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Internationalization of Renminbi and the Real Effective Exchange Rate

Author(s): Eva Jančíková,Leonid Raneta,Denys Braga / Language(s): English Issue: 07/2016

The idea of examining the effects of chosen variables versus the real effective exchange rate (REER) arose after observing the current tendencies in global trade processes and the position of China on global markets. Also the eruption of the world financial and economic crisis led to devaluation processes of world currencies and introduction of massive quantitative easing programs which distorted competitiveness of countries. China is not an exception. The key objective of the article is to find out how the foreign direct investment (FDI), openness of Chinese economy, GDP growth and total unemployment affects the REER of China during the periods between 1991 and 2014. In addition, terms of trade and net foreign trade will be tested additionally as explanatory factors. The OLS method was used to establish the relationship as well as the direction of causation between variables.

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Stock Market Price Indices Modelling by a Small Scale Bayesian VAR: The Case of British FTSE and German DAX Index

Author(s): Miloš Bikár,Martin Hodula / Language(s): English Issue: 08/2016

This article examines the behaviour and responses of stock market indices to various macroeconomic determinants by using small scale Bayesian VAR model. Our objective is to investigate the extent to which various macroeconomic shocks contribute to changes in stock market conditions. We focus on the German DAX 30 index and British FTSE 100 indices which serve as indicators for the development of the German and British economy as well as an illustration to evaluate the performance of the model. We have confirmed the general view that BVAR model outperforms a standard VAR model when the forecasting accuracy improved from 5% to 12%. We have also confirmed that any increase in risk-premium negatively influences stock markets in both case studies. However, the structure of the economies and capital also makes a difference, as found from different market reactions to supply shock.

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The Validity of Gibrat's Law: Focus on Gender Composition of Top Management

Author(s): Veronika Hedija / Language(s): English Issue: 01/2017

The study is focused on relationship between firm size and firm growth in the context of gender composition of top management of the firms. In accordance with Gibrat´s law, firm growth is the stochastic process that does not depend on firm size. The aim of this study is to find out if the confirmation or rejection of Gibrat´s law validity might be related to the gender composition of management. The data for 20,073 Czech firms in the period 2008 – 2013 is used. To examine the relationship between firm size and firm growth, the linear auto-regression model is applied. The study concludes that the gender composition of top management is not the key factor affecting the validity of Gibrat´s law. The validity of Gibrat´s law is rejected at the aggregate level and also for both men-led and women-led firms. Smaller firms tend to growth faster than their bigger counterparts.

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Effects of Globalization and Corruption on the Outward FDI in OECD Countries

Author(s): Štefan Bojnec,Imre Fertő / Language(s): English Issue: 03/2017

The paper investigates impacts of globalization and corruption-free on the outward foreign direct investment (FDI) for 22 OECD countries. The baseline model confirms the positive link of home and host country gross domestic product (GDP) per capita and Linder’s hypothesis, home and host size of GDP and its similarity, host agglomeration of multinational enterprises, common currency euro, and the negative link with geographical distance. The results for the effects of globalization and corruption-free on the outward FDI are mixed. The significant positive association pertained to home and host country economic globalization is confirmed, but the significant negative association pertained to home and host county social globalization. The significant positive association of outward FDI with the corruption-free in host country and the significant negative association with the corruption-free in home country and for corruption similarity suggest FDI outflows from low corruption-free home country to high corruption-free host country. This finding implies FDI preference for corruption-free economically globalized OECD host countries.

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The Competitive Effect on Public Procurement for Public Service Contracts: The Case of the Czech Republic

Author(s): Petr Stehlík / Language(s): English Issue: 04/2018

The article focuses on a previously neglected public procurement research field regarding competitive effects on public service contracts. Current studies analysing the competitive effect primarily focus on the examination of public works contracts, or on examining the competitive effect of public procurement as a heterogeneous whole. The subject of this examination is a separate analysis of public service contracts. Below and above-threshold public service contracts awarded in the Czech Republic in 2014 were examined. The results of the examination of its own sample of 790 public contracts in open procedure show that, with each additional tenderer, the average price drops by 3.04%. This finding is in line with the studies that have dealt with the examination of the competitive effect in public procurement for public works contracts. The analysis also indicates a stronger existence of a competitive effect in open procedure types compared to other procedure types. The report also highlights some of the phenomena that may affect the resulting public contract price, where the higher final price does not necessarily mean inefficiency nor overpricing of the public contract (such as the difficulties with the anticipated price for IT service contracts).

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Concept of Environmental Taxes as EU’s Own Resource and CGE Modelling of its Effects on Slovakia

Author(s): Viliam Páleník,Tomáš Miklošovič / Language(s): English Issue: 03/2018

EU’s own resources create the base of the European budget revenues. Traditional resources of the European budget are decreasing. The current status of own resources is both inconvenient and confusing. A new concept of environmental taxes can serve as a new EU´s own resource. This concept would lead to more transparent financing of the EU budget and better environmental protection. In combination with an application of the principle of the fiscal neutrality, which consists in a collateral reduction of certain direct taxes, the tax could accelerate economic growth. The concept of the EU´s own resources reform through an introduction of the environmental tax in the amount of 1% of GDP, accompanied by parallel decreasing of the tax burden by the same amount has been proposed. Calculations of macroeconomic effects have been executed with help of the computable general equilibrium model with the focus on Slovakia.

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Do the V4 Countries Follow the European Deficit? Evidence of Tobacco Taxes

Author(s): Petr David / Language(s): English Issue: 03/2018

The average tax rate imposed on tobacco products in the European Union is insufficient if compared with the social costs of smoking, as has been proven by previous research. Does it also uniformly apply to the V4 countries, which are different from the rest of the EU in certain aspects? The conducted research has shown that the social deficit caused by smoking both in the V4 countries and in the EU on average was always in positive numbers during the years 2008 to 2015. This means that the tax imposed on tobacco products fails to cover the social costs of tobacco consumption. The social deficit per unit of manufactured tobacco in the V4 countries is lower than the average value of this indicator within the EU. The social deficit increased in the V4 countries apart from the Czech Republic during the examined period. Although the absolute social deficit as well as the social deficit per capita developed differently in the respective V4 countries, they also reached positive values. This may be legitimately deemed a failure of the state in the application of a remedial tax.

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Exchange Rate Level, Innovation, and Obstacles to Growth. Who Needs a Weak Zloty?

Author(s): Michał Brzozowski,Grzegorz Tchorek / Language(s): English Issue: 02/2018

We have adopted Rodrik’s “undervaluation” hypothesis to verify the conjecture that innovative firms in Poland opt for a weak currency because they face obstacles in the labour and financial markets. We do it by exploring a new database on Polish manufacturing exporters in order to find some interrelations between the exchange rate level and innovation activity. Our findings suggest that a weak Zloty is preferred by exporting firms that have carried out product and process innovations and registered a trademark, patent or claimed a copyright. We confirmed that financial constraints and labour market regulations were important factors preventing the growth of innovative firms. Based on the research on Polish firms, we claim that although innovative companies use technology to gain competitive advantage, their success and innovation activity also hinge on prices in general and on a weak exchange rate in particular because it helps to overcome market imperfections related to financial and labour resources.

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The Working Poor in Post-Communist EU: What can Social Policy Change?

Author(s): Pavol Baboš / Language(s): English Issue: 09/2017

Poverty research in post-communist Europe has been behind its western counterparts but it is recently catching up. However, research of in-work poverty in the post-communist EU members is still rather scarce. This paper contributes to filling that gap. Using EU-SILC microdata, supplemented by various country-level statistics, this paper has two aims. Firstly, it maps the development of in-work poverty in the post-communist EU and compares it to western countries. Secondly, it identifies factors that may influence the probability of becoming a member of the working poor. Using multilevel regression techniques it reveals that individual factors play a considerably larger role in influencing the In-work Poverty (IWP) than institutions. Additionally, the findings show that there were three institutional barriers which prevented workers from becoming poor before the crisis: parental leave, unemployment benefits and union density. However, these institutions lost their influence during the crisis and still have not restored it after the crisis.

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Human insecurities in Africa, the politics of non-refoulement and the plights of the African refugees along Mexican-American borders

Author(s): Olawale Olufemi Akinrinde,Usman Tar,David Ayo Babalola,Abdullah Abdulazeez Osuwa / Language(s): English Issue: 1/2021

The rise of refugee problems worldwide, particularly the African refugee crisis, inherently underlines the preponderance of the spiking degree of human insecurity in Africa and the definitional and operational shortcomings of the Geneva Refugee Convention of 1951, which was designed to protect the rights of refugees and asylum seekers to safety and express access to neighboring states. This article attempts to unpack how the spiking rate of human insecurity in Africa and the definitive and organizational shortcomings of the 1951 Geneva Refugee Convention have led to the troubling spate of the Mexico-American border African refugee crisis, amongst several unabating largescale migrations to developed world including the European countries. From a case-study methodological standpoint, this study utilizes the advantages of rigorous qualitative data and analysis techniques. Despite the development of the 1951 Geneva Refugee Convention and other international regimes, the increasing numbers of African refugees along the Mexican-American border and around the world remain alarmingly worrying. The African refugee crisis now poses unprecedented dangers to global human security, with over five million people internally displaced and thousands of African refugees seeking asylum along the Mexican-American border. A thorough human based security approach is recommended to address the ravaging human security challenges precipitating the influx of African migrants along the Mexico-American borders.

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APPLICATIONS OF THE NUDGE THEORY IN THE SUPPORT OF CHILDREN IN DIFFICULTY

Author(s): Mihail Ciobanu / Language(s): English Issue: 2/2024

Children are a vulnerable group of population due to their need of support in meeting their fundamental needs. Their welfare depends on one side on the influence of environment where they live and on another side - on their own choices, on the behavior they manifest. In the behavioral school of economic thought it’s considered that children behaviors, especially those in difficult situations, can be influenced to produce desirable results in the increase of their welfare. Children in difficulty are a vulnerable group that would benefit from the approaches to the socioeconomic support provided by the behavioral economics. The child behavior study in behavioral economics developed at the intersection of economics with development psychology. Nudge theory is one of the main behavioral economics’ directions that could offer insights in order to support children in difficulty. The paper aim is to identify good practices based on the principles of nudge theory that are tailored and applied to address socioeconomic challenges of children in difficulty. The work was developed within the framework of Subprogram 030101 „Strengthening the resilience, competitiveness, and sustainability of the economy of the Republic of Moldova in the context of the accession process to the European Union”, institutional funding.

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Анализ на данни от наблюдение върху биоразнообразието на паяците (Araneae) в българската част на Осоговска планина

Author(s): Dema Cholakova / Language(s): English,Bulgarian Issue: 1/2023

Osogovo Mountain occupies the largest part of the Osogovo-Belasitsa region and is located in its northernmost part. The highest point of the mountain is Mount Ruen (2251 m). In general, the Osogovo Mountain has an asymmetrical character: steep northern slopes, relatively sloping and separated by numerous ridges eastern and southwestern slopes, which is a prerequisite for the presence of rich biodiversity. The aim of this study is to establish the biodiversity (species composition) and more important biological, ecological and zoogeographical features of spiders (Araneae) from the Bulgarian part of the Osogovo Mountain.

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The asymmetric effect of exchange rate pass-through to domestic prices: Evidence from Nigeria

Author(s): Alarudeen Aminu,Joshua Adeyemi Afolabi / Language(s): Serbian Issue: 243/2024

The linear relationship between exchange rates and domestic prices has been extensively researched but little is known about their asymmetric relationship, particularly in Nigeria. This study examined nominal exchange rate passthrough to domestic prices using the official and parallel market exchange rates. The non-linear autoregressive distributed lag (NARDL) estimation technique was adopted to analyse data of relevant variables from 2011M1 to 2021M3. The results showed that the parallel market exchange rate, not the official exchange rate, is the driver of domestic prices in Nigeria due to the huge discrepancies in the two rates, which economic agents exploit to their advantage. The Wald test results confirmed the existence of short-run asymmetry between parallel market exchange rates and domestic prices in Nigeria. This suggests the need for the Nigerian monetary authorities to close the gap between the official and parallel market exchange rates to minimise arbitrage.

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Heterogeneous determinants of environmental sustainability: Assessing the roles of energy consumption, economic growth, and financial development

Author(s): Odionye Joseph Chukwudi,Chikeziem F. Okorontah,Chiagoziem Gospel Uruakpa / Language(s): English Issue: 241/2024

This study offers unique insights into the heterogeneous influence of energy consumption, economic growth, and financial development on environmental sustainability in Sub- Saharan African (SSA) countries. Basically, the scarcity of evidence on this issue, especially in the context of SSA, motivates this new assessment. Thus, on the basis of the annual panel series for 22 SSA countries over the period 1999-2019, the novel quantile-based method of moments (MM-QR), and system-generalisation method of moments (sysGMM) provide the following results. First, financial development significantly degrades the region’s environmental quality. Second, energy utilisation provides varying significant increasing effects. Whereas it largely increases carbon emissions at the upper quantiles, the influence at the middle and low quantiles is inconsequential. This highlights the fact that high levels of energy use in the region significantly increase carbon emissions, which in turn reduces the region’s environmental sustainability. Third, the empirical result confirms the inverted Uform hypothesis in the region. Policy options to enhance and maintain sustainable growth in the region without compromising environmental quality have been highlighted.

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A note on dictatorship, liberalism and the Pareto rule

Author(s): Branislav Boričić / Language(s): English Issue: 238/2023

This note presents a short comment and explanation of the approach and results presented in my previous papers published in this journal. I have divided the traditional social choice axioms, introduced by Kenneth Arrow and Amartya Sen, into two classes, based on their linguistic and mathematical complexity. The first class consists of ‘the unrestricted domain’ and ‘the independence of irrelevant alternatives’, (Arrow, 1963; (Sen, 1970b;Maskin, 2020), which need a higher-order language, and can be treated as meta-axioms. The second class contains a group of linguistically simpler axioms, such as ‘dictatorship’, ‘liberalism’ and ‘the Pareto rule’. Naturally, it is possible to make an easier logical analysis of the deductive properties and relationships between the axioms belonging to the second class, and the paper explains a method for their simplification. The basic conclusion is that after these simplifications, we obtain a fragment of the traditional Arrow-Sen theory in which we can also prove well-known impossibilities, including the counterparts of Arrow’s and Sen’s theorems. I consider that the value of each simplified approach lies in providing an opportunity to a wider circle of readers to better understand the basic ideas, results and spirit of traditional Social Choice Theory.

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BIG DATA'S ECONOMIC IMPACT FOR POLICY MAKING: THE WAY FORWARD?

Author(s): Andrei Marcel Manole,Mihaela Hortensia Hojda,Liviu Constantin Dafina,Anda Ileana Necula / Language(s): English Issue: 3/2024

This article considers big data’s impact on business and policy, aiming to understand challenges, opportunities as well as the limitations of the current analysis framework. The study focuses on big data and the analysis of its’ usage in the framework of both public policy and private sector. Similarly to other goods with dual usage, big data is considered both as an opportunity and a challenge, due to implied sectors in this respect, i.e., the economic and political ones. The paper searches for consistency in between economics and politics via big data usage and integration, especially as the state-conducted policy making attempts to respond to private sector needs, trying also to mimic the performance management styles. Simultaneously, private companies have to comply with rules and regulations. The conclusions outline the resistance in big data usage within the decision-making process, as result of human willingness or lack of correlations.

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THE SLOW GROWTH OF FINANCIAL INTERMEDIATION THROUGH THE IMPLEMENTATION OF SUSTAINABLE MEASURES IN THE FIELD

Author(s): Carmen Ghelase,Mihaela Neculita / Language(s): English Issue: 3/2024

As countries develop, they tend to carry out a variety of economic activities, operate in larger markets and claim higher financial capital, adapted to growing needs. Financial intermediation plays an important role in such developed economies, to boost lending, efficiently allocating funds and providing protection and security for various financial transactions. The current research shows us that in Romania, bank lending remains the pillar instrument for financing investments and the banking system has defined its lending capacity in recent years. However, our country ranks last, in terms of the degree of financial intermediation. The article proposes concrete financial measures with a high degree of implementation difficulty but with a strong impact on the growth of sustainable financial intermediation in Romania.

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EXPLORING ENTREPRENEURIAL INSIGHTS ON THE INFLUENCE OF MIGRATION ON MOLDOVAN BUSINESSES

Author(s): Alexandra Novac / Language(s): English Issue: 3/2024

The paper explores, from an entrepreneurial perspective, how migration influences the business activities in the Republic of Moldova. The research uses a combination of primary and secondary data, encompassing statistical data analysis and a survey involving 204 entrepreneurs across 25 districts in the Republic of Moldova. The findings reveal that generally, entrepreneurs regard migration as having a negative consequence on their businesses, with sectors such as construction, IT, hospitality, and agriculture being the most affected by fluctuations in the active workforce. Migration’s influence on labor availability is significant in both urban and rural areas, although more pronounced in rural regions. Rural entrepreneurs perceived that this migration of workers affected their businesses more adversely compared with urban ones, thus indicating economic disparities across these areas.

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LABOUR FORCE REGIONAL INDEX AS A HOLISTIC MEASURE FOR LABOUR MARKET EVALUATION

Author(s): Mihail Ciobanu,Ecaterina Heghea / Language(s): English Issue: 4/2024

There are a lot of indicators that depict the situation of the labour market that consider its various aspects in individual manner, like following: the rate of employment, the monthly salary and other indicators, but there can’t be easily found an example of indicator that would show the picture in its entirety, combining it’s aspects. That would be useful, for example, when doing comparisons between regions of the same country. In order to elaborate such an indicator was used Republic of Moldova as an example. As source of primary data on labour force characteristics was used the National Bureau of Statistics of Moldova. In this paper we propose a composite index called Labour Force Regional Index (LAFORI Index), created through normalization and combination of the indicators that refer to aspects of labour force like the share of NEET group, the rate of employment, average monthly salary, average amount of the expenditures on work accidents per victim of work accidents. The article was developed within the framework of 23.70105.0807.10T Project for Young Researchers ”Development of new working models in the context of post-pandemic consequences and strengthening of job-specific skills for occupations and areas of smart specialization in the Republic of Moldova”.

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IMPACT OF POPULATION STRUCTURE ON GDP IN THE REPUBLIC OF MOLDOVA

Author(s): Galina Savelieva,Svetlana Zaharov / Language(s): English Issue: 4/2024

The article presents the results of the research of the dependence between changes in population structure and economic development in the Republic of Moldova. The use of econometric method allowed to evaluate the quantitative impact of age changes in population on the value of GDP as the main macroeconomic indicator of sustainable economic development. In the process of the research, the multi-factor regression model was elaborated, which allows to assess the relationship between age groups in population and GDP (age structure of population and economic growth). Based on the results obtained, recommendations for improving public socio-economic policies in the Republic of Moldova were developed.

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