Equilibrium最新文献

{"title":"Modeling of the financial system?s stability on the example of Ukraine","authors":"I. Shkolnyk, S. Kozmenko, O. Kozmenko, V. Orlov, Fathi Shukairi","doi":"10.24136/eq.2021.014","DOIUrl":"https://doi.org/10.24136/eq.2021.014","url":null,"abstract":"Research background: Financial stability is one of the key tasks in the functioning of the country?s financial system. National financial systems have significant differences in the level of their development, structure and approaches to regulation. There are no uniform world standards for methods and indicators of assessing financial stability. International financial institutions, including the International Monetary Fund, only outline certain areas and offer an indicative list of indicators that should be taken into account. \u0000Purpose of the article: Taking into account the peculiarities of the subject and object structure of Ukraine?s financial system, this study formed groups of indicators that reflect the state of financial depth, level of access and efficiency of the financial system, systematized by subject (financial institutions) and object financial markets) characteristics. \u0000Methods: The basis for the formation of a set of indicators is a matrix of characteristics of the financial system?s stability, which is formed according to the principle of 4x2 proposed by experts of the International Monetary Fund. The list of indicators to calculate the integrated indicator that characterizes the stability of the financial system of Ukraine, covers the period 2007?2019 and includes 29 indicators that take into account the peculiarities of its formation and development. Harrington?s desirability function is used to determine the integrated indicator that characterizes the state of financial stability. \u0000Findings & value added: The intermediate calculations obtained by modeling groups of indicators showed that the level of access to the financial system and the state of its depth are balanced during the study period (the range of variation of integrated indicators for these groups is minimal ? from 0.1 to 0.18), is at a satisfactory level and the basis for ensuring the financial system?s stability. Conversely, the efficiency of the financial system is low, and characterized by a high degree of volatility (range of variation ? 0.51). The obtained integrated indicator, which is in the range from 0.41 to 0.54 on the Harrington desirability scale, makes it possible to assess the state of the financial system?s stability in Ukraine as satisfactory, but with a high level of sensitivity to both external and internal shocks.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42716266","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":"GVC and wage dispersion. Firm-level evidence from employee?employer database","authors":"D. Nikulin, Joanna Wolszczak-Derlacz, Aleksandra Parteka","doi":"10.24136/eq.2021.013","DOIUrl":"https://doi.org/10.24136/eq.2021.013","url":null,"abstract":"Research background: Wage inequalities are still part of an interesting policy-oriented research area. Given the developments in international trade models (heterogeneity of firms) and increasing availability of micro-level data, more and more attention is paid to wage differences observed within and be-tween firms. \u0000Purpose of the article: The aim of the paper is to address the research gap concerning limited cross-country evidence on a nexus of wage inequality?global value chains (GVCs), analysed from the perspective of wage inequality components within and between firms. \u0000Methods: This paper uses a large employee?employer database derived from the European Structure of Earnings Survey (SES), combined with sector-level indicators of GVC involvement based on the World Input-Output Database (WIOD). As a result, a rich database covering more than 7.5 million observations is created. The regression-based decomposition modelling technique developed by Fiorio and Jenkins (2010) is used to identify the contributions of different factors to wage inequalities, focusing on the components within and between firms. \u0000Findings & value added: The analysis presented in this paper aimed to show the contribution of GVC involvement, among various other factors, to the observed inequality of wages. Due to the use of a rich database that merges employer and employee data, the effects materialised with respect to different types of wages could be analysed separately, in particular components between and within firms. The general conclusion from the regression-based decomposition in log wages is that GVCs contribute marginally to the observed wage inequality in the European sample analysed in this paper. Some differences confronting the components within and between firms (the latter dominates) are observed; there is also certain intra sample heterogeneity in the estimated results (e.g. due to sector type or country group), but the general result is robust.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48522737","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":"How innovativeness of family-owned SMEs differ depending on their characteristics?","authors":"M. Civelek, A. Ključnikov, V. Fialova, Andrea Folvarčná, Milan Stoch","doi":"10.24136/eq.2021.015","DOIUrl":"https://doi.org/10.24136/eq.2021.015","url":null,"abstract":"Research background: SMEs encounter more survival impediments than larger businesses. Innovativeness is a crucial attribute for smaller firms to overcome these barriers since it positively influences their performance, competitiveness, and capability to operate in the long term. However, depending on firm characteristics, the innovativeness of SMEs might differ. \u0000Purpose of the article: This research investigates whether the innovativeness of family-owned SMEs differs depending on their size, sector, area of activity, and succession on the sample of 350 family-owned SMEs that operate in Czechia. \u0000Methods: The data collected in the Czech Republic in 2020 through the structured self-administered questionnaire were analyzed using Skewness-Kurtosis and Levene's normality tests and Independent Sample T-test to find the differences in SMEs innovativeness depending on their selected characteristics. \u0000Findings & value added: According to the results, SMEs' innovativeness differs depending on their size, industry, and area activity. On the other hand, the analyses confirmed the nonexistence of the differences in SMEs' innovative-ness concerning succession involvement. The region of SMEs' operation, the scope of their activities, and firms' executives' age might be crucial arguments to explain the differences and similarities in these enterprises' innovativeness. Even though the research focuses only on the SMEs located in Czechia, the similarity of the issues all SMEs face when competing with the larger firms worldwide, especially if we take into consideration the countries with a similar level of development and overall institutional business conditions, allows for generalizing our results and might draw readers' attention to this paper. Policymakers, universities, international institutions, and financial institutions might cooperate to create industrial zones, encourage research centers, and provide education and financial support to stimulate SMEs' innovative activities.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46958293","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":"Evaluation of the impacts of the COVID-19 pandemic on the development of the unemployment rate in Slovakia: counterfactual before-after comparison","authors":"Lucia Švábová, E. Tesařová, M. Durica, L. Strakova","doi":"10.24136/eq.2021.010","DOIUrl":"https://doi.org/10.24136/eq.2021.010","url":null,"abstract":"Research background: The COVID-19 pandemic, which hit the world in the first quarter of 2020, has impacted almost every area of people's lives. Many states have introduced varying degrees of measures to prevent its spread. Most of these measures were, or still are, aimed at reducing or completely stopping the operation of shops and services, or in some cases, also the large manufacturing companies. However, as many companies have failed to cope with these restrictions, unemployment has risen in almost all EU countries. A similar situation was also observed in Slovakia, where the mentioned measures also had a significant impact on unemployment. Purpose of the article: In this study, we deal with the quantification of the impact of a pandemic, or more precisely, anti-pandemic measures, on the development of the registered unemployment rate in Slovakia. Methods: This quantification is based on the counterfactual method of before-after comparison, which is one of the most widely used methods in the field of impact assessments and brings very accurate results, based on real data. In the analysis, we use officially published data on the unemployment rate in Slovakia during the years 2013?2020 on a monthly basis. Such a long time series, using statistical methods of its decomposition and modelling of its trend, will allow predicting the development of the unemployment rate in Slovakia, assuming a counterfactual situation of no pandemic, and compare this development with the actual situation that occurred during 2020. Findings & Value added: The study results indicate an increase in the unemployment rate in Slovakia during 2020 by 2?3% compared to the trend of its development, which would have occurred without a pandemic. Given the counterfactual method used, this difference can be described as the impact of the COVID-19 pandemic. The results of the study can be used in practice in the design and implementation of measures introduced to mitigate the impacts of the pandemic on unemployment and, in the long-term perspective, also to eliminate these effects as much as possible. It can also be used as a theoretical tool in conducting impact assessments, which have so far been carried out very rarely in Slovakia.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69085424","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":"Cross-border cooperation at the external border of the European Union in the context of political, economic and social conditions: the case of the Polish-Russian neighbourhood","authors":"I. Batyk, D. Rzeczkowski","doi":"10.24136/eq.2020.036","DOIUrl":"https://doi.org/10.24136/eq.2020.036","url":null,"abstract":"Research background: Integration and globalization processes encourage activities for the development of border regions. For the north-eastern regions of Poland and the Kaliningrad region, cross-border neighbourhood enables regions to cooperate and provides an opportunity for economic and social recovery. Purpose of the article: The present article aims to analyse areas of cross-border activity taking place on the Polish-Russian borderland, based on the opinions of the inhabitants of the Kaliningrad region. Taking into account the rapidly changing political and economic conditions, as well as social relations, the following areas of Polish-Russian cross-border cooperation have been examined: economic activity, tourism, social activity, scientific cooperation, neighbourly relations. Methods: The study presents the results of the author?s own research carried out using standardized interviews with 1,022 inhabitants of the Kaliningrad region. As the research instrument, a self-designed interview questionnaire. The adopted time frame encompassed four stages of the functioning of Polish-Russian cross-border cooperation, each of them different due to political, eco-nomic and social conditions. The sample was selected using the quota method. The correspondence analysis was used for statistical tools. Findings & Value added: The suspension of local border traffic has significantly limited the development of cross-border cooperation. The Polish-Russian relations, encumbered with high risk and uncertainty, have led to a considerable decrease in cooperation between border areas. The level of risk results not only from mutual relations between Poland and Russia, but is also a consequence of political and economic relations between the European Union and the Russian Federation. In the long term perspective, local border traffic may be open and similar conditions for the functioning of cross-border cooperation may occur. Therefore, knowledge about the activity of cross-border residents of Polish-Russian border regions will be useful in counteracting the undesirable effects that may occur.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48729316","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 multivariate approach to the identification of initial smart specialisations of Polish voivodeships","authors":"Beata Bal-Domańska, Elżbieta Sobczak, E. Stańczyk","doi":"10.24136/eq.2020.034","DOIUrl":"https://doi.org/10.24136/eq.2020.034","url":null,"abstract":"Research background: The identification of smart specialisations should be based on information allowing the identification of resources and capital in the regions, which constitute the unique value of the area providing for the development of competitive advantages based on innovations and achievements in the research and development activities.  \u0000Purpose of the article: The key goal is to present the proposal to use an aggregate (synthetic) measure for the purpose of identifying regional development potentials and next the initial smart specialisations (RSS). This approach is particularly useful at the very initial stage of recognizing the potential in the region, and ? after some modifications ? may offer a useful tool for assembling the de-velopment of industries (services) in the region. The additional goals are: (1) to organize the knowledge regarding statistical approaches and selected methods to be used in the process of identifying initial smart specialisations in regions (RSS); (2) exemplification of the presented methodology for the initial regional smart specialisations (RSS) identification in voivodeships in Poland based on a multivariate approach. \u0000Methods: Multivariate statistical analysis (MSA) methods are used in the identification procedure of initial regional smart specialisations (RSS), which allowed for performing the assessment in 4 areas: resources and capital; specialisation; development potential (dynamics); the involvement in research and development and innovative activities. They can also be extended with additional dimensions related to the cooperation of enterprises with social or environmental priorities. \u0000Findings & Value added: The conducted procedure allowed identifying NACE rev. 2 divisions useful in determining development potentials in Polish regions and later the initial smart specialisations (RSS). The identified initial RSS for Polish voivodeships can be a starting point for building regional smart specialisations based on values supply chain or other premises. Due to the universal nature of the proposed methodology, it can be widely used at the level of subregions, regions and the EU countries.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47107767","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":"Oil price and the economic activity in GCC countries: evidence from quantile regression","authors":"M. Zmami, O. Ben-Salha","doi":"10.24136/eq.2020.028","DOIUrl":"https://doi.org/10.24136/eq.2020.028","url":null,"abstract":"Research background: The effects of oil price fluctuations on the macroeconomic performance in oil-importing and oil-exporting countries have stimulated considerable research activity. However, the debate is far from being closed. \u0000Purpose of the article: This paper revisits the impact of crude oil price on economic activity in the Gulf Cooperation Council oil-exporting countries. The study covers a relatively long period spanning from 1960 to 2018. \u0000Methods: The empirical investigation accounts for structural breaks, nonlinearity, and non-normal ?distribution of data. The Kapetanios (2005) structural breaks unit root test?? and ?Saikkonen?Lütkepohl (2000a, b, c) cointegration test with structural shifts are implemented to examine the stationary properties of data and the presence of cointegration between variables, respectively. Moreover, the quantile regression is employed to assess whether the impact of oil price on real GDP differs across different states of the economy. \u0000Findings & Value added: Empirical results suggest the absence of long-run cointegrating relationships between oil price and GDP in all countries. The quantile regression reveals that oil price does not affect real GDP in the same way across countries and for different business cycle phases. More specifically, the symmetric quantile regression findings reveal that oil price exerts a positive impact on GDP in all countries and that the effect is higher during the recession than expansion states. The asymmetric quantile regression shows that GDP reacts to positive oil price changes in all countries. However, only the Emirati and Omani GDPs are affected by negative oil price changes.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69085362","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":"Temporary contracts and Okun?s law in Poland","authors":"K. Bartosik","doi":"10.24136/eq.2020.032","DOIUrl":"https://doi.org/10.24136/eq.2020.032","url":null,"abstract":"Research background: The share of temporary workers in Poland is one of the largest of any EU country, which may affect the output unemployment relationship. The Polish case seems to be a natural experiment. Contrary to many advanced European countries, the spread of temporary contracts in Poland was not caused by labor market reform but instead resulted mainly from spontaneous processes. \u0000Purpose of the article: This paper investigates the effect of the widespread use of temporary contracts on the relationship between output and unemployment in Poland. \u0000Methods: The analysis is based on the ?dynamic? version of Okun?s law and uses OLS regression, OLS split-sample regression and OLS rolling regression. The sample period is 1996?2018. \u0000Findings & Value added: The study found that unemployment?s sensitivity to output increased over time and was related to the greater use of temporary contracts, particularly among young people and women. Initially, at the turn of the 21st century, the expansion of temporary jobs changed the employment composition and had an insignificant effect on unemployment since firms mainly replaced permanent contracts with temporary contracts. Then, starting around 2006, temporary contracts began affecting unemployment levels and unemployment?s responsiveness to output. During this period, firms used temporary contracts as the main workforce adjustment device during the business cycle. ","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47258491","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":"Cointegration analysis and VECM of FDI, employment, export and GDP in Croatia (2002?2017) with particular reference to the global crisis and poor macroeconomic governance","authors":"M. Škare, J. Franc-Dąbrowska, Dajana Cvek","doi":"10.24136/eq.2020.033","DOIUrl":"https://doi.org/10.24136/eq.2020.033","url":null,"abstract":"Research background: The preconditions for attracting foreign investment are political stability and long-term capital investment, positively influencing the recipient country's development. During the crisis as well as in the unstable political environment, economic agents engage in speculative and risky acts for faster earnings. \u0000Purpose of the article: The paper aims to point out the importance of foreign direct investments (FDI) and other macroeconomic variables and their relationship with particular reference to the Croatian economy in 2002?2017. \u0000Methods: We use ADF test, development of the VECM model, testing of the stability of the VECM model, decomposition of the variance of the predictive errors of the variables, analysis of responses to unit orthogonal pulses. The vector correction auto-regression model (VECM) explores the long-term relationship between (FDI) and macroeconomic indicators in crisis time. \u0000Findings & Value-added: Applying the VECM model, we find that employment, export, and GDP variables are exogenous in the short term. The FDI variable is statistically significant and adjusts for the long-run equilibrium. Analyzing the responses to unit shocks, we conclude there is weak feedback of the observed variables and a weak effect of the observed variables in the Croatian economy. The FDI variable does not affect GDP, employment, and exports in Croatia due to poor macroeconomic management, corruption, regional development, inefficiency, and inefficient foreign direct investment structure.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47615404","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":"Proposition of a hybrid price index formula for the Consumer Price Index measurement","authors":"Jacek Białek","doi":"10.24136/eq.2020.030","DOIUrl":"https://doi.org/10.24136/eq.2020.030","url":null,"abstract":"Research background: The Consumer Price Index (CPI) is a basic, commonly accepted and used measure of inflation. The index is a proxy for changes in the costs of household consumption and it assumes constant consumer utility. In practice, most statistical agencies use the Laspeyres price index to measure the CPI. The Laspeyres index does not take into account movements in the structure of consumption which may be consumers' response to price changes during a given time interval. As a consequence, the Laspeyres index can suffer from commodity substitution bias. The Fisher index is perceived as the best proxy for the COLI but it needs data on consumption from both the base and research period. As a consequence, there is a practical need to look for a proxy of the Fisher price index which does not use current expenditure shares as weights. \u0000Purpose of the article: The general purpose of the article is to present a hybrid price index, the idea of which is based on the Young and Lowe indices. The particular aim of the paper is to discuss the usefulness of its special case with weights based on correlations between prices and quantities. \u0000Methods: A theoretical background for the hybrid price index (and its geometric version) is constructed with the Lowe and Young price indices used as a starting point. In the empirical study, scanner data on milk, sugar, coffee and rice are utilized to show that the hybrid index can be a good proxy for the Fisher index, although it does not use the expenditures from the research period. \u0000Findings & Value added: The empirical and theoretical considerations con-firm the hybrid nature of the proposed index, i.e. in a special case it forms the convex combination of the Young and Lowe indices. This study points out the usefulness of the proposed price index in the CPI measurement, especially when the target index is the Fisher formula. The proposed general hybrid price index formula is a new one in the price index theory. The proposed system of weights, which is based on the correlations between prices and quantities, is a novel idea in the price index methodology.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49589447","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}