Pub Date : 2022-08-11DOI: 10.1080/00128775.2022.2109489
I. Bostan, C. Toma, George Aevoae, I. Robu, D. Mardiros, Ș. Topliceanu
ABSTRACT This study aims to identify the factors that influence economic growth for 16 countries located in Central and Eastern Europe, from 1995–2019. To obtain the research results, panel data analysis was used, based on econometric models that test the influence of human capital, foreign capital, and domestic capital on economic growth. The analytical data were collected from international databases (i.e.,the World Bank, IMF, and OECD) for the countries included in the study, considering the analyzed period. The main results show that economic growth is not influenced by the inflows of foreign capital, but by domestic investment and trade openness.
{"title":"Effects of Internal and External Factors on Economic Growth in Emerging Economies: Evidence from CEE Countries","authors":"I. Bostan, C. Toma, George Aevoae, I. Robu, D. Mardiros, Ș. Topliceanu","doi":"10.1080/00128775.2022.2109489","DOIUrl":"https://doi.org/10.1080/00128775.2022.2109489","url":null,"abstract":"ABSTRACT This study aims to identify the factors that influence economic growth for 16 countries located in Central and Eastern Europe, from 1995–2019. To obtain the research results, panel data analysis was used, based on econometric models that test the influence of human capital, foreign capital, and domestic capital on economic growth. The analytical data were collected from international databases (i.e.,the World Bank, IMF, and OECD) for the countries included in the study, considering the analyzed period. The main results show that economic growth is not influenced by the inflows of foreign capital, but by domestic investment and trade openness.","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":"61 1","pages":"66 - 85"},"PeriodicalIF":1.1,"publicationDate":"2022-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44428159","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 : 2022-08-03DOI: 10.1080/00128775.2022.2107937
Oguzhan Ozcelebi, Mehmet Tevfik Izgi
ABSTRACT This study examines the effects of the economic policy uncertainty (EPU) index of the US on the exchange rates and stock returns of Korea, Mexico, Poland, and Russia. A time-varying causality test showed that the impacts of EPU of the US on the exchange and stock market of emerging countries could be affected by regime changes. A quantile regression model suggested that the effect of the increase/decrease in the EPU of the US may affect financial variables, while it was indicated that effects of the EPU of the US on the exchange rates and stock returns are asymmetrical.
{"title":"Assessing the Impacts of Economic Policy Uncertainty of the US on the Exchange Rates and Stock Returns of Korea, Mexico, Poland and Russia","authors":"Oguzhan Ozcelebi, Mehmet Tevfik Izgi","doi":"10.1080/00128775.2022.2107937","DOIUrl":"https://doi.org/10.1080/00128775.2022.2107937","url":null,"abstract":"ABSTRACT This study examines the effects of the economic policy uncertainty (EPU) index of the US on the exchange rates and stock returns of Korea, Mexico, Poland, and Russia. A time-varying causality test showed that the impacts of EPU of the US on the exchange and stock market of emerging countries could be affected by regime changes. A quantile regression model suggested that the effect of the increase/decrease in the EPU of the US may affect financial variables, while it was indicated that effects of the EPU of the US on the exchange rates and stock returns are asymmetrical.","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":"61 1","pages":"1 - 22"},"PeriodicalIF":1.1,"publicationDate":"2022-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45226170","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 : 2022-08-03DOI: 10.1080/00128775.2022.2102507
P. Makovský
{"title":"Are Term Premiums Predictable in Central European Countries? The Forward Rates Agreements (FRA) Application","authors":"P. Makovský","doi":"10.1080/00128775.2022.2102507","DOIUrl":"https://doi.org/10.1080/00128775.2022.2102507","url":null,"abstract":"","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47883562","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 : 2022-08-02DOI: 10.1080/00128775.2022.2102038
Boris Fisera, Menbere Workie Tiruneh
ABSTRACT We investigate the impact of remittance inflows on the real exchange rate using a sample of 134 developing and emerging economies. Using heterogeneous panel cointegration approach, we find that remittances contribute to long-term real appreciation of the domestic currency, which is beyond the level implied by the Balassa-Samuelson effect. Consequently, we find evidence that remittances might contribute to triggering the phenomenon of the Dutch disease. We also find evidence for heterogeneity in the effects of remittances on the real exchange rate: having floating exchange rate, higher economic freedom and higher financial development reduces the long-run appreciation due to remittance inflows.
{"title":"Beyond the Balassa-Samuelson Effect: Do Remittances Trigger the Dutch Disease?","authors":"Boris Fisera, Menbere Workie Tiruneh","doi":"10.1080/00128775.2022.2102038","DOIUrl":"https://doi.org/10.1080/00128775.2022.2102038","url":null,"abstract":"ABSTRACT We investigate the impact of remittance inflows on the real exchange rate using a sample of 134 developing and emerging economies. Using heterogeneous panel cointegration approach, we find that remittances contribute to long-term real appreciation of the domestic currency, which is beyond the level implied by the Balassa-Samuelson effect. Consequently, we find evidence that remittances might contribute to triggering the phenomenon of the Dutch disease. We also find evidence for heterogeneity in the effects of remittances on the real exchange rate: having floating exchange rate, higher economic freedom and higher financial development reduces the long-run appreciation due to remittance inflows.","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":"61 1","pages":"23 - 65"},"PeriodicalIF":1.1,"publicationDate":"2022-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46522455","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 : 2022-07-30DOI: 10.1080/00128775.2022.2098146
Sonja Šlander Wostner, F. Krizanic, B. Brezovnik, Borut Vojinović
ABSTRACT Personal consumption, according to Keynesian theory, affects economic growth directly and indirectly. This concept can be used in Leontief’s input-output analysis by adding an impact assessment through the production chain to an impact assessment through the changed personal, investment and government spending that follows. Accounting for an increase in personal consumption, we have estimated the multiplier for Slovenia in 2015 to equal 2.5. Pursuant to Engel’s law, the economic structure changes with the growth of personal consumption. The growth of personal consumption leads to a transition of the economy from primary to secondary and tertiary stages.
{"title":"The Role of Personal Consumption in the Economic System – Case of Slovenia","authors":"Sonja Šlander Wostner, F. Krizanic, B. Brezovnik, Borut Vojinović","doi":"10.1080/00128775.2022.2098146","DOIUrl":"https://doi.org/10.1080/00128775.2022.2098146","url":null,"abstract":"ABSTRACT Personal consumption, according to Keynesian theory, affects economic growth directly and indirectly. This concept can be used in Leontief’s input-output analysis by adding an impact assessment through the production chain to an impact assessment through the changed personal, investment and government spending that follows. Accounting for an increase in personal consumption, we have estimated the multiplier for Slovenia in 2015 to equal 2.5. Pursuant to Engel’s law, the economic structure changes with the growth of personal consumption. The growth of personal consumption leads to a transition of the economy from primary to secondary and tertiary stages.","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":"60 1","pages":"433 - 451"},"PeriodicalIF":1.1,"publicationDate":"2022-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46805824","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 : 2022-07-27DOI: 10.1080/00128775.2022.2102508
I. Boitan, Sorina Emanuela Ștefoni
ABSTRACT This paper examines whether the digital transformation, proxied, by large-scale adoption and use of digital technologies, as well as ongoing improvements in the quality of ICT technologies, is leads into lowering the size of the informal economy. Our contribution to the literature is both empirical and practical, by considering a broad and novel range of indicators that are related to three components of the Digital Compass. Using a panel regression framework, findings indicate that the impact of digital technologies on the size of shadow economy is transmitted through both the usage and quality channels.
{"title":"Digitalization and the Shadow Economy: Impact Assessment and Policy Implications for EU Countries","authors":"I. Boitan, Sorina Emanuela Ștefoni","doi":"10.1080/00128775.2022.2102508","DOIUrl":"https://doi.org/10.1080/00128775.2022.2102508","url":null,"abstract":"ABSTRACT This paper examines whether the digital transformation, proxied, by large-scale adoption and use of digital technologies, as well as ongoing improvements in the quality of ICT technologies, is leads into lowering the size of the informal economy. Our contribution to the literature is both empirical and practical, by considering a broad and novel range of indicators that are related to three components of the Digital Compass. Using a panel regression framework, findings indicate that the impact of digital technologies on the size of shadow economy is transmitted through both the usage and quality channels.","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":"61 1","pages":"152 - 180"},"PeriodicalIF":1.1,"publicationDate":"2022-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44106375","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 : 2022-07-14DOI: 10.1080/00128775.2022.2097094
Burcu Ünüvar
ABSTRACT This paper investigates the effectiveness of monetary policy in Turkey, i.e. a developing country with high inflation, through its impact on the local currency denominated sovereign yield curve. Employing a two-factor, market-based methodology and introducing a new dataset, the study calculates the surprise factor for both actions (monetary policy surprise) and words (communication surprise). Checking their impacts separately, the study finds evidence that the communication provided by the Central Bank of Turkey through Monetary Policy Committee Statements help to extend the impact of the monetary policy to the long end of the yield curve, even during periods of high inflation.
{"title":"Wordle for Central Bankers: Separating Impact of Words and Actions Under High Inflation– The Case of Turkey","authors":"Burcu Ünüvar","doi":"10.1080/00128775.2022.2097094","DOIUrl":"https://doi.org/10.1080/00128775.2022.2097094","url":null,"abstract":"ABSTRACT This paper investigates the effectiveness of monetary policy in Turkey, i.e. a developing country with high inflation, through its impact on the local currency denominated sovereign yield curve. Employing a two-factor, market-based methodology and introducing a new dataset, the study calculates the surprise factor for both actions (monetary policy surprise) and words (communication surprise). Checking their impacts separately, the study finds evidence that the communication provided by the Central Bank of Turkey through Monetary Policy Committee Statements help to extend the impact of the monetary policy to the long end of the yield curve, even during periods of high inflation.","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":"60 1","pages":"375 - 392"},"PeriodicalIF":1.1,"publicationDate":"2022-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42559148","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 : 2022-07-13DOI: 10.1080/00128775.2022.2099421
Erika Majzlíková, Matej Vitáloš
ABSTRACT The aim of this paper is to examine the impacts of automation on the Slovak labor market by applying automatability estimates to detailed employment data at the levels of districts and occupations. The district- and industry-level analysis shows that automation has the potential to significantly disrupt the Slovak labor market. Employees with lower incomes face greater risk of losing their jobs. The risk of automation is lower in districts with higher unemployment levels and vice versa, which indicates that technological progress does not have the potential to increase existing regional disparities in terms of employment opportunities. Policymakers should therefore consider differences among districts and industries when directing their job creation efforts.
{"title":"Potential Risk of Automation for Jobs in Slovakia: A District- and Industry-Level Analysis","authors":"Erika Majzlíková, Matej Vitáloš","doi":"10.1080/00128775.2022.2099421","DOIUrl":"https://doi.org/10.1080/00128775.2022.2099421","url":null,"abstract":"ABSTRACT The aim of this paper is to examine the impacts of automation on the Slovak labor market by applying automatability estimates to detailed employment data at the levels of districts and occupations. The district- and industry-level analysis shows that automation has the potential to significantly disrupt the Slovak labor market. Employees with lower incomes face greater risk of losing their jobs. The risk of automation is lower in districts with higher unemployment levels and vice versa, which indicates that technological progress does not have the potential to increase existing regional disparities in terms of employment opportunities. Policymakers should therefore consider differences among districts and industries when directing their job creation efforts.","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":"60 1","pages":"452 - 478"},"PeriodicalIF":1.1,"publicationDate":"2022-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43523903","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 : 2022-07-13DOI: 10.1080/00128775.2022.2099422
E. Baumöhl, E. Kočenda
ABSTRACT We survey the empirical evidence on corporate survival and its determinants in European emerging markets. We demonstrate that (i) institutional quality is a significant preventive factor for firm survival in all sectors of the economy, which holds for small, medium and large firms alike. On the other hand, (ii) the impact of financial performance indicators is lower than one would expect. However, (iii) other firm-level variables play more important roles in firm survival, and the most important preventive factors are the legal form of a limited liability company, the number of large shareholders, and the presence of a foreign owner.
{"title":"How Firms Survive in European Emerging Markets: A Survey","authors":"E. Baumöhl, E. Kočenda","doi":"10.1080/00128775.2022.2099422","DOIUrl":"https://doi.org/10.1080/00128775.2022.2099422","url":null,"abstract":"ABSTRACT We survey the empirical evidence on corporate survival and its determinants in European emerging markets. We demonstrate that (i) institutional quality is a significant preventive factor for firm survival in all sectors of the economy, which holds for small, medium and large firms alike. On the other hand, (ii) the impact of financial performance indicators is lower than one would expect. However, (iii) other firm-level variables play more important roles in firm survival, and the most important preventive factors are the legal form of a limited liability company, the number of large shareholders, and the presence of a foreign owner.","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":"60 1","pages":"393 - 417"},"PeriodicalIF":1.1,"publicationDate":"2022-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"58812618","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 : 2022-07-03DOI: 10.1080/00128775.2022.2093751
I. Oleksiv, D. Mirzoieva
ABSTRACT This study analyzes the influence of remittances on the exchange rate and consumption, applying the Granger test and ARDL/ECM models to investigate different aspects of such impact. Using the Granger test, we tested causalities between remittance inflows, exchange rate, consumption, export, and import. The Granger test showed causal relations between remittances and all other listed variables. We also found that remittances contributed to the exchange rate appreciation in the short and long-term perspectives by applying ARDL/ECM models. Additionally, the ARDL/ECM models showed that the exchange rate was significantly defined by its lagged values.
{"title":"Impact of Remittances on the Exchange Rate and Consumption: Evidence from Ukraine","authors":"I. Oleksiv, D. Mirzoieva","doi":"10.1080/00128775.2022.2093751","DOIUrl":"https://doi.org/10.1080/00128775.2022.2093751","url":null,"abstract":"ABSTRACT This study analyzes the influence of remittances on the exchange rate and consumption, applying the Granger test and ARDL/ECM models to investigate different aspects of such impact. Using the Granger test, we tested causalities between remittance inflows, exchange rate, consumption, export, and import. The Granger test showed causal relations between remittances and all other listed variables. We also found that remittances contributed to the exchange rate appreciation in the short and long-term perspectives by applying ARDL/ECM models. Additionally, the ARDL/ECM models showed that the exchange rate was significantly defined by its lagged values.","PeriodicalId":45883,"journal":{"name":"Eastern European Economics","volume":"60 1","pages":"418 - 432"},"PeriodicalIF":1.1,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49294623","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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