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EN
The aim of this study is to examine a wider list of factors (business structure, management structure and environmental factors), whose impact on the strategic planning in the private sector has been investigated. A total of 212 questionnaires were collected from different size, age, industry type and ownership enterprises working in the private sector in Republic of Macedonia. In order to analyze the variables that are determinants of the strategic planning, multiple linear regression was used. The business size, business control, intention to change the operations and business flexibility are very important factors in the enterprises that have a significant correlation with the strategic planning incidence. The importance of this study lays in its contribution to all past studies and research referring to this subject in transition and emerging countries, with emphasis on the case of the Republic of Macedonia as a transition economy, as well as in the examination of a wider list of factors whose impact on the strategic planning was examined.
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For adequate profitability management, it is important to identify all the factors that lead to its rise or fall, as well as to determine the intensity of correlation between relevant factors and profitability. This is to take timely and adequate measures to eliminate deviations arising from the expected profitability and improve it in the future period. The research subject is bank profitability in the Republic of Serbia in the period 2012-2015. The research objective is to outline the possible factors of bank profitability, with particular reference to internal factors of banking sector profitability in the Republic of Serbia. Research results show a high degree of correlation between the ROA and ROE profitability ratios, both statically and dynamically; dynamics of profitability ratios is in inverse correlation with capital adequacy ratio; there is a link between bank size and profitability and a link between the change of bank ownership and profitability, but it does not necessarily mean that foreign banks are more profitable than domestic banks.
EN
This paper provides an analysis of the returns for education in Kosovo using data from a Household and Labour Force Survey. We argue that given the high unemployment rate in Kosovo, employed individuals may not be randomly selected from the labour force. Therefore, the estimates of the rates of returns for education based on the standard Mincerian earnings function may be biased downwards. Hence, the Heckman sample selection model is implemented, which adjusts the estimates of the wage equation for the self-selection of individuals into employment. We estimate the rate of returns for level of education and for years of education. We find relatively low rates of returns for education in terms of wage premia and argue that in countries with chronic labour market disequilibria (such as in Kosovo), the returns for education may be in terms of employment premia. To our knowledge, this is the first systematic study of these issues in this post-socialist and post-conflict economy.
Oeconomia Copernicana
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2016
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vol. 7
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issue 2
169-185
EN
The role of the public and private sector in health care systems remains one of the crucial problems of these systems' operation. The purpose of this research is to identify the relationships between the performance of health systems in CEE and CIS (Central and Eastern Europe and Commonwealth of Independent State) countries, and the mix of public-private sector in the health care of these countries. The study uses a zero unitarization method to construct three measures of health system performance in the following areas: (1) resources; (2) services; and (3) health status. The values of these measures are correlated with the share of public financing that represents the public-private mix in the health systems. The data used is from World Health Organization’s Health for All Database for 23 CEE and CIS countries and comprises the year 2010. The results show that the performance of health systems in the countries investigated is positively associated with a higher proportion of public financing. The strongest relationship links public financing with performance in the area of services production. For policy makers, these results imply that health systems in post-communist transition economies could be susceptible to a decreasing role of the state and that growing reliance on the market mechanism in health care can deteriorate the operation of these systems.
EN
Research background: Entrepreneurship issues in the transition economies have attracted growing attention from scholars in recent years. However, the debate over the value of entrepreneurship in reinforcing structural change is still incomplete. The need for a more thorough approach is noticeable, taking into account drivers which determine entrepreneurial activity in the transition economies. The findings may be useful for recognising opportunities and threats of the development of these economies. Purpose of the article: This paper extends research on entrepreneurship in the transition economies by considering drivers of entrepreneurial activity. The aim of the paper is to investigate what drivers have their consequences for entrepreneurial activity in the Visegrad countries. As the Visegrad countries represent a unique context, because they faced a similar structure at the beginning of the transition process, a valuable insight can be gained by focusing on them. Methods: Hypothesis development is based on the literature review. Fixed effects panel regression was employed for hypothesis testing. Panel data consists of 440 observations for the Visegrad countries for the 2004-2014 period. To control for autocorrelation and heteroscedasticity, Durbin-Watson test and Wald statistic were used, respectively. Findings & Value added: This paper contributes to the existing literature by presenting an analysis of drivers having their impact on entrepreneurial activity in the Visegrad countries. It provides new insights on understanding of the entrepreneur-ship issues in the transition economies. The main finding is that entrepreneurial activity in the Visegrad countries is determined significantly by the economy structure and human capital. However, the significance and the intensity of these effects are different. The findings may be interesting for policymakers in particular. Shifting from general entrepreneurship support towards a focus on promoting entrepreneurial behaviour among high-skilled workers should be considered. Fostering networking, collaboration and internalisation should be regarded for knowledge transfer and spillover enhancement.
EN
The paper is focused on economic and institutional developments in Poland during the last 30 years of transition from its centrally planned socialist economy to a market-based capitalist economy. The main purposes of the paper are three. One is to identify and explain the developments that were either surprising or specifically Polish. The second purpose is to note and explain the differences between the rate of growth of the Polish economy and that of the other emerging economies, in particular to explain ‘the green island’ phenomenon during the global financial crisis 2008-2009. The third purpose is to note and discuss the new risks that may prevent Poland to reduce further the development gap to technologically most advanced economies.
EN
Currency Board Arrangements (CBAs) operate in several post-socialist European economies as an alternative to traditional central banking. The CBA literature primarily focuses on the discipline of the fixed exchange rate, suggesting that the gain of reduced exchange rate volatility and monetary stability outweigh the loss of independent monetary policy. It does not address the role and impact of foreign ownership of the banking system on currency board dynamics. Through a case study of the CBA in Bosnia and Herzegovina over a ten-year period, including the global financial crisis of 2008-09, this paper suggests that monetary policy is not abandoned; it is decentralized and privatized and critical to the maintenance of financial stability of the CBA.
EN
Rural micro-enterprises are an important factor in sustainable rural development in post-transitional Eastern Europe. This paper deals with determining the key factors influencing profitability in rural micro-enterprises in Poland. The research design was based on a questionnaire survey of 300 rural micro-enterprises in the food-processing sector in rich and poor Polish provinces. The analysis carried out in this study is centered around the Polish EU accession in May 2004. Similar to other related studies, our results show that EU accession was not perceived as a major change by rural Polish micro-entrepreneurs and that the EU related factors were not significant determinants of their profitability. However, our results also show that the success of the rural food processing micro-enterprise in Eastern Europe is most related to its owner/manager and enterprise characteristics. For the owner/manager the most significant determinants are his/her age and risk-taking as the main motive for establishing an enterprise. The enterprise characteristics that determine the profitability include enterprise location within a region with competitive situation, enterprise size (being a sole trader or family enterprise), IC T advancements in enterprise and the fact whether the enterprise has any certificates for its products. The results have significant implications for the researchers and policy-makers and can become a basis for preparing relevant enterprise support policies in post-transitional Eastern Europe
EN
This article analyses long-term changes in the persistence of low wages in Poland, given the variations in the general economic situation. All analyses are based on data from the Polish Panel Survey (POLPAN) conducted throughout the post-communist transition period, 1988–2013, on a representative sample of the Polish adult population. The study found that being in a low paid job raises the probability of experiencing the same situation five years later, even when controlling for the general economic context and the respondents’ demographic and economic characteristics. Upward mobility rates among initially low paid workers were significantly higher during periods of economic prosperity; however, even then low pay persistence remained substantial. The results also point to a secular growth in the persistence of poverty-level wages over the past two decades. Persistent low wages may bring about spaces of long-term poverty and social exclusion which cannot be overlooked by policy makers.
EN
The article discusses the transformation process and state’s economic role in the transition period. The article also deals with the main objectives and goals of state regulations, the peculiarities of countries’ socio-economic formation and procedures of institutional transformation. A government’s role in economic development is changing during the transition period. The main important issues that must be set are strictly centralised state regulations and forms that are completely new systems in economic management, which should be achieved through the elimination of a state’s domination over the economic system, strengthening a privatisation process and so on. It is true that the government’s dominating power should be eliminated but establishing a new marketing-institutional environment and market culture should be developed only under the state’s active legislative, coordinative and stimulating control. The theoretical basis of the article represents the researches of foreign scientists, economists and international organisation. The methodological basis of the article is based on economic analysis, comparison, and grouping methods. While preparing the article, modern experimental methods and model of macro-economic researches, as well as researches and statistical data, approaches and methodology of several international organisations were widely used.
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The goal of this article is to describe the development of private rental housing after 1990 in the Czech Republic and especially to demonstrate the significance of state regulations on people’s expectations, social norms, and thus the form of housing systems emerging in transition countries. The argument of this article is that state interventions affecting property restitution, the protection of tenants, rent regulation, and the relative subsidisation of individual housing tenures are crucial factors infl uencing the perception and significance of private renting in the Czech Republic. At the beginning of the transition there was a universe of options: the private rental sector could evolve into a stable and significant tenure or into a weak, volatile, and residual type of housing. The particular rules of the game – state regulations – led to the quick supply of new private rental dwellings, but at the same time they substantially constrained the long-term demand for this type of housing. Like in those advanced countries where a more dramatic form of private rental housing liberalisation occurred, in the Czech Republic the significance of rental housing quickly shifted to become a temporary and residual form of housing. This article is thus about the ‘greenfield’ establishment of a housing system and how initial state regulations create or modify the long-term social norms relating to housing tenures and especially to private rental housing tenure.
EN
This article provides insights into employment decisions of mothers and mothers-to-be in a post-socialist Poland around the entry to the EU. Previous studies for this country continuously pointed to a strong determination among mothers to be employed during the economic transformation, despite increasing obstacles to combining paid work with childrearing over the 1990s. We analyse in-depth interviews to explore women's motives to work for pay. We investigate how these motives are related to women's childbearing experiences and intentions. Our analyses show that motherhood was central in women's lives at this point in Polish history, but females sought to combine it with employment. We also find that women's perceptions about their ability to balance work and motherhood were strongly related to the meanings that they attached to paid work.
EN
The aim of this article is to examine the technological trap and its impact on the economic growth. The most important question is: how the technological trap can be a burden for the economy, especially for the countries in transition. The paper provides the definition of the technological trap, the hazards of necroeconomy and how the necroeconomy can be a significant burden for economic growth of countries in transition. Our aim is to provide some theoretical examinations from above mentioned economic issues. The paper provides different sources of the technological trap and mostly is concentrated on the technological trap in transition economies.
EN
After twenty-five years of simultaneous political and economic transitions, there have been produced different outcomes in different countries. Some nations advanced well on the road of transition as Poland, while some cases produced disturbing transition outcomes in both economic and political terms, as Russia. Despite the increasing number of studies looking into causes and effects of the institutional change, none has yet explored the link between FDI flows and changes in corruption perception in transition economies. Our study is the first that investigates the impact of the size of FDI flows and its origins on the institutional development in transition and post-transition countries. The empirical results using a dataset on FDI flows among the posttransition countries during 1990-2015 suggest that they may be institutional development effects of FDI flows. The institutional convergence between developed and transition countries is, however, a long process and the preliminary results show that it does not include all the institutions.
PL
Po dwudziestu pięciu latach równoczesnych przemian politycznych i ekonomicznych w różnych krajach pojawiły się różne ich skutki. Niektóre narody poczyniły znaczne postępy na drodze przemian, jak na przykład Polska, podczas gdy w niektórych przypadkach dały o sobie znać niepokojące efekty przemian zarówno z ekonomicznego, jak i politycznego punktu widzenia, czego przykładem może być Rosja. Pomimo rosnącej liczby studiów przyczyn i skutków zmian instytucjonalnych, żadne z nich jak dotąd nie zbadało związku między przepływami BIZ a zmianami w percepcji korupcji w gospodarkach będących w okresie transformacji. Nasze studium jest pierwszym, które bada wpływ wielkości przepływów BIZ i ich pochodzenia na rozwój instytucjonalny w krajach w okresie transformacji i po niej. Wyniki empiryczne z zastosowaniem zbioru danych na temat przepływów BIZ wśród krajów w okresie po transformacji, lat 1990-2015, sugerują, że mogą one stanowić efekty przepływów BIZ dla rozwoju instytucjonalnego. Konwergencja instytucjonalna między krajami rozwiniętymi a krajami będącymi w okresie transformacji jest jednak procesem długotrwałym, zaś wstępne rezultaty pokazują, że nie obejmuje to wszystkich instytucji.
PL
Z transformacją gospodarczą krajów Europy Środkowo-Wschodniej nierozerwalnie wiąże się napływ bezpośrednich inwestycji zagranicznych (BIZ). Wśród krajów regionu, które po 1989 r. otworzyły swoje gospodarki, największy strumień bezpośrednich inwestycji zagranicznych przyciągnęły Polska, Czechy i Węgry. Na wielkość otrzymanych inwestycji zagranicznych wpływają nie tylko czynniki kosztowe oraz warunki rynkowe, ale także ogólny klimat inwestycyjny i stabilność polityczna kraju przyjmującego inwestycje. Celem niniejszego artykułu jest określenie wpływu wybranych determinant na napływ bezpośrednich inwestycji zagranicznych do Polski, Czech i Węgier w latach 1996–2012. W modelu oprócz tradycyjnych czynników, takich jak wielkość rynku, koszty pracy oraz otwartość gospodarki, uwzględniono również zmienną EU factor. Przeprowadzone badania pozwoliły ustalić, w jakim zakresie stopień integracji z Unią Europejską oddziaływał na wolumen BIZ w analizowanych krajach. Wielkość strumieni napływu bezpośrednich inwestycji zagranicznych do rozpatrywanych gospodarek w badanym okresie zależała od czynników rynkowych (wielkości gospodarki i dynamiki PKB) oraz od jakości zasobów pracy. Integracja regionalna okazała się również istotną determinantą lokowania inwestycji zagranicznych – wraz ze zwiększeniem poziomu integracji zwiększał się napływ inwestycji zagranicznych.
EN
The article examines issues related to the inflow of foreign direct investment (FDI) to three countries that acceded to the European Union in the last decade, Poland, Czech and Hungary. These countries were chosen because they are considered transformational leaders of change, and also because, since the opening of their economies to the inflow of foreign capital, they have attracted the largest amount of direct investment among all the members from the region of Central and Eastern Europe. In this article we examine the extent to which the flow of FDI to Poland, Czech and Hungary was a result of the impact of traditional factors such as market size, labour costs or the openness of the economy, and in so far as it was based on a factor known as the “EU factor”. Empirical studies, based on data for the period 1996–2012, indicate that the signing of an association agreement with the EU has brought considerable transformational benefits to the countries in terms of FDI inflows. The impact of full membership in the European Union on the ability of countries to attract inward FDI stock is also assessed.
EN
The authors investigated the impact of foreign direct investment on economically developed and developing countries, and also on transition economy countries as far as technology transfer is concerned. The results show a significant foreign direct investment influence on the economic growth of developing countries and transition economy countries. The present paper examines inflows of inward Foreign Direct Investment (FDI) during 2005-2016. There has been research conducted on the determinants of FDI inflows for developed and developing countries, but little has been done concerning this issue especially in the case of transition economies. The authors consider the possibilities the FDI inflows from investor-countries in the area of innovation and technology transfer in the years 2010-2015. In this case, Asia deserves attention. FDI allows technology transfer from developed countries to further extract surplus from the developing countries and transition countries.
PL
Zbadano wpływ bezpośrednich inwestycji zagranicznych w krajach rozwiniętych gospodarczo, rozwijających się oraz kraje o gospodarce przejściowej w sferze transferu technologii. Wyniki wskazują na znaczący wpływ bezpośrednich inwestycji zagranicznych na wzrost gospodarczy w krajach rozwijających. Niniejszy artykuł analizuje wpływy bezpośrednich inwestycji zagranicznych (FDI) w latach 2005-2016. Przeprowadzono badania nad determinantami napływów BIZ do krajów rozwiniętych i rozwijających się, ale niewiele zrobiono w tej kwestii, szczególnie dla gospodarek przechodzących transformację. Rozważono możliwości napływu bezpośrednich inwestycji zagranicznych z krajów-inwestorów w obszarze transferu innowacji i technologii w latach 2010-2015. W tym przypadku Azja zasługuje na uwagę. Bezpośrednie inwestycje zagraniczne umożliwiają transfer technologii w krajach rozwiniętych w celu dalszego wydobywania nadwyżek z krajów rozwijających się i krajów transformujących się.
EN
The article looks at issues connected with the inflow of foreign direct investment (FDI) to Poland during the period of systemic transformation, i.e. 1990–2012. The author focusses on American investment. She shows that despite the decreased share of American FDI in the total volume of FDI inflows to Poland in recent years, American FDI still plays a significant role in the development of the Polish economy, for example, through its positive impact on the labour market and on the technological modernisation of industries where there is considerable American capital involvement. The author also points out that American companies in Poland are characterised by high sales revenues, a high propensity to export, and by major expenditure on investment.
PL
W artykule poruszono zagadnienie związane z napływem bezpośrednich inwestycji zagranicznych (foreign direct investment – FDI) do Polski w latach 1990–2012. Szczególną uwagę poświęcono inwestycjom amerykańskim. Wykazano, że pomimo spadku udziału amerykańskich FDI w ostatnich latach w całościowym wolumenie napływu bezpośrednich inwestycji zagranicznych do Polski, odgrywają one istotną rolę w rozwoju polskiej gospodarki, m.in. poprzez pozytywne oddziaływanie na rynek pracy oraz technologiczne unowocześnienie tych branż, w których widoczne jest znaczne zaangażowanie amerykańskiego kapitału. Ponadto amerykańskie przedsiębiorstwa obecne w Polsce cechują się wysokimi przychodami osiąganymi ze sprzedaży, wysoką skłonnością do eksportu oraz wydatkami ponoszonymi na inwestycje.
PL
Celem poniższego artykułu jest próba określenia relacji między instytucjami a rozwojem gospodarczym w przypadku postkomunistycznych państw Europy Środkowo-Wschodniej oraz byłych republik Związku Radzieckiego. Odnosząc się do literatury na temat różnorodnych form kapitalizmu, dokonałem klasyfikacji gospodarek postkomunistycznych zgodnie z ich modelem społeczno-ekonomicznym oraz sprawdziłem, czy typ modelu wywiera wpływ na rozwój społeczno-ekonomiczny. Przedstawiłem pięć typów modelów społeczno-ekonomicznych gospodarek postkomunistycznych: model konkurencyjny, korporacyjny, etatystyczny, hybrydowy i państwowy. Dzięki analizie czynnikowej zauważyłem, że zmienne identyfikujące model kapitalizmu konkurencyjnego nie są istotne dla wzrostu gospodarczego. Wręcz przeciwnie, wzrost gospodarczy w połączeniu z rozwojem kapitału ludzkiego przede wszystkim spowodowany jest przez coraz wyższy poziom wydatków publicznych w obszarze zdrowia i edukacji oraz przez rozwój praw i wolności obywatelskich. Te dwie zmienne lepiej identyfikują korporacyjny typ modelu społeczno-ekonomicznego.
EN
The aim of this paper is to find a relationship between institutions and economic development in the former communist economies in Central Eastern Europe and in the former Soviet Republics. Following the literature concerning the varieties of capitalism, the author classifies these economies according to their socio-economic models and tests whether the model has an impact on economic development. The author describes five socio-economic models among the former communist economies: the competitive capitalist model, the corporatist model, the dirigiste model, the hybrid model, and the state capitalist model. Using a factor analysis, the author determines that the characteristics of a competitive capitalist model do not significantly impact economic growth. However, economic growth and human development in particular are stimulated by high levels of public expenditure in health and education, and democratic political rights and civil liberties. These two variables are characteristic of a corporative capitalist type of socio-economic model.
EN
Economic freedom is one of the main elements of the market economy, conditioning its efficient and effective functioning. In many countries which faced the necessity to transform their economy from socialist to a free market in the early 1990s, freedom is still poorly developed. The aim of this paper is to analyse the correlation between economic freedom and economic transformation in the CIS (Commonwealth of Independent States) countries in the years 2000–2014.
PL
Wolność gospodarcza jest jednym z głównych elementów gospodarki rynkowej, warunkującym jej sprawne i efektywne funkcjonowanie. W wielu krajach, które na początku lat 90. XX w. stanęły przed koniecznością transformacji gospodarki z socjalistycznej na wolnorynkową, wolność gospodarcza jest wciąż słabo rozwinięta. Celem niniejszego artykułu jest przeanalizowanie współzależności między wolnością gospodarczą a transformacją z gospodarki nakazowo-rozdzielczej na wolnorynkową krajów Wspólnoty Niepodległych Państw. Badanie, obejmujące lata 2000-2014, zostało przeprowadzone za pomocą współczynnika korelacji liniowej Pearsona. Dodatkowo przeanalizowano związki korelacyjne między omawianymi zmiennymi a rozwojem gospodarczym i społecznym.
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