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on Transition Economics |
| By: | Gerard Roland; David Y. Yang |
| Abstract: | Beliefs about whether effort pays off govern some of the most fundamental choices individuals make. This paper uses China’s Cultural Revolution to understand how these beliefs can be affected, how they impact behavior, and how they are transmitted across generations. During the Cultural Revolution, China’s college admission system based on entrance exams was suspended for a decade until 1976, effectively depriving an entire generation of young people of the opportunity to access higher education (the “lost generation”). Using data from a nationally representative survey, we compare cohorts who graduated from high school just before and after the college entrance exam was resumed. We find that members of the “lost generation” who missed out on college because they were born just a year or two too early believe that effort pays off to a much lesser degree, even 40 years into their adulthood. However, they invested more in their children’s education, and transmitted less of their changed beliefs to the next generation, suggesting attempts to safeguard their children from sharing their misfortunes. |
| JEL: | I23 O53 P26 P48 Z1 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23441&r=tra |
| By: | Marina Malkina (Lobachevsky State University of Nizhni Novgorod (Russia), 37 Bolshaya Pokrovskaya, 603000 Nizhni Novgorod, Russia) |
| Abstract: | Research background: This paper is dedicated to inter-regional disparities in personal incomes and their composing by sources. We suggest that income sources contribute differently to overall inequality. Some of them, e.g. property incomes, amplify inequality, while others, e.g. social transfers, should mitigate it. Purpose of the article: The aim of this article is to determine the character, direction and strength of influence of different sources, i.e. wages and salaries, property incomes, social transfers, entrepreneurship incomes and revenues from informal activities on inter-regional differences in overall incomes per capita and their dynamics based on Russian regional statistics in 2001-2014. Methodology/methods: We used the method of relative deflating of regional incomes based on the fixed consumer basket cost, the population-weighted Theil index to measure inequality and technique of its decomposition to evaluate the contribution of various sources to regions’ convergence in real incomes per capita. Findings: For Russian regions in 2001-2014 we revealed different paths of inter-regional inequality for various sources of incomes. Decomposition of inter-regional income inequality demonstrated the largest and growing contribution made to it by wages and salaries. Informal incomes demonstrated declining influence on inequality and provided more than half of total inter-regional convergence. The contribution of entrepreneurship incomes to inter-regional disparities occurred the third and slightly decreasing, but their share in total incomes has declined. Social transfers per capita demonstrated the largest smoothing effect, but their contribution to convergence is mostly depleted. The property incomes proved to have the greatest enhancing impact on inequality especially in the period of economic growth, albeit not large by value because of small share in total income. Ultimately we revealed the substituting role of informal incomes in respect of formal incomes and existence of self-perpetuating mechanisms of reducing inequality in Russian economy. |
| Keywords: | personal income, sources, inter-regional inequality, decomposition |
| JEL: | D31 I31 R13 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no67&r=tra |
| By: | Magdalena Olczyk (Politechnika Gdanska, Poland); Aleksandra Kordalska (Politechnika Gdanska, Poland) |
| Abstract: | Growth model in CEE countries has based on a massive inflow of direct foreign investments, especially in manufacturing, from the onset of the transformation. This resulted in a substantial share of manufacturing goods in total exports and a high ranking position of some CEE countries among the most industrialized economies in the world. The main objective of this paper is to compare the determinants of the international competitiveness, measured by the net exports of the manufacturing sectors in the Czech and Polish economies, by using the database of 13 manufacturing sub-sectors in 1995-2011. The authors research the question of how much foreign and domestic demand, the level of labour costs, the level of sector innovation intensity, the level of sector openness to foreign markets as well as sectoral labour productivity influence the changes in trade balance. Our approach is based on employing an error correction model and SURE model to disaggregated sectoral manufacturing data. The results of the analysis conducted show substantial differences in the roles particular variables play in explaining the net exports in individual sectors. For the majority of Polish and Czech manufacturing sub-sectors, generation of positive trade balance is determined by relative demand growth. An increasing labour productivity influences heavily a positive trade balance of Polish goods in majority of sub-sectors, however, a key factor in Czech sub-sectors is decreasing unit labour costs. The results of the analysis indicate mostly a greater impact of the researched factors on net exports in long rather than short term and the better capacity of the Czech economy to correct deviations from the equilibrium. |
| Keywords: | CEE economies, net exports, international competitiveness, manufacturing, error correction mode |
| JEL: | F40 C23 F14 O14 L60 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no46&r=tra |
| By: | Piotr Wojcik (University of Warsaw, Poland) |
| Abstract: | Poland and Spain share many common features resulting both from similarities of historical experience and also cultural, political, socio-demographic factors. Both countries have similar area, population and GDP structure. They also share historical experience related to political and economic transformation after a long period of non-democratic, centralized governments. Therefore the experience of Spanish membership in the EU is often considered as a model for Poland. The purpose of this research is to perform a comparative empirical analysis of income convergence processes in Poland and Spain on a regional level (NUTS3). We aim to verify if and how these processes are related to one another (show similar paths). Special attention is paid to the periods after accession of these countries to the EU. Convergence patterns in both countries are compared with several tools. Spatial econometric model for absolute beta convergence, sigma convergence indicators and the analysis of distribution dynamics – transition matrices. The impact on EU accession on income convergence in Spain was positive both on a national and regional level. Regional convergence processes sped-up and interregional disparities decreased. The poorest subregions had relatively high probability to increase their income and catch-up with initially more developed regions. In the first decade after accession to EU Poland has also achieved a significant improvement of income indicators on a national level. However, empirical analyses of GDP per capita distribution and its dynamics on a regional level in Poland show that the above mentioned progress does not spread out proportionally on all regions. Neither beta nor sigma convergence is observed. Instead, relatively fastest growth of initially richest regions (mostly large cities) introduces convergence of clubs leading to polarization. EU accession accelerated divergence processes in Poland. |
| Keywords: | Poland vs Spain, parallel regional convergence, convergence of clubs, distribution dynamics, spatial model |
| JEL: | O15 P25 R11 C21 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no143&r=tra |
| By: | Yuzhakov, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Efremov, Alexey (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In the present work, the practice of participation of Russian courts in identifying, recognizing and eliminating corruption-related factors in Russian regulatory legal acts, including their anti-corruption expertise, is analyzed. The possibilities of activating the participation of courts in reducing the corruption character of Russian legislation are considered. The proposals on legal and methodological support of the active participation of Russian courts in reducing the corruption character of Russian legislation have been developed. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:041729&r=tra |
| By: | Jaroslaw Czerski (Instytut Analiz Monitor Rynku Nieruchomosci); Michal Gluszak (Uniwersytet Ekonomiczny w Krakowie); Robert Zygmunt (Uniwersytet Rolniczy im. Hugona Kollataja w Krakowie) |
| Abstract: | Research background: There are several methods to construct a price index for infrequently traded real estate assets (mainly residential, but also office and land). The main concern to construct a valid and unbiased price index is to address the problem of heterogeneity of real estate, or put differently to control for both observable and unobservable quality attributes. Most frequently used is probably hedonic regression methodology (classic, but recently also spatial and quantile regression). An alternative approach to control for unobservable differences in assets’ quality is provided by repeat sales methodology, where price changes are tracked based on differences in prices of given asset sold twice (or multiple times) within the study period. The later approach is applied in famous S&P CoreLogic Case-Shiller house price indices. Purpose of the article: The goal of the paper is to assess the applicability of repeat sales methodology for a major housing market in Poland. Previous studies used hedonic methodology or mix adjustment techniques and applied for major metropolitan areas. Most known example is a set of quarterly house price indices constructed by NBP – especially for primary and secondary market. The repeat sales methodology has not been adopted with significant success to date – mainly because of concern regarding relative infrequency of transactions on housing market in most metropolitan areas (thus potentially small sample of repeated sales). Methodology/methods: The study uses data on repeat sales of residential transactions in Krakow from 2003 to 2015. We apply different specifications of repeat sales index construction and compare respective values to hedonic price index for Krakow estimated by NBP. Findings: Findings suggest that repeat sales house sales indices can be used to track price dynamics for major metropolitan areas in Poland. The study suggests problems that need to be addresses in order to get unbiased results – mainly data collection mechanism and estimation procedure. |
| Keywords: | repeat sales index, Poland, housing market, house price, real estate |
| JEL: | C18 C43 R31 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no29&r=tra |
| By: | Petra Jílkova (Technical University in Prague, Czech Republic); Pavla Ko atkova Stranska (Technical University in Prague, Czech Republic) |
| Abstract: | The global financial crisis started in the USA and extended to the European market in 2009 – 2010 and caused significant problems in the banking sector. Czech banks were not significantly affected and recorded a profit in many cases and there was no need for government intervention. The purpose of this paper is to analyze the effect of the economic situation of the Czech Republic on the performance and profitability of the banking market through selected determinants. Constructing a linear regression model predicts the values of the dependent variable from the variability of the values of the independent variables. In particular, the final report focusses on measuring the performance and profitability of the banking sector using the method of “Multiple linear regression”. The basis for multiple linear regression model is to estimate the effect of each independent variable Xi to the dependent variable Y. The force of the impact, determine the regression coefficients betha, also determining which independent variables have the greatest and the smallest effect on the dispersion of the dependent variables. In other words, how much of the variance of the dependent variable is explained by selected independent variables. In addition, a literature review and analysis of secondary are based on data published on or before 1. February 2017. This paper clarifies the structure of the Czech banking sector and it is focused on the performance and profitability in the defined time period and how it compares with the selected banking sector and indicators in other countries. On account of data availability for all the years examined, only selected banks were included. |
| Keywords: | bank, financial sector, linear regression analyses, performance, profitability |
| JEL: | G21 M31 C38 O16 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no41&r=tra |
| By: | YIN Ting; ZHANG Junchao |
| Abstract: | This paper studies the causal effect of education on intergenerational transfers from/to adult children. Using micro-data from the China Health and Retirement Longitudinal Study, we exploit exogenous variations in parents' schooling induced by China's Great Famine to take account of the endogeneity of education, and then estimate the effect of schooling on the probability of receiving/giving transfers from/to adult children. The instrumental variable estimates show that an additional year of schooling has a negative effect on the probability of receiving transfers, but a positive effect on the probability of giving transfers at old age. Our results have some policy implications on social security in aging societies. |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:17074&r=tra |
| By: | Fang, Zheng (School of Business, SIM University, Singapore); Chen, Yang (Division of Economics, Xi'an Jiaotong-Liverpool University) |
| Abstract: | We examine the city-level cointegrating and Granger causal relationships between economic growth, electricity consumption and human capital during a period of 2003-2012 in China. Applying the Continuously-updated fully modified OLS panel estimation, we find that for China as a whole physical and human capital have similar positive impacts on local economic growth, which are slightly larger than the effect of electricity consumption. A 1% rise in either physical or human capital investment boosts economic growth by 0.07% and the output elasticity of electricity consumption is 0.06. Comparatively, electricity consumption plays a dominant role to boost economic growth in the Center, human capital contributes most to growth in the East, and growth in the West benefits most from physical capital investments. Using a Granger causality test that is suitable for heterogeneous panels, we find a uni-directional causal relationship running from economic growth to electricity consumption in central and western China and a feedback effect in eastern China. In terms of the causal relationship between electricity consumption and education expenditure, electricity Granger causes education expenditure in some eastern Chinese cities and a reverse relationship is observed for cities in Middle China, while for western cities a bi-directional causal link is found. Local policies should therefore vary and be coordinated across government agencies. |
| Keywords: | Electricity consumption, education expenditure, heterogeneous panel causality, Chinese cities |
| Date: | 2017–05–24 |
| URL: | http://d.repec.org/n?u=RePEc:xjt:rieiwp:2017-02&r=tra |
| By: | Huang, Yanghua (Institute of Industrial Economics, Chinese Academy of Social Sciences); Salike, Nimesh (Division of Economics, Xi'an Jiaotong-Liverpool University); Yin, Zhifeng (School of Economics, Central University of Finance and Economics); Zeng, Douglas Zhihua (World Bank) |
| Abstract: | In contrast to previous papers, where in these two important aspects of innovation were delved separately, this paper analyses the effects in unison by using the most comprehensive data on Chinese enterprises- World Bank China Enterprise Survey (2012). Our dependent variables are innovation performance measured in various dimensions: the probabilities of R&D expenditure, staff training, product innovation, process innovation and management innovation. Our key variables of interest are ownership based on largest share (SOE, private and foreign) and firm size based on the number of employees. The analysis is based on panel data approach with different dimensions added (city, industry fixed) and the interaction of ownership and size variables. Major findings suggest that SOEs and domestic private enterprises are much alike in innovation participation, but different in innovation diversification that leads to ownership specific innovative advantage. Foreign enterprises are innovative in most of the innovation measurements. Size if positively correlated to innovation. We also find that as the size of enterprise increases, ownership specific innovative advantage is subject to changeable. That implies ownership and size should be examined jointly rather than separately. The result also shows the effects of ownership and size on innovations are uneven geographically and industrially. |
| Date: | 2017–05–24 |
| URL: | http://d.repec.org/n?u=RePEc:xjt:rieiwp:2017-06&r=tra |
| By: | Piotr Gabrielczak (Department of Macroeconomics, Institute of Economics, University of Lodz); Tomasz Serwach (Department of International Trade, Institute of Economics, University of Lodz) |
| Abstract: | The goal of the article is to evaluate the impact of the European Union (EU) accession on the complexity of goods in Slovak exports. The traditional theories or trade (Ricardian and Heckscher-Ohlin models) show that such an engagement in economic integration may lead to specialization in the production of either more or less sophisticated goods, depending on the country’s technological advancement and factor endowment. At the same time, increased FDI flows may stimulate the engagement of a country in international production chains with ambiguous effects on export complexity. Because it is impossible to a priori predict the effect economic integration may have on the complexity, it is reasonable to verify it empirically. The authors used the Synthetic Control Method (SCM) to compare the observed post-accession levels of exports complexity in Slovakia with the counterfactual values of that country remaining outside of the EU. The obtained results show that the accession led to an increase in complexity of exported goods. |
| Keywords: | economic integration, European Union, international trade, complexity, treatment effect, Synthetic Control Method |
| JEL: | C21 F14 F15 |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:ann:wpaper:6/2017&r=tra |
| By: | Izryadnova, Olga (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The current spatial landscape of socio-economic development is highly heterogeneous and organically includes the characteristics associated with the development of interregional cooperation, competition, with the involvement of regions in the world economy. The main reason for the economic inequality of the regions is the concentration of economic activity in the territories which have competitive advantages and are determined by such factors as availability of natural resources, favorable geographical location, agglomeration effect, the level of human capital, institutional environment. Comparative analysis of the dynamics of the main indicators allows us to identify the general and specific features of the development of the productive, infrastructural and social potential of individual territories and formulate principles for increasing the efficiency of their activities. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:041713&r=tra |
| By: | Anna Lewandowska (University of Information Technology and Management, 35–225 Rzeszow, ul. Sucharskiego 2, Poland); Mateusz Stopa (University of Information Technology and Management, 35–225 Rzeszow, ul. Sucharskiego 2, Poland) |
| Abstract: | Innovations are considered to be one of the most progressive determinants of socio-economic growth, also in the regional and local perspective (compare Petrariu, et al., 2013; Priede & Pereira 2013; Sternberg & Arndt, 2001). The high level of innovation has a positive impact on productivity at the firm level (business performance, see, e.g. Bhaskaran, 2006) and consequently also on the economic results at regional or national level (economic performance, see, e.g. DiPietro & Anoruo, 2006). The aim of this paper is to contribute to a greater understanding of the research on institutional support system for SMEs innovativeness in the Podkarpackie region. In analyzing this case, we raise the following two questions: (1) what are the types of innovation strategies of SMEs in Podkarpackie?; (2) what are the factors affecting innovation and potential barriers to further use of institutional support system aimed at the implementation of innovation in enterprises. The study was qualitative interviews (in-depth interviews - IDI) with key individuals in SME’s, R&D units, business environment institutions, regional and local authorities. Based on the opinion of entrepreneurs and others, evaluated programs and projects dedicated to innovation and identified barriers encountered by entrepreneurs limiting the implementation of innovation. Made in this way to assess the effectiveness of institutional support system. The results of our research show that institutional support system mitigate negative consequences of peripheral localization of the enterprises, where specific innovation strategy has no influence on SMEs assessment of innovation effectiveness. The innovation is too costly and SMEs are too weak in peripheral region, therefore there is great need for reasonable and flexible institutional support system. However, peripheral situation influences this institutional system itself, strengthening the mechanisms of self-cenzorship. |
| Keywords: | innovation; innovation strategies; SMEs; institutional support system |
| JEL: | L25 O12 O33 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no60&r=tra |
| By: | Gabriela Wronowska (Cracow University of Economics, Poland) |
| Abstract: | During the transition period in Poland, its labour market changed dynamically. Many new phenomena which the Polish economy had never seen before manifested themselves. The society showed greater interest in higher education and the market for education services expanded, increasing the number of colleges and universities, especially private ones. This helped the spread of higher education, which for years determined the level of human capital represented by the supply of labour. Today’s labour market in Poland is showing signs of imbalance. One of the reasons involves overeducation. The phenomenon has been known since the 1970s. It was then described for the first time in pertinent literature, with the US where overeducation occurred on a large scale and where it had a number of adverse effects across the entire economy having been used as an example. It seems important to understand and analyse the reasons for the emergence and perpetuation of this phenomenon on the Polish labour market and to indicate its implication. The paper aims to present and discuss overeducation in terms of selected economic theories, identify its causes in Poland and further to determine the economic and social implications of the persistence of the phenomenon in the long run. The paper consists of a theoretical part developed based on selected Polish and English-language literature. The empirical material used in the paper comes from latent data originating in domestic and EU statistical databases, and is further partly sourced out from the author’s own research, and data collected by other researchers. Based on the author’s analysis, it can be concluded that overeducation is a complex phenomenon. It is possible to identify several reasons for its occurrence and long-drawn persistence on the Polish labour market. Some of the reasons have to do with the dynamic growth of the labour market and the educational services sector, society’s desire to gain higher education, structural mismatches in the labour market and a common education policy at the EU level. Overedutaion has far-reaching consequences, both for the entire economy and the single participant of the labour market alike. The fact of its occurrence determines the processes taking place in the labour market, especially those related to employment. |
| Keywords: | labour market, overeducation, human capital |
| JEL: | A11 A14 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no144&r=tra |
| By: | Stapran, Natalia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This paper analyzes how Russia and other APEC economies implemented APEC Growth Strategy in 2010-2015. Moreover, it provides a list of recommendations to guide Russia’s implementation of APEC Strategy for Strengthening Quality Growth that followed APEC Growth Strategy in 2015, taking into account the key priorities of Russia’s economic and social development. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:041720&r=tra |
| By: | Aleksandra Pieloch-Babiarz (University of Lodz, Poland) |
| Abstract: | Making decisions concerning the payout policy depends on many diversified neoclassical and behavioral determinants. Although these factors are well-described in the literature, there is still a research gap concerning the lack of a comprehensive impact model of payout policy determinants on the investment attractiveness of shares. The aim of this paper is to present the diverse nature of relationships between different forms of cash transfer to the shareholders and investments attractiveness of public companies in the context of determinants of payout policy. The possibility to achieve this objective was conditioned by empirical verification of research hypothesis stating that the diversify of payout forms is accompanied by the different determinants of payout policy which condition an effective investment of stock investors capital. The empirical research was conducted on the electromechanical companies which were listed on the Warsaw Stock Exchange in years 2006-2015. The data for analysis were mainly collected from database Notoria Service SA and Stock Exchange Yearbooks. The calculations were carried out using the methodology of taxonomic measure of investment attractiveness, as well as dividend premium and share repurchase premium. The final conclusion of our research is that the companies conducting the payout policy in different forms of cash transfer differ in terms of many characteristics, such as: financial standing, market value, ownership structure, company’s size and age. Moreover, their investment attractiveness differs according to regularity of payment, stock exchange situation and shareholders preferences. The value added of this paper is a new approach to the evaluation of capital investment with a special emphasis on the determinants of payout policy. |
| Keywords: | determinants of payout policy; investment attractiveness; dividend; share repurchase |
| JEL: | G02 G10 G35 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no91&r=tra |
| By: | Martina Skalicka, (Brno University of Technology, Czech Republic); Marek Zinecker (Brno University of Technology, Czech Republic); Tomas Meluzín (Brno University of Technology, Czech Republic) |
| Abstract: | Institutional aspects of a well-functioning private equity and venture capital market are emphasized in the recent academic literature. In particular, a favourable tax and legal environment is essential, since formal institutions enable the industry to attract a larger volume of investors and thus to contribute more efficiently to the growth of GDP. In the Czech Republic, however, legal barriers represent an essential obstacle affecting a rather poor scope of resources available to domestic private equity and venture capital funds.This paper examines the current tax and legal environment for private equity and venture capital investments in the Czech/ Republic. Proposals for prospective improvements of legal and tax framework are made in the empirical part of the study.As the phenomenon under study is complex and explanatory in nature, qualitative data with content analysis proved to be the best way how to assess institutional framework for PE/VC in the Czech Republic. Data collection methods cover a comparative analysis of scientific literature documents and reports, as well as primary data from interviews with experts in the industry. The results of both secondary and primary data analysis were categorized and core lacks in the institutional framework were identified and discussed. Finally, proposals for prospective improvements of the institutional framework are made. The conducted analysis implies that the issue of the legal and organisational structure suitable for PE/VC funds may be deemed resolved in the Czech Republic. A Czech equivalent to a Limited Partnership (SICAR), i.e. a limited partnership with investment certificates, has already with provided with sufficient support in the legislation in terms of the legal form. The legal form is a necessary, yet not sufficient condition. A tax handicap was identified implying that it is necessary to amend the tax law so that the legal regulation extends the tax exemption. Another amendment to the applicable legislation should then be directed towards eliminating or mitigating the barriers imposed on pension funds when investing in PE/VC funds. |
| Keywords: | new institutional economics; private equity; venture capital; tax and legal environment; private equity fund structures |
| JEL: | B25 G24 K23 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no78&r=tra |
| By: | Hasan Hanic (Belgrade Banking Academy, Serbia); Tijana Kalicanin (Belgrade Banking Academy, Serbia); Dusko Bodroza (Institute of Economic Sciences, Serbia) |
| Abstract: | The aim of this paper is to measure the impact of the FDI on the economic growth in Poland and on the economic growth in Serbia and further to make comparative analysis of the impact between these two countries. Empirical studies showed that FDIs can make crowding-out effect, i.e. FDIs can out crowd domestic investments which further have more impact on the economic growth. Because this effect depends on the specific level of the development of the country, the aim is to compare the influence of the FDI on economic growths on both of them as long as Poland is classified as a developed country and Serbia is a country which belongs to the group - countries in transition. Panel data includes variable values from 1999-2007, until global economic crisis period and 2008-2015, period after crisis in order to see flows and make comparison between these two periods. GDP is the main indicator which represents economic growth. According to that, using regression analysis, the aim is to measure influence of FDIs as the independent variable on real GDP growth, as dependent variables. Besides, a group of control variables are included in the method. As long as GDP is enhanced by lower inflation, inflation will be used as independent variable. Our model also includes determinants of monetary and government sectors such as official exchange rate, inflation and government consumption. Using two multiple linear regression models we found the significant influence of FDI inflows on economic growth in Poland. Using the same models for observations in Serbia we haven’t found significant effects of FDI Inflows on economic growth. |
| Keywords: | FDI, economic growth, development, investments |
| JEL: | A11 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no43&r=tra |
| By: | Wioletta Wierzbicka (University of Warmia and Mazury in Olsztyn, Poland) |
| Abstract: | Information infrastructure creates the key infrastructure of the knowledge-based economy. The widespread use of information and communication technologies contributes not only to the increased efficiency of individual economic entities, but also to the possibilities of enhancing the entire economy. Information infrastructure is also a significant determinant in the development of territorial units, and therefore, it influences the regional dimension of building knowledge-based economy in Poland. The purpose of the study was the evaluation of the regional differentiation of the level of information infrastructure in Poland, and changes which occurred in this respect between 2010 and 2015. The following research hypothesis was formulated: Regional differentiation of the level of information infrastructure in Poland is decreasing, i.e. a regional convergence process is taking place in this respect. The study was performed at the regional NUTS II level. Taxonomic methods, including linear ordering based on a synthetic variable and a method of grouping linearly-ordered objects, were used. The regional differentiation of the level of information infrastructure in Poland is at an average level, whereas the scale of this differentiation has slightly decreased. This may be confirmed by the value of the variation coefficient, which fell from the level of 17.6% in 2010 to the level of 14.4% in 2015. The regional convergence with respect to the level of information infrastructure in Poland was accompanied by the internal convergence and divergence of provinces. In consequence of such processes, the position of individual provinces with respect to others, has changed quite significant. Into the group of provinces with a very high ICT level were classified three provinces: Mazowieckie, Dolnoslaskie and Pomorskie. The group of provinces with very low ICT level includes: Lubelskie, Swietokrzyskie and Zachodnipomorskie. |
| Keywords: | information infrastructure, regional differentiation, knowledge-based economy |
| JEL: | O30 O33 R11 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no141&r=tra |
| By: | Lucyna Witek (Rzeszow University of Technology, Poland) |
| Abstract: | Environmental pollution has led to a growing interest in protecting the environment of various stakeholder groups, especially consumers, who in their purchasing behavior point to eco-labels. The purpose of the study is to analyze consumers attitudes towards eco-labels. The direct survey method was used. The survey was conducted from 1 December 2015 to 31 January 2016 among 390 consumers who are residents of south-eastern and southern Poland. The study conducted confirms that consumers have positive attitudes toward eco-labels, but have overall and partial knowledge of them. Almost half of respondents (48.2%) buy eco-labels, but only a small group has knowledge of various eco-labels (24.9%). The recognition of EU eco-labels is declared by 43.4% of survey participants (national eco-label – 35.1%). One may notice an inconsistency in the test participant declarations. A large group of respondents believe that manufacturers use eco-labels for sales and image purposes (61%). Only one third (32.1%) have confidence in eco-labels products. Quite a large number of respondents (43.1%) are willing to pay a higher price for such products. Almost three quarters of respondents declared that they were buying products from reliable sources but without eco-labels (76.2%). This study is a valuable contribution to research and a discussion on consumer ecological behavior, and contributes to sustainable consumption research. It creates a deeper and more detailed analysis of attitudes towards eco-labelling. It gives guidance to manufacturers and retailers, especially in consumer communication strategies. The results of the study may help to increase the effectiveness of eco-labelling. The research implies some values to society and helps to solve environmental problems. |
| Keywords: | green product, sustainable consumption, eco-labelling, consumer, ecolabel |
| JEL: | D12 M31 M37 Q56 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no142&r=tra |
| By: | Ren, Chongqiang; Zhai, Guofang; Zhou, Shutian; Li, Shasha; Chen, Wei |
| Abstract: | China has experienced extraordinary institutional and socio-economic changes after 1978, and its deepening reform to market-oriented economy since 1990s was also recognized as one the most significant factors to drive China's rise in the contemporary world. Although many aspects of China's market reform have been extensively analysed in the literature, specific attention on the adaptation of economic growth to this reform has been relatively ignored. To fill this gap, this research adopts the extenics assessment method to assess this adaptation and applies the membership function coordination degree model to analyse the sustainability of such adaptation. In conclusion, China has demonstrated a significantly enhanced adaptation capacity at the expense of coordination, which requires to be further emphasised in its economic growth adaptation strategies. |
| Keywords: | economic adaptation,extenics assessment method,membership function coordination degree model,market economy reform |
| JEL: | A11 O11 P21 P41 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:201724&r=tra |
| By: | Kornienko, Natalia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Velikova, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Gulyaeva, Svetlana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Korolev, Georgiy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Pushkareva, Nataliya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Mitrofanova, Ekaterina (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | It's hard to remember the last time tax issues attracted global attention so much, as it is now. Project BEPS2 by OECD, is described as the biggest change in the history of international taxation. The current order is based on the paradigm of tax competition and allows companies to organize business in such way as to erode tax base artificially and to transfer income to low-tax jurisdictions. It opposes BEPS project carried out by OECD, which seeks to adapt the international system of taxation to the new, digital, economy and the rapid development of e-business. Both Russia's and worldwide tax legislation fall behind the development of electronic business. In connection with the special relevance of the issue of e-business taxation within the BEPS project the final report on Activity 1 of BEPS Project «Preparation of measures on taxation of the digital sector." was released in October 2015. In 2015 the EU introduced a new concept of determining the place of supply of e-services to end-users: the place of services' supply recognized as Buyer's location. The Federal Law was adopted In Russia on 3d July, 2016 N 244-FZ "On Amendments to Parts One and Two of the Tax Code of the Russian Federation", coming into force 1st January 2017. It introduces a new principle of foreign companies taxation in the provision of electronic services by customer's location. In terms of recent research the e-business taxation in Russia, all countries of EAEC and a number of the EU countries is analyzed. The research reflects the OECD's position on taxation of e-business, as well as the position of the EU. According to the results of the research, suggestions for e-business taxation in the Russian Federation were made, including suggestions both in terms of direct and indirect taxation. In the framework of direct taxation proposals were prepared both to Tax Code of the Russian Federation and the agreements on avoidance of double taxation. Suggestions for taxation of e-business were prepared not only at the national level, but at the supranational level. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021717&r=tra |
| By: | Pleskachev, Yury (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Ponomarev, Yury (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The main purpose of the research study is assessment of the degree of import price rigidity with respect to exchange rate fluctuations and importing firm characteristics in Russian economy. Exchange rate pass-through in economy starts with the import prices. Empirical results show significant difference in import price rigidity depending on firms and goods characteristics. Using micro data on import to Russia from 2002 to 2015 allowed obtaining estimates that were not reported in the previous literature. This paper documents dependence of import price rigidity with respect to the exchange rate fluctuations form the degree of processing and firm characteristics. Import price rigidity is higher for manufactured products elaborately transformed, for goods, denominated in home currency, for goods with lower frequency of price changes and for the firms with higher market share. Empirical estimates based on micro data also allowed to document the dependence of import price rigidity from the economic sector and compare results with international literature. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031706&r=tra |
| By: | Joanna Rorat (University of Agriculture in Krakow, Faculty of Production and Power Engineering, ul. Balicka 116B, 30-149 Krakow, Poland); Anna Szelag-Sikora (University of Agriculture in Krakow, Faculty of Production and Power Engineering, ul. Balicka 116B, 30-149 Krakow, Poland); Marcin Niemiec (Department of Agricultural and Environmental Chemistry, ul. Balicka 116B, 30-149 Krakow, Poland); Jakub Sikora (University of Agriculture in Krakow, Faculty of Production and Power Engineering, ul. Balicka 116B, 30-149 Krakow, Poland); Michal Cupial (University of Agriculture in Krakow, Faculty of Production and Power Engineering, ul. Balicka 116B, 30-149 Krakow, Poland) |
| Abstract: | Agricultural sector of polish national economy is an example of entrepreneurship - especially individual one, dealing with underdevelopment of technological, intellectual and institutional infrastructure what is a serious threat to the usage of potential of the financial resources available due to polish membership in the European Union. The possibility of gaining financial support and entering the European market caused dynamic increase in the number of entities engaged in agricultural activities with ecological characteristics - in Poland and whole EU- and mainly this sector of production is treated with priority in currently realized Common Agricultural Policy in European Union countries. At the same time it should be remarked that managing agricultural companies is aimed at achieving their specific goals of a financial nature - as in other sectors of the national economy. The main aim of this thesis is to show the impact of financial support coming from European Union budget on the pace of development of the organic sector in Poland compared to other European Union countries. To fulfill the aim of the thesis the available financial mechanisms (the level of support, the main criteria for accesses) were characterized as well as legal aspects regulating them on the national level and in selected EU countries. General issues included provide also the characteristics of the problem of European market of ecological products. The study contains an assessment of the current use of the financial resources of the EU (after accession to the EU, i.e. 2004) addressed to organic farming. The thesis has been prepared based on the analysis of subject literature, applicable laws, as well as the documents / reports prepared by the major stakeholders in the country and EU responsible for gaining and gathering information on country level as well as chosen EU countries. In the thesis a comparative analysis has been carried out as well as tabular – numerical analysis with regard to the volatility during the analyzed events. The observed absorption of EU financial resources in the agricultural sector in all European countries – especially in recent years in Poland- shows how big are the needs for financial support of agricultural production for sustaining for example the stability of market prices of food products. In the era of increasing consumer awareness on the rational nutrition we observe revival of market of organic products. However the increase in market absorptive capacity is the only factor determining the development of ecological agriculture? Or are there any other financial support mechanisms? High subsidy rates (an average of approx. 950 PLN/ha and growing every year, with an average area of ecological farms above 20 ha) caused a significant increase in the number of ecological farms (within 10 years of joining the EU over 1400%). It is reasonable to assume that as long as there will be economic incentives, business farmers will be interested in the transition to an ecological way of farming, an example of which are other EU countries. |
| Keywords: | EU funds, agricultural development, eco products market |
| JEL: | Q12 Q14 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no102&r=tra |
| By: | Anna Cierniak-Emerych (Wroclaw University of Economics); Katarzyna Piwowar-Sulej (Wroclaw University of Economics) |
| Abstract: | The 1980s saw popularisation of the management paradigm requiring that employee intellectual potential should be noticed and used. The subjective approach to employees is fully reflected in the empowerment process. The definition scope of the analysed notion has not been unambiguously delineated to date. In narrow terms, empowerment means delegating power in the decision-making process and is considered a management method. In broad terms, in turn, the idea is at times called even a management concept. The aim of this paper is to provide answers to the following research questions: Can empowerment be called a separate management concept? What is the awareness of the essence of empowerment among contemporary employees? What are the barriers to implementing empowerment assumptions in enterprises? The research process was based on literature studies and empirical research that was conducted in Poland under two separate research projects. One, carried out in the period 2006-2015, was oriented towards assessing the level of interest in employee participation and identifying the approach to implementing such participation in enterprises. The research covered over 300 respondents. It used structured interview complemented with free interview and analysis of the provided documents of the respondents’ enterprises. The results of the research encouraged a closer look at the category of empowerment. Pilot empirical research on the category of empowerment was conducted in 2016 with questionnaire surveys. The research sample was 63 employees. It was found that empowerment should be perceived as certain expansion of employee participation rather than a separate management concept. It consisted in sharing not only information but also power with employees. The results of the empirical research permitted the ascertainment that interest in lower participation forms prevailed among the respondents. Barriers related to applying empowerment were sought in this context. The pilot research allowed a conclusion that the barriers should be sought primarily in the failure to prepare (also mentally) employees and employers for using empowerment. Although the presented results of the research are not representative, they encourage further in-depth research within the discussed area. |
| Keywords: | employee empowerment, human resource management, employee participation |
| JEL: | M12 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no19&r=tra |
| By: | Elzbieta Skapska (Bialystok University of Technology) |
| Abstract: | The analysis of contemporary economies pursuing service based economies shows the issue concerning the innovation in services. It seems to be important from the standpoint of modifying the actions of enterprises and economies on competitive, local, national and international arenas. The economic practice and public activity prove there is a need for intelligent growth. It consists in the development of economy that is based on knowledge and innovation – the development which produces high added value. Thus, it is necessary to foster creative entrepreneurship that inclines towards the introduction of changes at the level of an enterprise which results in contributing to the creation of good economic condition in general. Research background: The article regards the issue of Podlaskie enterprises that tend to introduce innovation within the services of a higher level, understood as services, that creates added value from the point of view of service company managers. Purpose of the article: The aim of the article is to examine the opinions of managers from Podlaskie on innovation in services and whether the range of provided services is accepted by service receivers. Methodology/methods: The realization process of the assumed goal shall use the monograph and survey methods as well as analysis and synthesis. The survey is directed at managers of Polish companies in Podlaskie province. It regards factors that rule the inclination for the introduction of changes in service nature and its quality in the period of 1-3 years (stimulating and inhibitive). Findings & Value added: The research shows that the analyzed sub sector of services is an interesting area in the context of innovation in the micro scale and thus has potential for further study. |
| Keywords: | service enterprises, innovations in services, service manager, Podlaskie Province |
| JEL: | D11 D33 D70 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no115&r=tra |
| By: | Urszula Kobylinska (Cracow University of Economics, Poland) |
| Abstract: | In this article, chosen results of the study regarding the opinions of employers in the Podlaskie province (Poland) on their perception of young people entering the labour market are presented. In particular, efforts have been made to answer the following questions: what are the reasons for not recruiting young people and what are the largest competency gaps that employers notice within this group of employees? The unemployment rate of young people in Poland in the age range 15-29, reached 14.2% in 2015. For comparison, at that time the average for the EU was higher by almost two percentage points, and the decline compared to the year 2013 was lower than in Poland. In all provinces in Poland, the unemployment rate in 2015 was in the double-digits, and the Podlaskie province had the worst indicator of all regions with an unemployment rate of 13.8% among youth. It turns out that higher education in Poland has lost its importance in the process of hiring staff. Employers are increasingly less likely to look at the educational background of candidates, as they focus more on their experience and specific skills. The purpose of this article is to present the chosen results of research regarding the diagnosis of the situation of young people on the labour market in the Podlaskie province from the perspective of employers. In particular competency gaps were identified and other reasons for not recruiting young people. this article includes analyses of desk research and results of quantitative research, which was carried out on a sample of 346 respondents among 16 companies registered in the Podlaskie province. Among the reasons for not employing young people which were most often mentioned by the entrepreneurs from the Podlaskie province in quantitative research were financial reasons. During the interviews, employers indicated the reasons for not employing young people such as "lack of appropriate qualifications," "specific skills" or simply "practical preparation for work." Employers when asked about the competence gaps of young people pointed out that they have a lack of experience, initiative and entrepreneurship, as well as learning skills. |
| Keywords: | unemployment, young people, labour market, competency gaps |
| JEL: | A11 J21 J23 J58 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no44&r=tra |
| By: | Michal Bernard Pietrzak (Nicolaus Copernicus University); Adam P. Balcerzak (Nicolaus Copernicus University) |
| Abstract: | Implementing policy and forming socioeconomic conditions that support sustainable and equable growth of regions is currently an important objective both at European and national level. Regional development policy is supported by significant resources from European Union funds. As a result, a constant monitoring of the development process at regional level with application of quantitative methods is an important scientific and practical task. Thus, the aim of the article is to assess the level of economic development in Poland at the voivodeships level (NUTS 2). Economic development is considered here as a multiple-criteria phenomenon. In the case of multiple-criteria analysis a common dilemma is attributed to the problem of applying appropriate weights for variables used in the research. Therefore, in order to provide a rating of voivodeships a taxonomic measure of development with entropy weights was applied here. The research was conducted for the years 2010-2014. It was based on the data provided by Central Statistical Office of Poland. The results of the analysis confirm that in spite of a progress obtained by all voivodeships significant disparities between them are still present. |
| Keywords: | entropy weighs; multiple-criteria decision analysis; taxonomic measure of development; regional development |
| JEL: | O18 P25 C38 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no2&r=tra |
| By: | Alicja Fras (Poznan University of Economics) |
| Abstract: | Research background: The investor`s expectation of better performance in case of more expensive mutual funds seems natural and fully justified. However the arise of passive funds and their surprisingly good results, especially when compared to their low fees, triggered the discussion. Recent years brought more and more studies, conducted mostly for the American market, discrediting high-charging, aggressive funds. First analyses in Poland also indicate, that the level of fees is not always linked with the fund performance. Purpose of the article:The purpose of the study is to investigate the relation between the fees imposed by the mutual funds and the funds` performance. The idea is to verify, whether higher management fees are associated with top performance and whether it is rational to pay more for capital management. Methodology/methods:In the first step of the study, linearity and direction of the dependency has been explored using scatterplots and correlation analysis. In the second part the regression has been analyzed to verify the strength of the relation. One-factor models have been built with rate of return and standard deviation as an independent variables for 1-, 3- and 5-year time horizons. Moreover two-factor models, with both rate of return and risk included has been created, to compare the significance of rate of return and risk factor. Findings& Value added:The results indicated, that more expensive Polish mutual funds in 2015 tended to perform worse in all tested time horizons – both in terms of lower rates of return and higher risk. Especially unexpected are the results of rates of return regression analysis – it turns out, that within a sample 1% higher fee implied over 0.6% lower rate of return before fees (in yearly period). Nonetheless risk turned out to be more important, explaining the charges variability much better than the rate of return. Another interesting finding of the study is that merely two simple factors (return and risk) explain even as much as 60% of the management fee variability. |
| Keywords: | mutual funds; fees; rates of return; risk; regression |
| JEL: | D53 G11 G23 C58 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no26&r=tra |
| By: | Magdalena Cyrek (University of Rzeszow) |
| Abstract: | Research background: Regions that are able to use their resources in the most efficient way could be perceived as valuable benchmarks when shaping socio-economic policy. The efficiency, however, can be related not only to pure economic categories but to social goals as well. These two dimensions: economic and social overlap and often have some common stems, among which sectoral structure of employment seems to be an important one. Purpose of the article: The aim of the study was to compare thesocial efficiency of employment in three sectors in Polish voivodeships. Not only were we evaluating therelative performance of each region but we were also paying attention to theefficiency of engagement of human resources in agricultural, industrial and service sectors. Methodology/methods:We adopted DEA method to assess thesocial efficiency of Polish regions. We evaluated social cohesion concerning its two output dimensions: positive, that could be described by social activity and negative, that could be reflected in a form of social exclusion stemming from material sources. We took into account a level of employment in agricultural, industrial and service sectors as inputs in the model and thus focused our attention on thethreesectoral structure of regional economies. Our model assumed non-radial developmental paths and was input oriented (NR-CCR). Data were describing the 16 Polish voivodeships in the2015 year and were extracted from the Central Statistical Office of Poland’s databases. Findings& Value added:The conducted research indicate that Polish regions which were the most efficient in terms of social integration were simultaneously those with the best economic results in terms of GDP per capita. The highest social efficiency was characteristic for employment in theservice sector, while the lowest – for agriculture. Thus, structural development appears to be favourable for regional economies also in terms of social cohesion, which is often neglected in the literature. |
| Keywords: | social efficiency; employment; three sectors; regions |
| JEL: | D61 E24 I31 J21 O11 O15 R11 R15 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no21&r=tra |
| By: | Eraslan, Sercan |
| Abstract: | This paper investigates the asymmetries in arbitrage trading with onshore and offshore renminbi spot rates, focusing on the time-varying driving factors behind the deviations of the two rates from their long-run equilibrium. Fundamentally, offshore and onshore renminbi rates represent the same economic quantity and hence should be driven by the same pricing mechanism. However, the two exchange rates deviate remarkably from each other, creating arbitrage opportunities over many days. For the empirical analysis, I build a three-regime threshold vector error correction model with offshore and onshore spot rates and further regime-dependent explanatory variables. The model is estimated in different periods in order to consider the impact of appreciation and depreciation expectations on possible arbitrage trading. The estimation results suggest that directional expectations, global risk sentiment, and local as well as global liquidity conditions dominate the adjustment process in the absence of arbitrage trading when the offshore rate is stronger than its onshore counterpart. However, the error correction mechanism of the offshore (onshore) rate toward its equilibrium with the onshore (offshore) rate is driven by the arbitrage trading due to a relatively weaker (stronger) offshore (onshore) rate in the upper regime in times of appreciation (depreciation) expectations. |
| Keywords: | threshold cointegration,vector error correction model,arbitrage trading,renminbi exchange rates,onshore and offshore markets |
| JEL: | C32 F31 G15 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:132017&r=tra |
| By: | Juan Carlos Cuestas; Merike Kukk |
| Abstract: | This paper investigates the mutual dependence between housing prices and housing credit in Estonia, a country which experienced rapid debt accumulation during the 2000s and big swings in house prices during that period. We use Bayesian econometric methods on data spanning 2000–2015. The estimations show the interdependence between house prices and housing credit. More importantly, housing credit shocks had a stronger effect on house prices in the period of declining credit turnover. The asymmetry in the linkage between housing credit and house prices highlights important policy implications, in that if central banks increase capital buffers during good times, they can release credit conditions during hard times to alleviate the negative spillover into house prices and the real economy |
| Keywords: | house prices, housing credit, credit cycle, asymmetries, Bayesian |
| JEL: | E32 E44 E51 G21 R21 R31 |
| Date: | 2017–05–25 |
| URL: | http://d.repec.org/n?u=RePEc:eea:boewps:wp2017-2&r=tra |
| By: | Voloshinskaya, Anna A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Komarov, Vladimir M. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kotsyubinskiy, Vladimir A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | It is shown that the ideology and strategy of socio-economic development can be based on the paradigm of sustainable development. This implies an increase of the national wealth as stocks of capital (human, natural, physical, social, cultural and structural) in time. The paper proposes measures for Russia's transition to the paradigm of sustainable development. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021702&r=tra |
| By: | Gorlin, Yury (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Galieva, Nadezhda (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Grishina, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Eliseeva, Marina (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kartavtsev, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Cheremnykh, Anna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | One of the main lines of the strategy for long-term development of the pension system of the Russian Federation, approved by the Resolution of the Russian Government is the reform of early retirement institute. In this area Russian Government set an additional tariff of insurance premiums for employers who offer hazardous work; a special assessment of the working conditions is being made, according to it the the size of the additional tariff of insurance premiums from employers determined. In this context the monitoring of the strategy for long-term development of the pension system in terms of reforming early retirement institute for hazardous work appears to be important. A survey of employees engaged in hazardous work and having the right to early retirement, as well as expert interviews with employees who occupy senior positions in companies with hazardous working conditions, allowed to analyse labor behavior and motivation of workers in hazardous and dangerous conditions, how the workers assess their own health condition; to investigate the opinions of employees and employers on the future prospects of reforming the institute of early pensions with regard to the abolition of early retirement for beginner workers and current consequences of the special assessment of working conditions and the introduction of an additional rate of insurance contributions for employees, engaged in hazardous work. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021713&r=tra |
| By: | Krzysztof Falkowski (World Economy Research Institute, Warsaw School of Economics) |
| Abstract: | Research background: The actual position of a country in the international division of labour is determined by the competitiveness of its trade, the structure of which may both reveal and perpetuate the comparative advantages possessed. This is particularly true for Dutch disease economies such as Russia. Recently, economic literature has seen a growing interest in the topic of Russia’s economic relations with the European Union and China. This article is meant to be the author’s contribution to this discussion. Purposes of the article: (1) to discuss the existing trade interdependence between Russia and EU28, and Russia and China; (2) to try to assess the extent to which the current structure of Russian trade with these two partners corresponds with the competitiveness of the Russian economy. Methodology/methods: An in-depth analysis of Russia-EU28 and Russia-China trade interdependencies in 2007-2015 has been conducted, with emphasis on the categories of goods within the spectrum from low-tech to high-tech, according to the OECD classification. Furthermore, in order to analyse Russia’s competitive profile with regard to the same categories of goods, Balassa’s methodology of revealed comparative advantages has been applied. Findings & Value added: In the recent years, a growing importance of China in Russian trade can be observed, being the effect of dynamic growth of Chinese economy, cooling political relations between Moscow and Brussels and the drop in petroleum prices in international markets. Sadly, the existing structure of Russian trade with EU28 and China seems likely to preserve its traditional competitive advantages in the medium-low-tech goods and petroleum, which, in turn, will only further exacerbate the negative effects of the so-called Dutch disease affecting the Russian economy. |
| Keywords: | trade interdependence; competitiveness; competitive advantages; Russia; European Union; China |
| JEL: | F14 F40 P45 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no25&r=tra |
| By: | Bogna Janik (WSB University in Poznan, Poland) |
| Abstract: | Banks play an important role connected with financing pro-ecological investments made by enterprises. They support pro-ecological activities of the entities applying for financing or offer saving/investment products relating to the environmental impact. In terms of their external pro-ecological activities there can be distinguished two groups of banks. The first group offers a wide selection of products and pro-ecological services as well as uses the tools of environmental risk management. The second group concentrates on offering selective products and services as well as is active in the area of pro-ecological marketing. The main objective of the study is to identify and assess some chosen aspects of ecological activities of the banks listed on Stock Exchanges in CEE countries and included in sustainable indices such as: RESPECT, CEERIUS and VONIX. The scope of this analysis encompasses selected dimensions illustrating banks’ activities in terms of environmental protection. The analysis of the investigated dilemma was based mainly on the desk research of digital and documentary sources. The results indicate relatively huge differences across environmental care in value-based banks compared to conventional banks, and small differences between value-based banks themselves. |
| Keywords: | value-based banking, social banking, environmental care, sustainable indices |
| JEL: | G21 Q01 Q56 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no40&r=tra |
| By: | Olena Khandii (Volodymyr Dahl East Ukrainian National University, Ukraine); Inna Semenenko (Volodymyr Dahl East Ukrainian National University, Ukraine) |
| Abstract: | Research background: Armed conflict and political crisis in Ukraine resulted in significant economy decline, caused migration inside the country and unemployment, changed Ukrainian labour markets. The questions arise, if these changes bring only negative effects and if there is a chance for economy revival. Purpose of the article: The purpose of the article is to examine changes in economy structure, present state of labour market in Donetsk and Luhansk regions, changes in demography situation; reveal the main tendencies and give recommendations concerning further development of labour market of the regions. Methodology/methods: The statistical information from the State Statistics Service of Ukraine, reports of International and other organizations have been analysed. Such methods as statistical and economic analysis, abstract-logical analysis, classification and systematization have been used. Findings & Value added: The population of the Eastern regions of Ukraine decreased under the influence of natural decrease and internal migrations. The internally displaced persons lost their jobs, and now they are suffering hard to survive. Many of them have to change their professions and acquire brand new skills and knowledge to become competitive. The majority of internally displaced persons are young people aged less than 30 years old. Their survival and survival of the regions are possible only on condition of existing desire of people to self-develop and self-organize. Thus small and medium enterprises and entrepreneurs start to appear in Donetsk and Luhansk regions. They substitute the existing huge industrial plants and become the main direction for labour market development in the East of Ukraine. Creation of small businesses is fully supported not only by government bodies, but also by International organizations. Assistance of international organizations should give the impetus for the search of new areas for growth and forms of interaction with the existing government and business. |
| Keywords: | labour market; small and medium business; migration; internally displaced person; crisis |
| JEL: | D74 J20 J60 O15 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no109&r=tra |
| By: | Mariola Sasinowska (University of Warsaw, Warsaw) |
| Abstract: | Research background: The article is primarily based on the research in the field of welfare economics, utility theory, social capital and econometrics. In the paper are discussed articles such authors as Bjornskov, Easterlin, Ravallion and Uslaner. Purpose of the article: The purpose is to explore the generalized social trust and subjective welfare of Poles and to their relationship. According to the author’s knowledge, such extensive research like this for Poland has not been yet conducted. Methodology of the article: Data sample used in the research comes from the project "Wycena, Aspekty Sprawiedliwosci i Preferencje Wzgledem Odnawialnych Zrodel Energii i ich lokalizacji w Polsce i w Niemczech" which was carried out with the support of the National Science Center. Econometric model was prepared based on the least squares method and the ordered probit model. Findings & Value Added: The main outcome of this paper is confirmed importance of the relationship between social trust and the subjective welfare of Poles. Furthermore, it has been proven that both social trust and subjective wealth can be linked both to income and non-income related factors such as inequality and education. |
| Keywords: | welfare economy; subjective economic welfare; social trust; ordered probit model |
| JEL: | D1 D6 I3 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no107&r=tra |
| By: | Fan, Ying; Yavas, Abdullah |
| Abstract: | The high growth rate of mortgage debt in various emerging and developed economies has captured headlines following the financial crisis. In this paper, we investigate how mortgage debt impacts household consumption behavior and various components of household consumption. Utilizing a comprehensive household survey data from China, we show that households with a mortgage consume a higher portion of their income than households without a mortgage. This is in line with the argument that having a mortgage reduces the uncertainty that the household faces regarding how much to save each month in order to be able to own a house, and this reduced uncertainty leads to lower monthly savings for the purpose of buying a house. We also find that among households with a mortgage, those who spend a larger share of their income on mortgage payments spend less of their income on consumption, reflecting the crowding out effect of mortgage payments on household consumption. Furthermore, we show that a government policy of decreasing the maximum loan-to-value ratio has a significant impact on the consumption behavior of households. The current paper offers the first evidence of the impact of growing mortgage debt on the consumption behavior of households. Our results will have implications for government policies that encourage mortgage borrowing. |
| Keywords: | Consumption, Mortgage Debt |
| JEL: | D14 E21 G21 |
| Date: | 2017–05–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:79306&r=tra |
| By: | Alexeev, Michael (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Mamedov, Arseny (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Fomina, Evgenia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Deryugin, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper considers methodological approaches to assessing the impact of interbudgetary regulation instruments on the economic development of regions, the impact of the main characteristics of interbudgetary relations at the national level and the regional level on the indicators of the economic development of regions. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031717&r=tra |
| By: | Natalia Bartkowiak-Bakun (Poznan University of Life Sciences) |
| Abstract: | One of the major dilemmas of regional policy is the answer to the question whether the growth should be concentrated at the core or if there is growth and development potential in each territory (Barca, McCann, Rodríguez-Pose 2012, p. 149). The arguments which refer to the place-based policy stress the fact that making use of the unused potential of intermediate and poorly developed territories may actually influence the local and national level of development (Farole et al., 2011). Rural areas, especially peripheral areas, are undoubtedly the territories of unused potential. The aim of the research is to measure the socioeconomic development, including the spatial diversification leading to the development of rural peripheral areas. Development is a multidimensional phenomenon. Therefore, its level will be determined by means of the synthetic feature. The synthetic feature will be used as the starting point for identification of peripheral areas and their delimitation. The results of the analysis showed significant differences level of socioeconomic development of rural areas in the western borderland. The research findings did not show a simple dependence between rural development and the share of former state-owned farms in the communes. Areas with a high share of former state-owned farms could be found both in the group of best and least-developed communes. Due to the range of research it is illegitimate to make other than intuitive inferences. Thus, we can intuitively indicate that the following group of factors triggered the process of development and helped to break the barriers resulting from the liquidation of state-owned farms: location in an urban agglomeration, natural and tourist values as well as the activity of local authorities. The research should be continued in order to identify the factors and pathways of development in individual areas under analysis. |
| Keywords: | peripheral areas, rural areas, the western borderland, local development |
| JEL: | O21 Q15 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no10&r=tra |
| By: | Alicja Sekula (Gdansk University of Technology, Gdansk) |
| Abstract: | Research background: General grants should pursue five different functions. One of them is revenue equalization. This function is achieved if the revenue gap is reduced after the application of the subsidising mechanism. The size of the support should be inversely proportional to own revenues. Purpose of the article: The aim of the article is to analyse the fulfilment of the revenue equalization function by general subsidies. Beside the theoretical analysis, which presents the general grants structure and the functions assigned to them, the article discusses the results of studies showing changes in the revenue gap after the application of the grant mechanism and the correlation between per capita own revenue and the amount of funds from selected parts of the general grant. The following tentative research hypothesis was adopted: general grants fail to fulfil the revenue equalisation function. Methodology/methods: Two research methods were applied: descriptive statistics and correlation – calculating the Pearson correlation coefficient. Findings & Value added: It was concluded that, once the corrective and equalising mechanism was applied, the range between the extreme per capita revenue values was reduced by 40–50% on average, at all local government levels, i.e. at commune, county and province levels, in each year from the period analysed, i.e. 2012–2015. The correlation between the sizes of revenue before and after budget subsidising is always negative, whereas the strength of the relationship ranged between low and significant, depending on the local government level. It was found that general grants do fulfil the revenue equalisation function, which contradicts the initially formulated research hypothesis. |
| Keywords: | general grants, revenue equalization, own revenues, revenue equalisation function, Poland |
| JEL: | H71 H22 H11 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no108&r=tra |
| By: | Hanna Kruk (Gdynia Maritime University, Poland); Anetta Wasniewska (Gdynia Maritime University, Poland) |
| Abstract: | The changes that took place in the late twentieth century led to the transformation of the political system in the countries of Central and Eastern Europe (CEE). As a result, there has been an increase in the competitiveness of some of the economies among the CEE states. Due to different priorities and goals, these countries are also characterised by different levels in socio-economic development. The aim of the article is to identify the determinants affecting the competitiveness among the selected CEE countries. Based on Eurostat data, a set of determinants affecting competitiveness was established. A number of determinants have been eliminated in relation to the variation coefficient. At the same time, a classification of the level of competitiveness among the CEE countries has been made by using the Perkal method. The analysis used 14 selected indicators, 10 of which are considered as stimulating and 4 as deteriorating the competitiveness of national economies. The result led to obtaining a synthetic level indicator of potential of the CEE countries. Following the findings of the conducted analysis, the highest economic competitiveness exists in Estonia and in the Czech Republic, while the lowest was found in Romania and Bulgaria. The results of the evaluation obtained with the Perkal method concerning the competitiveness of the CEE countries that belong to the EU are largely consistent with those presented in different global competitiveness rankings. However, the method applied in this article seems much simpler and less time-consuming, allowing at the same time an optimal choice of analytical determinants. The selected linear Pearson correlation’s coefficient confirmed that there is a strong positive relationship between the designated values of the synthetic indicator of competitiveness and the GDP per capita. This confirms the validity of test method used. |
| Keywords: | competitiveness, CEE economies, Perkal method |
| JEL: | F02 O11 O40 B23 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no50&r=tra |
| By: | Michal Bitner (Warsaw University, Warsaw); Jacek Sierak (Warsaw University, Warsaw) |
| Abstract: | Research background: Development policy in Poland is based on various strategic documents, and it utilizes both the national resources and the European funds. Managing development at the local level is an important element of this policy. Many facets of this management are of incessant interest to the theory and practice of public finance. One of undisputed findings is the relationship between development and increase in competitiveness. However there are no studies showing the relationship between the shape of local government expenditure policy and increase of competitiveness at the local level. Purpose of the article: The paper is focused on demonstrating the importance of specific groups of public expenditure implemented by local government units for development processes at the local level. The authors try to answer the question whether the implementation of certain local budget expenditure positively impacts the level of local government tax revenue, which determine the ability to provide public services, while creating a boost to the growth of competitiveness. Methodology/methods: On the basis of international consensus on the impact of individual factors on the competitiveness measured at the regional level, the authors propose the concept of public developmental expenditure and they adjust it to current standards of budget reporting. In turn, the indicator of tax revenue per capita was chosen to measure the achievement of the objectives of development policy at the local level. The study covers all major cities in Poland (poviat-cities). The authors calculate the volume of the developmental expenditure over the reference period in each city covered by the study as well as the average dynamics of tax revenue per capita. Regression analysis constitutes the essential part of the study. Findings: The observations that had been made, allowed to draw some conclusions regarding both the usefulness of proposed classification of developmental expenditure for the processes of planning, monitoring and evaluation of development strategies and the importance of developmental expenditure for the growth of competitiveness. The proper allocation of budgetary resources in developmental projects should lead in the long run to the growth of local economy and thus also to increase in local budget revenue. |
| Keywords: | development policy; local government budgets; developmental expenditure; competitiveness; tax revenue |
| JEL: | H72 H76 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no111&r=tra |
| By: | Mangirdas Morkunas (Mykolas Romeris University, Lithuania); Viktorija Skvarciany (Vinius Gediminas Technical University, Lithuania); Jelena Titko (University of Economics and Culture, Lithuania) |
| Abstract: | The concept of autopoiesis was initially developed in the field of biology and it was used to explain the behavior of biological systems. However it has been successfully applied in other fields of science, including economics and management. Although researches on economic entities using autopoietic systems’ theory are performed in Western Europe and USA, this scientific approach still is not developed in Baltic countries. This paper addresses to this vacuum of scientific researches on autopoiesis of economic structures in small open markets. The paper aims to identify and evaluate factors that turn on self-organization mechanisms of autopoietic economic structures in Baltic States, in particular in Latvia. Expert survey was used to identify the most important factors affecting the formation of meso-economic entities in the Baltic States. Analytic Hierarchy Process (AHP) with fuzzy numbers was employed to process the data. Two different scales of evaluation (inverse linear and balanced) were used. The factors influencing the process of formation of business groups were evaluated by experts. Research results allow making conclusions regarding the causes of the business integration, and impact of diversified integrated business structures on the country's business system in Central Europe. |
| Keywords: | autopoiesis, formation of a firm, Baltic States |
| JEL: | D21 L22 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no131&r=tra |
| By: | Ramstetter, Eric D. |
| Abstract: | This paper examines patterns and changes of shares of the state sector, including stateowned enterprises (SOEs) and other state entities, and foreign multinational enterprises (MNEs) in Vietnam since the mid-1990s. Because most Vietnamese are still self-employed or household workers with little or no connection to the state sector or MNEs, it is important to exclude the household sector from these comparisons. First, ownership shares vary markedly among economic activities. For example, economy-wide estimates indicate that MNEs and state sector have both been relatively small employers, but larger producers. MNEs have also become by far the largest exporters. Second, ownership shares and their trends vary substantially depending on the data source. Most conspicuously, SOE shares of nonhousehold enterprise employment and sales have decreased rapidly since 2000. On the other hand, economy-wide estimates of state shares in non-household employment and GDP declined much more slowly. Recent discrepancies between these estimates have become so large that they almost certainly result from errors in one or more data sources. There are also smaller discrepancies between corresponding, alternative estimates of MNE shares. The extent of privatization of SOEs and its economic effects are thus ambiguous in Vietnam, creating important concerns for academics and policy makers. |
| Keywords: | Multinational enterprises, state-owned enterprises, ownership, employment, production, exports, Multinational enterprises, state-owned enterprises, ownership, employment, production, exports, F14, F23, L33, L60, L81, O53 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:agi:wpaper:00000129&r=tra |
| By: | Maleva, Tatyana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Avraamova, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Burdyak, Alexandra (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Grishina, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tsatsura, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Florinskaya, Yulia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This paper presents the results of a comprehensive assessment of the current stage of social development, based on monitoring of the socio-economic status and wealth of the population in Russia in the period from January 2015 to May 2016 The changes in the key macroeconomic indicators are investigated, the analysis of changes in prices and retail trade is made, the situation in the labor market and migration is considered. Using the tools of statistical analysis and sociological monitoring, the popular representations of the the scale of the crisis and the extent of its impact on the social well-being, as well as a choice of adaptive behavior strategies were investigated. Special attention is paid to changes in the socio-economic situation in the regions, including regional systems of social protection. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021712&r=tra |
| By: | Dmitrii Dubrov (National Research University Higher School of Economics) |
| Abstract: | This research examines the role of family social capital (FSC) in parental and adolescent subjective well-being. As the construct FSC is relatively new, the article presents data of validated methods for measuring it. 397 Russians were interviewed to identify whether FSC is a significant predictor of subjective well-being. The results indicate that it is a predictor of adolescent subjective well-being. For parents, this construct can be a predictor of their subjective well-being depending on their level of income |
| Keywords: | family social capital, subjective well-being, interpersonal relations, parents, adolescents |
| JEL: | Z |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:75psy2017&r=tra |
| By: | Katarzyna Osiecka (Warsaw University of Technology, Poland) |
| Abstract: | Research background: Polish economy for several years which is a subject to continuous transformation, has a close relationship with three overlapping during the process: the transformation of the economy, Polish integration with the European Union and globalization. All these processes are mutually penetrate and carry consequences for the development of the most important economic indicators. Purpose of the article: The changing of social and economic conditions which households face always influence their important choises on both the expenditure and raise money, behavior in the surrounding reality, shaping their needs and expectations with respect to the purchased products and services. By the fact that consumption behavior are subject to constant changes and fluctuations, they must be under continuous observation and confrontation with determinants that determine these changes. The most important factor in these changes is the income available to households, as well as the rate of price increases, or the savings rate. Methodology/methods: The assumption that the structure of household expenditure is subject to change according to the mechanism described by Markov chain is difficult to interpret in this point of view. However, the lack of a clear interpretation of the process does not interfere with the usage of Markov chains to study the structure of changes. Findings: The impact of these characteristics of the economic and financial changes in the structure of household expenditure is reduced to the study of heterogeneous chains, in which the elements of the matrix of transition probabilities are defined by the functions of these characteristics and treated as variables. |
| Keywords: | consumption, structure of expenditure, households expenditure, Markov’s chains |
| JEL: | D14 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no86&r=tra |
| By: | Justyna Zygmunt (Opole University of Technology, Poland) |
| Abstract: | While a large literature exists linking entrepreneurship with its drivers in developed economies, entrepreneurship issues in the transition economies are still no entirely recognised. The Visegrad countries represent a unique scope for examining drivers affecting entrepreneurial activity in the transition economies, since they faced similarities at the beginning of the transformation. The findings may be supportive in identifying threats and opportunities of the economic development of Central and Eastern Europe regions.This paper contributes to the literature on entrepreneurship by focusing on drivers of entrepreneurial activity in the transition economies. The aim of the paper is to analyse how entrepreneurial activity in respective Visegrad countries is influenced by various drivers.Entrepreneurship activity and its drivers in the Visegrad countries were considered for the 2004-2014 period. Hypotheses were tested with the usage of an Ordinary Least Squared regression. F-test was employed to test estimated regressions. Goodness-of-fit of the regressions was controlled with the coefficient of determination. To check for the collinearity, Pearson’s correlation coefficient was used.In this paper the approach for improving the understanding of issues related to entrepreneurship in the transition economies is made. This paper contributes to the understanding of how entrepreneurship activity in the Visegrad countries is influenced by various drivers. The main finding is that although entrepreneurial activity in the Visegrad countries seems to be influenced by similar drivers that have been identified for developed economies, the way in which respective drivers matters for entrepreneurship is, in certain cases, distinct. The findings may attract attention of policymakers and may be useful in the processes of policy pursuing. |
| Keywords: | entrepreneurship, transition economies, the Visegrad countries |
| JEL: | L26 P25 R11 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no151&r=tra |
| By: | Vladimíra Kucerova (Brno University of Technology, Czech Republic) |
| Abstract: | Value added tax, as an instrument of fiscal policy and also a very important income for the state budget. It is one of the universal indirect taxes, which has a significant influence on the price level in the country. The European Union's system of value added tax on goods and services are primarily governed by "the 6th VAT Directive" set by the European Commission. The paper deals with the question of how changes in the rates of value added tax influence buying behaviour of customers. Buying behaviour could be expressed as decisions of customers about expending their own resources such as money, effort and time, on items related to their consumption in order to meet their needs. The area of the research is a Czech retail market with food. Due to the nature of VAT, the influence of this tax on buying behaviour was quantified by price elasticity of demand respectively indirect tax elasticity of demand. The article is conceived as a case study, according to the principles R.K. Yin. The evaluation of buying behaviour is based on real data, which deals with volumes of sales and sales prices realized in a specific Czech retail chain, which associate more than 200 shops. The goal of the study is not only to propose the way how to identify buyers' response to the changes in the VAT rate, but also to bring the knowledge about customers’ response to the realized changes, and finally to propose how to use this knowledge in a development of pricing strategy in case of further changes in the VAT rate. |
| Keywords: | Value Added Tax, price elasticity of demand, buying behavior, food retail, case study |
| JEL: | D12 H31 E62 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no52&r=tra |
| By: | Jan Dvorsky (Tomas Bata University in Zlin); Jaroslav Schonfeld (University of Economics); Eva Cipovova (Czech Technical University in Prague); Zora Petrakova (Slovak University of Technology) |
| Abstract: | Research background: One of the possibilities for entrepreneur who is trying to start-up a successful business or grow a business, is to ensure the business from an economic perspective. Entrepreneurs can use a various alternative forms of financing. Despite the wide range of programs, grants and subsidies, the most commonly used form of financing is still a loan which is provided by the bank institutions. The relationship between entrepreneurs and banking institutions is mainly connected in the area of lending and guarantees for funding. Therefore the perception and the evaluation of the credit risk by entrepreneurs contributes to a better understanding of needs of both sides. Purpose of the article: A comparison of the evaluation of factors which affect the perception and management of the credit risk by entrepreneurs. Not only socio-demographic factors (gender, level of education or age of entrepreneurs) but also the nature of corporate activities in the business environment for small and medium-sized enterprises in the Czech Republic. Methodology/methods: During data collection, method of random firm’s selection using specialized database of companies “Albertina” was used. Afterwards, the method of interview with responsible managers of the company and method of online questionnaire survey were used. Data from 1141 enterprises in 2015 from all 14 regions of the Czech Republic were collected. In the first step of our research, the descriptive statistics (pivot tables, pie charts) were conducted. Afterwards, the two-sample t-test to compare a mean values of the perceptions of credit risk factors and verify the conditions for its completion (Histogram, Q-Q plot, Goodness of Fit Test, Pearson coefficient of contingency, t- test). Findings & Value added: With an increase of the time of operating in the business environment, the amount of women as a responsible people for business management is decreasing. Entrepreneurs are united in the opinion that the importance of credit risk during the crisis increases. There are statistically significant differences between entrepreneurs by a gender and age in enterprises with a time of operating on the market between 5-10 years that the importance of credit risk during the crisis increases. |
| Keywords: | enterprise, credit risk, business environment, banks |
| JEL: | L26 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no155&r=tra |
| By: | Marcin Niemiec (University of Agriculture in Krakow); Anna Szelag-Sikora (University of Agriculture in Krakow); Jakub Sikora (University of Agriculture in Krakow); Michal Cupial (University of Agriculture in Krakow); Joanna Rorat (University of Agriculture in Krakow) |
| Abstract: | Research background: Local development is a harmonized and systematic activity of the local community, local authorities and other entities operating in a municipality, aimed at creating and improving the usability of existing municipalities. The primary factor in the local development is investments undertaken by the municipality. The financial reflection of these activities is the amount of investment expenditure. The amount of a municipality's income, its development strategy and the expectations of the local communities influence both the level of investment expenditure and structure, which is diversified both in terms of time and space. Purpose of the article: The aim of the study was to determine the spatial distribution of total funds allocated for investment, and investments in transport and communications in the municipalities of Slaskie Voivodship. Spatial relationship was also determined with the Moran's I statistic. The scope of work included creating a spatial database of the examined region at the level of basic local government units, i.e. 167 municipalities. The data were obtained from the studies of official statistics for the years 2008, 2011 and 2014. Methodology/methods: Based on information contained in attribute data sheets, along with the postal codes of municipalities, a spatial database was created in the program ArcView. The analyzed maps were prepared in the GIS program ArcView. For better illustration and reading of detailed data from the prepared maps, the attribute variables were divided into groups using the Jenks method. With it, classes could be determined by comparing the sum of the squares of the differences. The developed classes can also be called a natural border of the division. Based on the prepared spatial database, an analysis was performed with the program R-cran, using Moran's I statistics. Moran's I statistic determines the differences and similarities between the two objects, and allows analyzing the researched area.Findings: With relation to the analysis of the total funds allocated for investment, the least among the investment periods studied was the year 2008. Noticeable in this period is the largest number of municipalities included in class I (142 municipalities), with the investment range 0 - 6,510,016.26 zloty. The developed spatial distribution shows that municipalities concentrated in the central part of the voivodship make up an island of high investment funds. These communes are located in the Upper Silesia Agglomeration, with a high population density. High values are also noticeable in large urban centers such as Czestochowa in the north of the voivodship, and Bielsko-Biala in the south. |
| Keywords: | investment funds, municipality, spatial autocorrelation, GIS, Moran's I statistics |
| JEL: | C19 H76 R12 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no157&r=tra |
| By: | Piotr Kulyk (Uniwersytet Zielonogorski, Poland); Anna Kowalewicz (Uniwersytet Zielonogorski, Poland); Aleksandra Nowomiejska (Uniwersytet Zielonogorski, Poland) |
| Abstract: | Bio-economy regional level is essential for the socio-economic impact, especially in sparsely populated peripheral areas. The positive effects of bio-economy in the agro-food sector can be regarded as an increase in em-ployment and incomes and security of supply. The purpose of the article was to define and determine the potential of bio-economy in the polish Voivodships. In addition, it attempts to define the role of bio-economy in the agro-food sector, including the environmental aspects. The study covered the period 2005-2015. In order to assess the influence of macroeconomic factors on the development of sustainable agriculture the article used method of panel analysis with fixed effects. The data for the analysis was taken from the statistical data from the Local Data Bank (BDL), the Central Statistical Office and the Chief Inspectorate of Trade Quality of Agricultural and Food (GIJHARS). In order to increase the potential of the region it is necessary to recognize the im-portance of local knowledge as a stimulant of competitiveness of regional devel-opment, while taking into account the diversity and complexity of local systems. In order to improve opportunities for bio-economy and green growth it is necessary to better understand the role of natural capital and related changes.The integration of cross-sectoral dimensions of ecological, social-cultural and socio-economic development in the process of regional management is becoming important. In this context, there is a need for further study of the so-cio-economic conditions to determine the regional conditions providing a perma-nently sustainable development with the use of bio-economy in agriculture. |
| Keywords: | bio-economy, local development, economic and social determinants, the Lubuskie Voivodeship, sustainable agriculture |
| JEL: | O13 Q01 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no49&r=tra |
| By: | Monika Banaszewska (Poznan University of Economics and Business) |
| Abstract: | Local public investments satisfy basic local communities’ needs and are crucial from the perspective of regional convergence. Against this background, investments by Polish local government pose as an interesting research subject. It is because, due to its size and dynamics, local public investments exert a considerably significant influence on the Polish economy. Self-government entities with primary responsibility for conducting local public investments in Poland are municipalities. The paper aims to identify fiscal, demographic and infrastructural determinants of municipal investment spending in Poland. I use panel data for 2412 Polish municipalities over the period 2007–2014. For institutional reasons, the sample excludes cities with county rights. The baseline specification employs two-way fixed-effects (FE) estimation that controls both for municipality and year fixed effects. To test for robustness, the sample is restricted to municipalities with up to 20,000; 10,000 and 5,000 inhabitants. For each considered sample there are four regression specifications implemented. Investment spending increases both in own revenues and grants. On the contrary, I document the negative impact of indebtedness level and the coverage of water supply and sewage systems. The coefficients on population size and the share of old inhabitants cease to be negative and statistically significant for municipalities with fewer than 10,000 inhabitants. The results indicate that, apart from fiscal capacity, the investment policies of Polish municipalities are affected by economies of scale, local communities’ preferences and infrastructural endowment. The study also shows that incurring debt should be of particular concern for supervisory and control bodies. |
| Keywords: | investment activity; municipal government; fiscal federalism |
| JEL: | D78 H72 R53 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no8&r=tra |
| By: | Blazej Mazur (Cracow University of Economics, Poland) |
| Abstract: | Current approaches used in empirical macroeconomic analyses use the probabilistic setup and focus on evaluation of uncertainties and risks, also with respect to future business cycle fluctuations. Therefore, forecast-based business conditions indicators should be constructed using not just point forecasts, but rather density forecasts. The latter represent whole predictive distribution and provide relevant description of forecast uncertainty.We discuss a problem of model-based probabilistic inference on business cycle conditions in Poland. In particular we consider a model choice problem for density forecasts of Polish monthly industrial production index and its selected sub-indices. Based on the results we develop indicators of future economic conditions constructed using probabilistic information on future values of the index. In order to develop a relevant model class we make use of univariate Dynamic Conditional Score models with Bayesian inference methods. We assume that the conditional distribution is of the generalized t form in order to allow for heavy tails. Another group of models under consideration relies on the idea of business cycle modelling using the Flexible Fourier Form. We compare performance of alternative models based on ex-post evaluation of density forecasting accuracy using such criteria as Log-Predictive Score (LPS) and Continuous Ranked Probability Score (CRPS). The assessment of density forecasting performance for Polish industrial production index turns out to be difficult since it depends on the choice of verification window. The pre-2013 data supports the deterministic cycle model whereas more recent observations can be explained by a very simple mean-reverting Gaussian AR(4) process. This provides an indirect evidence indicating the change of pattern of Polish business cycle fluctuations after 2013. A probabilistic indicator of business conditions is also sensitive to details of its construction. The results suggest application of forecast pooling strategies as a goal for further research. |
| Keywords: | density forecasts; Bayesian inference; business cycle; Dynamic Conditional Score models; Generalized t distribution. |
| JEL: | E37 C53 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no75&r=tra |
| By: | Joanna Malecka (Poznan University of Technology Faculty of Engineering Management Strzelecka 11, 60-965 Poznan, Poland) |
| Abstract: | Research background: International trade is an important stimulant for economic development that simultaneously ensures free access to raw materials, goods, services and technologies. It essentially involves trade in goods, yet what is also significant is the invisible trading sphere (tourism, transport, financing sources). Being a vital factor in macro-economic policies pursued by contemporary national economies, SMEs build the single market, which integrates the European economy, through trade development that directly fosters economic growth. Purpose of the article: The article strives to answer the question whether EU-based SMEs enjoy benefits and greater stability as well as state support when operating in foreign markets. The article presents the contribution of SMEs to international trade conducted by selected EU countries and Poland. The results of the author’s own research relate to the share of SMEs in the sectoral and geographical structure. Methodology/methods: The research findings are based on source data from annual reports and publications that have been produced and made available by financial market institutions and on the author’s own research concerning Polish entrepreneurs. The volume and structure of SME imports and exports in the various markets are outlined by means of analyses, figures and comparisons. Findings: The author’s own research shows that Polish entrepreneurs operating in international markets are primarily driven by: (1) profitability of transactions, (2) prospects for establishing long-term cooperation, and (3) high demand for products originating in their country in foreign markets. The ongoing standardisation and unification with respect to internationalisation should be supported by the state along with forms of financial security and contract insurance. What SMEs expect most is support as regards co-financing investments that are a necessary and costly element of the international activity development process. |
| Keywords: | export; import; SME; international trade; internationalisation |
| JEL: | F02 F43 F63 L11 L26 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no68&r=tra |
| By: | Jurgita Bruneckiene (Kaunas University of Technology, Lithuania); Jolita Sinkiene (Kaunas University of Technology, Lithuania); Egle Gaule (Kaunas University of Technology, Lithuania); Ineta Zykiene (Kaunas University of Technology, Lithuania) |
| Abstract: | Economic vitality of community is one of the main factors and conditions for successful urban development. The article present the theoretical and empirical analysis of the concept of economic vitality of urban community in the country of small economy. The objective of the paper is to identify the challenges and factors of improving the economic vitality of community in cities of a country with a small economy and to develop the strategic recommendations and measures for strengthening the economic vitality of the community. Methods used: literature studies, document analysis, statistical data analysis, expert interview, survey, case analysis, Space Syntax analysis. The research showed that the communities in the country of small economy are still not entrepreneur and economically vital; there’s a lack of cooperation cultural and experience among of communities and businesses; there are favorable conditions to promote community (economic) vitality. Strategies to encourage and facilitate business and community cooperation at the local government level are necessary. Communities and companies are ready to cooperate together, but the cooperation based on shared value is not grown up yet. The article concludes with recommendations for promotion the vitality of communities and cooperation with business. |
| Keywords: | economic vitality, community, cities, urban economic development |
| JEL: | R11 P32 P35 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no113&r=tra |
| By: | Krotov, Alexander Y. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Krotova, Nadezhda A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kleeva, Lyudmila P. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Aganbegyan, Abel G. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In this paper the possibility of using policy of "financial afterburner" to enhance the socio-economic development of Russia is studied. The analysis of the ways of mobilizing the internal sources of investments in Russia, primarily the assets of Russian Banks, showed the sufficiency of these sources and appropriateness of prevalence of investment loan in the sources of financing the investment activities. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021701&r=tra |
| By: | Ludmila Kozubikova (Tomas Bata University in Zlin); Gabriela Sopkova (University of Economics in Bratislava); Vladimir Krajcik (Pan-European University); Ladislav Tyll (University of Economics) |
| Abstract: | Research background: SME character determines that entrepreneur´s personality plays a significant role in their management. For this reason it is necessary to consider the personality as a whole including his/her motives for entrepreneurship. Purpose of the article: The aim of this article is to examine the relationship between entrepreneurial motives and innovativeness in the small and medium-sized enterprises (SMEs) sector in the Czech Republic. Methodology/methods: We have analyzed the data collected in 2015 from 1141 SMEs from 14 regions of the Czech Republic. For the purpose of this article we focused on the motives for doing business, which were analyzed on the part of the whole sample including two selected groups of respondents. The first group (330 respondents) consisted of entrepreneurs who featured money as the most important motive for starting up a business and the second group (251 respondents) consisted of entrepreneurs who featured mission as the main reason for starting up a business. Findings & Value added: We have revealed statistically significant differences in innovativeness between the entrepreneurs motivated by money and the entrepreneurs motivated by mission. Regardless of the entrepreneurial motives vast majority of entrepreneurs consider the innovativeness to be important for their company. |
| Keywords: | entrepreneurial motives, innovativeness, proactiveness, mission, money |
| JEL: | L26 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no156&r=tra |
| By: | Slawomira Hajduk (Bialystok University of Technology) |
| Abstract: | Research background: An efficient and effectively functioning transport in the city is of great importance both for the people residing in its territory, as well as companies doing business there. However, apart from a positive impact, transport also carries many social costs including congestion, traffic accidentsand a negative influence on the natural environment. Consequently, urban transport is an increasingly important area of city management. Purpose of the article:The aim of this study is to analyze and to assess the transport technological effectivenessin selected Polish cities.The author received a ranking of cities and identified ways to improve the efficiency. Methodology:The test procedure used non-parametric method of Data Envelopment Analysis. Data for analysis were draw from the Local Data Bank of the Central Statistical Office defining expenses in the transport section as well as data on the condition and use of transport infrastructure. The calculations have been made using Frontier Analyst Application software. The performance results were determined using the BCC model. Findings& Value added:The main result is the author’s rankingof transport effectivenessin Polish cities. The analysis showed that urban transport characterized by a rather low technological effectiveness. |
| Keywords: | technological effectiveness, urban transport, city management. |
| JEL: | O18 R58 C10 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no35&r=tra |
| By: | Adam P. Balcerzak (Nicolaus Copernicus University) |
| Abstract: | Effective digital economy is currently considered as a factor that can increase chances for avoiding middle income trap in Central European economies. Taking into account regional perspective building conditions for developing digital economy can support the process of closing development gap and utilizing the potential of convergence in the case of underdeveloped or peripheral regions. As a result, supporting the digital economy is currently considered as an important policy objective both form national and regional perspective. Thus, the objective of the article is to compare the development level of the digital economy in Czech Republic, Slovak and Hungary. The research was conducted for the year 2015. In the research the digital economy is defined as a multiple-criteria phenomenon, which is described with diagnostic variables proposed by Eurostat for measurement of the digital economy at regional level (NUTS 1). In the article TOPSIS method was implemented. In the case of every multiple-criteria analysis tasks a basic dilemma relates to the problem of applying weights for variables used in the research, which should be appropriate for their importance in forming the measured phenomenon. To solve that problem two approaches were applied here. First, the TOSPIS method with equal weights for all the variables was used. In the second approach the TOPSIS method was extended with Shannon entropy and objective weights concept. The obtained results confirm some disparities between the regions in the analyzed part of Central Europe and the importance of habits and human capital in the process of utilizing potential of the digital economy. |
| Keywords: | digital economy; multiple-criteria decision analysis (MCDA); TOPSIS; Shannon entropy; objective weights |
| JEL: | P25 C38 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no1&r=tra |
| By: | Dombrovskiy, Vladislav (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Khachatryan, George (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Omelyanovsky, Vitaly (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Experts in the field of evidence-based medicine have repeatedly noted the questionable advisability of certain methods of medical examination in the Russian Federation, due to the lack of information to assess the real benefits of ongoing activities (that is, their impact on public health) and the need for a well-founded approach to the mechanisms for the formation of programs of medical examination. It should be recognized that the distinction of true screening from early detection of diseases within the domestic program of clinical examination is the availability of clear Developed criteria that determine the feasibility of its application from both a medical and an economic point of view. In this connection, the experience of economically developed countries is of interest from the point of view of the implementation of programs for the early detection of chronic non-infectious diseases in adults, which can be useful for the formulation of proposals for the optimization of existing programs of medical examination in the Russian Federation. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021716&r=tra |
| By: | Trunin, Pavel (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Bozhechkova, Alexandra (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Goryunov, Eugene (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Petrova, Diana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In this paper we study informational aspects of monetary policy and the impact of information signals of central banks on economic agents behavior. In the first section we present main theoretical frameworks which take into account the information signals of the central banks in conditions of asymmetric information, including the issue of dynamic inconsistency and key mechanisms of its solutions, channels of influence of Central Bank transparency on decisions of economic agents, the problem of displacement of private information with excessive transparency. In the second section we make a review of the empirical literature and conduct econometric calculations on the effect of Bank of Russia communication signals on the performance of monetary, foreign exchange and stock markets. We found a significant reaction of those markets’ indicators and its’ volatility on signals about expected tightening, softening and immutability of monetary policy. Our results indicate that the informational policy of Bank of Russia is partially effective. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031723&r=tra |
| By: | Klyachko, Tatiana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Polushkina, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Semionova, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The work assesses the contribution of education to socio-economic development of the subjects of the Russian Federation. The information base for the study was official statistics. Assessment of the contribution of education was carried out for each level of the education system: secondary general education, primary professional, secondary professional and higher vocational education. The analysis of the contribution of education to the socioeconomic development of the constituent entities of the Russian Federation was carried out both for the Russian Federation as a whole and for the federal districts of the Russian Federation and the constituent entities of the Russian Federation. The results of the study are supplemented by an analysis of the contribution of higher education to the socioeconomic development of the subjects of the Russian Federation in the sample. Regions of Russia in the context of 55 enlarged groups of specialties. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031708&r=tra |
| By: | Maleva, Tatyana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Lyashok, Victor (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Gurvich, Evsey (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Zubarevich, Natalya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In this paper the current stage of social development is analyzed. On the basis of monitoring of socio-economic status and wealth of the population, the dynamics of social indicators (from 2015 to April 2016) are evaluated. In order to assess the current situation and to form a multi-dimensional picture of the social changes in the Russian economy, a comprehensive analysis of the dynamics of social indicators, covering essential public services was carried out. These indicators included incomes, the processes in the labor market, the regional social development, demographic development and changing migration situation and the assessment of social well-being of the population. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021711&r=tra |
| By: | Kornienko, Natalia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Velikova, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Gulyaeva, Svetlana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Pushkareva, Nataliya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Mitrofanova, Ekaterina (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The establishment of representatives of foreign companies and corporations in Russia is a form of direct investment into the Russian economy. The OECD recommends that various countries tax permanent representatives as if they were independent entities. The existing tax law of the Russian Federation does not adequately cover and regulate these tax issues. The notorious Bloomberg, McKenna, Amazon, Google, IKEA, Starbucks and other cases are glaring examples of tax evasion. Practices of other world nations and countries seriously address the issue of developing measures against dilution and transfer of the tax base through the use of permanent representatives specifically in the BEPS plan. Foreign companies have the opportunity to do business in other countries without an obligation to pay taxes on the income from such business transactions. However, in order to fulfill OECD recommendations, a concept of taxation of representatives and affiliated branches of international organizations in the Russian Federation must be developed, taking into account national interests and the practices of other world nations and countries. For example, there should be an opportunity to use the term "independent entity" to fulfill the purpose of the Russian taxation system to adequately tax representatives and affiliated branches of foreign organizations in the Russian Federation and to fulfill the country's obligations stipulated in international treaties between the Russian Federation and other countries aimed at avoiding double taxation. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031716&r=tra |
| By: | Chen, Yang (Division of Economics, Xi'an Jiaotong-Liverpool University); He, Ming (Division of Economics, Xi'an Jiaotong-Liverpool University); Rudkin, Simon (SHU-UTS SILC Business School, University of Shanghai) |
| Abstract: | Economists talk of agglomeration bene ting rms but little work has sought to understand the impact various consequences of close location of rms has on productivity. Using unconditional quantile regression for the rst time in productivity we revisit the Chinese Industry Survey, from 1999 to 2007, to ask (a) how does spatial competition, local diversity, population density and regional specialisation impact across the productivity distribution, and (b) how have these effects changed through China's opening up to foreign direct investment. High productivity firms bene t more from specialist agglomerations, monopoly and can take larger advantage of market size compared to those which are less productive. |
| Keywords: | Unconditional Quantile Regression, Manufacturing Productivity, China, Agglomeration. |
| Date: | 2017–05–24 |
| URL: | http://d.repec.org/n?u=RePEc:xjt:rieiwp:2017-04&r=tra |
| By: | Kurdin, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The process of reforming Russian industry, which has lasted for the last decade, is accompanied by a discussion on the establishment of such an industry regulation system that, on the one hand, would create incentives for market participants to invest in the development of the industry and upgrade capacities, and, on the other hand, would not be accompanied by faster growth of prices and indexation of tariffs. Traditionally, this issue is relevant for infrastructure industries, their cost of services directly affects the costs of citizens and the cost of the final products of enterprises. The paper reviews the theoretical and applied aspects of regulation of prices and tariffs in the gas industry, the methods used are systematized, the specifics of Russian practice and prospects for the development of the gas industry in Russia and the world are analyzed, recommendations are formulated for Russian authorities. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031703&r=tra |
| By: | Kotsyubinskiy, Vladimir A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Komarov, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Voloshinskaya, Anna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This article dissects technological development theory of industrial company and organizes development factor. It was introduced the concept of technological industrial development inquiry based not only on elaboration of a production process but also on scientific and technical world patterns utilization. Technological development index and senior ratings were analyzed, the individual rating of the major russian technology companies was proposed. Some references of creation world-class technology leader or so-called Russian national champions are given in conclusion. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021709&r=tra |
| By: | Piotr Lukasiewicz (Department of Informatics, Warsaw University of Life Sciences (SGGW), Nowoursynowska 159, 02-776 Warsaw, Poland); Krzysztof Karpio (Department of Informatics, Warsaw University of Life Sciences (SGGW), Nowoursynowska 159, 02-776 Warsaw, Poland); Arkadiusz Orlowski (Department of Informatics, Warsaw University of Life Sciences (SGGW), Nowoursynowska 159, 02-776 Warsaw, Poland) |
| Abstract: | Research background: studies of structures of incomes distributions have been performer for about 15 years. They indicate that there is no one model which describes the distributions in their whole range. This effect is explained by the existence of different mechanisms yielding to low-medium and high incomes. While more than 97% of the distributions can be described by models with two or three parameter, high incomes (about 3% or less) is in agreement with power law. Purpose of the article: the aim of this paper is an analysis of the structure of distributions of households’ incomes in Poland. By using various models we verify the hypothesis about two-part structure of those distributions. Methodology/methods: the studies are based on the households’ budgets microdata for years 2004 – 2012. The two-component models were used to describe the incomes distributions. The major parts of the distributions have been described by the two or three parametric models: lognormal, Dagum, and Singha-Madalla. The highest incomes were described by the Pareto model. Findings: one has showed that two or three parametric models explain from about 95% to more than 99% of ranges of income distributions. The poorest agreement with data is for lognormal model, while the best agreement has been obtained for Dagum model. Regarding the highest incomes the Pareto model describe the data very well only for the selected years. For the remaining years the results are not so obvious. The tails of the income distributions seems to have more complex structure |
| Keywords: | income distribution; incomes models; Pareto model; power law |
| JEL: | C51 C52 D31 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no64&r=tra |
| By: | Aleksandra Zygmunt (Opole University of Technology, Poland) |
| Abstract: | Faced with circumstances of rapid changes, the crucial is stimulation of actions aimed at enhancing competitiveness. In this regard, the European Union strategy Europe 2020 should be mentioned. Concerning the role of firms’ innovation activities in economic growth of regions and countries, it is important to explore how enhancing Polish firms’ innovation activities differ between the EU countries with a similar to Poland level of innovation. Thus, the particular emphasis was put on the Moderate Innovators countries.The aim of this paper is to investigate enhancing Polish firms’ innovation activities against those from the other Moderate Innovators countries.The study was based on data from the European Innovation Scoreboard 2016 related to firm activities dimensions: firm investments, linkage & entrepreneurship and intellectual assets. The time period was 2008–2015 and was limited by data availability. To study multivariate analysis and the zero unitarization methods were applied. These methods allowed to multivariate analysis of enhancing firms’ innovation activities in Poland and those from the other EU countries with similar to Poland level of innovation.This paper contributes to the existing literature by providing new insight on understanding the issues related to firms’ innovation activities. The results reveal, among others, that although Polish firms’ innovation activities have improved against those from the other Moderate Innovators counties, it requires further enhancing. The findings have practical and policy implications. It is assumed that the obtained results may be useful for firms, regions and country in enhancing competitiveness. |
| Keywords: | innovation activities; firm; the European Union; Moderate Innovators countries |
| JEL: | O30 O52 R11 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no150&r=tra |
| By: | Klyachko, Tatiana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper examines the main results, consequences and risks of the reforms carried out in recent years in Russian higher education. In particular, the consequences and risks of the introduction of the USE for the development of regional HEIs, the problems associated with monitoring the effectiveness of HEIs and the transition to higher education for normative per capita financing are analyzed. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:041732&r=tra |
| By: | Jolanta Maj (Opole University of Technology); Piotr Bebenek (Opole University of Technology) |
| Abstract: | The so far conducted studies have not been able to answer the question of whether there is a relationship between gender composition of the board and the firms financial performance. Because of the tendency to legally regulate the gender balance of boards of directors as it was, among others, planned in the draft of the EU Directive on improving the gender balance among non-executive directors of companies listed on stock exchanges, which admittedly has been rejected, however, indicates the existence of certain trends among decion-makers, the issue of determining the relationship between gender composition of the boards and firms performance becomes an extremely important issue. The paper aims to answer the question on the number of women in the highest organizational bodies in Polish enterprises and whether there is a relationship between the compositions of boards due to gender of their members and financial results achieved by the companies. For the analysis companies listed on the Warsaw Stock Exchange were analyzed. Following indicators: debt ratio (DR), debt to equity ratio (D/R) and the long-term debt to total assets ratio were chosen. Using statistical analysis the financial indicators were juxtaposed with the number of women on boards. The paper provides insight into the composition of boards in Polish companies listed on the Warsaw Stock Exchange due to gender. It shows that boards of these companies are highly masculine. Nevertheless the paper tries to show if there are any dependencies between the amount of women on boards and the financial performance of the companies. |
| Keywords: | gender diversity; corporate governance; board composition; firm performance; financial performance |
| JEL: | M14 M12 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no11&r=tra |
| By: | Katarzyna Grotkiewicz (University of Agriculture in Krakow); Agnieszka Latawiec (International Institute for Sustainability, Department of Geography and the Environment, Pontificia Universidade Catolica); Maciej Kubon (University of Agriculture in Krakow); Anna Szelag-Sikora (University of Agriculture in Krakow); Marcin Niemiec (University of Agriculture in Krakow) |
| Abstract: | Research background: Analysis of economic and agricultural indicators are important tools to evaluate the performance of agriculture and describe scientific and technical progress (Agol et al., 2014, pp. 1-9; Archibugi and Coco, 2004, pp. 629–654). They also enable comparisons between the performances of different countries. In the comprehensive review by McConnell and Bockstael (2005, pp. 621-669), the measures of development show that competitiveness, both in the international and domestic arena, should be evaluated by two main indexes: the work productivity index and the land productivity index. Purpose of the article: The objective of this paper is to analyse social and economic factors that influence the efficiency of agriculture in three dissimilar countries: Poland, Unites States of America and China. The analysed countries have characteristic features that influence development of specific branches of agriculture including the level of social and economic growth, structural features of agriculture, agricultural policy, and market situations, thus shaping the level and structure of production. To our knowledge, this is the first study that discusses work and land productivity in these three countries. Methodology/methods: For calculation of final indexes of work and land productivity for the analysed countries, basic control and economic characteristics are necessary. These were calculated using the Eurostat database (2014) and the Yearbook of International Statistics CSO (2012; 2013a, 2013b) and include the area of agricultural land, number of farms and the average size of farms, the number of people active in agriculture, and gross national production in total and in agriculture. Findings & Value added: We found that Poland has not yet reached optimal land or work force productivity. The indicators suggest Poland is agriculturally closer to developing countries than developed. In particular, we indicate a low agricultural efficiency compared with Western countries. We conclude that to realise the full potential of Polish agriculture, considerable changes, such as farm consolidation and alternative employment options for farm workers, are necessary. According to the analysed data, Poland in comparison to China and the USA is at the last position in the ranking achieving 4% of the GNP in agriculture. Moreover, the structure of small farms in Poland with the average surface area of 10.38 is considerably lower than in the USA (190 ha) which causes that Poland is a less-competitive country. However, one should remember that not all experiences of leading countries may be directly translated into Polish conditions, where agriculture was shaping in completely different conditions and its present level has its historical preconditions. |
| Keywords: | agriculture, agri-economic indicators, work performance, land efficiency, metod |
| JEL: | B41 E24 O17 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no30&r=tra |
| By: | Barinova, Vera (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Zemtsov, Stepan (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Semenova, Roza (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In this paper, the main approaches to the construction of ratings of innovative development are analyzed, the experience of foreign ranking of countries and regions is considered. The analysis of Russian ratings is carried out and their applicability is estimated. Conclusions are drawn based on the results of a comparative analysis of Russian and foreign rankings. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031720&r=tra |
| By: | Zolotareva, Anna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kireeva, Anastasia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The article analyzes the main problems encountered in the transition to the normative method of financing public tasks at all levels of government. It is shown that the public authorities, both at Federal and regional levels, comply with the requirements of article 69.2 of the Budgetary code of the Russian Federation does not fully. But the Ministry of education refers to the bodies, most fully realized ideas of the reform. Survey of universities shows that their attitude to the reform is not unequivocally negative, though 18% of respondents have noted deterioration of their financial positions as a result of reform. In the same time 30% of respondents said that their situation has deteriorated for reasons straightly not related to the reform. |
| Keywords: | state assignment; public institutions; correction factors; target costs |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031712&r=tra |
| By: | Jacek Liwinski (Faculty of Economic Sciences, University of Warsaw Ul. Dluga 44/50, 00-241 Warszawa) |
| Abstract: | Research background: Over 200,000 of European students study abroad under the Erasmus mobility program in the course of their higher education. It seems that employers may treat students' participation in international exchange programs as a signalling tool, since according to them international students’ skills – both cognitive and non-cognitive – are well above the average. On the other hand, students participating in exchange programs underline a positive impact of studying abroad on their personal development, i.e. on their general skills. Thus, from a theoretical point of view we may expect a positive correlation between studying abroad and economic activity after graduation, which follows from both signalling theory and human capital theory. On the average, 54% of European students report that participation in Erasmus exchange program helped them to obtain the first job, but interestingly, those from the CEE countries, including Polish students, report it much more often. Purpose of the article: The aim of this paper is to determine whether studying abroad has an impact on the employment rate of higher education graduates in Poland over the first few years after graduation. Methodology/methods: We used the propensity score matching (PSM) method and data from a representative, nationwide tracer survey of Poles who graduated from secondary schools or higher education institutions over the period of 1998-2005. Findings: The results of the analysis show that Polish students who completed at least one semester of their studies abroad do not benefit in terms of a higher employment rate after graduation. |
| Keywords: | studying abroad; human capital; graduates; employment rate; PSM method |
| JEL: | I23 I26 J21 J24 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no62&r=tra |
| By: | Jaroslav Belas (Tomas Bata University in Zlin, Czech Republic); Jan Dvorsky (Tomas Bata University in Zlin, Czech Republic); Jan Kubalek (University of Economics); Lubos Smrcka (University of Economics) |
| Abstract: | Research background: Entrepreneurs enter into business with the aim of gaining the maximum possible profit. They are increasingly willing to tolerate the effect of a greater intensity of financial risk. Factors which influence the intensity of financial risk in a business are related not only to the securing of financial resources, but also to crucial decisions on the parts of entrepreneurs or the ability to manage financial risk during a crisis in small and medium-sized enterprises (SMEs). Aim of the article: The aim of the article is to define and quantify the significance of factors which influence, by their character and effect, the intensity of financial risk in the SME entrepreneurial environment. Methodology/methods: The selection set represented 1,141 SMEs. It was carried out in the Czech Republic in 2015. We used the “inquiring in the form of an online questionnaire” method of ascertaining data. To fulfil the main aim, we used the methods of regression and correlation analyses with the aim of determining the relationship between the intensity of financial risk and the determinants thereof. In the first step, we carried out descriptive statistics (pivot table, scatter plot, skewness, kurtosis, normal distribution plot, and histogram). In the second step, we verified assumptions by carrying out regression modelling and by testing the normal distribution of data in determinants, the assumption of linearity, multicollinearity and homoscedasticity of variables (t-test, z-test, VIF test, Bartlett’s test, F-ratio), and interpreted the results (estimate coefficient of parameters, coefficient correlation, coefficient determination). All the realised tests were carried out on a 0.05 level of significance using IBM SPSS Statistics, Version 23 software. Findings & Value added: On the basis of the results of the questionnaire investigation and using regression and correlative data analysis, we quantified the statistical significance of determinants which influence the intensity of financial risk in the SME segment. The result of key factors serves as a basis for proposing measures in the context of preventing a business from the intensity of financial risk. |
| Keywords: | financial risk, doing business, entrepreneur, management |
| JEL: | L26 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no154&r=tra |
| By: | Perevyshin, Yuri (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper deals with the basic aspects of the interaction of fiscal and monetary policy. Analysis of theoretical studies allows to distinguish two main aspects of interaction: the choice between output and inflation, and the problem of sustainability of public debt and inflation. Using a model with Markov regime-switching, we assessed interaction of fiscal and monetary policy in the Russian economy in the period from 2006 to 2015. The analysis showed that the ongoing uncoordinated monetary and fiscal policy can lead to inflation acceleration. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031711&r=tra |
| By: | Danuta Szwajca (Silesian University of Technology, Poland) |
| Abstract: | Corporate reputation and image are two valuable intangible resources of the company, aimed at building its long-term competitive advantage and market value. Although reputation and image are interrelated categories, they should not be identified with each another. The differences are not only in the definition and character, but also in the mechanism of formation and tools to create these resources by the company. Image is a picture, perceptions and associations about the company in the minds of consumers, which may be created using the tools of PR and advertising in a relatively short period of time. Reputation is a review of the company and its activities, formulated by various stakeholder groups on the basis of not only the advertising, but also on the basis of the assessment of real activities of companies in the long term. The cognitive objective of the article is to point out the fundamental differences between reputation and image on the basis of the analysis of approaches and theoretical concepts. The practical objective is to make an attempt to identify the differences and relationships between reputation and image on the basis of empirical analysis, therefore the research was conducted in the Polish banking sector. In order to evaluate the image and reputation, the survey method was used aimed at the customers of banks operating on the Polish market. The results allowed formulating the thesis that the banks that are characterized by a consistent, unambiguous and positive image have higher rates of reputation. Due to some limitations of research conducted, mainly concerning the size and methods of sampling as well as the method applied for measuring the corporate reputation and image, the relationships identified should be treated as a starting point for broader research and for conducting further discussions in this area. |
| Keywords: | corporate reputation, corporate image, intangible resources, banking sector. |
| JEL: | G21 L14 L25 M31 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no126&r=tra |
| By: | Ning Mao (Dhurakij Pundit University, Bangkok, Thailand); Michael McAleer (National Tsing Hua University, Taiwan; University of Sydney Business School, Australia; Erasmus School of Economics, Erasmus University Rotterdam, and Tinbergen Institute, The Netherlands; Complutense University of Madrid, Spain and Yokohama National Univ) |
| Abstract: | Under anti-globalization and isolationism, China is seeking to portray itself as a new leader for globalization under the banner of the Silk Road initiative. Meanwhile, China’s traditional and comparatively advantaged industry, silk, has faced dire predicaments and challenges for long time, and needs a transformation in terms of initiatives. Throughout history, the prosperity arising from silk was supposed to represent a microcosm of Chinese society. This paper searches the breakthrough point to improve the current dilemma of Chinese silk enterprises; uses a Case Study for inductive reasoning that is feasible for marketing strategies; and provides a strategy to help Chinese silk enterprises to transform their market positioning and operating modes to obtain better development opportunities. The paper also analyzes the new external environment based on the “One Belt, One Road” principle, which is of crucial importance for the implementation of new marketing strategies. |
| Keywords: | China; Silk; Company Strategy; National Strategy; Transformation; Chinese Trade |
| JEL: | O24 P33 Q27 |
| Date: | 2017–05–22 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20170047&r=tra |
| By: | Mkrtchyan, Nikita (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Florinskaya, Yulia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | It is believed that the existing level of spatial mobility in Russia is low, which negatively affects the country's socio-economic development. At different levels - federal and regional - measures are being taken to help citizens move to other areas, but are they effective? During the focus groups, interviews with managers and migrants, we tried to study the widespread practices of in-country migration, identify the main barriers to it, and formulate measures that would enhance the possibility of free movement of citizens for a better realization of individual human capital. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031714&r=tra |
| By: | Iwona Markowicz (University of Szczecin, Poland) |
| Abstract: | The popular term of business demography or demography of the firm denotes a relatively young area of science which focuses on the structures of cohorts of firms and the changes that undergo within these structures. As both the terms suggest, the studies use research methods traditionally applied in demographic studies. Survival analysis is increasingly used in business demography. The purpose of the present study was to build the enterprises survival models for territorial groups in Zachodniopomorskie (Poland). In the first stage the Kaplan-Meier estimator was calculated and the test to verify the similarity of the survival function for poviats was conducted. Poviats were classified into groups. Next, the tables of enterprises survival were built and the business liquidation intensity was analysed in individual groups. In this study the continuous-time non-parametric models were used: Kaplan-Meier estimator, Gehan test and duration table. Those methods were employed to model the survival time and find differences in the survival of firms in the poviats of the Zachodniopomorskie. In keeping with the above scheme five territorial groups with similar enterprises survival time models were distinguished. The study results presented in this article reveal the differentiation of enterprises survival models in the territorial groups. Five groups of poviats were distinguished. These groups, as a result of the study, have been characterized. |
| Keywords: | model of enterprises duration; Kaplan-Meier estimator; hazard function; cohort tables of enterprises survival |
| JEL: | C10 C14 C41 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no71&r=tra |
| By: | Sinelnikova-Muryleva, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This work paper is devoted to the study of monetary transmission mechanisms. The first section of the paper is devoted to the review of theoretical approaches to the analysis of monetary transmission and describes various traditional and credit channels, the information channel is also discussed in this section. The second section examines the experience of empirical research of monetary transmission on Russian data. The third section is devoted to the estimation of the transmission channels in Russia considering the transition of the Bank of Russia to the inflation targeting regime. VAR and FAVAR models are used for the estimation. The conclusions from the empirical part of the work paper are made in the fourth section, including the effectiveness of the interest rate channel, q-Tobin channel and the deposit channel. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:041703&r=tra |
| By: | Tomasz Sosnowski (University of Lodz, Poland) |
| Abstract: | Firms use discretionary accounting choices to manage earnings disclosures around the time of certain types of corporate events. The IPO provides an opportunity to earnings management because of the significant information asymmetry between investors and issuers at the time of the offering. The main aim of the study is to empirically investigate the links between the earnings management and the portions of primary and secondary shares sold in IPO. In order to investigate whether the earnings management influences the issue of new shares and the sale of secondary shares I use Tobit and logit regressions, where discretionary accruals are the proxy for earnings management. Using a sample of 221 firms from WSE between 2005 and 2015 I do not find evidence that the increase of pre-IPO discretionary accruals positively affects the sale of primary shares in the IPO, but the analysis revealed that the reporting less limits the probability of the new shares issuance. In turn, the sale of secondary shares in the IPO is more likely in companies using a conservative earnings management. Furthermore, negative discretionary accruals increase the portion of secondary shares in the IPO. |
| Keywords: | Initial public offering, IPO, Primary shares, Secondary shares, Earnings management |
| JEL: | G14 G32 G23 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no119&r=tra |
| By: | Jaroslaw Michal Nazarczuk (University of Warmia and Mazury in Olsztyn, Poland); Anna Krajewska (University of Warmia and Mazury in Olsztyn, Poland) |
| Abstract: | The internationalisation of economies, which foreign direct investments significantly contribute to, affects the growth of regional and local economies. Their choice of location is the topic of frequent debates among scholars, politicians and regional/local authorities. Given the scarcity of empirical evidence on the locational determinants of foreign direct investments at the local level of analysis (LAU 1) in Poland, and the time that has passed since similar analyses were run on a regional scale, we conduct a study investigating the locational determinants of FDIs in Poland between 2011 and 2015.We use a unique dataset comprising data available in public statistics and information gathered from computations run using GIS software indicating the average distances of districts to selected points of interest (such as the border, motorway/express road, airport, railway line, special economic zone, etc.). The utilisation of GIS-based data is a significant improvement to the past research, which tended to use dummy variables in this regard. To identify the key locational determinants, we run a series of negative binomial regressions, due to the count character of the dependent variable.The results prove that a significant part of the spatial distribution of FDIs in Poland can be attributed to factors originating from New Economic Geography, whereas the rest stems from the heterogeneity of local areas. The lower and more detailed scale of the analysis brings to light new facts on the choice of location as compared to previous studies, especially regarding the role of SEZs or proximity to agglomerations. |
| Keywords: | foreign direct investments (FDIs), location determinants, regional and spatial distribution of FDI, LAU 1, Poland |
| JEL: | F23 F23 R12 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no84&r=tra |
| By: | Berezinskaya, Olga (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The work is devoted to the analysis of the investment process in the economy of Russia with a focus on investment pause. The urgency of work is determined by duration and depth of the decline in investment in fixed assets of Russian enterprises in recent years, as well as tightening resource constraints Investment process. The work contains analysis of the dynamics of investments in the main capital, their structures by types of fixed assets, source structures Investment in fixed assets, real and inflationary Effects of investment expansion. In work the characteristics Investment process at the stages of the investment boom, corrective growth Investment and investment pause. This made possible to determine the structure Inhibition of the investment process in the Russian economy and determine the possibility of overcoming the investment pause. Additional attention in the study is given to the own potential of enterprises of the economy in increasing Financing of investment in fixed assets. The results obtained in the paper are productive for understanding the nature, and also prospects and restrictions for the process of overcoming the investment pause in the Russian economy. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031718&r=tra |
| By: | Mateusz Pipieñ (Department of Econometrics and Operations Research, Cracow University of Economics); Sylwia Roszkowska (Department of Macroeconomics, Faculty of Economics and Sociology, University of Lodz) |
| Abstract: | For two groups of post-communist countries (CEE and CIS) we estimated the parameters of convergence equations on the basis of annual data. We depart from standard econometric theory, which involves panel regression techniques. We test cross-country heterogeneity of parameters within a system of Seemingly Unrelated Regression Equations (SURE). We show empirical evidence in favour of the variability of parameters describing the convergence effect and productivity growth rates across countries. Our approach seems a convincing alternative to the panel regression approach where random effects can be estimated, imposing an assumption about the constancy of structural parameters within the group of countries under analysis. We discuss the role of the global financial crisis in the heterogeneity of convergence processes and productivity at the country level. The aforementioned SURE model was estimated based on two datasets, one containing observations prior to the crisis and the second containing the whole sample |
| Keywords: | convergence; labour productivity; economic growth; SURE |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:ann:wpaper:7/2017&r=tra |
| By: | Zhu, Xiwei (School of Economics, Zhejiang University); Liu, Ye (School of Economics, Zhejiang University); He, Ming (Division of Economics, Xi'an Jiaotong-Liverpool University); Luo, Deming (School of Economics, Zhejiang University); Wu, Yiyun (School of Economics, Zhejiang University) |
| Abstract: | This article studies the synergy effect of entrepreneurship on China’s industrial clusters. We propose an extension to Duranton and Overman’s (2005) method which enables us to delimit industrial clusters in space. The empirical model is identified with historical measures of local entrepreneur potential in the spirit of Chinitz (1961). We find that measures of entrepreneurship contribute significantly to cluster formation, cluster size, and cluster strength. Access to sea ports stimulates industrial concentration but agricultural legacy has the opposite effect. Light industries have more clusters which are also larger and stronger. Clusters also benefit from historical measures of market potential, localization/urbanization economies, and urban population density. Most of the results are robust to alternative instrumental strategies. Finally, we find evidence that the synergy effect is stronger where the local conditions are favorable to clusters. |
| Date: | 2017–05–24 |
| URL: | http://d.repec.org/n?u=RePEc:xjt:rieiwp:2017-05&r=tra |
| By: | Balandina, Galina (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | Expert assessments of the effectiveness of customs control and mesures taken during its implementation show the need for the reform of the management model in the customs business. The implemented methods and methods of customs control contain elements of administrative pressure, corruption, unfair competition. The system of risk and management analysis has formed the basis for reforming customs services in many countries around the world since the 1980s and 1990s and has shown positive results. The introduction of the main elements of this system in Russia and the EEMP along with other Improvement of the customs business will raise the customs administration to a qualitatively new level and help reduce the shadow economy. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:041712&r=tra |
| By: | Martina Skalická (Brno University of Technology); Marek Zinecker (Brno University of Technology); Tomáš Meluzín (Brno University of Technology) |
| Abstract: | Research background: Institutional aspects of a well-functioning private equity and venture capital market are emphasized in the recent academic literature. In particular, a favourable tax and legal environment is essential, since formal institutions enable the industry to attract a larger volume of investors and thus to contribute more efficiently to the growth of GDP. In the Czech Republic, however, legal barriers represent an essential obstacle affecting a rather poor scope of resources available to domestic private equity and venture capital funds. Purpose of the article: This paper examines the current tax and legal environment for private equity and venture capital investments in the Czech/ Republic. Proposals for prospective improvements of legal and tax framework are made in the empirical part of the study. Methodology/methods: As the phenomenon under study is complex and explanatory in nature, qualitative data with content analysis proved to be the best way how to assess institutional framework for PE/VC in the Czech Republic. Data collection methods cover a comparative analysis of scientific literature documents and reports, as well as primary data from interviews with experts in the industry. The results of both secondary and primary data analysis were categorized and core lacks in the institutional framework were identified and discussed. Finally, proposals for prospective improvements of the institutional framework are made. Findings & Value added: The conducted analysis implies that the issue of the legal and organisational structure suitable for PE/VC funds may be deemed resolved in the Czech Republic. A Czech equivalent to a Limited Partnership (SICAR), i.e. a limited partnership with investment certificates, has already with provided with sufficient support in the legislation in terms of the legal form. The legal form is a necessary, yet not sufficient condition. A tax handicap was identified implying that it is necessary to amend the tax law so that the legal regulation extends the tax exemption. Another amendment to the applicable legislation should then be directed towards eliminating or mitigating the barriers imposed on pension funds when investing in PE/VC funds. |
| Keywords: | new institutional economics; private equity; venture capital; tax and legal environment; private equity fund structures |
| JEL: | B25 G24 K23 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no114&r=tra |
| By: | Wojciech Kisiala (Poznan University of Economics and Business); Katarzyna Suszynska (Poznan University of Economics and Business, Poland) |
| Abstract: | The processes of economic convergence observed in many developing countries are characterized by reduction of economic differences on the between-country level, which are accompanied by growing internal economic inequalities. This may stem from the fact that in catching-up countries, a more dynamic growth is observed in the economically strongest regions, which is initially reflected in spatial polarization and increasing regional inequalities. However, just as the countries reach higher levels of development, the diffusion of growth-inducing impulses to the remaining areas should lead to the spatial equalizing of the development levels and reducing regional inequalities. The aim of the paper is to determine the relations between the level of economic growth in Central and Eastern European (CEE) countries and observed economic inequalities. The theoretical frame adopted to describe and explain those relations was the so-called Williamson hypothesis in which the relation between the scale of regional inequalities and economic growth is illustrated by a curve shaped like an inverted U. The research procedure was intended to verify Williamson hypothesis by estimating parabolic econometric models. Indicators of economic growth along with measure of regional inequalities (Williamson’s coefficient of variation) were used in the regression modeling. The research period spans over the years 1995-2014. In the light of the conducted study of CEE countries, it was possible to observe both convergence symptoms as well as divergence tendencies. It can be thus stated that the analyzed CEE countries followed a similar path to the one observed earlier by Williamson in other developing countries. However, the analyses conducted by the authors on the national and regional levels of CEE countries were equivocal and did not fully support the theoretical assumptions of Williamson's hypothesis. |
| Keywords: | regional inequalities; economic growth; Williamson hypothesis; econometric modeling; Central and Eastern Europe |
| JEL: | C51 O11 O47 R11 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no122&r=tra |
| By: | Mariusz Zielinski (Opole University of Technology, Poland) |
| Abstract: | The Central and Eastern European countries suffered from a decrease in professional activity and increases in unemployment, income inequality, and underemployment. In most of the countries in the region, it was decided to increase labour market flexibility, adopting a Western European model of labour market functioning. The effects of deregulation (flexibility increase) for the labour market depend to a great extent on the economic situation. The paper attempts to answer the question of the degree to which changes in the employment level and structure can be explained by changes in the economic situation. The article verified two hypotheses: “the employment level reacts to changes in the economic situation; however, this reaction in the Central and Eastern European countries is more severe than the average reaction in the European Union” (H1) and “changes in the economic situation decide to a greater extent the employment level in the groups experiencing discrimination (women, youngest and oldest people) more than for employees in general” (H2). The research encompassed 11 Central and Eastern European countries (Bulgaria, the Czech Republic, Estonia, Croatia, Latvia, Lithuania, Hungary, Poland, Romania, Slovenia and Slovakia) on the basis of statistical data published by Eurostat for the period of 2004 to 2015. Data analysis was performed using the correlation coefficient and coefficient of determination. In the majority of the examined countries, a statistically significant correlation occurs between changes in GDP and total employment level; furthermore, the influence of changes in GDP on the employment level is greater than the European Union’s average. The data do not indicate discrimination against certain groups (women, young people, people in pre-retirement age), changes in the employment levels of the aforementioned groups are less dependent on the economic situation than the changes in total employment. |
| Keywords: | economic growth, employment, discrimination on the labor market, Central and Eastern European countries, European Union |
| JEL: | E24 E32 J16 J21 J70 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no147&r=tra |
| By: | VU, Tien Manh |
| Abstract: | We examine the transition of state-owned enterprises (SOEs) in Vietnam from a wageperspective by decomposing the difference in wage distributions between SOE mployees and non-SOE employees during the period 2002–2014. In 2002, SOE employees enjoyed higher pay than non-SOE employees owing to characteristics difference and any factors other than either the price of skills or the characteristics difference, so-called residuals difference. University graduates were the main contributor to the endowments difference. However, we found that SOE pay schemes converged with those of non-SOEs by 2014, in terms of both the price of skills and residuals. |
| Keywords: | Wage, wage decomposition, wage distribution, state-owned enterprises, transition, Vietnam, Wage, wage decomposition, wage distribution, state-owned enterprises, transition, Vietnam, J30, J45, O15, P31 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:agi:wpaper:00000130&r=tra |
| By: | Tomasz Sosnowski (University of Lodz, Poland) |
| Abstract: | Prior studies suggest that companies which go public manage earnings in order to inflate the issue price. However, for PE funds the use of such activity can be costly in terms of the reputation capital as they are repetitive stock market players. The main aim of the study is to empirically investigate the use of pre-IPO earnings management by private equity funds in the process of divestment conducted on a stock exchange. I provide comparisons between PE-backed companies and firms with a similar initial market value and growth potential, using the method of single-linkage clustering to build the study sample. In order to assess the pre-IPO earnings management I apply the discretionary accruals model of Larcker and Richardson [2004]. I do not find evidence that the presence of PE fund among the shareholders of the company in the period preceding first listing of shares on a stock market constrains the use of earnings management prior to the IPO. The difference between the discretionary accruals in PE-backed and matched companies, when controlling for the market value and book-to-market ratio, is statistically insignificant. |
| Keywords: | Initial public offering, IPO, Private equity, Earnings management |
| JEL: | G24 G32 G34 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no118&r=tra |
| By: | Joanna Bednarz (Institute of International Business, University of Gdansk); Magdalena Markiewicz (Institute of International Business, University of Gdansk); Agnieszka Ploska (Self-employed, a company owner) |
| Abstract: | Research background: Crowdfunding (CF) is a method of raising money for projects and enterprises by an online platform. Since around 2003 it is getting popular and becoming a natural method of pre-financing for start-ups before reaching out to investors. The estimations gave the scale of raising worldwide 35 bn USD via CF platforms in 2015. In 2016 CF was on track to surpass venture capital investments. Yet, this method doesn’t progress equally worldwide and it is essential to find out what makes the difference of its development between the countries. Purpose of the article: The aim of the article is to examine the potential relation between: (1) the welfare of the countries, (2) structure of population and (3) availability of crowdfunding. The research is dedicated to the chosen countries of Central and Eastern Europe (CEE) in the period of 2005-2015, giving a perspective of changes in different terms of economy. Methodology/methods: This article, theoretical and empirical in character, is based on international desk research findings. The authors used methods of data collection, organizing and processing information. Moreover, they implemented methods of analogy and deduction, while studying papers, as well as the selection, analysis and synthesis methods. Findings: There is no direct correlation between GDP per capita of the country with it online alternative investments per capita. The richness of the country does not influence people willingness to invest money through online tools. In the countries of average level of welfare, alternative financing is used more widely. Moreover, there is a significant impact of the age structure of the population on the crowdfunding development. Estonia has the youngest structure of population and even there are not many inhabitants and the GDP per capita is average, the country has the most willing online crowd investors. |
| Keywords: | crowdfunding, social funding, innovation, financing, CEE |
| JEL: | G24 L26 M13 O16 O53 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no70&r=tra |
| By: | Pawe³ Gajewski (Department of Macroeconomics, Institute of Economics, University of Lodz) |
| Abstract: | This paper investigates patterns of regional inflation persistence in Poland, a representative CEE country. We first argue that the CEE perspective is relevant in the context of this study due to the recent transitions, incomplete processes of forming forward-looking inflation expectations and pronounced spatial inequalities. Using individual and panel regressions on disaggregate data we provide evidence of the aggregation bias and marked differences in inflation persistence across product categories. Furthermore, we show that cross-regional differences in inflation persistence remain, even after controlling for the product category. While we generally confirm the earlier finding of Vaona and Ascari (2012) that more backward regions exhibit higher CPI inflation persistence, we also show that the picture is more nuanced at the product category level. |
| Keywords: | Regional economic dynamics, CEE, inflation persistence |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:ann:wpaper:5/2017&r=tra |
| By: | Maleva, Tatyana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Polyakova, Aleksandra (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Loginov, Dmitriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Makarentseva, Alla (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | In this article the practical aspects of the implementation of social policy in the Russian Federation in the most significant areas, such as demography and migration, labor market and income are revealed on the basis of the monitoring of socio-economic status and health of the population in the period from January 2015 to August 2016. Emphasis is placed on considering the dynamics of consumer prices and their impact on incomes and poverty, access to housing and credit activity. An estimantion of the position of the household sector, social well-being of the population and the perception of individuals of the processes occurring in the economy was perfomed with the help of sociological inquiry. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021710&r=tra |
| By: | Anna Tatarczak (Maria Curie Sklodowska University, Lublin, Poland); Oleksandra Boichuk (Maria Curie Sklodowska University, Lublin, Poland) |
| Abstract: | The labour market situation is considered to be the most widely discussed part of economic development. However, it should be noted that the unemployment situation of young people (aged 15 -24 years) in Poland in general terms seems to be problematic. Overall, the unemployment rate among young people in Poland is significantly higher than the overall unemployment rate in the EU. Moreover, the situation varies greatly across the regions. Using multivariate techniques as a theoretical framework, the main goal of the paper is to identify groups of Polish regions that share similar patterns regarding unemployment among young people. The initial calculation is based on the concept of the taxonomic measure developed by Hellwig. The final method used to create clusters of objects (across 16 voivodeships of Poland) is cluster analysis. A segmentation of the voivodeships is observed for the years 2005 and 2014, based on selected indicators to determine the labour market situation. Through the exploration of the advantages of multivariate methods, the nature of youth unemployment is revealed in more precise detail. Indeed, dendrogram analysis divided the voivodeships into five groups, which are characterized by similar features associated with the labour market. It was found that the groups which emerged in 2005 have a different composition of regions than in 2014; this difference seems to be connected to the economic crisis. |
| Keywords: | labour market; unemployment; young people; cluster analysis |
| JEL: | C38 J42 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no130&r=tra |
| By: | Ivan Kostadinovic (Faculty of Law, Security and Management, Serbia); Azra H. Hanic (South Ural State University (National Research Univeristy), Russia); Evgeny Starikov (Perm National Research Polytechnic University, Perm, Russia) |
| Abstract: | In the search for additional data, which would enable the conclusion on the implementation of the principle of fairness in the distribution of rewards as one of the key ethical concepts in relations between employers and employees, a survey was conducted, which entailed the corresponding proportional number of respondents from Serbia and Bosnia and Herzegovina, to enable comparison of results. On the basis of secondary data, this research started from the assumption that the principle of Procedural justice in the distribution of income in Serbia and B&H has been insufficiently applied in practice in organizations in these two countries. It has been assumed that the ownership structure of the company (organization) affects the degree of implementation of the principles of fairness. The aim of this paper is to identify elements of the system of rewards which determine the perception of fairness among employees and to what extent they are implemented in organizations in Serbia and Bosnia and Herzegovina. In this paper the authors are looking for the identification of elements that form the basis of fairness in the distribution of rewards and their importance for the perception of fairness. Methodologically, the paper is based on the analysis of the existing literature, secondary sources and statistically processed results of the survey conducted in 328 organizations in Serbia and Bosnia and Herzegovina. The results of this analysis indicate that the elements of fairness in distribution of rewards were neglected in the organizations analyzed in this research. According to the presented data of the research conducted on the sample of 325 respondents in Serbia and Bosnia and Herzegovina hypotheses are confirmed that the principles of procedural justice are not sufficiently applied in organizations in Serbia and Bosnia and Herzegovina. Their application depends on the form of ownership. Low perception of procedural practice in distribution of rewards may have negative impact on business results, which can be the subject of some future research. |
| Keywords: | fairness, rewards, employees, organizational justice, behavior |
| JEL: | M12 M50 M51 M54 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no138&r=tra |
| By: | Gabriela Kolvekova (Technical University of Kosice, Slovak Republic); Gabriela Kolvekova (Technical University of Kosice, Slovak Republic) |
| Abstract: | Urban areas are as important as rural ones for regional development. This paper observes especially the position of cities, urban areas in the context of global value chains – GVC. Global value chains reflect specialization and labour division of companies, mostly multinational enterprises – MNEs. MNEs can be considered for flagships of some industries. Such flagship influence suppliers and purchasers. MNEs are a part of networks or do have got an access to such networks that combine dispersion of the value chain the boundaries of the firm and across national borders and. The impetus of this humble work was to look at position of Slovak cities (Bratislava, Žilina) in order to look for sectors that can help to develop the city and its adjacent regions, particularly cross-border regions. The paper discussed how the attribute of the cross-border regions gives the cities more advantageous position in GVC. Applying method of location quotient allowed to shed a light on GVC, which cities participate in. Some cities were in a position to take advantage of participation in GVC. Examined cities are located in the western part of Slovak Republic. Discussion about the attribute of the cross-border regions can stimulate new ideas for finding causalities in city sprawl or in specialization patterns in industrial structure of the city. Discussion further fosters the comparison of two cities strengths and weakness of each of them that were summarized in terms of employment and industrial exploitation of GVC. It is the first finding and value added of the paper. Second one, method of location quotient is simple, but provides clear evidence on the regional development or decline in particular industries and time of observation. |
| Keywords: | employment, value chains, industry |
| JEL: | J21 Q01 R12 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no45&r=tra |
| By: | Chokaev, Bekhan (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The article discusses the prospects for the development of the financial system and the economy, associated with the emergence of Islamic finance industry in the country. The author briefly describes the distinguished features of Islamic finance, examines the main obstacles for functioning of Islamic financial institutions in the Russian legislation. Furthermore, there is an analysis of the economic benefits from the creation of economic infrastructure, which enables Islamic financial companies to operate in equal conditions with other subjects of the financial system in terms of financial, tax and administrative aspects. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031719&r=tra |
| By: | Adam P. Balcerzak (Nicolaus Copernicus University); Michal Bernard Pietrzak (Nicolaus Copernicus University) |
| Abstract: | Investing in digital infrastructure and building effective digital economy is currently considered as a basic condition for keeping international competitiveness of developed economies. In the case of developing countries in some economic models it is considered as a factor that can help to avoid middle income trap. From the regional perspective developing digital economy can support the process of convergence and closing development gap between the regions. As a result, a comparative research concerning the development level of digital economy is an important scientific task. In this context, the aim of the article is to assess and compare the development level of digital economy in Polish regions (NUTS 1). The digital economy is commonly considered as a multiple-criteria phenomenon. Thus, an approach based on TOPSIS method with application of generalized distance measure GDM was used in the analysis. Six diagnostic variables concerning digital infrastructure and level of its utilization were used. The research was conducted for the years 2012-2015 with application of Eurostat Data. The conducted analysis confirmed relatively quick progress in the field of building digital economy obtained by Polish regions. |
| Keywords: | digital economy; multiple-criteria analysis; TOPSIS; generalized distance measure GDM |
| JEL: | P25 C38 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no3&r=tra |
| By: | Vlada Vitunskiene (Aleksandras Stulginskis University, Lithuania); Evaldas Serva (Aleksandras Stulginskis University, Lithuania) |
| Abstract: | For a long time before the Russian import ban, Russia was the second most important destination for Lithuania's agricultural exports (after the EU common market), especially for processed dairy and meat products, and edible vegetables. Russia imposed a ban on most agricultural products from the EU in August 2014. Moreover, a year earlier, Russia closed its market for Lithuanian dairy products citing safety concerns. Among the EU countries, the economic impact of the Russian import ban of agricultural products may be most acute in Lithuania. Purpose of the article is to examine the Russian import ban consequences for Lithuanian agricultural products export and the agri-food industry responses to the Russian import restrictions. The examination has been based on trade and production performance indicators. Time series and spatial analysis of agricultural export flows by HS and the food production. Due to the Russian embargo Lithuania’s agricultural production export worth sharply declined in 2014-2015. In volume terms, Lithuania’s export of cheese, cream, yogurt and other fermented milk products was significantly lower in 2016 than in 2013, although, butter export has increased, whereas a higher share of raw milk was processed into butter. The production profile of the dairy processing industry has been changing since 2014. Processors have increased output of products like butter and skimmed milk powder which can be sold or stored within the EU intervention programs or exported to alternative markets within the EU or beyond. In 2015-2016, the export of banned agricultural products has been reoriented towards new markets. The profitability of dairy processors decreased in 2014. However, in 2015, main dairy processors increased the profitability again due to the greatly reduced farm-gate milk prices. Despite the drop of farm-gate milk prices, majority of farmers are continuing milk production. Some of the farms completely switched to local food markets |
| Keywords: | agri-food products export, processing industry, Russian import ban, profitability |
| JEL: | F14 Q17 Q18 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no136&r=tra |
| By: | Tomasz Ingram (The University of Economics in Katowice, Poland); Grzegorz Glod (The University of Economics in Katowice, Poland) |
| Abstract: | Organizational resilience, understood as an ability to survive in harsh market conditions, captures increased research consideration in recent years. The same applies to family businesses that attracted significant attention lately. Although the interest in the topic grows, there are still remaining questions to be answered. In the paper we focus on identifying factors affecting organizational abilities to adapt to dynamic, hostile and complex environment especially when disruptive events occur in the environment. Literature studies in the topic allowed development of research proposition - organizational resilience should help to survive negative occurrences in the environment and family business should focus their attention on building resilience capacity while it may allow and facilitate longevity and well-being of an organization. We illustrate this proposition with the use of two family company cases from the Silesian Voivodeship. The first is a case of a large production company that existed between 2010 and 2013, and after receiving increased growth in 2005-2012 period it went bankrupt in 2014 after two large contracts. The second is a case of a developer company from the same region that started its operation in the same period and managed to develop both its market and products in years. We compare the data flowing from interviews with the owners (that are also managers of these companies) using Eisenhardt (1989) methodology and that leads to creation of propositions for future research. Research results indicate there are several factors influencing ability to cope with critical situations. Firstly, we identified that professionalization of management of family business leads to better chances to survive in the environment. Secondly, we conclude that awareness to weak signals diminishes the probability of risky behaviors and helps to survive in dynamic, hostile environment. |
| Keywords: | organizational resilience, family business, case study |
| JEL: | M20 H12 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no39&r=tra |
| By: | Ruta Adamoniene (Mykolas Romeris University); Jolanta Solnyskiniene (Vilnius Gediminas Technical University,); Lina Rupeikiene (Alytus County Police Headquarters) |
| Abstract: | The evaluation of employees and their activity requires precise and responsible preparation, it is a process, having a large impact to successful implementation of strategic goals of institution. The evaluation of official work of civil servants in Lithuania does not have deep traditions. Thus, the main analyzed problem is the following: if the criteria of statutory institution employees and their activity evaluation (possibilities and results) are significant to the evaluation results of statutory institution employees and their activity. To make the analysis of theoretical aspects of employees and their activity evaluation and to provide an evaluation improvement model of statutory institution employees and their activity. While analyzing the theoretical peculiarities of employees and their activity evaluation, the analysis, systematization and generalization of scientific literature, scientific articles as well as legislation of the Republic of Lithuania acts have been performed. A quantitative research method was used for the performance of the empiric research; and the qualitative content analysis, descriptive statistical data analysis as well as comparative analysis were used for the analysis of the gathered data. The used in this part researches methodology and results combine the identification of interconnection of statutory institution employees and their activity evaluation possibilities (leadership, people and processes) as well as measuring of their importance. Seeking for useful and effective employees and their activity evaluation process in a statutory institution, a theoretical model of employees and their activity evaluation in a statutory institution improvement was developed on the basis of general evaluation model, which has been successfully adapted in a statutory institution. Having identified the problematic fields of employees and their activity evaluation and determined the reasons of their occurrence and possible improvement opportunities, on the basis of the obtained results, a model of statutory institution employees and their activity evaluation improvement with the indicated in a research problematic fields, improvement possibilities and expected positive results is provided. |
| Keywords: | employees, employees and their activity evaluation, evaluation model |
| JEL: | M12 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no117&r=tra |
| By: | Dobrolyubova, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Klochkova, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Yuzhakov, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Samotsvetova, Alexandra (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The development of the personnel potential of the federal state civil service plays a key role in improving the quality of public administration. The material presents an analysis of the trends in the staffing of federal executive bodies and the payment of civil servants. The results of the analysis allow to estimate the influence of optimizing the number of the state civil service on the staffing of the implementation of state programs |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031705&r=tra |
| By: | Rita Remeikiene (Lithuanian Institute of Agrarian Economics, V. Kudirkos 18-2, 03105, Vilnius, Lithuania); Ligita Gaspareniene (Lithuanian Institute of Agrarian Economics, V. Kudirkos 18-2, 03105, Vilnius, Lithuania) |
| Abstract: | The increase in the demand for organic products prompts the establishment of green farms. In spite of the large global interest in green farming, scientific literature is not rich in the studies that cover the issues of green farming development. Although previous studies examine different aspects of green business, the factors that facilitate or impede the development of green farming, especially at the national level, are hardly considered. In order to fill this gap in the scientific literature, we formulate the following problem of the research: what opportunities of green farming development can be envisaged in Lithuania? To explore the opportunities of green farming development in Lithuania on the basis of the general features of green business development. Comparative and systematic analysis of the scientific literature, graphic and comparative data analyses, and expert evaluation. The researched has enabled to identify the factors that facilitate and impede green farming development in Lithuania. On the basis of the results of the expert evaluation, the recommendations for green farming development in Lithuania were provided. It was found that the main barriers that disturb smooth development of green farming in Lithuania mainly include economic and social obstacles. Frequently changing regulations on organic farming, complicated procedures of green farming certification and lack of information about the support and subsidies call for the development of a consistent green farming monitoring system and conduct of the efficient green market research. Extensive networking systems would provide the opportunities for green farmers to share their experience and observe all the economic changes: new market niches, demand-supply indicators, new channels of product delivery, etc. Non-financial green farming support measures (e.g. consultations, training, provision of information, etc.) could substantially contribute to the development of green farming in Lithuania. |
| Keywords: | green business, green farming, organic foods, Lithuania. |
| JEL: | Q13 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no99&r=tra |
| By: | Nazarov, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sokolov, Denis (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper presents the institutional analysis of the Russian health care system in 2014-2015 and roles and strategies of its main elements – medical centres, insurance companies, patients and etc. Economic analysis was conducted using the qualitative methods of anthropology and sociology, and the discourse method. Main recommendations contain introduction of variable schemes of cofounding payments for patients, allowing doctors from inpatient department to practice in outpatient department, development of private medicine in rural areas and in large cities, adjusting tariffs of the Mandatory Medical Insurance to the market ones and etc. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021714&r=tra |
| By: | Rita Remeikiene (Lithuanian Institute of Agrarian Economics, V. Kudirkos 18-2, 03105, Vilnius, Lithuania); Ligita Gaspareniene (Lithuanian Institute of Agrarian Economics, V. Kudirkos 18-2, 03105, Vilnius, Lithuania) |
| Abstract: | Increasing flows of migration have not only positive, but also negative effects on economics, first of all, by causing substantial disproportions in the labour market. Lithuanian national economy has been hurt by excessive emigration rates. With reference to the projections of ‘Eurostat’ (2015, pp. 1-16), by 2060, Lithuanian population will have decreased by 1.8 million. Loss of such big quantities of the labour force is dramatically reducing competitiveness of the country. Although scientific literature is relatively rich in the studies on the links between emigration and general structural components of competitiveness, the current and plausible future impact of high emigration rates on the competitiveness of Lithuania has hardly been researched. To assess the impact of emigration on the competitiveness of Lithuanian economics. Comparative and systematic analysis of the scientific literature, correlation analysis. It has been found that a substantial part of the indicators of Lithuanian competitiveness show different trends than those which are described in the scientific literature. This finding discloses the complexity of the situation in the country. It should be noted that although the country is losing its labour force, the rates of GDP per capita are increasing. This tendency can be explained by intensive flows of investment in R&D, i.e. the model of the country’s economy is being redirected from cheap labour to technology-based economy. Nevertheless, the situation in the country is worsened by sustainability of high unemployment rate and high risk of population’s poverty. Lithuania really needs to start caring about its demographic resources because in the future the trends of low birthrate and aging society will ultimately cause the problems of social support and tax burden for the employed population. |
| Keywords: | export, factors, evaluation, Lithuania |
| JEL: | J11 O15 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no98&r=tra |
| By: | Avraamova, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Karavay, Anastasia (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Loginov, Dmitriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The report contains the results of research which purpose was to determine the factors influencing the level of welfare and to describe population groups to be in poverty zone or under the risks to be among the poor. Informational base of the research is the data of representative sample poll of 3,5 thousand respondents over the whole Russia. The methodology, including the analysis of poverty risks and also of recourse capabilities of individuals and households to resist them, is applied. Comparison of risks and recourse capabilities allowed to identify the group, representing 28,8% of population, that had the highest risks of welfare reduction and at the same time without recourses allowing to build productive adaptation strategies except reduction of consumption activity. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031721&r=tra |
| By: | Piotr Kulyk (Uniwersytet Zielonogorski); Mariola Michalowska (Uniwersytet Zielonogorski); Monika Patelska (Uniwersytet Zielonogorski) |
| Abstract: | Research background: The article has address the issue of sustainable consumption which is becoming increasingly important on account of the adverse social and environmental consequences caused by the development and growth of societies. Sustainable consumption encourages to make rational choices and take responsibility for one's choices. Consumers take a number of decisions every day that affect not only themselves, but also cause externalities. There are many studies that indicate that consumers when buying goods and services are driven by environmental and ethical considerations. Purpose of the article: Changes occurring in the environment affect consumer behavior leading to multiplicity of attitudes and changes in consumption trends. The article has shown consumer behavior in line with the concept of sustainable development against the background of trends in consumption in Poland. Methodology/methods: The basis for the discussion in the article will be: literature studies, available empirical studies and our own results of the survey among respondents in Lubuskie voivodeship. Surveys using questionnaires were directed at 541 respondents. The number of correctly completed questionnaires was 500, and the figures contained in them were subjected to further analysis. Findings: Respondents in their purchasing choices are not guided by the influence of the consumption on the natural environment. However, in their behaviors we can notice some environmental measures, which stem from different reasons, depending on the socio-economic conditions. |
| Keywords: | consumers’ behaviours, sustainable consumption, trends in consumption, Lubuskie voivodeship |
| JEL: | Q01 D11 D12 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no55&r=tra |
| By: | Malgorzata Galecka (Uniwersytet Ekonomiczny we Wroclawiu); Katarzyna Smolny (Uniwersytet Ekonomiczny we Wroclawiu) |
| Abstract: | The aim of this article is the efficiency evaluation of statutory subsidies granted to cultural institutions in the context of subsidizing rules of these institutions. From the economic point of view, the financial analysis of cultural institutions shows economic inefficiency of all institutions. In the majority these are institutions that live on thanks to income from the organizer’s subsidies, generating low own revenue in relation to incurred costs. The authors make the argument that subsidized cultural institutions in Poland report heterogeneous financial results despite the fact that their financial management is based on the same financing rules. The authors assume that similar amounts of transfers should provide a comparable range of performed tasks, and thus the access to goods and services supplied. The subject of the study of measuring the economic efficiency of the expenditure of cultural institution are public theatres and music institutions in big cities. The object of the study was limited to cultural institutions whose core business include performing arts.In the paper, while fulfilling the set objective of the study and while verifying the hypothesis graphical method, descriptive statistics, as well as methods of statistical inference have been used. It should be emphasized that despite homogenous principles of granting statutory subsidies, the economic efficiency of individual cultural institutions of culture is diverse. Lack of correlation between the level of financial results, the level of the statuary subsidies and of thetotal costs of a cultural institution leads to conclusion that more factors in this field should be investigated. |
| Keywords: | economic efficiency;public expenditures;cultural institutions; financing rules, subsidies |
| JEL: | H7 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no27&r=tra |
| By: | Piotr Kulyk (Uniwersytet Zielonogorski); Mariola Michalowska (Uniwersytet Zielonogorski); Paulina Paluszkiewicz (Uniwersytet Zielonogorski) |
| Abstract: | Research background: Organic farming is a practical response to the ecological consequences of non-organic management of natural resources. Interest in the organic food market is growing both among producers and consumers. What has influenced this is, on the one hand, the demand for organic products, and on the other, the support for organic farming from the national budget and the budget of the European Union. Purpose of the article: In the article we have shown an attempt to identify the key factors influencing the development of the organic food market as well as the state of organic farming in Poland compared to individual European Union countries. Particular attention has been paid to the mechanisms of support for organic farming that enables farmers to keep a farming system based on ecological production methods not disturbing natural environmantal balance and allowing to undertake activities that are particularly beneficial for environmental protection ensuring the continuance and development of present and future generations. Seeking justification for the promotion of organic agricultural producers a reference has been made to the market failure, with particular emphasis on the problems of socio-economic development. Methodology/methods: The conditions for the development of the organic food market are shown in the context of the analysis of the literature on the problems of organic farming, the available empirical research, as well as the results of own survey conducted among respondents in Lubuskie Voivodeship and data from the Central Statistical Office, Eurostat and IJHARS. Findings: Polish organic food market is growing rapidly. However its significance in Poland is not great in the total agricultural production. The level and structure of consumption of organic food market is determined by the income of consumers, as well as their increasing environmental awareness. An important element influencing the development of organic farming is a system of support for organic farming. |
| Keywords: | organic farming, demand factors, supply factors |
| JEL: | Q56 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no54&r=tra |
| By: | Arkadiusz Œwiadek (University of Zielona Gora, Poland) |
| Abstract: | In the literature, there is a discussion on the importance of the spatial distans to the user in the context innovation activity. Although, most of this kind of studies concentrate on exporting enterprises and compare them to domestic ones. Exporting activity is very important for catching-up countries, because of technology transfer in its background. The aim of this paper is to determine whether the innovative activity in Poland’s industrial system is a consequence of close interactions (local and regional), or perhaps conditioned by the imperative of functioning on the national and international market? Main hypothesis was to claim that on the current development level of Poland, the relationship between the range of sales and innovation activities are different from those in the more developed countries. Empirical studies was created in 2006-2012 as a result of the systematic collection of questionnaires filled by industry enterprises in Poland from all regions (5209 correct fulfilled questionnaires). Methodical analysis was based on the theory of probability - probit modeling, because dependent variables were binary (0 or 1). Local and regional environment is not conducive to stimulating innovation activity, but national spatial is a sufficient space, but high intensity observed only when the company has been working on the international market. It means, that the industry maturity level in Poland is good enough for creating a domestic innovation environment. This kind of an aggregation level should be stimulating by the government innovation policy. |
| Keywords: | innovation, industry, system, country, sale range |
| JEL: | L52 O25 P51 O31 O32 O33 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no129&r=tra |
| By: | Zofia Grodek-Szostak (Cracow University of Economics); Janusz Nesterak (Cracow University of Economics); Malgorzata Luc (Jagiellonian University in Cracow) |
| Abstract: | Research background:.In the international literature we can find great examples of research in the field of innovation and technological cooperation boosting between companies. Confrontation of theory and empirical research shows that meaning of cooperation and geographical closeness for innovative activity as well as the quality and effectiveness of public support are still ambiguous. Public support of technological cooperation is connected with different components of innovative network, that shows the need of horizontal cooperation, what is legitimate in developed countries. Great example of that kind of international network is Enterprise Europe Network (EEN). Innovative cooperation and technology transfer infiltration always have been a subject of research, but still there are issues to investigate. Because of that reason, there was a research hypothesis created: international technology transfer performed among companies and other economic entities accelerates innovative processes and gives profits for both players. Purpose of the article: The purpose of this article is to show different aspects among cooperation and technology transfer and trial to evaluate its synergical impact on international innovative activity of companies. Methodology/methods: This paper illustrates theoretical and empirical research in the scope of many aspects of innovative cooperation and technology transfer. The empirical analysis focused on data from the Enterprise Europe Network in 2009-2015 and interviews with offices supporting companies in starting and performing of international technological cooperation. The presentation of spatial connections of technological cooperation was illustrated by the Gastner Newman’s amorphous (eumorphous) choropleth, created in the ArcMap 10.4.1 programme with the use of the quantile method. Findings: The article discusses the role of cooperation among network in the international technology transfer. A special analytical emphasis was put on the public networks supporting such cooperation. Specific knowledge and technology is very often out of reach for companies (especially SMEs) because of costs or limited access, and cooperation provides the opportunity to create new relations which can integrate ideas and knowledge, and in effect, lead to new ground-breaking innovations. There is also the significant element like public support for companies in the whole technology transfer process. |
| Keywords: | technology, support, cooperation, innovation, management |
| JEL: | O14 O11 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no32&r=tra |
| By: | Dobronravova, Elizaveta (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | On 1 January 2015, the Treaty on the Eurasian Economic Union between the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation entered into force. Since January 2, 2015, the Treaty on the Accession of the Republic of Armenia to the Treaty on the Eurasian Economic Union has entered into force, and since August 6, 2015 - the Agreement on Accession of the Kyrgyz Republic to the Treaty on the Eurasian Economic Union. The contract implies the creation of an economic union, within the framework of which it is ensured the creation of unified markets for goods and services, common markets for factors of production, as well as the implementation by member countries of agreements on harmonization of monetary, fiscal and monetary policies. Objective of this work is to analyze the factors affecting well-being of Russia and Countries of the EEA in the processes of economic integration. |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:031710&r=tra |
| By: | Bobylev, Yuri (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Rasenko, Olesya (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper considers the main approaches to the construction of tax regimes for the oil sector of the economy. A comparative analysis of various tax regimes that can be used to improve the efficiency of the tax system in the oil sector of the Russian economy is carried out. This work formulates recommendations on the state tax policy in relation to the oil sector aimed at ensuring the revenues of the state budget and creating the necessary conditions for investment. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:041723&r=tra |
| By: | Renata Marks-Bielska (University of Warmia and Mazury in Olsztyn, Poland); Agata Zieliñska (University of Warmia and Mazury in Olsztyn, Poland) |
| Abstract: | Agency theory examines relations between entities as contract relations. The agency relation is always present when the situation of one person depends on the activities of another person. The individual who performs such activities is the agent, and the other party dependant on the activities of the agent is called the principal. The agency relation occurring between the above-listed parties is one of the oldest and most extensively codified modes of social interactions. Relationship studies: andlord - tenant, belong to the earliest and classic examples of agency relationships, analyzed by economists.the determination of the significance of the lease in Polish agriculture with the use of agency theory. The theoretical basis is primarily provided by a review of the literature encompassing publications devoted to agency theory, legislative acts pertaining to leases, as well as domestic and foreign scientific studies. Statistical data deriving from the Agricultural Property Agency. The time range of the analysis encompassed the years 1992–2015. The empirical section was prepared on the basis of results of our own studies.According to the analysis of the results of the author’s own studies, the most important advantage of leasing for the lessees is the possibility of expanding the farm (76.1%). Very similar importance was also assigned to the possibility of the pre-emptive right (70.1%). Most frequently (42.4%) this answer was indicated by the respondents who held over 75% under lease in total used land. This may be justified by the fact that farms with a high share of lease function in the environment of a relatively higher level of risk than farms with the majority of ownership, whereas purchase of leased land contributes to its minimisation. |
| Keywords: | agricultural lease, agency theory, contract |
| JEL: | D82 L51 Q15 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:pes:wpaper:2017:no72&r=tra |
| By: | Mikhailova, Tatiana (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | This work continues the study of the anatomy of the geographical concentration of Russian industries and firms. Applying the method of Ellison, Glazer and Kerr, I estimate the relative importance of various factors in the observed process of spatial concentration of industrial production in the post-Soviet period. It is shown that the most significant factor was the attraction of large cities. |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:041721&r=tra |
| By: | He, Ming (Division of Economics, Xi'an Jiaotong-Liverpool University); Chen, Yang (Division of Economics, Xi'an Jiaotong-Liverpool University); van Marrewijk, Charles (Division of Economics, Xi'an Jiaotong-Liverpool University) |
| Abstract: | We analyze the consequences of China's massive transformation of cities for firm-level productivity and technology spillovers at the detailed district/county level for the Electric Apparatus sector. We identify three types of regions (metro core, metro ring, and periphery) and three types of transformation variables (modernization, mobility, and economic regional disparity). Using a spatial autoregressive model which allows us to distinguish between spillovers within the region and between neighboring regions, and after controlling for the standard results found in the literature, we nd that: modernization and mobility contribute signifficantly to interregional technology spillovers with neighboring regions, while economic regional disparity signifficantly discourages such types of spillovers and instead encourages spillovers with firms within the region. Of the three transformation variables, disparity explains most of the variance in spillover e ects, followed by mobility and modernization. |
| Date: | 2017–05–24 |
| URL: | http://d.repec.org/n?u=RePEc:xjt:rieiwp:2017-01&r=tra |
| By: | Trunin, Pavel (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sinelnikov-Murylev, Segei (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Perevyshin, Yuri (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Egorov, D.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The paper studied the factors of regional differentiation of price levels and inflation in the Russian regions. The law of one price for certain goods in the Russian regions is true for a group of products that can be called homogeneous: their quality and functional properties do not differ between regions. For 70% goods considered the hypothesis of one price was rejected. The extent of price differences in the Russian regions are declining, but still remain significant. In 2015, the cost of living in the cheapest and most expensive region differed 2.5 times. The reasons for price differences in the Russian regions include the level of per capita income and the degree of remoteness of the region from the rest. Domestic factors, determined on the basis of macroeconomic indicators, explained about 53% of the variation of the regional rate of inflation in 1996-2015. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021708&r=tra |
| By: | Khromov, Michael (Russian Presidential Academy of National Economy and Public Administration (RANEPA)) |
| Abstract: | The problems of regional banks are not given due attention in any strategic document of the Bank of Russia and the Government of the Russian Federation. In the academic literature, the topic of regional banks was not raised until the middle of 2016, when the Bank of Russia resumed the discussion. This research is devoted to the banking sector of the Urals Federal District and to credit organizations operating in the regions of this Federal District. The study is characterized by detailed portraits of banks registered in the UFD: a description of their history, information on shareholders and management, the characteristics of the main business, the analysis of financial indicators. The study presents not only the results of a survey of the views of UFD bankers on their assessment of the state of the banking business, but also a comparison of opinions with results in other federal districts. |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:021718&r=tra |