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Zeitschriftendaten
Format
Zeitschrift
eISSN
1804-1663
Erstveröffentlichung
19 Feb 2010
Erscheinungsweise
4 Hefte pro Jahr
Sprachen
Englisch

Suche

Volumen 16 (2016): Heft 3 (September 2016)

Zeitschriftendaten
Format
Zeitschrift
eISSN
1804-1663
Erstveröffentlichung
19 Feb 2010
Erscheinungsweise
4 Hefte pro Jahr
Sprachen
Englisch

Suche

6 Artikel
Uneingeschränkter Zugang

Economic Transformation in Slovenia: From a Model Example to the Default Edge

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 159 - 186

Zusammenfassung

Abstract

The Slovenian economy appeared on the brink of bankruptcy at the end of 2013. The situation was caused by high level of classified debts in state-owned banks. This can be seen as surprising because Slovenia used to be (for a long time) considered as a (textbook) example of the gradualist transformation approach. The goal of this article is first to describe the transformation process in the country and consequently to determine causes of the economic problems that resulted in the 2013 crisis. The article concludes that the economic problems were rooted already in the specific functioning of the centrally planned system in Yugoslavia. These specifics had a direct influence on the transformation process in the country and stood behind the application of gradualism. Among the most telling features of gradualism were slow privatization, cold attitude towards foreign investment and the foremost lasting casual economic environment caused by behaviour of the state-owned banks. My conclusion is that the country’s economic problems can be ascribed to gradualism and that they are a clear example of the path dependence development.

Schlüsselwörter

  • Slovenia
  • economic transformation
  • banking system
  • gradualism
Uneingeschränkter Zugang

The Long-Run Superneutrality of Money Revised: the Extended European Evidence

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 187 - 203

Zusammenfassung

Abstract

This article investigates the validity of the money superneutrality concept for the large panel of European economies. While focusing exclusively on endogenous growth theories including the Mundell-Tobin effect, we examine the long-run response of real output to a permanent inflation shock in every studied country using a structural vector autoregressive framework. For the majority of countries in our sample, the longrun superneutrality concept is confirmed since the original increase/decrease in output growth fades in time. We also test the additional hypothesis of whether the group of countries with smaller in-sample inflation mean forms the exception to the long-run money superneutrality. As the result, modern economies might be better described from the viewpoint of Sidrauski.

Schlüsselwörter

  • endogenous growth theories
  • superneutrality
  • SVAR
Uneingeschränkter Zugang

Technical efficiency of FDI firms in the Vietnamese manufacturing sector

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 205 - 230

Zusammenfassung

Abstract

The study examines technical efficiency of Foreign Direct Investment (FDI) firms in the Vietnamese manufacturing sector by applying stochastic production frontier model and making use of cross-sectional data in the period 2009-2013. The average level of technical efficiency of FDI firms is about 60% and it is higher than that of domestic firms (including private firms and state-owned firms). In addition, the study also analyses correlation between technical efficiency of FDI firms and other factors. It finds that there are positive correlations between FDI technical efficiency and net revenue per labour, firm’s age or export activities in 2013. However, the study is unable to find evidence of a relationship between FDI technical efficiency and infrastructure or firm’s investment activities.

Schlüsselwörter

  • FDI
  • Stochastic production frontier
  • Technical efficiency
  • Vietnam
Uneingeschränkter Zugang

The Evaluation of Recession Magnitudes in EU Countries during the Great Recession 2008–2010

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 231 - 244

Zusammenfassung

Abstract

The aim of this article is to compare 2008-2010 recession magnitudes in individual EU countries. For the comparison the recession magnitude scale was used. The strongest recession during the examined period took place in Latvia, Estonia, Lithuania, Greece and Ireland, while the weakest recessions in the EU occurred in France, Malta and Cyprus. Poland and Slovakia were the only two EU countries that didn’t fall into a recession, that’s why they were not included in the study. The main findings of the paper are that EU19’s recession was much smaller than both the Great Depression of the 1930s and the recent Great Recession in the USA. Furthermore, with the use of a linear econometric model it was found that recession magnitudes in EU countries were directly proportional to the countries’ GDP per capita in 2008 and growth prior to recessions, while countries’ economic openness was indirectly proportional to recession magnitudes, all the relationships being statistically significant.

Schlüsselwörter

  • European Union
  • global financial crisis
  • recession
  • recession classification
  • recession magnitude
Uneingeschränkter Zugang

Is Russia successful in attracting foreign direct investment? Evidence based on gravity model estimation

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 245 - 267

Zusammenfassung

Abstract

The aim of this paper is twofold. First, it is to answer the question of whether Russia is successful in attracting foreign direct investment (FDI). Second, it is to identify partner countries that “overinvest” and “underinvest” in the Russian economy. We do this by calculating potential FDI inflows to Russia and comparing them with actual values. This research is associated with the empirical estimation of factors explaining FDI flows between countries. The methodological foundation used for the research is the gravity model of foreign direct investment. In discussing the pros and cons of different econometric methods of the estimation gravity equation, we conclude that the Poisson pseudo maximum likelihood method with instrumental variables (IV PPML) is one of the best options in our case. Using a database covering about 70% of FDI flows for the period of 2001-2011, we discover the following factors that explain the variance of bilateral FDI flows in the world economy: GDP value of investing country, GDP value of recipient country, distance between countries, remoteness of investor country, remoteness of recipient country, level of institutions development in host country, wage level in host country, membership of two countries in a regional economic union, common official language, common border and colonial relationships between countries in the past. The potential values of FDI inflows are calculated using coefficients of regressors from the econometric model. We discover that the Russian economy performs very well in attracting FDI: the actual FDI inflows exceed potential values by 1.72 times. Large developed countries (France, Germany, UK, Italy) overinvest in the Russian economy, while smaller and less developed countries (Czech Republic, Belarus, Denmark, Ukraine) underinvest in Russia. Countries of Southeast Asia (China, South Korea, Japan) also underinvest in the Russian economy.

Schlüsselwörter

  • determinants of FDI
  • gravity model of FDI
  • Poisson Pseudo Maximum Likelihood method
  • potential values of FDI
Uneingeschränkter Zugang

High-Speed Rail for Central and Eastern European Countries: A Conference Report

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 269 - 275

Zusammenfassung

Abstract

The European transport strategy promotes the role of railways and expects that the key role in passenger transport should be played by high-speed rail (HSR). Although the core network of high-speed lines has already been built and is operating in Western Europe, there has been little coverage so far in Central and Eastern Europe (CEE). The aim of the conference “High-Speed Rail for CEE Countries” that took place in Prague in June 2016 was to put together academics, policy-makers, and practitioners interested in HSR and to formulate recommendations for CEE countries based on West European countries’ experience. Based on the conference presentations and subsequent discussion, the following conclusions were formulated. Firstly, there are many crucial differences in national HSR build-up and operation, which means that former experience of Western Europe is not directly applicable to CEE countries. Secondly, in comparing presentations discussing experiences in France, Britain, Italy, and Germany, it was concluded that the German approach-upgrading existing lines where possible and only building new lines for bottleneck sections-was the most likely appropriate solution in CEE. Lastly, CEE has the additional problem of many border crossings, with a reduction of traffic in comparison with purely domestic routes, and this effect has to be taken into account.

Schlüsselwörter

  • Central and Eastern Europe
  • demand forecast
  • ex-ante evaluations
  • economic geography
  • high-speed rail
6 Artikel
Uneingeschränkter Zugang

Economic Transformation in Slovenia: From a Model Example to the Default Edge

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 159 - 186

Zusammenfassung

Abstract

The Slovenian economy appeared on the brink of bankruptcy at the end of 2013. The situation was caused by high level of classified debts in state-owned banks. This can be seen as surprising because Slovenia used to be (for a long time) considered as a (textbook) example of the gradualist transformation approach. The goal of this article is first to describe the transformation process in the country and consequently to determine causes of the economic problems that resulted in the 2013 crisis. The article concludes that the economic problems were rooted already in the specific functioning of the centrally planned system in Yugoslavia. These specifics had a direct influence on the transformation process in the country and stood behind the application of gradualism. Among the most telling features of gradualism were slow privatization, cold attitude towards foreign investment and the foremost lasting casual economic environment caused by behaviour of the state-owned banks. My conclusion is that the country’s economic problems can be ascribed to gradualism and that they are a clear example of the path dependence development.

Schlüsselwörter

  • Slovenia
  • economic transformation
  • banking system
  • gradualism
Uneingeschränkter Zugang

The Long-Run Superneutrality of Money Revised: the Extended European Evidence

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 187 - 203

Zusammenfassung

Abstract

This article investigates the validity of the money superneutrality concept for the large panel of European economies. While focusing exclusively on endogenous growth theories including the Mundell-Tobin effect, we examine the long-run response of real output to a permanent inflation shock in every studied country using a structural vector autoregressive framework. For the majority of countries in our sample, the longrun superneutrality concept is confirmed since the original increase/decrease in output growth fades in time. We also test the additional hypothesis of whether the group of countries with smaller in-sample inflation mean forms the exception to the long-run money superneutrality. As the result, modern economies might be better described from the viewpoint of Sidrauski.

Schlüsselwörter

  • endogenous growth theories
  • superneutrality
  • SVAR
Uneingeschränkter Zugang

Technical efficiency of FDI firms in the Vietnamese manufacturing sector

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 205 - 230

Zusammenfassung

Abstract

The study examines technical efficiency of Foreign Direct Investment (FDI) firms in the Vietnamese manufacturing sector by applying stochastic production frontier model and making use of cross-sectional data in the period 2009-2013. The average level of technical efficiency of FDI firms is about 60% and it is higher than that of domestic firms (including private firms and state-owned firms). In addition, the study also analyses correlation between technical efficiency of FDI firms and other factors. It finds that there are positive correlations between FDI technical efficiency and net revenue per labour, firm’s age or export activities in 2013. However, the study is unable to find evidence of a relationship between FDI technical efficiency and infrastructure or firm’s investment activities.

Schlüsselwörter

  • FDI
  • Stochastic production frontier
  • Technical efficiency
  • Vietnam
Uneingeschränkter Zugang

The Evaluation of Recession Magnitudes in EU Countries during the Great Recession 2008–2010

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 231 - 244

Zusammenfassung

Abstract

The aim of this article is to compare 2008-2010 recession magnitudes in individual EU countries. For the comparison the recession magnitude scale was used. The strongest recession during the examined period took place in Latvia, Estonia, Lithuania, Greece and Ireland, while the weakest recessions in the EU occurred in France, Malta and Cyprus. Poland and Slovakia were the only two EU countries that didn’t fall into a recession, that’s why they were not included in the study. The main findings of the paper are that EU19’s recession was much smaller than both the Great Depression of the 1930s and the recent Great Recession in the USA. Furthermore, with the use of a linear econometric model it was found that recession magnitudes in EU countries were directly proportional to the countries’ GDP per capita in 2008 and growth prior to recessions, while countries’ economic openness was indirectly proportional to recession magnitudes, all the relationships being statistically significant.

Schlüsselwörter

  • European Union
  • global financial crisis
  • recession
  • recession classification
  • recession magnitude
Uneingeschränkter Zugang

Is Russia successful in attracting foreign direct investment? Evidence based on gravity model estimation

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 245 - 267

Zusammenfassung

Abstract

The aim of this paper is twofold. First, it is to answer the question of whether Russia is successful in attracting foreign direct investment (FDI). Second, it is to identify partner countries that “overinvest” and “underinvest” in the Russian economy. We do this by calculating potential FDI inflows to Russia and comparing them with actual values. This research is associated with the empirical estimation of factors explaining FDI flows between countries. The methodological foundation used for the research is the gravity model of foreign direct investment. In discussing the pros and cons of different econometric methods of the estimation gravity equation, we conclude that the Poisson pseudo maximum likelihood method with instrumental variables (IV PPML) is one of the best options in our case. Using a database covering about 70% of FDI flows for the period of 2001-2011, we discover the following factors that explain the variance of bilateral FDI flows in the world economy: GDP value of investing country, GDP value of recipient country, distance between countries, remoteness of investor country, remoteness of recipient country, level of institutions development in host country, wage level in host country, membership of two countries in a regional economic union, common official language, common border and colonial relationships between countries in the past. The potential values of FDI inflows are calculated using coefficients of regressors from the econometric model. We discover that the Russian economy performs very well in attracting FDI: the actual FDI inflows exceed potential values by 1.72 times. Large developed countries (France, Germany, UK, Italy) overinvest in the Russian economy, while smaller and less developed countries (Czech Republic, Belarus, Denmark, Ukraine) underinvest in Russia. Countries of Southeast Asia (China, South Korea, Japan) also underinvest in the Russian economy.

Schlüsselwörter

  • determinants of FDI
  • gravity model of FDI
  • Poisson Pseudo Maximum Likelihood method
  • potential values of FDI
Uneingeschränkter Zugang

High-Speed Rail for Central and Eastern European Countries: A Conference Report

Online veröffentlicht: 13 Oct 2016
Seitenbereich: 269 - 275

Zusammenfassung

Abstract

The European transport strategy promotes the role of railways and expects that the key role in passenger transport should be played by high-speed rail (HSR). Although the core network of high-speed lines has already been built and is operating in Western Europe, there has been little coverage so far in Central and Eastern Europe (CEE). The aim of the conference “High-Speed Rail for CEE Countries” that took place in Prague in June 2016 was to put together academics, policy-makers, and practitioners interested in HSR and to formulate recommendations for CEE countries based on West European countries’ experience. Based on the conference presentations and subsequent discussion, the following conclusions were formulated. Firstly, there are many crucial differences in national HSR build-up and operation, which means that former experience of Western Europe is not directly applicable to CEE countries. Secondly, in comparing presentations discussing experiences in France, Britain, Italy, and Germany, it was concluded that the German approach-upgrading existing lines where possible and only building new lines for bottleneck sections-was the most likely appropriate solution in CEE. Lastly, CEE has the additional problem of many border crossings, with a reduction of traffic in comparison with purely domestic routes, and this effect has to be taken into account.

Schlüsselwörter

  • Central and Eastern Europe
  • demand forecast
  • ex-ante evaluations
  • economic geography
  • high-speed rail

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