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Monetary Policy Transmission to the Labour Market – Evidence From the Polish Economy

100%
Włodarczyk P.
Olsztyn Economic Journal
|
2017
|
vol. 12
|
issue 3
321-335
EN
This article verifies the hypothesis of a short-run impact of undertaken monetary policy on the labour market stance, advocated by the Keynesian/monetarist strand of economic theory. The analyses are performed within a small open economy framework, using data with regards to Poland in the 2000:1–2016:5 period. The research takes into account the high volatility of economic processes in the developing economies as well as their natural business cycle fluctuations and uses Markov Switching Bayesian Structural Vector Autoregressive models. The presented results confirm that there exists a nexus between monetary policy and the levels of output, inflation and the real effective exchange rate in the Polish economy. There is however no statistically significant relation between the employment level and changes in monetary policy. In this respect, the results are in line with the monetarist theory rather than with the traditional Keynesian\new Keynesian view.
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Gender diversity in corporate boards and firm risk-taking: Evidence from Pakistan

75%
Shakeel S., Khawaja M.
Economics and Business Review
|
2025
|
vol. 11
|
issue 3
119-142
EN
Using annual data from 49 publicly listed non-financial firms from January 2011 to December 2022, this study investigates how board gender diversity affects firm risk-taking behaviour in Pakistan. We use the exogenous shock introduced by the Securities and Exchange Commission of Pakistan (SECP) through the Companies Act in 2017, mandating the inclusion of at least one female director on corporate boards in Pakistan. To address endogeneity, we employ the Two-stage Least Squares (2SLS) and Two-stage Residual Inclusion (2SRI) estimations and validate the findings with the Difference-in-Differences (DiD) and Markov Switching (MS) models. The results indicate that greater female board representation correlates significantly with lower financial leverage and reduced earnings volatility. These results suggest that mandated gender diversity can shape strategic decisions that can help mitigate firm-level financial risk.
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