Research background: Transfer of newly created money through unconventional monetary measures follows the official European Central Bank distribution key. Yet, it does not take into account the ability of individual countries to drive growth process in other economies. Money spent to boost domestic credit provisioning in growth pole-like economies is more likely to spill over to other adjoined economies and help them to recover, even in the presence of depressed domestic demand and/or overleveraged domestic banking sector. Purpose of the article: This paper reports growth pole scores for 19 euro area countries, and compares it to the official distribution key used to transmit newly created source of funding. Methods: We modify the procedure developed in World Bank (2011) for growth pole com-putation in order to account for strength of linkages connecting member states. Findings & Value added: Our results suggest that the official distribution key might not be completely optimal once looking at the growth pole scores. Countries small in economic size (Baltic states, Slovakia and Slovenia) would benefit from a more differentiated distribution, as they strongly outperform their benchmark set by the official distribution key. On the other hand, big euro area economies do not achieve the levels used in official distribution key, taking into account their growth pole potential for other euro area economies.
{"title":"Stimulating Economic Recovery through Euro Area Growth Poles : Call for More Directed Unconventional Monetary Policy Measures?","authors":"Jana Kotlebova, Mária Širaňová","doi":"10.24136/EQ.V12I4.33","DOIUrl":"https://doi.org/10.24136/EQ.V12I4.33","url":null,"abstract":"Research background: Transfer of newly created money through unconventional monetary measures follows the official European Central Bank distribution key. Yet, it does not take into account the ability of individual countries to drive growth process in other economies. Money spent to boost domestic credit provisioning in growth pole-like economies is more likely to spill over to other adjoined economies and help them to recover, even in the presence of depressed domestic demand and/or overleveraged domestic banking sector. \u0000Purpose of the article: This paper reports growth pole scores for 19 euro area countries, and compares it to the official distribution key used to transmit newly created source of funding. \u0000Methods: We modify the procedure developed in World Bank (2011) for growth pole com-putation in order to account for strength of linkages connecting member states. \u0000Findings & Value added: Our results suggest that the official distribution key might not be completely optimal once looking at the growth pole scores. Countries small in economic size (Baltic states, Slovakia and Slovenia) would benefit from a more differentiated distribution, as they strongly outperform their benchmark set by the official distribution key. On the other hand, big euro area economies do not achieve the levels used in official distribution key, taking into account their growth pole potential for other euro area economies.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44839922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: The processes of economic convergence observed in many devel-oping countries are characterized by reduction of economic differences on the cross-country level, which are accompanied by growing internal economic inequalities. This may stem from the fact that in the catching-up countries a more dynamic growth pattern is observed in the economically strongest regions, which is initially reflected in spatial polarization and increasing regional inequalities. However, just as the countries reach higher levels of devel-opment, the diffusion of growth-inducing impulses to less-developed areas should lead to the spatial equalizing of the development levels and reducing regional inequalities. Purpose of the article: The aim of the paper is to determine the relationship be-tween the level of economic growth and observed economic inequalities in Central and Eastern European (CEE) countries. The theoretical framework adopted to describe and explain those relations is the so-called Williamson’s hypothesis in which the relationship between the scale of regional inequalities and economic growth is illustrated by a curve shaped like an inverted U. Methods: The research procedure was intended to verify William-son’s hypothesis by estimating parabolic econometric models. Indicators of economic growth along with measure of regional inequalities (Williamson’s coefficient of variation) were used in the regression modeling. The research period spanned the years 1995-2014. Findings & Value added: In the light of the study of CEE countries, it was possible to observe both convergence symptoms as well as divergence tendencies. It can be thus stated that the analyzed CEE countries followed a similar path to the one observed earlier by Wil-liamson in other developing countries. However, the analyses conducted by the authors at the national and regional levels of CEE countries were equivocal and did not fully support the theoretical assumptions of Williamson’s hypothesis.
{"title":"Economic growth and disparities: an empirical analysis for the Central and Eastern European countries","authors":"Wojciech Kisiała, Katarzyna Suszyńska","doi":"10.24136/EQ.V12I4.32","DOIUrl":"https://doi.org/10.24136/EQ.V12I4.32","url":null,"abstract":"Research background: The processes of economic convergence observed in many devel-oping countries are characterized by reduction of economic differences on the cross-country level, which are accompanied by growing internal economic inequalities. This may stem from the fact that in the catching-up countries a more dynamic growth pattern is observed in the economically strongest regions, which is initially reflected in spatial polarization and increasing regional inequalities. However, just as the countries reach higher levels of devel-opment, the diffusion of growth-inducing impulses to less-developed areas should lead to the spatial equalizing of the development levels and reducing regional inequalities. \u0000Purpose of the article: The aim of the paper is to determine the relationship be-tween the level of economic growth and observed economic inequalities in Central and Eastern European (CEE) countries. The theoretical framework adopted to describe and explain those relations is the so-called Williamson’s hypothesis in which the relationship between the scale of regional inequalities and economic growth is illustrated by a curve shaped like an inverted U. \u0000Methods: The research procedure was intended to verify William-son’s hypothesis by estimating parabolic econometric models. Indicators of economic growth along with measure of regional inequalities (Williamson’s coefficient of variation) were used in the regression modeling. The research period spanned the years 1995-2014. \u0000Findings & Value added: In the light of the study of CEE countries, it was possible to observe both convergence symptoms as well as divergence tendencies. It can be thus stated that the analyzed CEE countries followed a similar path to the one observed earlier by Wil-liamson in other developing countries. However, the analyses conducted by the authors at the national and regional levels of CEE countries were equivocal and did not fully support the theoretical assumptions of Williamson’s hypothesis.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45630416","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}
Firms use discretionary accounting choices to manage earnings disclosures around the time of certain types of corporate events. The IPO provides an opportunity to earnings management because of the significant information asymmetry between investors and issuers at the time of the offering. The main aim of the study is to empirically investigate the links between the earnings management and the portions of primary and secondary shares sold in IPO. In order to investigate whether the earnings management influences the issue of new shares and the sale of secondary shares I use Tobit and logit regressions, where discretionary accruals are the proxy for earnings management. Using a sample of 221 firms from WSE between 2005 and 2015 I do not find evidence that the increase of pre-IPO discretionary accruals positively affects the sale of primary shares in the IPO, but the analysis revealed that the reporting less limits the probability of the new shares issuance. In turn, the sale of secondary shares in the IPO is more likely in companies using a conservative earnings management. Furthermore, negative discretionary accruals increase the portion of secondary shares in the IPO.
{"title":"Earnings Management and the Floatation Structure: Empirical Evidence from Polish IPOs","authors":"Tomasz Sosnowski","doi":"10.24136/EQ.V12I4.36","DOIUrl":"https://doi.org/10.24136/EQ.V12I4.36","url":null,"abstract":"Firms use discretionary accounting choices to manage earnings disclosures around the time of certain types of corporate events. The IPO provides an opportunity to earnings management because of the significant information asymmetry between investors and issuers at the time of the offering. The main aim of the study is to empirically investigate the links between the earnings management and the portions of primary and secondary shares sold in IPO. In order to investigate whether the earnings management influences the issue of new shares and the sale of secondary shares I use Tobit and logit regressions, where discretionary accruals are the proxy for earnings management. Using a sample of 221 firms from WSE between 2005 and 2015 I do not find evidence that the increase of pre-IPO discretionary accruals positively affects the sale of primary shares in the IPO, but the analysis revealed that the reporting less limits the probability of the new shares issuance. In turn, the sale of secondary shares in the IPO is more likely in companies using a conservative earnings management. Furthermore, negative discretionary accruals increase the portion of secondary shares in the IPO.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48111034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: Numerous studies show that men’s and women’s situation on the labour market differs. Women’s disadvantageous position on the labour market in Poland has been confirmed by statistical data (Kobiety…, 2016). The most common reasons for de-registration from the employment office are finding a job and deleting from the records due to an unjustified refusal to accept an offer by an unemployed person. Additionally, registered unemployed people can for example: retire, apply for invalidity pension, receive early retirement benefits or start full time studies. The above causes are regarded as competing risks of various kinds. Purpose of the article: The purpose of this article is to assess the effect of the unemployed individual’s gender on the probability and intensity of de-registering from the labour office lists due to finding a job, de-registering or other causes. Methods: In the study the survival analysis methods were used. The assessment of the probability of de-registration due to a specific cause was made by means of the cumulative incidence function. The intensity of de-registration was tested with the Lunn-McNeil model. Differences in the effect of gender on the de-registration possibility were tested with the use of Gray’s test. The study was based on individual data of people registered by the Labour Office in Szczecin. Findings & Value added: Among women, job-finding was the most common cause of de-registration, followed by the removal from the register. In the case of men the order was reversed, the most probable de-registration cause was the removal, followed by job-finding. The remaining causes were of marginal significance, both for men and women. Women took up a job more intensively than men and were less intensively removed from the register. The differences between males and females in the intensities of de-registering due to the remaining causes were not statistically relevant.
{"title":"The impact of gender on routes for registered unemployment exit in Poland","authors":"Beata Bieszk-Stolorz","doi":"10.24136/EQ.V12I4.38","DOIUrl":"https://doi.org/10.24136/EQ.V12I4.38","url":null,"abstract":"Research background: Numerous studies show that men’s and women’s situation on the labour market differs. Women’s disadvantageous position on the labour market in Poland has been confirmed by statistical data (Kobiety…, 2016). The most common reasons for de-registration from the employment office are finding a job and deleting from the records due to an unjustified refusal to accept an offer by an unemployed person. Additionally, registered unemployed people can for example: retire, apply for invalidity pension, receive early retirement benefits or start full time studies. The above causes are regarded as competing risks of various kinds. Purpose of the article: The purpose of this article is to assess the effect of the unemployed individual’s gender on the probability and intensity of de-registering from the labour office lists due to finding a job, de-registering or other causes. Methods: In the study the survival analysis methods were used. The assessment of the probability of de-registration due to a specific cause was made by means of the cumulative incidence function. The intensity of de-registration was tested with the Lunn-McNeil model. Differences in the effect of gender on the de-registration possibility were tested with the use of Gray’s test. The study was based on individual data of people registered by the Labour Office in Szczecin. Findings & Value added: Among women, job-finding was the most common cause of de-registration, followed by the removal from the register. In the case of men the order was reversed, the most probable de-registration cause was the removal, followed by job-finding. The remaining causes were of marginal significance, both for men and women. Women took up a job more intensively than men and were less intensively removed from the register. The differences between males and females in the intensities of de-registering due to the remaining causes were not statistically relevant.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47605982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: Prediction of bankruptcy is an issue of interest of various researchers and practitioners since the first study dedicated to this topic was published in 1932. Finding the suitable bankruptcy prediction model is the task for economists and analysts from all over the world. forecasting model using. Despite a large number of various models, which have been created by using different methods with the aim to achieve the best results, it is still challenging to predict bankruptcy risk, as corporations have become more global and more complex. Purpose of the article: The aim of the presented study is to construct, via an empirical study of relevant literature and application of suitable chosen mathematical statistical methods, models for bankruptcy prediction of Slovak companies and provide the comparison of overall prediction ability of the two developed models. Methods: The research was conducted on the data set of Slovak corporations covering the period of the year 2015, and two mathematical statistical methods were applied. The methods are logit and probit, which are both symmetric binary choice models, also known as conditional probability models. On the other hand, these methods show some significant differences in process of model formation, as well as in achieved results. Findings & Value added: Given the fact that mostly discriminant analysis and logistic regression are used for the construction of bankruptcy prediction models, we have focused our attention on the development bankruptcy prediction model in the Slovak Republic via logistic regression and probit. The results of the study suggest that the model based on a logit functions slightly outperforms the classification accuracy of probit model. Differences were obtained also in the detection of the most significant predictors of bankruptcy prediction in these types of models constructed in Slovak companies.
{"title":"Logit and Probit Application for the Prediction of Bankruptcy in Slovak Companies","authors":"M. Kováčová, T. Kliestik","doi":"10.24136/EQ.V12I4.40","DOIUrl":"https://doi.org/10.24136/EQ.V12I4.40","url":null,"abstract":"Research background: Prediction of bankruptcy is an issue of interest of various researchers and practitioners since the first study dedicated to this topic was published in 1932. Finding the suitable bankruptcy prediction model is the task for economists and analysts from all over the world. forecasting model using. Despite a large number of various models, which have been created by using different methods with the aim to achieve the best results, it is still challenging to predict bankruptcy risk, as corporations have become more global and more complex. \u0000Purpose of the article: The aim of the presented study is to construct, via an empirical study of relevant literature and application of suitable chosen mathematical statistical methods, models for bankruptcy prediction of Slovak companies and provide the comparison of overall prediction ability of the two developed models. \u0000Methods: The research was conducted on the data set of Slovak corporations covering the period of the year 2015, and two mathematical statistical methods were applied. The methods are logit and probit, which are both symmetric binary choice models, also known as conditional probability models. On the other hand, these methods show some significant differences in process of model formation, as well as in achieved results. \u0000Findings & Value added: Given the fact that mostly discriminant analysis and logistic regression are used for the construction of bankruptcy prediction models, we have focused our attention on the development bankruptcy prediction model in the Slovak Republic via logistic regression and probit. The results of the study suggest that the model based on a logit functions slightly outperforms the classification accuracy of probit model. Differences were obtained also in the detection of the most significant predictors of bankruptcy prediction in these types of models constructed in Slovak companies.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45270684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: Economic development in sub-Saharan Africa is of paramount importance, yet it escapes most of the attempts to understand it better in the economic dis-course, and it remains a sensitive issue in politics, contradicting stakeholders at national and international levels. The region still lags behind others in terms of technological advancement and economic development. It has grown significantly in the precedent decade, but the extent of growth has not sufficiently translated to its development. Determining strategies for sub-Saharan Africa is a scientific challenge, which requires more attention. In the globalized, interconnected reality, solving problems of the South is in the best interest of the North. Purpose of the article: The aim of this research is to analyze structural changes as factors of economic development in the best performing sub-Saharan African countries on the grounds of new structural economics in order to provide policy implications. Methods: Namibia, Botswana, South Africa and Gabon were selected as best performing economies in the region. Based on the literature review and the analysis of descriptive statis-tics, profiles of sample countries were set. This in turn allowed to determine the potential explanatory variables for OLS model of economic development. In the model, factors relating to labour productivity, technology and structural change were included. The data was sourced from WDI (World Development Indicators) database, Gretl software was used for computations. Findings & Value added: This paper contributes to the literature by attempting to explain structural changes in the process of economic development in the sub-Saharan region on the sample of best performing states. The paradigm of new structural economics provided theo-retical grounds for empirical analysis. Based on the results, policy implications were proposed with respect to technology promotion, natural resources management, and quality of institutions. The research was limited by data availability and reliability.
{"title":"Structural Transformation and Economic Development in the Best Performing Sub-Saharan African States","authors":"Katarzyna Świerczyńska","doi":"10.24136/EQ.V12I4.29","DOIUrl":"https://doi.org/10.24136/EQ.V12I4.29","url":null,"abstract":"Research background: Economic development in sub-Saharan Africa is of paramount importance, yet it escapes most of the attempts to understand it better in the economic dis-course, and it remains a sensitive issue in politics, contradicting stakeholders at national and international levels. The region still lags behind others in terms of technological advancement and economic development. It has grown significantly in the precedent decade, but the extent of growth has not sufficiently translated to its development. Determining strategies for sub-Saharan Africa is a scientific challenge, which requires more attention. In the globalized, interconnected reality, solving problems of the South is in the best interest of the North. \u0000Purpose of the article: The aim of this research is to analyze structural changes as factors of economic development in the best performing sub-Saharan African countries on the grounds of new structural economics in order to provide policy implications. Methods: Namibia, Botswana, South Africa and Gabon were selected as best performing economies in the region. Based on the literature review and the analysis of descriptive statis-tics, profiles of sample countries were set. This in turn allowed to determine the potential explanatory variables for OLS model of economic development. In the model, factors relating to labour productivity, technology and structural change were included. The data was sourced from WDI (World Development Indicators) database, Gretl software was used for computations. \u0000Findings & Value added: This paper contributes to the literature by attempting to explain structural changes in the process of economic development in the sub-Saharan region on the sample of best performing states. The paradigm of new structural economics provided theo-retical grounds for empirical analysis. Based on the results, policy implications were proposed with respect to technology promotion, natural resources management, and quality of institutions. The research was limited by data availability and reliability.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48597785","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}
Intensywny rozwoj technologii informatycznych i globalizacja uslug bankowych, spowodowala, ze coraz wiekszego znaczenia nabierają elektroniczne kanaly dystrybucji. Do jednych z najbardziej innowacyjnych produktow nalezą transakcje skarbowe, w tym aktywna i partnerska wspolpraca w zakresie lokowania środkow finansowych, zarządzania plynnością, wymiany walut oraz zabezpieczania ryzyka rynkowego. Opracowanie prezentuje oferte bankowości skarbowej, ktora w warunkach duzej zmienności kursow rynkowych oraz rosnącej wymiany miedzynarodowej, umozliwia zarządzanie ryzykiem i finansami korporacji, zapewniając tym samym szybki i bezpieczny dostep do rynkow finansowych.
{"title":"ROZWÓJ INNOWACYJNYCH USŁUG BANKOWYCH – TRANSAKCJE SKARBOWE JAKO SPOSÓB ZARZĄDZANIA RYZYKIEM I FINANSAMI KORPORACJI PRZY WYKORZYSTANIU ELEKTRONICZNYCH KANAŁÓW DYSTRYBUCJI","authors":"A. Syrocka","doi":"10.12775/EQUIL.2008.009","DOIUrl":"https://doi.org/10.12775/EQUIL.2008.009","url":null,"abstract":"Intensywny rozwoj technologii informatycznych i globalizacja uslug bankowych, spowodowala, ze coraz wiekszego znaczenia nabierają elektroniczne kanaly dystrybucji. Do jednych z najbardziej innowacyjnych produktow nalezą transakcje skarbowe, w tym aktywna i partnerska wspolpraca w zakresie lokowania środkow finansowych, zarządzania plynnością, wymiany walut oraz zabezpieczania ryzyka rynkowego. Opracowanie prezentuje oferte bankowości skarbowej, ktora w warunkach duzej zmienności kursow rynkowych oraz rosnącej wymiany miedzynarodowej, umozliwia zarządzanie ryzykiem i finansami korporacji, zapewniając tym samym szybki i bezpieczny dostep do rynkow finansowych.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48921633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: The reduction lately observed in interregional differences in the per capita income in Russia requires some clarification of the reasons. One possible way to do this could be decomposition of interregional inequality in personal incomes by income sources, i.e.: wages and salaries, property incomes, social transfers, entrepreneurship incomes and revenues from informal activities. Purpose of the article: The objective of this research is identification of the character, direction and degree of influence of various income sources on interregional inequality and convergence of Russian regions by their per capita income in 2001–2014. Methods: We brought personal incomes in the regions to a comparable level using the relative cost of fixed consumer basket. Then we applied the population-weighted Gini coefficient, coefficient of variation, and the Theil index to measure the interregional inequality in personal incomes in dynamics. Further usage of various techniques of inequality decomposition allowed us to evaluate contribution of different types of income to the Russian regions’ convergence across time. Findings & value added: Various types of income demonstrated different paths of interregional inequality, changes in interaction and in the shares of total income, which altogether influenced spatial inequality. Wages and salaries showed the largest and growing impact on inequality. The contribution of informal incomes to the overall inequality was the second largest, but diminishing and negatively interacting with other unevenly distributed types of income; thereby they provided more than half of the total interregional convergence. Entrepreneurship incomes revealed slightly decreasing influence on inequality, which was mainly neutralized by their reduction in the share of total income. Social transfers demonstrated the largest smoothing effect, however, their contribution to convergence was exhausted. Property incomes evidenced the greatest enhancing impact on inequality especially in the period of recovery. Additionally, informal incomes played the role of substitutes for formal incomes providing self-replicating mechanisms for reducing inequality in Russia.
{"title":"Contribution of various income sources to interregional inequality of the per capita income in the Russian Federation","authors":"M. Malkina","doi":"10.24136/EQ.V12I3.21","DOIUrl":"https://doi.org/10.24136/EQ.V12I3.21","url":null,"abstract":"Research background: The reduction lately observed in interregional differences in the per capita income in Russia requires some clarification of the reasons. One possible way to do this could be decomposition of interregional inequality in personal incomes by income sources, i.e.: wages and salaries, property incomes, social transfers, entrepreneurship incomes and revenues from informal activities. Purpose of the article: The objective of this research is identification of the character, direction and degree of influence of various income sources on interregional inequality and convergence of Russian regions by their per capita income in 2001–2014. Methods: We brought personal incomes in the regions to a comparable level using the relative cost of fixed consumer basket. Then we applied the population-weighted Gini coefficient, coefficient of variation, and the Theil index to measure the interregional inequality in personal incomes in dynamics. Further usage of various techniques of inequality decomposition allowed us to evaluate contribution of different types of income to the Russian regions’ convergence across time. Findings & value added: Various types of income demonstrated different paths of interregional inequality, changes in interaction and in the shares of total income, which altogether influenced spatial inequality. Wages and salaries showed the largest and growing impact on inequality. The contribution of informal incomes to the overall inequality was the second largest, but diminishing and negatively interacting with other unevenly distributed types of income; thereby they provided more than half of the total interregional convergence. Entrepreneurship incomes revealed slightly decreasing influence on inequality, which was mainly neutralized by their reduction in the share of total income. Social transfers demonstrated the largest smoothing effect, however, their contribution to convergence was exhausted. Property incomes evidenced the greatest enhancing impact on inequality especially in the period of recovery. Additionally, informal incomes played the role of substitutes for formal incomes providing self-replicating mechanisms for reducing inequality in Russia.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46351682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: One of business cycles stylised facts is that contractions are shorter than expansions, but less persistent, more volatile, and therefore asymmetric. Investigating existence and type of business cycles asymmetry is important for analysis of economic policy and statistical modelling. Economic implication of business cycles asymmetry is that economic policy should be different in a period of contractions than in one of expansion. Statistical implication is that linear models of business cycles cannot capture this stylised fact. Purpose of the article: The article has two objectives: extend the literature on the business cycles asymmetry by testing data from 36 European countries including countries never been analysed before and test robustness of the results to extraction methods and asymmetry tests used. Methods: Quarterly GDP series from Eurostat database covering period 2000q1–2016q3 were used with two exceptions. In the case of Bosnia and Herzegovina and Montenegro quarterly industrial productions indexes were used. Series were prepared by removing seasonal component using X13-ARIMA procedure. To assess robustness of asymmetry tests results to alternative methods of detrending business cycles were extracted using two filters: Corbae-Ouliaris ideal band filter and double Hodrick-Prescott filter. For testing the deepness and steepness asymmetry of the business cycles three tests were used: Mills, Mira and Sichel tests. Findings & value added: Weaker evidence of deepness asymmetry was found in Cyprus, Montenegro and Turkey cycles, where all three tests statistics for both filters have a negative sign. However, only for one of the tests in each country the result was statistically significant. For two other countries, Germany and Sweden, four out of six tests indicated deepness asymmetry, but only one of these tests results was statistically significant. Most of the cycles show steepness asymmetry, with the exception of Ireland business cycles, and to a certain extent cycles of Poland, Malta, Montenegro and Spain.
{"title":"Characterising and testing European business cycles asymmetry","authors":"Z. Kovacic, M. Vilotic","doi":"10.24136/EQ.V12I3.24","DOIUrl":"https://doi.org/10.24136/EQ.V12I3.24","url":null,"abstract":"Research background: One of business cycles stylised facts is that contractions are shorter than expansions, but less persistent, more volatile, and therefore asymmetric. Investigating existence and type of business cycles asymmetry is important for analysis of economic policy and statistical modelling. Economic implication of business cycles asymmetry is that economic policy should be different in a period of contractions than in one of expansion. Statistical implication is that linear models of business cycles cannot capture this stylised fact. Purpose of the article: The article has two objectives: extend the literature on the business cycles asymmetry by testing data from 36 European countries including countries never been analysed before and test robustness of the results to extraction methods and asymmetry tests used. Methods: Quarterly GDP series from Eurostat database covering period 2000q1–2016q3 were used with two exceptions. In the case of Bosnia and Herzegovina and Montenegro quarterly industrial productions indexes were used. Series were prepared by removing seasonal component using X13-ARIMA procedure. To assess robustness of asymmetry tests results to alternative methods of detrending business cycles were extracted using two filters: Corbae-Ouliaris ideal band filter and double Hodrick-Prescott filter. For testing the deepness and steepness asymmetry of the business cycles three tests were used: Mills, Mira and Sichel tests. Findings & value added: Weaker evidence of deepness asymmetry was found in Cyprus, Montenegro and Turkey cycles, where all three tests statistics for both filters have a negative sign. However, only for one of the tests in each country the result was statistically significant. For two other countries, Germany and Sweden, four out of six tests indicated deepness asymmetry, but only one of these tests results was statistically significant. Most of the cycles show steepness asymmetry, with the exception of Ireland business cycles, and to a certain extent cycles of Poland, Malta, Montenegro and Spain.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45347772","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}
Elżbieta Jantoń-Drozdowska, Alicja Mikołajewicz-Woźniak
Research background: The year 2016 ended the period of the migration from national payment services to the SEPA instruments. At the same time, however, it has become apparent that some problems remained unresolved. Overcoming them requires finding suitable technological solutions. The potential of the distributed ledger technology (DLT) is currently being explored by the financial sector and its implementation may affect the SEPA schemes in a variety of dimensions. Purpose of the article: The aim of the article was to determine the potential impact that the DLT transfer to the banking sector may have on the functioning of the SEPA in the future. The paper presents SEPA’s assumptions and the current status of the project as well as the DTL’s concept. It describes the technology transfer implications for the banking industry and compares the SEPA schemes currently operating with those based on the DLT. It also indicates the opportunities and threats that are the consequence of the new technology implementation and examines their significance for the SEPA. Methods: In the article, a qualitative analysis is supplemented with a quantitative one. Elements of descriptive statistics have been used to characterize the functioning of the main pillars of the SEPA schemes. The final conclusions are based on the comparative analysis of the SEPA schemes and developed DLT applications. Findings & value added: The existing problems might be solved by supplementing the SEPA payment schemes currently operating with the applications based on the DLT. The systems that will be subsequently developed will provide the required real-time processing and a global reach. They will also extend the functionalities of the SEPA schemes with the ability to transfer other currencies. The implementation of this technology will result not only in new financial products but, first of all, in creating new business models. Consequently, we may expect a modification of the currently operating SEPA schemes, based on their supplementation rather than total replacement in a short time frame.
{"title":"The Impact of the Distributed Ledger Technology on the Single Euro Payments Area Development","authors":"Elżbieta Jantoń-Drozdowska, Alicja Mikołajewicz-Woźniak","doi":"10.24136/EQ.V12I3.28","DOIUrl":"https://doi.org/10.24136/EQ.V12I3.28","url":null,"abstract":"Research background: The year 2016 ended the period of the migration from national payment services to the SEPA instruments. At the same time, however, it has become apparent that some problems remained unresolved. Overcoming them requires finding suitable technological solutions. The potential of the distributed ledger technology (DLT) is currently being explored by the financial sector and its implementation may affect the SEPA schemes in a variety of dimensions. Purpose of the article: The aim of the article was to determine the potential impact that the DLT transfer to the banking sector may have on the functioning of the SEPA in the future. The paper presents SEPA’s assumptions and the current status of the project as well as the DTL’s concept. It describes the technology transfer implications for the banking industry and compares the SEPA schemes currently operating with those based on the DLT. It also indicates the opportunities and threats that are the consequence of the new technology implementation and examines their significance for the SEPA. Methods: In the article, a qualitative analysis is supplemented with a quantitative one. Elements of descriptive statistics have been used to characterize the functioning of the main pillars of the SEPA schemes. The final conclusions are based on the comparative analysis of the SEPA schemes and developed DLT applications. Findings & value added: The existing problems might be solved by supplementing the SEPA payment schemes currently operating with the applications based on the DLT. The systems that will be subsequently developed will provide the required real-time processing and a global reach. They will also extend the functionalities of the SEPA schemes with the ability to transfer other currencies. The implementation of this technology will result not only in new financial products but, first of all, in creating new business models. Consequently, we may expect a modification of the currently operating SEPA schemes, based on their supplementation rather than total replacement in a short time frame.","PeriodicalId":45768,"journal":{"name":"Equilibrium-Quarterly Journal of Economics and Economic Policy","volume":null,"pages":null},"PeriodicalIF":5.7,"publicationDate":"2017-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45680918","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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