Comparative Economic Research-Central and Eastern Europe最新文献

{"title":"A Comparative Analysis of the Expectations Hypothesis of the Term Structure of Interest Rates between the BRICS and G7 Countries","authors":"P. Muzindutsi, Sinethemba Mposelwa","doi":"10.18778/1508-2008.24.13","DOIUrl":"https://doi.org/10.18778/1508-2008.24.13","url":null,"abstract":"This paper examines the predictive ability of the expectations hypothesis of the term structure of interest rates in the BRICS and G7 countries by relating each country’s monthly 3‑month Treasury bill rate to 10‑year government bond rates, from May 2003 to May 2018. The panel ARDL model, applying the mean group (MG), pooled mean group (PMG), and dynamic fixed effects (DFE) estimators, is employed to compare the short‑ and long‑run relationships in both groups of countries. The results show that the expectations hypothesis holds in both BRICS and G7 country groups. In the long run, the short‑term interest rate is able to predict the long-term interest rate in both the BRICS and G7 countries. Interest rates in BRICS indicate rapid adjustment back to the long‑run equilibrium, while the adjustment is sluggish in the G7 block. Based on the findings of the study, the sluggish adjustment to the equilibrium in the G7 gives the impression that the financial crisis had an impact on the term structure of interest rates as the G7 countries were directly affected by the crisis.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81305994","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}

{"title":"A Pre Post-COVID–19 Pandemic Review of Regional Connectivity and Socio-Economic Development Reforms: What Can Be Learned by Central and Eastern European Countries from the China-Pakistan Economic Corridor","authors":"A. Ullah, Chen Pinglu, Saif Ullah, M. A. Elahi","doi":"10.18778/1508-2008.24.10","DOIUrl":"https://doi.org/10.18778/1508-2008.24.10","url":null,"abstract":"This paper aims to highlight the role of mutual assistance of China and Pakistan's regional connectivity through the China-Pakistan Economic Corridor (CPEC) and show what lessons can be learned by Central and Eastern European Countries (CEECs). CPEC promotes trade, FDI, peace, and sustainable socio-economic development, and it can help to alleviate the effects of COVID-19 in the region to promote socio-economic development. In this study, we employed the Rolling Window Approach (Rolling Moving Average Approach) for data analysis of pre- and post-COVID-19. It also focuses on before and after the CPEC initiative's impact on the Pakistani economy through the Rolling Window Approach and graphical trends. In Pakistan, thanks to CPEC;trade, FDI, remittance, and the stock exchange (PSX) showed an upward shift. Terrorism decreased, which indicates a positive sign for peace and socio-economic development. However, currency depreciation increased, and the exchange rate trend is going up against the dollar, hurting the economy badly in several ways, such as the balance of payment, current account deficit, and lower some exports. To mitigate these issues, Pakistan and China have taken steps as trade formulated in domestic currency between China and Pakistan. During COVID-19, the provision of health care equipment on a priority basis from China helped to combat the COVID-19 effects and stabilize Pakistan's Economy. CPEC is structured to connect regional economic zones by forming local, regional, and global value chains. To cope with the COVID-19 impacts, socio-economic reforms and regional cooperation are suggested for CEECs with a pre-post circumstances review. Regional integration and cooperation are key to coping with this pandemic. CEECs can learn lessons from CPEC for socio-economic development, reducing violence, and improving the economy.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89885957","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}

{"title":"Progress in Achieving Sustainable Industrial Development – the Case of the Czech Republic and Poland","authors":"Marta Ulbrych","doi":"10.18778/1508-2008.23.30","DOIUrl":"https://doi.org/10.18778/1508-2008.23.30","url":null,"abstract":"The aim of this paper is to clarify the concept of sustainable industrial development and present the results of a study on the progress in achieving goals in this field adopted by the United Nations (UN) in 2015. The research covered the Czech and Polish economies in the period 2000–2018. Under the United Nations 2030 Agenda for Sustainable Development, the need to promote inclusive and sustainable industrialisation was identified. In the context of sustainable industrial development, it is emphasised that it should encourage a competitive economy, create employment, and protect the environment by efficiently utilising non‑renewable resources. To assess this phenomenon in the analysed economies, indicators identified by the UN under SDG9 were used.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2020-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85592190","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}

{"title":"A Panel Analysis of Trade Gravity between Pakistan and South Asian Countries","authors":"W. Jan, M. Shah","doi":"10.18778/1508-2008.23.34","DOIUrl":"https://doi.org/10.18778/1508-2008.23.34","url":null,"abstract":"This paper attempts to examine Pakistan’s trade patterns with South Asian countries by using a gravity model of trade. The main objective of the study is to quantify the long‑run impacts of gravity variables. To achieve this objective, a panel data set for the period 2003 to 2017 has been used. Based on the mixed evidence of the results of panel unit root tests, Pooled Mean Group (PMG) and Panel Dynamic Ordinary Least Square (DOLS) techniques are applied. The outcome of the PMG and Panel DOLS models justifies the theoretical background of the gravity model and suggests that all the basic gravity variables haveusual signs. The RGDPs and population of both Pakistan and the partner country have a positive impact on their bilateral trade. On the other hand, the distance between the two trading countries and the exchange rate have a negative impact on bilateral trade.The uniqueness of this study is that it measures the impacts of qualitative variables along with basic gravity variables. Language similarities and common borders have a positive impact on bilateral trade. Pakistan has borders with India and Afghanistan, but their trade relations are not worth mentioning. The military conflicts between Pakistan and India, and the political suspicions between Pakistan and Afghanistan hinder their trade relations.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2020-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73517237","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}

{"title":"An Empirical Study of the Effects of Demographic Factors on Economic Growth in Advanced and Developing Countries","authors":"S. Kozlovskyi, M. Pasichnyi, R. Lavrov, N. Ivanyuta, A. Nepytaliuk","doi":"10.18778/1508-2008.23.27","DOIUrl":"https://doi.org/10.18778/1508-2008.23.27","url":null,"abstract":"In this article, an updated approach to investigate the effects of demographic factors on economic growth is proposed. The initial hypothesis was that these factors significantly affected production proportions, determining development vectors. The predictable shifts in production dynamics are considered for the institutional framework. The article investigates the statistically significant relationships between the demographic variables and economic growth for the sample of the OECD countries (excluding Columbia) and Armenia, Belarus, Bulgaria, Croatia, Georgia, Kazakhstan, Romania, the Russian Federation, and Ukraine, from 1990 to 2017; unbalanced panel data was used. The investigation aimed to highlight the intrinsic interconnection between the changes in demographic variables (e.g., the working‑age population growth rate and the average life expectancy growth rate) and economic growth. Our investigation focused on the issue of whether demographic influence on economics was the same for advanced and developing countries in the sample. Over the period, a significant increase in life expectancy adversely affected the real GDP per capita growth rate. However, the empirical study pointed out that life expectancy was strongly linked to nominal GDP per capita. In advanced countries, the demographic indicator was considerably higher than in emerging markets. We found that the rise in the working‑age stratum of the nation’s population radically reduced the output dynamics as well, but that interconnection was not robust. The institutional framework should be taken into account in order to achieve a favorable performance of public governance in the long‑run. The main demographic variables should be properly forecasted and calibrated for potential endogenous economic triggers. Both public and private investments are important when considering the economic growth rates that are achieved. We propose a balanced approach to macroeconomic policy regarding both demographic and institutional determinants.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2020-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43219236","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}

{"title":"Labour Market Institutions and Income Inequalities in the Visegrad Group Countries","authors":"M. Szczepaniak, Agnieszka Szulc-Obłoza","doi":"10.18778/1508-2008.23.21","DOIUrl":"https://doi.org/10.18778/1508-2008.23.21","url":null,"abstract":"The diversity of the labour market in the Visegrad Group countries is presented in the article from an institutional perspective. Institutions such as different tax and transfer policies, employment protection legislation, or active and passive labour market policies can affect not only the effectiveness of the economy from a macro perspective, but they can also be crucial in determining the system of rules and incentives for earning money. The institutional conditions of the labour market directly affect the behaviour of labour market participants, their incomes, and therefore income inequalities. To asses and compare the situation between the Visegrad group countries, a synthetic measure of labour market institutions is calculated. A taxonomic analysis is done to group the V4 countries against other selected European Union countries, which enables the assessment and comparison of similarities and differences across the Visegrad countries. Finally, the trade-offs between a synthetic measure of labour market institutions and income inequalities are analysed. The Pearson correlation coefficient and, additionally, the Spearman’s rank correlation coefficient are applied. The analysis is done for 2016, as it was the most recent data available while writing the article. The results from such an analysis can help to answer the question of the state’s role in limiting income inequalities through labour market institutions and to identify the policies which are the most effective in this field.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2020-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80755882","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}

{"title":"Methodology for Assessing the Influence of Cultural Infrastructure on Regional Development in Poland and Ukraine","authors":"A. Revko, M. Butko, O. Popelo","doi":"10.18778/1508-2008.23.10","DOIUrl":"https://doi.org/10.18778/1508-2008.23.10","url":null,"abstract":"The aim of the article is to characterize the level of the region’s diversification according to the cultural component of social infrastructure based on grouped statistical indicators. This paper uses Perkal’s synthetic ratio method to characterize the level of cultural infrastructure development in Ukrainian and Polish regions. The analysis, conducted between 2010 and 2017, concerned cultural organizations such as libraries, theaters, concert organizations, museums, cinemas, art and sports schools, and was based on regional data of Polish and Ukrainian public statistics. It was found that the primary barriers to access to cultural infrastructure are inadequate funding, disability, geographic remoteness, disparities in education, and material living conditions. The determinants of modernizing cultural infrastructure in the region are defined.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89360631","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}

{"title":"Tracing the Spatial Patterns of Innovation Determinants in Regional Economic Performance","authors":"A. Olejnik, A. Żółtaszek","doi":"10.18778/1508-2008.23.29","DOIUrl":"https://doi.org/10.18778/1508-2008.23.29","url":null,"abstract":"In this paper, we investigate innovation factors and their role in regional economic performance for a sample of 261 EU NUTS 2 regions over the period 2009–2012. In our study, we identify regions with spillover as well as drain effects of innovation factors on economic performance. The spatial analysis indicates that both regional innovativeness and regional development are strongly determined by the region’s location and “neighbourhood”, with severe consequences for Central and Eastern Europe. We assessed the impact of innovation factors and their spatial counterparts on economic performance using a spatial Durbin panel model. The model is designed to test the existence and strength of the country‑effect of innovativeness on the level of regional economic status. This allows for controlling the country‑specific socio‑economic factors, without reducing the number of degrees of freedom. Our model shows that regions benefit economically from their locational spillovers in terms of social capital. However, the decomposition of R&D expenditures revealed competition effect between internal R&D and external technology acquisition, favouring in‑house over outsourced research.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2020-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73753171","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}

{"title":"The Zombie Phenomenon in Banking and Business: a Comparative Analysis and the Origin of the Institutional Problem","authors":"Ihor Hurnyak, A. Kordonska","doi":"10.2478/cer-2019-0035","DOIUrl":"https://doi.org/10.2478/cer-2019-0035","url":null,"abstract":"Abstract The research presents an investigation of the zombie phenomenon in banking and business. The main goals are as follows: to reveal the consequences of the threatening dynamics of nonperforming loans for the states of Central and Eastern Europe, Western Europe, the group of former USSR states, and Latin America; to demonstrate the zombie business phenomenon in the case of Ukraine and disclose a new form of zombie business on the basis of different tools with exception of banking loans. The authors believe the solution to the zombie banks problem will not be found in the growth of government influence or control but in the restructuring of the banking system based on a decentralized but strongly controlled bottom-up model. The ineffectiveness of the institutional system also generates various forms of zombie business. The case of Ukraine is the best illustration of applying the tools, that are used in zombie business, with the exception of banking loans. The article helps to understand the influence of nonperforming loans on the economy and the perspectives for banking system formation in the light of the institutional aspect and interinstitutional interactions with the active participation of NPLs.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42303126","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}

{"title":"Is It the Natural Rate Hypothesis or the Hysteresis Hypothesis for Unemployment Rates in Newly Industrialized Economies?","authors":"Dieu Nsenga, Mirada Nach, H. Khobai, C. Moyo, A. Phiri","doi":"10.2478/cer-2019-0031","DOIUrl":"https://doi.org/10.2478/cer-2019-0031","url":null,"abstract":"Abstract The focus of our study is on determining whether unemployment rates in 8 New Industrialized Economies conform to the natural rate hypothesis or the hysteresis hypothesis. To this end, we employ a variety of unit of unit root testing procedures to quarterly data collected between 2002:q1 and 2017:q1. Summarizing of our findings, conventional unit root tests which account neither for asymmetries nor structural breaks produce the most inconclusive results. On the other hand, tests which incorporate structural breaks while ignoring asymmetries tends to favour the natural rate hypothesis for our panel of countries. However, simultaneously accounting for asymmetries and unobserved structural breaks seemingly produces the most robust findings and confirms hysteresis in all unemployment rates except for Asian economies/countries of Thailand and the Philippines.","PeriodicalId":44249,"journal":{"name":"Comparative Economic Research-Central and Eastern Europe","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42334049","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}