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The public–private sector wage gap in Latvia 拉脱维亚公私部门的工资差距
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2018-01-02 DOI: 10.1080/1406099X.2018.1457356
Kārlis Vilerts
{"title":"The public–private sector wage gap in Latvia","authors":"Kārlis Vilerts","doi":"10.1080/1406099X.2018.1457356","DOIUrl":"https://doi.org/10.1080/1406099X.2018.1457356","url":null,"abstract":"ABSTRACT This study investigates the public–private sector wage gap in Latvia using microdata from the labour force survey. The severity of public sector wage cuts employed as a response to the economic crisis and subsequent recovery provides a test bed to analyse whether and how the public–private sector wage gap has adjusted after consolidation-driven wage cuts. Findings reveal that the observed wage gap is slightly in favour of the public sector; however, once differences in individual characteristics and selection effects are considered, results point to a private sector wage premium. Findings also suggest that the private sector wage premium has increased since the pre-crisis period. A significant private sector wage premium raises doubts on whether a system that is reliant on discretionary fiscal measures is efficient enough in eliminating unwarranted differences in wage. In particular, whether a re-adjustment process of public sector wages works after consolidation-driven wage cuts.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"18 1","pages":"25 - 50"},"PeriodicalIF":1.1,"publicationDate":"2018-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2018.1457356","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46926742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
The Baltic banking system in the enlarged European Union: the effect of the financial crisis on efficiency 扩大后的欧盟中的波罗的海银行体系:金融危机对效率的影响
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2018-01-02 DOI: 10.1080/1406099X.2017.1376430
J. L. Gallizo, Jordi Moreno, M. Salvador
{"title":"The Baltic banking system in the enlarged European Union: the effect of the financial crisis on efficiency","authors":"J. L. Gallizo, Jordi Moreno, M. Salvador","doi":"10.1080/1406099X.2017.1376430","DOIUrl":"https://doi.org/10.1080/1406099X.2017.1376430","url":null,"abstract":"ABSTRACT The main objective of this study is to analyse the evolution of banking efficiency in the Baltic countries after their accession to the EU and during the financial crisis, and to check whether there are significant differences between these countries as a consequence of their particular characteristics. To that end, we have estimated the evolution of cost and profit efficiency in the Baltic countries in the context of the enlarged EU during the period 2000–2013 using Bayesian stochastic frontier models. Our results show the greater robustness of Estonian banking in terms of profits during the financial crisis in comparison to their neighbours. Additionally, Baltic banking has recovered its profit efficiencies very quickly after the financial crisis. However, cost efficiency is still at low levels in line with the other European countries.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"18 1","pages":"1 - 24"},"PeriodicalIF":1.1,"publicationDate":"2018-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2017.1376430","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46058425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
An analysis of the primary and secondary housing market in Poland: evidence from the 17 largest cities 波兰一级和二级住房市场分析:来自17个最大城市的证据
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2017-07-03 DOI: 10.1080/1406099X.2017.1344482
R. Leszczyński, K. Olszewski
{"title":"An analysis of the primary and secondary housing market in Poland: evidence from the 17 largest cities","authors":"R. Leszczyński, K. Olszewski","doi":"10.1080/1406099X.2017.1344482","DOIUrl":"https://doi.org/10.1080/1406099X.2017.1344482","url":null,"abstract":"ABSTRACT We analyse the determinants of prices of flats that are bought on the primary (new construction) and secondary markets (existing stock) in the 17 largest cities in Poland during the 2002–2015 period. We find that prices are driven by economic fundamentals, such as income growth and drop in the unemployment or real interest rate. Interestingly, prices in the secondary market react strongly to those fundamentals than to prices in the primary market. Especially, the reaction to the real interest rate is more than twice as high. The most likely buyers on the secondary market are first-time buyers with little own capital, and need a large mortgage. On the other hand, those who buy housing in the primary market quite often sell their old flat, so they only need to acquire the difference. Our finding indicates that the primary and secondary markets need to be analysed separately.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"17 1","pages":"136 - 151"},"PeriodicalIF":1.1,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2017.1344482","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45813830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 17
Forecasting the Estonian rate of inflation using factor models 使用因子模型预测爱沙尼亚的通货膨胀率
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2017-07-03 DOI: 10.1080/1406099X.2017.1371976
Nicolas Reigl
{"title":"Forecasting the Estonian rate of inflation using factor models","authors":"Nicolas Reigl","doi":"10.1080/1406099X.2017.1371976","DOIUrl":"https://doi.org/10.1080/1406099X.2017.1371976","url":null,"abstract":"ABSTRACT The paper presents forecasts of headline and core inflation in Estonia with factor models in a recursive pseudo out-of-sample framework. The factors are constructed with a principal component analysis and are then incorporated into vector autoregressive (VAR) forecasting models. The analyses show that certain factor-augmented VAR models improve upon a simple univariate autoregressive model but the forecasting gains are small and not systematic. Models with a small number of factors extracted from a large dataset are best suited for forecasting headline inflation. The results also show that models with a larger number of factors extracted from a small dataset outperform the benchmark model in the forecast of Estonian headline and, especially, core inflation.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"17 1","pages":"152 - 189"},"PeriodicalIF":1.1,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2017.1371976","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43085421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Influence of internet and social media presence on small, local banks’ market power 互联网和社交媒体对小型地方银行市场力量的影响
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2017-07-03 DOI: 10.1080/1406099X.2017.1376856
Dariusz Filip, Krzysztof Jackowicz, Łukasz Kozłowski
{"title":"Influence of internet and social media presence on small, local banks’ market power","authors":"Dariusz Filip, Krzysztof Jackowicz, Łukasz Kozłowski","doi":"10.1080/1406099X.2017.1376856","DOIUrl":"https://doi.org/10.1080/1406099X.2017.1376856","url":null,"abstract":"ABSTRACT We study the impact of Internet and social media presence on the market power of small, local banks in Poland. We observe that small banks, which generally embraced new distribution and communication channels considerably later than the large commercial banks, had to forego a portion of their market power to defend market shares or reach new customers. The size of the market power sacrifice was greater when small banks competed against numerous banks within their local markets and particularly substantial when they were outnumbered mostly by large commercial banks.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"17 1","pages":"190 - 214"},"PeriodicalIF":1.1,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2017.1376856","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45305071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Effects of population ageing on the pension system in Belarus 人口老龄化对白俄罗斯养老金制度的影响
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2017-05-04 DOI: 10.1080/1406099X.2017.1318000
Katerina Lisenkova, Kateryna Bornukova
{"title":"Effects of population ageing on the pension system in Belarus","authors":"Katerina Lisenkova, Kateryna Bornukova","doi":"10.1080/1406099X.2017.1318000","DOIUrl":"https://doi.org/10.1080/1406099X.2017.1318000","url":null,"abstract":"ABSTRACT Belarus currently has a relatively generous pay-as-you-go pension system, but population aging coupled with recent problems with economic growth will soon make it unsustainable. We build a rich overlapping generation model of Belarusian economy, which shows that without reform the Pension Fund will run into persistent and growing deficit, which will reach 9% of GDP by 2055. We also compute the fiscal projections of several parametric pension reforms, including the reform which will start in 2017. To avoid a deficit without reform, pension benefits would have to be substantially reduced. The increase of retirement age to 65 for both genders has a strong positive effect on sustainability of the pension system and keeps the deficit below 2% of GDP.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"17 1","pages":"103 - 118"},"PeriodicalIF":1.1,"publicationDate":"2017-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2017.1318000","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41660039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Estimation of energy productivity change in Baltic Sea and EU non-Baltic Sea states 波罗的海和欧盟非波罗的海国家能源生产率变化的估计
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2017-01-02 DOI: 10.1080/1406099X.2017.1309785
Ming-Chung Chang, Ching-Hua Yu
{"title":"Estimation of energy productivity change in Baltic Sea and EU non-Baltic Sea states","authors":"Ming-Chung Chang, Ching-Hua Yu","doi":"10.1080/1406099X.2017.1309785","DOIUrl":"https://doi.org/10.1080/1406099X.2017.1309785","url":null,"abstract":"ABSTRACT The Baltic Sea states and the European Commission initiated the intergovernmental Baltic Sea Energy Cooperation (BASREC) in 1998 and established it the following year. The aim of this study is to examine and compare the energy productivity change, energy technical change, and energy efficiency change in Baltic Sea states and non-Baltic Sea states using the Malmquist-DEA approach. The main results indicate that energy productivity in the Baltic Sea states has been improved, with this mainly caused by energy technology progression; however, the improvement in energy efficiency is not so obvious. In addition, the subsample includes 10 former communist countries, showing that the source of their energy productivity change not only comes from energy technical change, but also energy efficiency changes. In other words, the catching up effect in the 10 former communist countries is more obvious than that in the Baltic Sea states.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"17 1","pages":"102 - 78"},"PeriodicalIF":1.1,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2017.1309785","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41559446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Monetary policy transmission: the case of Lithuania 货币政策传导：以立陶宛为例
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2017-01-02 DOI: 10.1080/1406099X.2016.1242330
Julius Stakėnas, R. Stasiukynaitė
{"title":"Monetary policy transmission: the case of Lithuania","authors":"Julius Stakėnas, R. Stasiukynaitė","doi":"10.1080/1406099X.2016.1242330","DOIUrl":"https://doi.org/10.1080/1406099X.2016.1242330","url":null,"abstract":"ABSTRACT We study the effect of a (standard) monetary policy shock in the euro area on the Lithuanian economy. We employ a structural vector autoregressive model incorporating variables from both the euro area and Lithuania. The model exhibits a block exogenous structure to account for the fact that Lithuania is a small economy. In general, we find that a monetary policy shock in the euro area has a stronger effect on the Lithuanian than it does on the euro area economy, though the effects are not statistically significant, preventing firm conclusions. We further broaden our analysis employing a panel vector autoregression (PVAR) model for the three Baltic states. PVAR model results suggest a stronger impact of monetary policy than that estimated using the Lithuanian model and a quite considerable degree of variation over time in the strength of monetary policy transmission.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"17 1","pages":"1 - 24"},"PeriodicalIF":1.1,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2016.1242330","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43605886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Implications of the European integration: revisiting the hypothesis of ‘hub-and-spokes’ model 欧洲一体化的启示:重新审视“轮辐”模型假说
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2017-01-02 DOI: 10.1080/1406099X.2017.1298876
Tinatin Akhvlediani, Katarzyna Śledziewska
{"title":"Implications of the European integration: revisiting the hypothesis of ‘hub-and-spokes’ model","authors":"Tinatin Akhvlediani, Katarzyna Śledziewska","doi":"10.1080/1406099X.2017.1298876","DOIUrl":"https://doi.org/10.1080/1406099X.2017.1298876","url":null,"abstract":"ABSTRACT Already in 1994, Baldwin predicted the formation of the ‘hub-and-spokes’ model to describe the outcomes of economic integration across the European Union (EU) implying marginalization of the new EU member states. We examine the validity of this hypothesis by putting an emphasis on Visegrad group of countries (The Visegrad four (V-4): Poland, the Czech Republic, Slovakia and Hungary) and investigate the impact of the European integration scheme on their export performances. To conduct the analysis, we estimate the augmented gravity model for the panel data of the exports of V-4 with the rest of the world by employing pseudo-Poisson maximum likelihood estimator. Estimation results do not favour the creation of the ‘hub-and-spokes’ model, but rather demonstrate that integration within the EU was quite beneficial for V-4 without giving the origin neither to their peripherization nor to the loss of markets of the natural trade partners.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"17 1","pages":"45 - 56"},"PeriodicalIF":1.1,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2017.1298876","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49208427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Is the success of an issuer an investor success? Evidence from Polish IPOs 发行人的成功就是投资者的成功吗？波兰IPO的证据
IF 1.1 3区 经济学
Baltic Journal of Economics Pub Date : 2017-01-02 DOI: 10.1080/1406099X.2017.1308781
Bogumiła Brycz, Tadeusz Dudycz, M. Kowalski
{"title":"Is the success of an issuer an investor success? Evidence from Polish IPOs","authors":"Bogumiła Brycz, Tadeusz Dudycz, M. Kowalski","doi":"10.1080/1406099X.2017.1308781","DOIUrl":"https://doi.org/10.1080/1406099X.2017.1308781","url":null,"abstract":"ABSTRACT This article examines the factors that determine IPO success in raising equity capital, and how this success translates into investor success. The study is based on a sample of IPOs on the Warsaw Stock Exchange from 1998 to 2011. We find that pre-IPO profitability is a strong and positive signal for investors that translates into a higher offer price and therefore determines the success of the issuance. However, companies with high IPO success do not provide investors with better performance after going public, nor do they provide protection before the common phenomenon of long-term underperformance. A large-scale value migration between shareholders occurs in companies that achieve IPO success. The investor belief that pre-IPO profitability is a signal of the future earnings potential of an IPO firm indicates that they probably use simple heuristics and have a representativeness bias.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"17 1","pages":"57 - 77"},"PeriodicalIF":1.1,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2017.1308781","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49304823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
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