ Adaptation Policies","authors":"Dorota Michalak, Paulina Szyja","doi":"10.18778/1508-2008.26.24","DOIUrl":"https://doi.org/10.18778/1508-2008.26.24","url":null,"abstract":"The purpose of this study is to compare the advancement of Poland’s adaptation policy with the policy of other EU countries. Benchmarking was used, and the research was preceded by comparing the degree of climate change impact on the economies of individual EU countries. The study used 12 comparative quantities, forecast to 2100 for 27 countries. The added value of the analysis is the diagnosis that indicates whether the advancement of the adaptation policy of individual countries is appropriate for the projected climate change, together with the indication of the level of the adaptation policy in Poland compared to other member states. It was determined that, compared to Western countries, Poland has the lowest projected impact of climate change, as represented by selected indicators in the study, but it also has the lowest degree of adaptation policies. However, comparing Poland with the other countries that joined the EU in 2004 shows the opposite trend. The survey is a starting point for further analysis of adaptation in its broadest sense, at national, EU, and global levels. It indicates that despite the high rate of increase in the negative consequences of climate change, the implementation of adaptation policies is still insufficient and often at an early stage of planning.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199772","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}
Pub Date : 2023-09-29DOI: 10.18778/1508-2008.26.20
Michał Przybyliński, Joanna Trębska
We present a comparative study of flows between institutional sectors in the economies of Czechia, Hungary, Poland and Slovakia, with particular emphasis on the role of the foreign sector. The purpose of our study is to determine the strength and nature of inter‑sectoral ties in the analyzed countries and point out the similarities and differences between them. The research method is based on the sequence of all transactions included in the System of National Accounts (SNA): product transactions, primary income generation and allocation, income distribution, and financial instrument transactions. The study is distinguished by its consistency and balance within the SNA. The method used to transform data into a payer‑payee matrix guarantees the preservation of these properties. It creates a new perspective for assessing the sensitivity of economies to external processes.
It is the first such comprehensive comparative study, providing unambiguous and replicable results based on a standardized accounting system that operates in all European countries. The period covered by the study (2000–2020) allows us to draw interesting conclusions about the processes that took place during and after the accession to the European Union. The results indicate, inter alia, an increase in the involvement of the foreign sector, primarily in production processes (import, export) and investment. Particularly noteworthy is the high degree of financialization of the Hungarian economy.
{"title":"Intersectoral Flows in the Economies of the Visegrad Group Countries","authors":"Michał Przybyliński, Joanna Trębska","doi":"10.18778/1508-2008.26.20","DOIUrl":"https://doi.org/10.18778/1508-2008.26.20","url":null,"abstract":"We present a comparative study of flows between institutional sectors in the economies of Czechia, Hungary, Poland and Slovakia, with particular emphasis on the role of the foreign sector. The purpose of our study is to determine the strength and nature of inter‑sectoral ties in the analyzed countries and point out the similarities and differences between them. The research method is based on the sequence of all transactions included in the System of National Accounts (SNA): product transactions, primary income generation and allocation, income distribution, and financial instrument transactions. The study is distinguished by its consistency and balance within the SNA. The method used to transform data into a payer‑payee matrix guarantees the preservation of these properties. It creates a new perspective for assessing the sensitivity of economies to external processes.
 It is the first such comprehensive comparative study, providing unambiguous and replicable results based on a standardized accounting system that operates in all European countries. The period covered by the study (2000–2020) allows us to draw interesting conclusions about the processes that took place during and after the accession to the European Union. The results indicate, inter alia, an increase in the involvement of the foreign sector, primarily in production processes (import, export) and investment. Particularly noteworthy is the high degree of financialization of the Hungarian economy.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199774","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}
Pub Date : 2023-09-29DOI: 10.18778/1508-2008.26.23
Magdalena Kowalska, Anna Misztal
The paper presents the results of an analysis of the impact of economic equilibrium, the Human Development Index, the KOF Globalization Index and the Global Competitiveness Index on the sustainable development of manufacturing enterprises and their components in France, Germany, Italy and Poland from 2008 to 2021. We use the Ordinary Least Squares (OLS) and the Seemingly Unrelated Regression methods (SUR). The results show that these external factors significantly impact an enterprise’s sustainable development. Our models also show a different strength and direction of relationships between the explained and explanatory variables. Our models confirm the need to coordinate macroeconomics and environmental policy. It is important to use effective tools of economic support, and greater pressure from European Union institutions on countries that emit harmful substances is essential.
{"title":"The Impact of Economic Equilibrium, Globalization, Human Development, and Market Competitiveness on the Sustainable Development of Manufacturing Enterprises – the Case of France, Germany, Italy and Poland","authors":"Magdalena Kowalska, Anna Misztal","doi":"10.18778/1508-2008.26.23","DOIUrl":"https://doi.org/10.18778/1508-2008.26.23","url":null,"abstract":"The paper presents the results of an analysis of the impact of economic equilibrium, the Human Development Index, the KOF Globalization Index and the Global Competitiveness Index on the sustainable development of manufacturing enterprises and their components in France, Germany, Italy and Poland from 2008 to 2021. We use the Ordinary Least Squares (OLS) and the Seemingly Unrelated Regression methods (SUR). The results show that these external factors significantly impact an enterprise’s sustainable development. Our models also show a different strength and direction of relationships between the explained and explanatory variables. Our models confirm the need to coordinate macroeconomics and environmental policy. It is important to use effective tools of economic support, and greater pressure from European Union institutions on countries that emit harmful substances is essential.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199632","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}
Pub Date : 2023-09-29DOI: 10.18778/1508-2008.26.19
Bogusława Dobrowolska, Tomasz Dorożyński, Anetta Kuna‑Marszałek
The principal goal of the article is to assess the quality of governance (QG) in the EU–28 over the period 2004–2020. It also examines the relationship between QG and FDI inward stock as a % of GDP. The study has been divided into five stages. The first one, based on the Worldwide Governance Indicators (WGI), attempts to identify countries that represent similar levels of institutional quality. Based on this criterion and using clustering methods, we divided the EU Member States into four groups. In the second step, we used the values of the synthetic index of QG to compare the level of institutional quality among the Member States between 2004 and 2020. The third step assesses FDI as a % of GDP in the Member States. Due to substantial differences, we divided them into four groups, arranged in ascending order of FDI as a % of GDP. In the fourth stage of the analysis, we examined the relationship between FDI as a share of GDP and groups of countries with similar QG. Finally, we examined the relevance of six individual dimensions of governance for FDI inflows in the EU–28 countries. The study demonstrates that the EU Member States differ significantly regarding the overall QG measured with the WGI. The results of the statistical analysis allow us to positively verify the hypothesis about a positive relationship between QG and the inflow of FDI. The most important partial variable is regulatory quality. The added value of this article comes from grouping the EU–28 based on the similarity of their quality of governance (measured by six dimensions of governance) and demonstrating that it impacts FDI inflows. We created a synthetic index of governance quality values to compare the level of institutional quality among the Member States between 2004 and 2020.
{"title":"The Quality of Governance and Its Impact on FDI Inflows. A Comparative Study of EU Member States","authors":"Bogusława Dobrowolska, Tomasz Dorożyński, Anetta Kuna‑Marszałek","doi":"10.18778/1508-2008.26.19","DOIUrl":"https://doi.org/10.18778/1508-2008.26.19","url":null,"abstract":"The principal goal of the article is to assess the quality of governance (QG) in the EU–28 over the period 2004–2020. It also examines the relationship between QG and FDI inward stock as a % of GDP. The study has been divided into five stages. The first one, based on the Worldwide Governance Indicators (WGI), attempts to identify countries that represent similar levels of institutional quality. Based on this criterion and using clustering methods, we divided the EU Member States into four groups. In the second step, we used the values of the synthetic index of QG to compare the level of institutional quality among the Member States between 2004 and 2020. The third step assesses FDI as a % of GDP in the Member States. Due to substantial differences, we divided them into four groups, arranged in ascending order of FDI as a % of GDP. In the fourth stage of the analysis, we examined the relationship between FDI as a share of GDP and groups of countries with similar QG. Finally, we examined the relevance of six individual dimensions of governance for FDI inflows in the EU–28 countries. The study demonstrates that the EU Member States differ significantly regarding the overall QG measured with the WGI. The results of the statistical analysis allow us to positively verify the hypothesis about a positive relationship between QG and the inflow of FDI. The most important partial variable is regulatory quality. The added value of this article comes from grouping the EU–28 based on the similarity of their quality of governance (measured by six dimensions of governance) and demonstrating that it impacts FDI inflows. We created a synthetic index of governance quality values to compare the level of institutional quality among the Member States between 2004 and 2020.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199779","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}
Pub Date : 2023-09-29DOI: 10.18778/1508-2008.26.26
Grażyna Węgrzyn, Marcin Salamaga
The main purpose of the work is to present the results of empirical research on the impact of innovation levels in the economy on the structure of labour market flows. The analysis of the directions and scale of these flows makes it possible to discover important characteristics of the labour market and thus makes it possible to better construct and target policies to reduce unemployment or activate economically inactive people. The study uses data from the Labour Force Survey (LFS) and experimental job‑to‑job statistics for the European Union (EU) countries, covering the 2011–2019 period. We conducted research separately for selected groups of economies classified by their level of innovation, i.e. Innovation Leaders, Strong Innovators, Moderate Innovators, and Emerging Innovators. The results demonstrate that the structure of flows in a labour market depends on the innovation level of the respective economy. The main contribution of the study is that it identifies employee flow patterns in the labour markets of individual EU countries from the perspective of the innovation levels of their respective economies. Panel error correction models (ECM) and panel causality tests were used. In countries that are Innovation Leaders, an increase in participation in lifelong learning leads to a parallel increase in employee flow (EE) and job‑to‑job employee turnover. In countries that are Emerging Innovators, increasing participation in lifelong learning increases turnover, mainly among young people (15–24 age group).
{"title":"Analysis of the Impact of Innovative Economic Conditions on the Flow of Workers in the Labour Markets of the European Union Countries","authors":"Grażyna Węgrzyn, Marcin Salamaga","doi":"10.18778/1508-2008.26.26","DOIUrl":"https://doi.org/10.18778/1508-2008.26.26","url":null,"abstract":"The main purpose of the work is to present the results of empirical research on the impact of innovation levels in the economy on the structure of labour market flows. The analysis of the directions and scale of these flows makes it possible to discover important characteristics of the labour market and thus makes it possible to better construct and target policies to reduce unemployment or activate economically inactive people. The study uses data from the Labour Force Survey (LFS) and experimental job‑to‑job statistics for the European Union (EU) countries, covering the 2011–2019 period. We conducted research separately for selected groups of economies classified by their level of innovation, i.e. Innovation Leaders, Strong Innovators, Moderate Innovators, and Emerging Innovators. The results demonstrate that the structure of flows in a labour market depends on the innovation level of the respective economy. The main contribution of the study is that it identifies employee flow patterns in the labour markets of individual EU countries from the perspective of the innovation levels of their respective economies. Panel error correction models (ECM) and panel causality tests were used. In countries that are Innovation Leaders, an increase in participation in lifelong learning leads to a parallel increase in employee flow (EE) and job‑to‑job employee turnover. In countries that are Emerging Innovators, increasing participation in lifelong learning increases turnover, mainly among young people (15–24 age group).","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199780","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}
This paper analyzes market efficiency (EMH) with the day‑of‑the‑week effect and the changes that might appear after the outbreak of the COVID–19 pandemic, based on the example of the OMX Exchange and its indices. Before the pandemic, only the OMX Baltic All‑share index was efficient; during the COVID–19 pandemic, the OMXCPI Index, which represents the Copenhagen stock market, was not affected by the day‑of‑the‑week anomaly. The change in market efficiency was observed in relation to the periods before and during the pandemic, and additionally between specific days of the week. The value added of this paper is related to the evidence that COVID–19 influenced market efficiency but not the quality of trading.
{"title":"The Day‑of‑the‑Week Anomaly in Light of the COVID–19 Pandemic on an Example of Selected OMX Indices","authors":"Monika Bolek, Agata Gniadkowska-Szymańska, Katerina Lyroudi","doi":"10.18778/1508-2008.26.16","DOIUrl":"https://doi.org/10.18778/1508-2008.26.16","url":null,"abstract":"This paper analyzes market efficiency (EMH) with the day‑of‑the‑week effect and the changes that might appear after the outbreak of the COVID–19 pandemic, based on the example of the OMX Exchange and its indices. Before the pandemic, only the OMX Baltic All‑share index was efficient; during the COVID–19 pandemic, the OMXCPI Index, which represents the Copenhagen stock market, was not affected by the day‑of‑the‑week anomaly. The change in market efficiency was observed in relation to the periods before and during the pandemic, and additionally between specific days of the week. The value added of this paper is related to the evidence that COVID–19 influenced market efficiency but not the quality of trading.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":"34 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90549285","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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