Search results - CEJSH

1

PKB i poszukiwanie szczęścia

100%

Herman A.

Kwartalnik Nauk o Przedsiębiorstwie

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2015

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vol. 34

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issue 1

4-5

EN

At the G-20 top leaders summit in Pittsburgh in 2009 was proposed the reform of the derivatives market, by obliging to settle centrally most standardized derivative contracts that are traded OTC. Because it was admitted that OTC transactions had a significant impact on the spread of the financial crisis and require greater control. As a result, the United States has been introduced the Dodd-Frank Act, and the European Un-ion adopted the regulation EMIR on derivatives traded OTC, central counterparties and trade repositories. The article includes an economic analysis of the law adopted in financial market regulation, with particular emphasis on the institutions of central counterparties and transactions repositories.

PL

Tematem rozważań jest problem wad wskaźnika PKB jako miernika produkcji rynkowej. Zdaniem autora poszukiwanie alternatywy dla PKB oznacza konieczność przyjęcia nowych, podstawowych założeń wyjściowych we współczesnej ekonomii, co staje się obecnie szczególnie ważnym wyzwaniem intelektualnym.

2

Evidence of Opportunity and Necessity Driven Entrepreneurship in Nigeria

71%

Garba A. S., Djafar F., Abu Mansor S.

Journal of Entrepreneurship, Management and Innovation

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2013

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vol. 9

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issue 3

57-78

EN

The objective of this paper is to examine the influence of poverty, unemployment and GDP on entrepreneurship. Time series data for 31 years was collected from various official sources for the analysis. Vector autoregressive (VAR) framework was adopted to systematically capture the rich dynamic of multiple time series. Other tests conducted were unit root test, Johansen and Juselius (1990) co-integration test, Granger causality and dynamic model analysis beyond the sample. It was found that poverty and GDP influence entrepreneurship negatively, while unemployment influences entrepreneurship positively. The paper reveals the presence of both opportunity and necessity driven entrepreneurs in the country. There is a need for the government to revisit the existing policy on micro, small and medium enterprises (MSMEs) to adequately address the problem of the poor and unemployed by availing them with the opportunity to engage in entrepreneurship. Future study should consider mitigating the effect of frequent entry and exit from entrepreneurship in their data to correctly predict the effect of entrepreneurship on the economy.

3

Sharing Economy – a Challenge of the 21st Century?

71%

Peterka P., Soběhart R., Jílková J.

Littera Scripta

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2018

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issue 1

155-169

EN

The objective of the study is to point out the growing importance of sharing economy within the current discussion about the development of advanced economies after the economic crisis between 2008-2009. The study focuses on determining the growing importance of sharing economy in the context of GDP, growth factors of sharing economy in current conditions, and social benefit function of sharing economy. The study also focuses on other sharing economy challenges of the 21st century that are connected to the overall change in human behavior, growth of importance of modern technologies for everyone, trying to lower transaction costs, and increasing the quality of life of all households. The study’s conclusion aims at summarizing the importance of sharing economy for modern society in advanced economies.

4

The Stock Market Situation and Economic Growth – An Attempt to Assess the Dependence

71%

Radke M.

Finanse i Prawo Finansowe

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2021

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vol. 4

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issue 32

117-128

EN

The aim of the article: The main aim of the article is to analyze the relationship between the stock market situation and the real economy, measured by the strength of the correlation between the rate of return on the stock market and the rate of GDP growth in European capital markets. The next objective is to answer the question whether the stock market index changes are ahead of, and if so, by how much, GDP changes. The author’s hypothesis stipulates that the stock exchange situation precedes the change in economic activity and serves as its forecast. Methodology: The empirical research work was carried out on the basis of quarterly data value of the stock index and the GDP between 2010 and the first quarter of 2021 for 20 European countries. For indices and GDP, the quarterly dynamics of the rate of return and GDP were calculated. Data on the value of the stock exchange index was taken from the website www.stooq.pl, while data on GDP was taken from Eurostat. Subsequently, the analysis concerned the correlation relationships between the variables on the basis of the Pearson correlation coefficient. The correlation between the variables was calculated without delay, as well as with a delay of one, two or three quarters of the returns on stock indices. Results of the research: Changes in the value of the stock exchange index is in most cases positively correlated with the change in GDP and the correlation is pronounced, but it is low and moderate. The only market for which a significant correlation was observed, was the Polish market. At the same time, it can be stated that the rates of return on the stock exchange index precede a change in GDP by one or three quarters. No changes were observed for the analyzed countries for two quarters.

5

DO REMITTANCES MATTER FOR ECONOMIC GROWTH?

71%

Dujava D., Kálovec M.

Ekonomický časopis (Journal of Economics)

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2020

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vol. 68

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issue 9

869 – 894

EN

Remittances represent one of the most important money flows into the developing world comparable to, and often exceeding, earnings from exports of goods and services and foreign direct investments. Even though importance of remittances in poverty reduction has been documented, impact of remittances on economic growth remains under-investigated mainly due to a strong endogeneity of remittances with respect to both level and growth rates of GDP. We provide detailed look into this endogenous relationship and discuss possible instruments which can help to remedy this problem in IV-estimation. In order to establish a link between economic growth and remittances we use range of instrumental variables encompassing geographical, microeconomic-based and internal instruments. By interacting remittances with other determinants of economic growth we provide evidence that remittances are especially important source of growth in poor countries not because of low level of development per se, but because the effect of remittances on growth is stronger providing level of human capital and savings rate are low and financial markets are underdeveloped.

6

MILITARY EXPENDITURES AND ECONOMIC GROWTH: THE CASE OF EU COUNTRIES

71%

Daněk T.

Ekonomický časopis (Journal of Economics)

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2015

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vol. 63

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issue 8

853 – 868

EN

This contribution examines the relationship between military expenditures and economic growth in 28 EU countries between 1993 and 2014. The paper aims to verify the first pioneering hypothesis which claims that there is a negative relationship between military expenditures and economic growth in relatively poorer countries and a positive relationship in relatively richer countries. A cluster analysis is used to divide the nations into individual groups. The Feder-Ram model and multiple regression analysis with modified variables are than estimated for all groups based on the cluster analysis. The findings of the regression analysis mainly verified the hypothesis and showed a significant positive relationship between defence spending and economic growth in the case of more resource- abundant countries and a significant negative relationship in the case of more resource-constrained countries. However, the Feder-Ram model showed statistically in significant effects of military expenditures on economic growth.

7

JAK INDIKOVAT ZVRATY HOSPODÁŘSKÉHO VÝVOJE

71%

Hindls R., Hronová S.

Ekonomický časopis (Journal of Economics)

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2012

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vol. 60

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issue 8

791 – 814

EN

The first decade of the new millennium has brought to the world economy and to national economies several shocks and substantially increased the risk of uncertainty. The causes of these shocks varied during that period and stemmed from the mortgage crisis, the crisis in the banking sector or the problematic parameters in fiscal economies of individual countries, especially those in Europe. These causes were often interrelated, and, respectively, they followed each other in relatively quick succession. The article shows how to use the probit analysis to indicate the possible twists and turns in the development of economy based on high probability of their occurrence. Along with the probit analysis method, Koyck linear dynamic model with time-lagged independent (explanatory) variable is also used, which allow for setting the advance of those indicators that can affect economic development and mark the regime change-points.

8

WEALTH OF THE NATIONS MEASUREMENT METHODS IN THE FACE OF CHANGING GLOBAL SOCIAL-ECONOMIC ENVIRONMENT (Sposoby pomiaru bogactwa narodów w obliczu zmieniajacego sie otoczenia ekonomiczno-spolecznego swiata)

71%

Opolski K., Potocki T.

Finansowy Kwartalnik Internetowy e-Finanse

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2010

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vol. 6

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issue 3

1-10

EN

One of the main debates in economics concerns the analysis of the global wealth. Economics became multidisciplinary research field which includes achievements of psychology, neurology, ethics and social science. As a result, the GDP should increasingly become multi-polar indicator. Alongside this work authors underline growing recognition of the importance of other contributions to individual global wealth, most especially psychology factors, health status, IQ, environment, personal security and aspects of CSR

9

Empirical Evaluation of the Fiscal Position in Serbia

71%

Đurović-Todorović J., Vuković M.

Economic Themes

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2016

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vol. 54

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issue 2

217-232

EN

The paper evaluates the size of the cyclical and structural components of the fiscal deficit of the Republic of Serbia for the period from the first quarter of 2002 to the second quarter of 2014. The method of the European Central Bank was used, where it is assumed that cyclically sensitive elements of state are budget income tax, profit tax, value added tax on the value, excises, social security contributions and unemployment benefits. Elasticity of cyclically sensitive elements relative to their macroeconomic bases are estimated using the VEC model with error correction. The results suggest that automatic stabilizers generally played a more prominent role than consistent countercyclical discretionary fiscal policy, which means that the discretionary measures were late or were not well targeted.

10

Transport Intensity of the Global Economy in 1995-2015

71%

Mindur M.

Logistics and Transport

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2018

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vol. 37

69-76

EN

Transport covers the area where mutual relations between economy and its requirements take place, and where it affects – not always in a positive way – its surrounding. Simultaneously, it is the transport that marks the direction for the infrastructure development, and hence for the whole economy. The close association between the economy and transport is confirmed by the amount of carriages in the world. The excessive increase of the transport intensity is one of the phenomena that negatively affect the economy. Expenditures incurred for the transport activities are expressed indirectly by the amount of traffic (in tonnes) and by the volume of transport performance (in tonne-km). In contrast, the effect of socio-economic activities are values of global product and national income. The article studied the transport activity in terms of volume of transport work (in tkm) total for all modes of transport, the effects of economic and social activity expressed by means of the value of gross domestic product, as well as the development of the transport intensity of national economies for the selected countries (regions) and for Poland. Analysed were both the curve with exponential functions and polynomial curves, and on their basis conclusions were drawn.

11

Konwergencja warunkowa w krajach transformacji

71%

Rogut A., Roszkowska S.

Gospodarka Narodowa. The Polish Journal of Economics

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2006

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vol. 210

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issue 9

35-55

EN

The authors set out to determine if the convergence theory passes the test in 25 transition economies. On the basis of statistical data for the years 1991-2004, using an econometric model, they analyze the influence of GDP per employee on the growth of labor productivity. They also consider other factors with an influence on sustainable economic growth. Considering the significant heterogeneity of the analyzed economies in terms of market reforms and institutional conditions, the authors divided the sample into three relatively homogenous groups: 10 new European Union member states excluding Cyprus and Malta; 12 CIS countries; and five Southern and Eastern European economies. The authors evaluated conditional convergence in individual groups of economies, concluding that economies with lower GDP per employee at the start of transition were characterized by a higher rate of growth for most of the analyzed period. GDP per employee primarily depended on investment in physical and human capital, the share of government spending in GDP and inflation. Moreover, the analysis showed that convergence processes in individual countries led to converging long-term economic growth rates, which were positive rather than neutral, contrary to the classic convergence theory.

12

BETTER LIFE INDEX AS A MEASURE OF PROSPERITY (Indeks Lepszego Zycia jako miernik dobrobytu)

71%

Szostek D. J.

Pieniądze i Więź

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2011

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vol. 14

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issue 3(52)

123-131

EN

Article contains a critique of Gross Domestic Product (GDP), which is considered, even by many experts, as an optimal measure of the social welfare. Meanwhile, the index has many shortcomings, and the consequence is- that despite the increasing GDP- the level of human life may be getting lower. Therefore, for several decades the economists have been looking for more adequate measures of welfare, such as economic, social and psychological measures. An interesting proposal of this type of index is the Better Life Index (BLI), proposed by the OECD, which allows making a holistic approach to the issue of social welfare. The article contains the discussion of the components of this index and the position of Poland compared to other countries in the ranking, based on BLI.

13

Typology of EU Countries from the Viewpoint of the Minimum Wage and Selected Characteristics

71%

Lajtkepová E.

Littera Scripta

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2016

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issue 1

85-98

EN

The minimum wage in EU countries is applied either by law or through agreement between social partners. The aim of this paper is to create a typology of EU countries with respect to the amount of the statutory minimum wage and selected characteristics (economic level, educational level of the population and rate of unemployment). The analysis draws on official statistical data which have been processed using statistical methods. After the evaluation of the values of the calculated coefficients of correlation, only two characteristics were included in the cluster analysis (economic level and educational level). The reason for this, is that it was shown that the amount of the minimum wage and the rate of unemployment were independent variables. On the basis of the results of the cluster analysis, seven clusters were identified. From the description and analysis of the individual clusters it was not possible to draw any definitive conclusion on whether a particular level of minimum wage is bound to a certain educational level. Even the statement that higher statutory minimum wages are found in countries with higher economic level can only be made with considerable caution. It was also evident that “old” EU countries showed much greater homogeneity in these characteristics than was found in the “new”ones.

14

Defense Spending as a Determinant of Poland’s Military Strength

71%

Sałek-Imińska A.

Security Dimensions: International & National Studies

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2020

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vol. 33(33)

118-131

EN

The purpose of the study is to analyze the level of Poland’s defense spending in the years 2008–2018, in the context of their impact on the military strength of the state. The research question of this study is whether the amount of defense spending included in the state budget is a determinant of Poland’s military strength. In accordance with the methodology adopted by NATO, the analysis includes the following aspects: total planned and executed defense spending, the share of defense spending in the state budget spending, the relation of defense spending to the GDP growth rate, and the share of defense spending in GDP. In analyzing Poland’s military strength, a world military strength ranking, Global Firepower, was used. The result of the research is that the most important factors that impact the military strength of individual state economies include the amount of budget spending incurred for the functioning and modernization of the armed forces.

15

PUBLIC SPENDING AND THE ECONOMIC GROWTH RATE IN THE EUROPEAN UNION COUNTRIES

71%

Heller J., Roman D.

Olsztyn Economic Journal

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2008

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vol. 3

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issue 2

181-195

EN

The aim of this study is to make an assessment of the relationship between the total amount of public spending and the economic growth rate. According to the study results, an increase in total amount of public spending (expressed as % of GDP) brings about a decrease in the real gross domestic product. An analysis of the public spending in selected EU countries in the period from 1996 to 2005, measured as its percentage of GDP, reveals its relationship with a change in real GDP value. The relationship is negative, which means that a 1% increase in public spending is accompanied by an average decrease in the real GDP growth rate by 0.151312%. The actual GDP growth rate differs from that estimated by the model by circa 0.13823%.

16

Level of economic security of NATO Eastern flank countries

71%

Sałek-Imińska A.

Kultura Bezpieczeństwa. Nauka – Praktyka – Refleksje

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2018

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vol. 32(32)

202-221

EN

In the modern world an undoubted increase in the economic factor of maintaining the security of states is observed. Economic security is an important element of the functioning of national economies, including the states of the eastern flank of NATO. Perceiving economic security as a balance of development needs of these states we can identify several areas of activity of its quantifiers, which can include development, infrastructure and balance opportunities and needs. To determine the levels of these quantifiers, we must use a carefully selected set of meters. One of them is Gross Domestic Product (GDP) which clearly describes the measurable features present in the analyzed national economies. The objective of this article is to attempt to indicate the level of the economic security of NATO’s eastern flank states in terms of the level of economic growth measured by GDP. From an autonomous perspective, this meter does not give grounds for expressing value judgments in the context of the widely understood level of economic security, but it constitutes their necessary component and basis for further analyzes and evaluations. For the needs of the elaboration, an assumption was made, being a simplification of the economic reality, indicating that changes in annual GDP will show the level of the economic security of NATO’s eastern flank states. Hence, an increase in GDP growth lower than 1.9% in a period, which the analysis refers to, is a sign of a decrease in the level of economic security of a given state and vice versa. In all the states of NATO’s eastern flank, an improvement in its level was observed, where in 2017 in all the states of NATO’s eastern flank the rate of GDP growth was higher than the assumed critical threshold level of 1.9%. Years 2014–2016 also constitute a period of improvement in the level of the economic security of the analyzed states, except for Bulgaria in 2014, Estonia and Lithuania in 2015 and Estonia in 2016. While the period from 2008 to 2013 is a period when the level of the economic security of the states of NATO’s eastern flank is diverse and there are no indications that it improved. In the context of the analyzed problem, the best years were 2008 and 2011, for which GDP growth was the highest. In 2008 Estonia, Latvia and Hungary were those that did not reach the critical threshold (decline in economic security). The other six states were characterized by an increase in the level of economic security. The following year is a period when all the states (except for Poland) did not register any improvement. This resulted from a general economic recession, which was observed in the region of Central and Eastern Europe. Considering the number of years for which the assumed critical threshold level of 1.9% was not reached, we can claim that the economy of Poland (2 periods: 2012–2013), and then Czech Republic, Lithuania, Latvia and Slovakia (3 periods), Romania (4 years) and Bulgaria, Estonia and Hungary (5 years) were characterized by the highest level of economic security in the analyzed period.

17

Analysis of the Cobb-Douglas Production Function as a Tool to Investigate the Impact of FDI Net Inflows on Gross Domestic Product Value in Poland in the Period 1994-2012

71%

Kosztowniak A.

Oeconomia Copernicana

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2014

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vol. 5

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issue 4

169-190

EN

The purpose of this paper is to analyse the impact of foreign direct investments net inflows on changes in GDP value in Poland in the period between 1994 and 2012 with the use of the Cobb-Douglas production function. The paper consist of five parts. Parts I and II present some aspects of the FDI influence on economic growth from the theoretical and empirical point of view. Part III defines conditions indispensable for the positive FDI impact on the economy of the host country. Part IV outlines changes of FDI flows in Poland in the period of 1994-2012. Part V includes the main assumptions of the Cobb-Douglas production function and an estimate of changes in GDP value for Poland in the period 1994–2012 with the use of the VECM. The factors significant for economic growth are also identified, including the significance of the net FDI inflows. Eventually, the effect of gross fixed capital formation, employment, FDI net inflows, exports and R&D on changes in the GDP value are determined.

18

Fiscal divergence and business cycle synchronization: irresponsibility is idiosyncratic.

71%

Darvas Z., Rose A. K., Szapary, Gy.

Kozgazdasagi Szemle (Economic Review)

|

2005

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vol. 52

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issue 12

937-959

EN

Using panels of 115 countries of world - including 21 OECD countries - and 40 years of annual data, the authors find that countries with similar government budget positions tend to have business cycles that fluctuate more closely. Thus fiscal convergence (in the form of persistently similar ratios of government surplus/deficit to GDP) is systematically associated with more strongly synchronized business cycles. Evidence is also found that reduced fiscal deficits increase business-cycle synchronization. The Maastricht 'convergence criteria', used to determine eligibility for EMU, encouraged fiscal convergence and deficit reduction. So they may, indirectly, have moved Europe closer to an optimum currency area, by reducing countries' abilities to create idiosyncratic fiscal shocks. The empirical results of the study are economically and statistically significant, and robust.

19

VISEGRAD FOUR COUNTRIES AND THEIR SOVEREIGN CREDIT RATING

71%

Alexy M., Ochotnický P., Káčer M.

Ekonomický časopis (Journal of Economics)

|

2014

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vol. 62

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issue 5

447 – 472

EN

We study the sovereign credit rating determinants of Visegrad Four countries in the period 1993 – 2012. The ratings come from four major credit rating agencies – Moody’s, S&P, Fitch and R&I. We use linear model with fixed effects. Besides the economic variables inflation, unemployment, broad money to GDP, import to export, openness of the economy, government gross debt, primary balance and size of the government we found out that voice & accountability score of Worldwide Governance Indicators is suitable representative of socio-political situation. Both EU and EMU membership provide additional information to other explanatory variables. The government finance is the most influential determinant in the researched dataset. Unlike in other academic papers, the growth of GDP was not significant variable to explain the sovereign ratings.

20

Clustering macroeconomic time series

71%

Augustyński I., Laskoś-Grabowski P.

Econometrics. Ekonometria. Advances in Applied Data Analytics

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2018

|

issue vol. 22 no. 2

74-88

EN

The data mining technique of time series clustering is well established. However, even when recognized as an unsupervised learning method, it does require making several design decisions that are nontrivially influenced by the nature of the data involved. By extensively testing various possibilities, we arrive at a choice of a dissimilarity measure (compression-based dissimilarity measure, or CDM) which is particularly suitable for clustering macroeconomic variables. We check that the results are stable in time and reflect large-scale phenomena, such as crises. We also successfully apply our findings to the analysis of national economies, specifically to identifying their structural relations.

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