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on Transition Economics |
| By: | Eva Hromadkova; Ivana Kubicova; Branislav Saxa |
| Abstract: | We examine interest rate pass-through in the Czech Republic over the period of 2004-2022. We investigate the speed and completeness of the transmission of changes in reference market interest rates to lending rates on loans to non-financial companies and housing loans. The use of a rolling window approach enables us to examine changes in the pass-through over time. In the case of housing loans, the transmission of the 5-year interest rate swap rate to client rates is strong in the long term, although currently it is not complete. A 1 percentage point increase in the unemployment rate implies an approximately 0.2 percentage point increase in the risk premium for the interest rate on loans for house purchase. Our estimates for loans to non-financial companies confirm that changes in the 3M PRIBOR are passed on almost completely with minimal delay. A 1 percentage point reduction in the output gap implies an approximately 0.1 percentage point increase in the risk premium for the client interest rate on corporate loans. |
| Keywords: | ARDL model, credit premium, interest rate pass-through, rolling windows |
| JEL: | C2 E43 E52 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:rpnrpn:2023/02&r=tra |
| By: | William A. Allen (National Institute of Economic and Social Research) |
| Abstract: | The history of ‘money doctors’ despatched to give financial advice to countries thought to be in need of it has mainly concentrated on American advisers (e.g. Flandreau 2003). This paper gives an account of a British mission to Poland in 1923 – 1924, a period which coincided with the ending of Poland’s hyper-inflation. It describes how the mission contributed to Poland’s monetary stabilisation in 1924, and explores the tensions that arose about the scope and functions of the mission, and of foreign advisers more generally, both between the mission and the Polish authorities, and within the mission. |
| Keywords: | Poland, money doctors, inflation, Hilton Young, Grabski, monetary reform |
| JEL: | N14 N24 N44 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:nbp:nbpmis:366&r=tra |
| By: | Tamilina, Larysa |
| Abstract: | This study investigates the influence of historical encounters with invasions and territorial fragmentation on the formation of a democratic political culture. Utilizing individual-level psychological theories, I illustrate that enduring occupations tend to foster pro-democratic values, such as a sense of resistance and autonomy. Additionally, the historical presence of territorial fragmentation contributes to the proliferation of diverse opinions, stimulating social dialogues and prompting citizens to advocate for a greater say and increased participation in the political sphere. Conversely, regions acting as occupiers and avoiding territorial division typically exhibit authoritarian governance, fostering submission to authorities and a distorted understanding of power. To validate these propositions, I employ Ukraine and Russia as illustrative examples. By applying a structural equation modeling to the World Values Survey data, I demonstrate that Ukraine, characterized by dynamic occupations and territorial fragmentation throughout its evolution as a nation, is more likely to belong to a class reflecting a more democratic political culture. In contrast, Russia's history of a unified authoritarian state is associated with an increased probability of belonging to a class describing a less democratic culture. |
| Keywords: | History and politics, political culture, psychology of nations, Russia, Ukraine. |
| JEL: | N40 P5 P50 |
| Date: | 2024–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119727&r=tra |
| By: | Arturs Kokars (Ventspils University, Inzenieru St. 101A, LV3601, Ventspils, Latvia. Author-2-Name: Hilkevics Sergejs Author-2-Workplace-Name: Ventspils University, Inzenieru St. 101A, LV3601, Ventspils, Latvia. Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | " Objective - The current paper investigates the role of creating public and private goods through aviation to determine state policy priorities and analyse the aviation industry's impact on the national economy in Latvia. Methodology - The current paper involves a multi-factorial approach, combining legal, economic, and social impact assessment elements. The quantitative analysis applies an input-output model to assess the aviation industry's direct, indirect, inducted, and catalytic effects. Findings - The assessment of multi-factorial indicators assumes paramount importance in ascertaining the contribution of the Latvian aviation sector to the nation's gross domestic product (GDP). Despite its immersion within an intensely competitive market environment, the aviation sector continues to witness substantial government interventions on a global scale. Thus, it becomes imperative to delineate the considerations that delineate public goods, ensuring their alignment with the tenets of equitable competition. Novelty - Compared to previous studies, the input-output analysis in the aviation industry is extended to evaluate the public and private goods created by the aviation industry to determine favourable state aid policies. Type of Paper - Empirical" |
| Keywords: | Aviation, Input-Output Model, State Aid, State Policy, Public Goods. |
| JEL: | D71 H11 |
| Date: | 2023–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jber240&r=tra |
| By: | Basysta, Khrystyna |
| Abstract: | The aging process in Ukraine has become increasingly significant due to several factors, including the country's shrinking workforce, rising pension expenditures, and reduced capacity for long-term social and economic investments. Moreover, the ongoing war in Ukraine exacerbates these challenges by displacing a significant portion of the population, contributing to an increased burden on social welfare systems, and hindering economic recovery. Furthermore, the absence of a large enough workforce could contribute to the labor shortage and the resulting reduction in Ukraine's global competitiveness. To address these issues and mitigate the economic impact, Ukraine needs comprehensive strategies encompassing healthcare, pension services, and long-term social and economic investments. By investing in such strategies and promoting sustained economic development, Ukraine can effectively manage the challenges posed by its aging population and enhance overall economic stability. |
| Keywords: | Population, aging process, Ukraine, war, life expectancy. |
| JEL: | J10 J11 J13 |
| Date: | 2023–11–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119474&r=tra |
| By: | Hettiarachchi, Upeksha; Zhang, Wei; Pham, Thuy Thu; Davis, Kristin; Fadda, Carlo |
| Abstract: | This study focuses on the valuation of ecosystem services in Kenya and Vietnam, two countries that have received much attention from the international development community for their biodiversity significance, opportunities for scaling, climate and poverty challenges, and political will. Using The Economics of Ecosystems and Biodiversity (TEEB) framework and the Millenium Ecosystem Assessment (MEA), this study estimates per hectare values of ecosystem services in Kenya and Vietnam based on a systematic literature review of studies on the values of ecosystem services in both countries. Provisioning services, such as medicines, timber, and non-timber forest products were better studied than regulating, supporting and cultural ecosystem services, underscoring the need for further research to better estimate the values of non-tangible services which would improve the estimation of total value of ecosystem services in Kenya and Vietnam. To complement the national level analysis, we selected forest biomes to conduct a value transfer analysis. Forests provide ecosystem service benefits worth $25.78 billion for Kenya and $35.6 billion in Vietnam in 2022 USD. In comparison, the agricultural sector contributed $48.50 billion to Vietnam’s GDP and $24.10 billon to Kenya’s GDP in 2021. The per hectare values for ecosystem services are used in a value transfer analysis to estimate the total value of forest ecosystem services in Vietnam and Kenya. The average per hectare value of ecosystem services provided by forests in Kenya is $5, 718.50 ha−1 yr−1 estimated within a range spanning $1, 609.44 to $15, 606.62 ha−1 yr−1 , while Vietnam's forests demonstrate an average value of $3, 650.20 ha−1 yr−1 , with a range of $84.93 to $8, 978.16 ha−1 yr−1 . We project the loss of forests into 2050 and estimate the annual economic loss of ecosystem services at $48.08 million for Kenya and $76.29 million for Vietnam, respectively, if deforestation and forest degradation continue at the current rates. Our approach presents a comprehensive overview of diverse ecosystem services, equipping policymakers with a nuanced comprehension of ecosystems’ inherent value. By consolidating values from the literature into a national-level estimate, we provide compelling evidence at a broader scale for informed decision-making. Despite the well-known limitations of value transfer method and with caveats, the values presented in our paper can provide a guiding reference for incorporating these estimations into broader policymaking endeavors. |
| Keywords: | biodiversity; deforestation; ecosystem services; forests; policies; value theory; KENYA; EAST AFRICA; AFRICA SOUTH OF SAHARA; AFRICA; VIET NAM; VIETNAM; SOUTH EAST ASIA; ASIA |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:ifprid:2228&r=tra |
| By: | Monika Junicke; Jakub Mateju; Haroon Mumtaz; Angeliki Theophilopoulou |
| Abstract: | We investigate the heterogeneity in the effects of monetary policy shocks on the distribution of wages and hours worked, using unique contract-level data from the Czech labor market and identifying monetary policy shocks using a narrative approach based on market surprises in interest rate futures. The results suggest that low-wage groups are hit more profoundly by monetary policy shocks than high-wage groups, and the effect of restrictive shocks is stronger in the manufacturing sector than in any other. Exploring other dimensions of the data offers insights into the heterogeneity of the the impact of monetary policy on different demographic groups. We show that low-educated and also young workers are more affected by restrictive monetary policy shocks due to their higher shares in low-wage groups. |
| Keywords: | Heterogeneity, monetary policy, shock identification, wage inequality |
| JEL: | C32 E24 E52 J31 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:wpaper:2023/4&r=tra |
| By: | Bao-Trung Phan ("International School, Vietnam National University Ha Noi, 10000, Hanoi, Viet Nam " Author-2-Name: Nguyen-Nhu-Y Ho Author-2-Workplace-Name: "International School, Vietnam National University Ha Noi, 10000, Hanoi, Viet Nam " Author-3-Name: Thi-Minh-Ngoc Luu Author-3-Workplace-Name: "International School, Vietnam National University Ha Noi, 10000, Hanoi, Viet Nam " Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | "Objective - The organizational behavior of the young workforce in a country currently in a period of golden population structure like Vietnam has been a controversial topic for domestic and foreign business owners. This study explores the relationship between job satisfaction and six factors and the impact of job satisfaction-based work effort on organizational commitment in Vietnam Methodology/Technique - Using a sample of employees under 30 years old who have recently graduated with a modern mindset, an antecedent mediation model, regression analysis, and structural equation modeling were employed to test the research hypotheses. Findings and Novelty - The results revealed that environmental support was the most significant factor for young workers in Vietnam, followed by achievement orientation, teamwork, and work conditions. The study provides practical implications for young workers and offers suggestions for employers. The findings contribute to a better understanding of the factors that influence job satisfaction and organizational commitment among young workers in Vietnam. Type of Paper - Empirical" |
| Keywords: | Job satisfaction, Organizational Commitment, Vietnamese Young Workforce. |
| JEL: | J28 J29 |
| Date: | 2023–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:gjbssr641&r=tra |
| By: | Habermann, Birgit; Nehring, Ryan; Zhang, Wei; Hettiarachchi, Upeksha; Leñero, Eva Marina-Valencia; Falk, Thomas; Rietveld, Anne M.; Woltering, Lennart; Kumar, Praveen; Wang, Xinxin; Zhou, Yunyi; Chen, Kevin Z.; Pham, Thuy Thu; Rodríguez, Luz à ngela; Venegas, Martha |
| Abstract: | Innovation spaces are often dominated by linear, top-down approaches, with the transfer of technology being seen as the solution to many problems rather than trying to understand which innovation processes people are engaging with themselves. In other words, barriers to progress are typically viewed as issues of technology adoption, not as part of the innovation process itself. This study contributes to changing the paradigm by proposing a living lab approach, which considers innovation as an adaptive process where stakeholders co-produce knowledge and collaborate based on inclusivity and empowerment. Our specific concept for this approach is called a Living Lab for People (LL4P). This conceptual paper outlines a framework to guide the development of a LL4P that remains flexible to be adapted for specific sites. While we seek to identify common denominators, we recognize the necessity for such a framework to remain open enough to be adaptable for varied contexts. Consequently, the framework draws on the living lab literature but tailors existing approaches for sustainable food system transformation and puts people (men, women, and marginalized groups among key food system actors) at the center of innovation processes with a clear intention to address power and social inequity. We draw on specific cases in China, Colombia, Kenya and Vietnam as learning grounds for formulating LL4Ps through locally led innovation processes. Based on our learnings and consultations, we define a LL4P as an inclusive and diverse space for people to advance their socio-technical innovation processes and associated modes of governance within a facilitated organizational structure. The principles of LL4Ps include co-production, gender equality and social inclusion, governance and institutional sustainability to advance existing and novel innovation processes. The practical experiences from applying this framework in the four case studies indicate alternative pathways for transforming the food system toward a sustainable and socially equitable trajectory through the establishment of a LL4P. |
| Keywords: | food systems; sustainability; innovation; governance; social inclusion; inclusion; CHINA; EAST ASIA; COLOMBIA; LATIN AMERICA; SOUTH AMERICA; KENYA; EAST AFRICA; AFRICA SOUTH OF SAHARA; AFRICA; VIET NAM; VIETNAM; SOUTH EAST ASIA; ASIA |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:ifprid:2227&r=tra |
| By: | Josef Sveda; Jiri Panos; Vojtech Siuda |
| Abstract: | We propose an improved methodology for modelling potential scenario paths of banks' risk-weighted assets, which drive the denominator of capital adequacy ratios. Our approach centres on modelling the internal risk structure of bank portfolios and thus aims to provide more accurate estimations than the common portfolio level approaches used in top-down stress testing frameworks. This should reduce the likelihood of significant misestimation of risk-weighted assets, which can lead to unjustifiably high or low solvency measures and induce false perceptions about banks' financial health. The proposed methodology is easy to replicate and suitable for various applications, including stress testing and calibration of macroprudential tools. After the methodology is introduced, we show how our proposed approach compares favourably to the methods typically used. Subsequently, we use our approach to estimate the potential increase in risk weights due to a cyclical deterioration in credit parameters and the corresponding setup of the countercyclical capital buffer for the Czech banking sector. Finally, an illustrative, hands-on example is provided in the Appendix. |
| Keywords: | Countercyclical capital buffer, credit portfolio structure, risk weighted exposure, stress-testing |
| JEL: | E58 G21 G28 G29 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:wpaper:2023/15&r=tra |
| By: | Kamila Ludwikowska (Wroclaw University of Science and Technology, Wrocław, Poland Author-2-Name: Anna Koszela Author-2-Workplace-Name: Wroclaw University of Science and Technology, Wrocław, Poland Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | " Objective - The COVID-19 pandemic has compelled organizations to transition from the existing working model to a hybrid or fully virtual one. The need to address pandemic constraints, coupled with a growing trend towards more flexibility in global mobility, has prompted companies to review their policies regarding international virtual work and establish new rules. Employees will still travel to the host country; however, the frequency and duration of travel will be reduced. This new model of international work for virtual assignments is emerging as an alternative to the traditional model, and in the coming years, it is expected to be the primary focus of human resource management. Therefore, the aim of this article is to contribute to a better understanding of how organizations can reframe existing HR practices to support international virtual assignees in enhancing their job performance. Methodology/Technique - This article attempts to examine the current state of international virtual assignments, the challenges, and future directions in developing HR practices for international virtual assignments, which are considered the most emerging form of work, based on a comprehensive literature review. Findings and Novelty - According to the research, it has been proven that the biggest challenge for international virtual assignees, not yet fully addressed by HRM practices, is virtual work combined with occasional international travels. It is confirmed that further research focusing on the development of supportive HRM practices for these specific assignees is essential. Type of Paper - Review" |
| Keywords: | virtual assignments, virtual work, expatriates, HR practices, global mobility |
| JEL: | M50 M55 M59 |
| Date: | 2023–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jmmr324&r=tra |
| By: | Valērijs Dombrovskis (Faculty of Business and Economics, RISEBA University of Applied Science, Latvia Author-2-Name: Nellija Titova Author-2-Workplace-Name: PhD oec. cand., Vice-Rector for Development, RISEBA University of Applied Sciences, Riga, Latvia. Author-3-Name: Jeļena Ļevina Author-3-Workplace-Name: Dr. psych., leading researcher, European Social Fund Project No. 9.1.3.0/16/I/001 "Raising the Efficiency of Resocialization System, " Riga, Latvia. Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | "Objective - This study delved into the intricate dynamics between individuals' psychological well-being and their roles within the corporate realm. Methodology/Technique - By scrutinizing the potential impact of personality types on adopting sustainable corporate strategies, the research identified six distinct personality types grounded in autonomy and self-control factors. Employing the Ryff scales of psychological well-being, the study engaged 1, 110 residents of Latvia, unearthing valuable insights into the interplay between individual well-being and the successful implementation of sustainable corporate strategies. Finding - These findings contribute a unique perspective to existing literature, deepening our comprehension of how diverse personality types influence and respond to sustainability initiatives. Novelty - The research, thus, guides the formulation of more effective strategies and fosters a corporate culture that embraces sustainability as a fundamental value. Type of Paper - Empirical" |
| Keywords: | Typology, Personality types, Autonomy, Self-control, Sustainable corporate strategies. |
| JEL: | M14 I12 Q56 D23 O15 |
| Date: | 2023–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:gjbssr639&r=tra |