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Determinants of budget deficits: The effects of the COVID-19 crisis 预算赤字的决定因素:COVID-19危机的影响
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2232105t
Dragan Tevdovski, Petar Jolakoski, Viktor Stojkoski
{"title":"Determinants of budget deficits: The effects of the COVID-19 crisis","authors":"Dragan Tevdovski, Petar Jolakoski, Viktor Stojkoski","doi":"10.2298/eka2232105t","DOIUrl":"https://doi.org/10.2298/eka2232105t","url":null,"abstract":"This paper revisits the discussion on the determinants of budget balances and investigates the change in their effect in the context of the COVID-19 crisis. The analysis uses data on 43 countries and a system generalised method of moments approach. The results show that the overall impact of the global pandemic has led to a disproportionate increase in the estimated effects of the macroeconomic determinants on the budget balance. We also find that more developed economies were able to implement higher stimulus packages for the same relative level of primary balance. We believe that one of the factors affecting this outcome is that more of their government debt is held in domestic currency.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Product differentiation and export incentive schemes: A game theory approach 产品差异化与出口激励:一个博弈论的视角
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2234055p
Beatriz Pereira, S. Jorge, C. Varum, Micaela Pinho
{"title":"Product differentiation and export incentive schemes: A game theory approach","authors":"Beatriz Pereira, S. Jorge, C. Varum, Micaela Pinho","doi":"10.2298/eka2234055p","DOIUrl":"https://doi.org/10.2298/eka2234055p","url":null,"abstract":"In order to improve economic growth, many governments use public policies to promote their countries? degree of internationalisation. When designing optimal public incentive schemes for internationalisation it is fundamental to consider the characteristics of export markets, such as size, competition degree, tax system, and product differentiation. This paper analyses whether product differentiation has any impact on optimal internationalisation incentive policies, focusing on export subsidy schemes. We develop a two-stage game for three different scenarios: (1) no subsidy, (2) a fixed-subsidy scheme, and (3) a subsidyper-quantity-exported scheme. Using numerical analysis, we revisit the analysis of schemes designing optimal public incentives for internationalisation and conclude that for export markets with low product differentiation a subsidy-per-quantity exported scheme is best at stimulating internationalisation, while for export markets with high product differentiation a fixedsubsidy scheme is the preferable policy.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68477162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of corporate governance characteristics on companies’ financial performance: Evidence from Romania 公司治理特征对公司财务绩效的影响:来自罗马尼亚的证据
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2233113m
Pompei Mititean
{"title":"The impact of corporate governance characteristics on companies’ financial performance: Evidence from Romania","authors":"Pompei Mititean","doi":"10.2298/eka2233113m","DOIUrl":"https://doi.org/10.2298/eka2233113m","url":null,"abstract":"This paper assesses the possibility of a relationship between corporate governance mechanisms, as independent variables, and firm performance measures, as dependent variables. The data was taken from the annual reports of a sample of 66 companies listed on Bucharest Stock Exchange in Premium and Standard categories during the period 2016-2020. The SPSS statistical program was used to run the multivariate linear regression model on the selected sample. Additional variables were used to control for leverage and size. The results of the study are mixed. Board size, board gender, and board meetings have a positive impact on a firm?s performance, measured by both return on assets (ROA) and return on equity (ROE). CEO duality has a positive and significant impact on a firm?s performance measured by ROA, while a negative and insignificant correlation was founded for ROE. Board independence has a negative and insignificant association with both firm performance measures. The results obtained can help companies to manage their corporate governance.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The effect of unemployment insurance on the safety net and infant health in the USA 失业保险对美国社会安全网和婴儿健康的影响
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2234007n
H. Noghanibehambari, Mahmoud Salari
{"title":"The effect of unemployment insurance on the safety net and infant health in the USA","authors":"H. Noghanibehambari, Mahmoud Salari","doi":"10.2298/eka2234007n","DOIUrl":"https://doi.org/10.2298/eka2234007n","url":null,"abstract":"This paper examines the effects of Unemployment Insurance temporary cash transfer payments on birth outcomes in the United States. Using natality data for the years 1970-2019 and implementing a triple-difference strategy, we find that the programme has sizeable and significant effects on the health outcomes of new-borns, including birth weight, gestational age, and Apgar score. Moreover, we show that these effects are more pronounced among black mothers, low-educated mothers, and unmarried mothers.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"68 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68477039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How CEFTA influenced the competitiveness of agri-food trade in the Western Balkans CEFTA如何影响西巴尔干地区农业食品贸易的竞争力
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2235037m
Bojan Matkovski, D. Djokic, Luna Jovic
{"title":"How CEFTA influenced the competitiveness of agri-food trade in the Western Balkans","authors":"Bojan Matkovski, D. Djokic, Luna Jovic","doi":"10.2298/eka2235037m","DOIUrl":"https://doi.org/10.2298/eka2235037m","url":null,"abstract":"The regional integration with the CEFTA significantly influenced the liberalisation of the market, which led to an increase in exports of agri-food products in the Western Balkan economies. The main objective of this paper is to examine the impact of the CEFTA on the export of agrifood products of Western Balkan economies on the global and regional markets. In this context, comparative advantages have been analysed, and the gravity model based on panel data has been estimated. According to the results, all the Western Balkan economies have comparative advantages in exporting on the international market. Results of the gravity model estimation showed that free trade agreements with the CEFTA positively affected the intensification of agri-food product exports. Western Balkan economies have similar economic development and competitiveness levels. Thus, reintegrating the market established by CEFTA affected the export of agri-food products.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68477218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Multinationals and wages: Evidence from employer-employee data in Serbia 跨国公司与工资:来自塞尔维亚雇主-雇员数据的证据
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2232049d
Uros Delevic, J. Kennell
{"title":"Multinationals and wages: Evidence from employer-employee data in Serbia","authors":"Uros Delevic, J. Kennell","doi":"10.2298/eka2232049d","DOIUrl":"https://doi.org/10.2298/eka2232049d","url":null,"abstract":"Many studies have reported that foreign-owned companies pay higher wages on average than domestic companies. However, this can be attributed to the different composition of the workforce or to a wage premium at the individual worker level. This paper contributes to this literature by observing whether individuals that change their job from a domestic to a foreign- owned company experience a change in their wages. Furthermore, it investigates whether this difference in wage patterns is moderated by workers? education. This paper is one of the very few micro-econometric studies that deal with this question in a transition country, Serbia, using employer- employee data on the private sector over a long time period (15 years). Changing jobs is found to be positively associated with workers? wages: the change in wages is higher when moving from a domestic to a foreign company than vice versa. The evidence suggests that more-educated workers benefit the most from leaving domestic companies.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Is urbanisation sans infrastructure a myth? Evidence from India 没有基础设施的城市化是神话吗?来自印度的证据
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2232081a
Rochna Arora, B. Kaur
{"title":"Is urbanisation sans infrastructure a myth? Evidence from India","authors":"Rochna Arora, B. Kaur","doi":"10.2298/eka2232081a","DOIUrl":"https://doi.org/10.2298/eka2232081a","url":null,"abstract":"This study examines the determinants of urbanisation in Indian states with special emphasis on infrastructure and infrastructure investment, using data on 17 Indian states for 1991 to 2017. The fixed effects regression model shows that physical infrastructure is an important determinant in high income states, while social infrastructure is important in high-income and low-income states (where the magnitude is negative). Electricity consumption and teledensity positively affect urbanisation in high- and low-income states, while the infant mortality rate in high-income states and the enrolment ratio in low-income states affect urbanisation negatively. The supply-led inverted-U hypothesis of infrastructure- investment-led urbanisation is only disproven for middle-income states while applying strongly in all other cases, particularly low-income states. Hence, the impact of infrastructure on urbanisation differs across states not only by type of infrastructure but also by the state?s income category.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476779","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Labour migration in the European Union: The case of Central and Eastern Europe 欧盟的劳动力迁移:以中欧和东欧为例
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2233007s
Ondřej Schneider
{"title":"Labour migration in the European Union: The case of Central and Eastern Europe","authors":"Ondřej Schneider","doi":"10.2298/eka2233007s","DOIUrl":"https://doi.org/10.2298/eka2233007s","url":null,"abstract":"This paper examines migration trends in the European Union since the enlargements of 2004-2007, which brought 100 million citizens of 11 Central and Eastern European countries into the EU. We examine country- and regional-level data on migration trends and show how European integration depleted the labour force in the new member countries. Several of them have lost 10% of their population since 2006, most of it via negative net migration. In 2019, 18% of Romanians, 14% of Lithuanians, 13% of Croats, and 13% of Bulgarians lived in another EU country. The quantitative analysis shows that migration contributed positively to regional convergence, as every percentage point of net migration increased GDP per capita by roughly 0.01% and reduced unemployment by 0.1-0.2 percentage points. To disentangle aggregate migration effects, further analysis will be needed to quantify its impact on regions that lose their population via migration.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Vulnerability and adaptation to climate change in Rajasthan 拉贾斯坦邦对气候变化的脆弱性和适应
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2234109m
Geetilaxmi Mohapatra, Meera George, Suchitra Pandey
{"title":"Vulnerability and adaptation to climate change in Rajasthan","authors":"Geetilaxmi Mohapatra, Meera George, Suchitra Pandey","doi":"10.2298/eka2234109m","DOIUrl":"https://doi.org/10.2298/eka2234109m","url":null,"abstract":"Climate change is a globally challenging phenomenon that is particularly distressing for the agricultural sector, as agricultural products and productivity depend on the climate. This study analyses agricultural households? perception of climate change and the adaption strategies undertaken to mitigate it. A purposive random sampling technique is used to collect primary data from a survey conducted in the arid and semi-arid regions of Rajasthan, India. The study employs logistic regression to identify the determinants of the perception of climate change and adaptation strategies, while a livelihood vulnerability index is constructed to indicate households? degree of vulnerability, focusing especially on adaptive capacity. Out of the total sample of 600 households analysed, 534 perceive a long-term change in the climate. Farmers? adaptation strategies include crop diversification, mixed cropping, crop rotation, and farm ponds. The major factors affecting adaptation are the educational status of the household head, farming experience, type of financial support, agricultural training, land size, access to agricultural institutions, distance between the household and farmland, and storage. The livelihood vulnerability index shows that most of the households are moderately vulnerable. The study recommends an efficient weather forecasting system and effective government policies to improve credit availability, financial support, and agricultural mechanization.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68477213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What do state-owned development financial institutions (SODFIs) in South Africa do? 南非国有发展金融机构(sodfi)做什么?
Economic Annals Pub Date : 2022-01-01 DOI: 10.2298/eka2235123a
A. Adebayo
{"title":"What do state-owned development financial institutions (SODFIs) in South Africa do?","authors":"A. Adebayo","doi":"10.2298/eka2235123a","DOIUrl":"https://doi.org/10.2298/eka2235123a","url":null,"abstract":"This study explores the model of state-owned development financial institutions (SODFIs) in South Africa and how South African SODFIs contribute to national, continental, and international developmental agendas by providing necessary support towards financing domestic and international projects, thereby mitigating seven categories of market failures. It analyses relevant documents and the latest annual/integrated reports of the SODFIs, making it possible to highlight their modus operandi and the instruments employed in fulfilling their mandates. Analyses indicate that although SODFIs in South Africa mitigate market failures by adequately contributing to national, continental, and global developmental agendas, they do not fund state-owned enterprises (SOEs), leaving out an important aspect of public socioeconomic cooperation. This study thus highlights the importance of funding SOEs partly through SODFIs rather than directly from the national budget and discusses implications for theory and practice.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68477340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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