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Determinants of economic growth in South - East Europe: A panel data approach

100%
Trpkova M., Tashevska B.
Perspectives of Innovations, Economics and Business
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2011
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vol. 7
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issue 1
12-15
EN
The objective of this paper is to reveal the main determinants of the economic growth in South-East European countries. Real GDP growth rate represents economic growth in the analysis. We perform a panel data analysis for 7 countries with similar economic surroundings: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Romania and Serbia. The observation period is 1995 - 2007. Empirical results indicate that Consumer price index, Current account/GDP, Exchange rate, General government balance, General government expenditure, Population, Large scale privatization and Price liberalization are some of the main factors on which Southeast European countries policy makers should focus in order to reach significant increase in economic growth.
2
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Information asymmetry, liquidity and the dynamic volume-return relation in panel data analysis

100%
Kliber P., Garsztka P.
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
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2018
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issue 519
122-134
EN
In the paper we investigate the dynamic relation between returns and volume of individual stocks traded on the Warsaw Stock Exchange. Theoretical models suggest that this relation reveals the information asymmetry in the market and the role of private information. Unlike other works, we use dynamic regression to obtain the coefficients for 52 stocks, assuming that coefficients for individual stock can vary from month to month. Then we use panel regression with random effects to test the relationship between coefficient of information asymmetry and liquidity. We find an evidence supporting the compliance of measure of information asymmetry, especially for medium and small capitalization companies.
3
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Determinants of financial performance of banks in Central and Eastern Europe

88%
Antoun R., Coskun A., Georgevski B.
Business and Economic Horizons
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2018
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vol. Volume 14
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issue Issue 3
513-529
EN
The aim of this study is to investigate the bank-specific, industry-specific, and macroeconomic determinants of the financial performance of banks in Central and Eastern European Countries. For this purpose, first we determined the factors affecting performance, based on findings in the literature. We constructed a financial performance index (FPI) based on CAMEL ratios and then ran the computed index on the aforementioned determinants. In the analysis, we used unbalanced panel data covering the period 2009–2014, which were collected from from the Bankscope database, World Development Indicators, and the Financial Structure and Development Dataset. We conducted an empirical analysis using fixed-effect panel regression. Our results suggest that the asset quality and earnings of banks are negatively affected by size, and positively affected by business mix and inflation. Capital adequacy and liquidity were found to be negatively affected by size and positively affected by bank concentration and economic growth.
4
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Factors Affecting the Development of Voluntary Pension Schemes in CEE Countries: A Panel Data Analysis

75%
Marcinkiewicz E.
Central European Economic Journal
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2017
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vol. 3
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issue 50
EN
The study provides some quantitative information on voluntary pension plans in 10 CEE countries obtained from various local sources. The comparative analysis shows that there is a considerable variation in this group in terms of participation and contributions to the voluntary pension plans. In addition, this study empirically examines several factors that can possibly affect the development of voluntary pensions: income per capita and poverty rate, income inequality, replacement rate from the pension system, education attainment, interest rate and demographic burden. It uses a panel regression framework for the period of 2006–2014. The results reveal that, in the case of participation in voluntary pension plans, only income level per capita is associated with a greater number of pension plan members. As far as contributions are concerned, education seems to be the most important determinant of additional pension savings. Other factors do not seem to explain well both of the studied variables reflecting the development of voluntary pension schemes. However, as individual fixed effects are proven to be significant in the estimated models, one could conclude that country-specific characteristics play a significant role in explaining the development of voluntary pension schemes. They can be referred to the design and parametric settings of the non-mandatory pension system.
5
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Determinanty wydatków na zdrowie w gospodarstwach domowych w Polsce

63%
Łyszczarz B.
Gospodarka Narodowa. The Polish Journal of Economics
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2018
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vol. 293
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issue 1
137-157
EN
The aim of the paper is to identify and quantify the social and economic determinants of private health expenditures by Polish households with a primary interest in the role of income. Panel data regression analysis is used to estimate relationships between socioeconomic factors and households’ health expenditures. Fixed-effects, instrumental variables and dynamic panel approaches are used in the estimation. The data is taken from the Local Data Bank of Poland’s Central Statistical Office (GUS) and covers the period 1999-2015. Real per capita health expenditures are used as a dependent variable and the covariates are real disposable income, health status, healthcare availability, healthcare prices, pollution, and population age structure. Depending on model specification, the income elasticity of household health expenditure ranges from 0.45 to 0.87. Income elasticity lower than one means that healthcare financed directly from household budgets has the characteristics of a necessity good in Poland. Other factors that correlate with health spending are the proportion of the population over 70 years old and health status measured by life expectancy. Meanwhile, healthcare supply was a factor that proved to be unrelated to households’ health expenditure. On the other hand, the impact of healthcare prices and pollution is unclear.
PL
Celem artykułu jest identyfikacja oraz kwantyfikacja społecznych i ekonomicznych determinant prywatnych wydatków na zdrowie ponoszonych przez gospodarstwa domowe w Polsce. Głównym przedmiotem zainteresowania jest przy tym wpływ wysokości dochodów na wydatki na zdrowie. W celu oszacowania tych zależności posłużono się analizą regresji dla danych panelowych, stosując przy tym modele z efektami ustalonymi, metodę zmiennych instrumentalnych oraz panel dynamiczny. Dane wykorzystane przy szacowaniu modeli pochodzą z Banku Danych Lokalnych GUS i dotyczą lat 1999-2015. Zmienną zależną w szacowanych równaniach są realne wydatki na zdrowie, wśród zmiennych objaśniających znalazły się zmienne ilustrujące realny dochód rozporządzalny; stan zdrowia; dostępność opieki zdrowotnej; cenę opieki zdrowotnej, zanieczyszczenie środowiska i strukturę wiekową populacji. W zależności od specyfikacji modelu elastyczność dochodowa wydatków na zdrowie waha się między 0,45 a 0,87. Elastyczność dochodowa popytu na poziomie mniejszym od 1 oznacza, że opieka zdrowotna finansowana bezpośrednio przez gospodarstwa domowe z funduszy własnych ma w Polsce cechy dobra podstawowego. Innymi czynnikami wpływającymi na wydatkami na zdrowie okazały się odsetek osób powyżej 70. roku życia i stan zdrowia mierzony trwaniem życia. Czynnikiem nieistotnym dla kształtowania wydatków na zdrowie gospodarstw domowych okazała się podaż opieki zdrowotnej. Niejednoznaczne wnioski w tym zakresie dotyczą natomiast cen opieki zdrowotnej i zanieczyszczenia środowiska.
6
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The Impact of Small Enterprise Activity on the Regional Development. The Case of the Podkarpackie Voivodeship

63%
Grzęda Ł., Kozak S.
Zeszyty Naukowe UPH seria Administracja i Zarządzanie
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2019
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vol. 47
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issue 120
17-24
EN
The goal of the study is to examine the impact of small enterprise activity on the regional economic growth on the example of counties in the Podkarpackie voivodeship. The research has shown that both, the increase in the number of already operating and the number of newly registered small enterprises positively contribute to the economic development of the county measured by the total value of sales and the per capita value sales of production manufactured in a given county, as well as the number of employees employed there. The research also indicates that the volume of production of enterprises located in a given county is positively affected by the increase in realized investment outlays as well as the upward trend in GDP of a given voivodeship. The research is based on the data from the CSO Local Data Bank for the years 2005-2016. Estimation of the models was carried out using panel regression.
PL
Celem pracy jest zbadanie wpływu działalności małych przedsiębiorstw na wzrost gospodarczy w regionie na przykładzie powiatów w województwie podkarpackim. Badania wykazały, że zarówno wzrost liczby już działających, jak i wzrost liczby nowo zarejestrowanych małych przedsiębiorstw przyczyniają się pozytywnie do rozwoju gospodarczego powiatu mierzonego wartością ogólnej i przypadającej na jednego mieszkańca sprzedaży produkcji wytworzonej na terenie danego powiatu, a także liczbą zatrudnionych w nich pracowników. Badania wskazują również, że na wielkość produkcji przedsiębiorstw zlokalizowanych w danym powiecie pozytywny wpływ ma wzrost zrealizowanych nakładów inwestycyjnych, a także wzrostowy trend PKB w całym województwie. W badaniach wykorzystano dane z Banku Danych Lokalnych GUS za lata 2005-2016. Ocenę modeli prowadzono przy użyciu regresji panelowej.
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