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

Suche

Volumen 20 (2020): Heft 4 (December 2020)

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

Suche

5 Artikel
access type Uneingeschränkter Zugang

The Wagner’s law testing in the Visegrád Four countries

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 409 - 430

Zusammenfassung

Abstract

This research paper analyses the relationship between gross domestic product and public expenditures in nominal terms. The analysis is being done by using the standard Peacock-Wiseman specification of the Wagner’s law and provides the results for the Visegrád Four countries, i.e. the Czech Republic, Slovakia, Poland and Hungary. We aim to answer a question concerning the existence of a long and/or short-term relationship between the nominal GDP and nominal public expenditures, which consist of current and capital expenditures. To address this question, we employ the VAR model, the Johansen Cointegration test and the VEC model. We study a period between the first quarter of 1999 and the second quarter of 2019 and find out mixed results for the Visegrád Four countries.

Schlüsselwörter

  • cointegration
  • economic growth
  • GDP
  • Keynesian hypothesis
  • public expenditures
  • Visegrád
  • Wagner’s law

JEL Classification

  • C32
  • E60
  • H50
access type Uneingeschränkter Zugang

Competitiveness in the European Consolidated Banking Sector After the 2008 Financial Crisis

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 431 - 444

Zusammenfassung

Abstract

The constitutional conception of market integration within the European Union entails creating a level playing field for competition in the consolidated banking sector. The financial crisis of 2008 brought with it the need to proceed with care as it rolled back the gains of improving competitive conditions in the financial sector. Even though a lot of studies have investigated competitive conditions prior to the crisis, the same cannot be said of periods after the crisis. Using both structural and non-structural measures of competitive conditions, this study found that the consolidated banking sector in Europe shows signs of a monopolistic competitive market structure based on its revenue and cost measures. As five countries – United Kingdom, France, Germany, Spain, Italy – control about 70 per cent of total assets in the consolidated banking sector. The capital expense to fixed assets and total assets in the Europe area were found to be negatively related to measures of profitability in the sector. They were indicating that the accumulation of assets eats into the incomes of banks in the sub-region, whereas bank exposures may be affecting bank profits.

Schlüsselwörter

  • Banks
  • Monopoly
  • Market Structure

JEL Classification

  • G21
  • L12
  • L11
access type Uneingeschränkter Zugang

Analyzing the Role of Government Efficiency on Financial Development for OECD Countries

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 445 - 469

Zusammenfassung

Abstract

This paper fulfills a gap in the existing literature by analyzing the impact of government efficiency and corruption on the financial development of 31 OECD countries for the period 2002 to 2015 inclusively. To ensure robustness in our estimations, we employed several econometrics techniques, included control variables in our models, used several proxies for the variables under investigation, split the data into subgroups based on the degree of democracy, and repeated the analysis for these groups. Obtained findings provide strong evidence that government efficiency has a significant effect on financial development, and the sign of all the control variables are compatible with the a-priory theoretical expectations. The results of this study propose several policy recommendations to enhance financial development such as enhancing social cohesion through education on the use of tax contributions, revising budget procedures to ensure efficient spending of resources and to improve institutional quality, and reducing corruptive pursuits by targeting the informal economy activities and modifying the rule of law.

Schlüsselwörter

  • Financial development
  • government efficiency
  • OECD countries
  • panel data

JEL Classification

  • C33
  • D73
  • H11
access type Uneingeschränkter Zugang

Economic policy and confidence of economic agents – a causal relationship?

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 471 - 484

Zusammenfassung

Abstract

The purpose of this paper is to study whether innovations in monetary and fiscal policy are a leading indicator of future business and consumer confidence and reverse applying the panel Granger causality analysis to two periods in the history of the euro area: before and after the start of the Great Recession. The results show that Granger causality interaction between the confidence of economic agents and the stance of monetary policy (measured by the shadow rate) is stronger than between the former and the fiscal policy instruments. The European Central Bank (ECB) shadow rate innovations Granger caused business and consumer confidence in both periods, but also indicators of confidence Granger caused the shadow rate. No such feedback could be established between two fiscal policy instruments (government expenditure and revenue growth) and the indicators of confidence. Government spending and revenues Granger caused business confidence in the first subperiod, but not in the second subperiod when the causality reversed. The government revenues Granger caused consumer confidence in the first subperiod, while government expenditures in the second subperiod. Consumer confidence Granger caused government spending in the first subperiod.

Schlüsselwörter

  • fiscal policy
  • monetary policy
  • consumer confidence
  • business confidence
  • panel Granger causality

JEL Classification

  • E52
  • E62
  • E63
  • H31
  • H32
access type Uneingeschränkter Zugang

University Students’ Preferences about Savings and Investments at Individual and National level in the 21st Century: The Case of Turkey

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 485 - 502

Zusammenfassung

Abstract

This paper aims to capture the favored both national and individual saving and investment perceptions of the Turkish youth. Also, the research contributes to the understanding of the common preferences of the youth and focuses on perceptions over their home country’s saving-investment decisions. We reason, it is important to evaluate views of the youth on national savings and investments as they will be both the decision-makers determining the economic and social policies of the near future and the ones that are directly impacted by these policies implemented today. For this purpose, a questionnaire is applied to randomly selected 550 university students in Turkey and the results are analyzed by the chi-square test. Accordingly, students have mostly preferred that investments should be primarily made to the education sector at national level while investment made for the social security system is placed on the last rank. In addition, education is the most important individual investment choice of participants. On the other hand, information technologies, energy, and agriculture are identified as the most significant investment areas, which could be potentially increased the global competitiveness of their home country. Another important outcome of this research is that students prefer to invest their individual savings in gold and real estate investments, respectively.

Schlüsselwörter

  • Economic Policies
  • Investment
  • Saving
  • Turkish Economy
  • University Students

JEL Classification

  • D6
  • E2
  • H3
  • H5
  • I3
5 Artikel
access type Uneingeschränkter Zugang

The Wagner’s law testing in the Visegrád Four countries

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 409 - 430

Zusammenfassung

Abstract

This research paper analyses the relationship between gross domestic product and public expenditures in nominal terms. The analysis is being done by using the standard Peacock-Wiseman specification of the Wagner’s law and provides the results for the Visegrád Four countries, i.e. the Czech Republic, Slovakia, Poland and Hungary. We aim to answer a question concerning the existence of a long and/or short-term relationship between the nominal GDP and nominal public expenditures, which consist of current and capital expenditures. To address this question, we employ the VAR model, the Johansen Cointegration test and the VEC model. We study a period between the first quarter of 1999 and the second quarter of 2019 and find out mixed results for the Visegrád Four countries.

Schlüsselwörter

  • cointegration
  • economic growth
  • GDP
  • Keynesian hypothesis
  • public expenditures
  • Visegrád
  • Wagner’s law

JEL Classification

  • C32
  • E60
  • H50
access type Uneingeschränkter Zugang

Competitiveness in the European Consolidated Banking Sector After the 2008 Financial Crisis

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 431 - 444

Zusammenfassung

Abstract

The constitutional conception of market integration within the European Union entails creating a level playing field for competition in the consolidated banking sector. The financial crisis of 2008 brought with it the need to proceed with care as it rolled back the gains of improving competitive conditions in the financial sector. Even though a lot of studies have investigated competitive conditions prior to the crisis, the same cannot be said of periods after the crisis. Using both structural and non-structural measures of competitive conditions, this study found that the consolidated banking sector in Europe shows signs of a monopolistic competitive market structure based on its revenue and cost measures. As five countries – United Kingdom, France, Germany, Spain, Italy – control about 70 per cent of total assets in the consolidated banking sector. The capital expense to fixed assets and total assets in the Europe area were found to be negatively related to measures of profitability in the sector. They were indicating that the accumulation of assets eats into the incomes of banks in the sub-region, whereas bank exposures may be affecting bank profits.

Schlüsselwörter

  • Banks
  • Monopoly
  • Market Structure

JEL Classification

  • G21
  • L12
  • L11
access type Uneingeschränkter Zugang

Analyzing the Role of Government Efficiency on Financial Development for OECD Countries

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 445 - 469

Zusammenfassung

Abstract

This paper fulfills a gap in the existing literature by analyzing the impact of government efficiency and corruption on the financial development of 31 OECD countries for the period 2002 to 2015 inclusively. To ensure robustness in our estimations, we employed several econometrics techniques, included control variables in our models, used several proxies for the variables under investigation, split the data into subgroups based on the degree of democracy, and repeated the analysis for these groups. Obtained findings provide strong evidence that government efficiency has a significant effect on financial development, and the sign of all the control variables are compatible with the a-priory theoretical expectations. The results of this study propose several policy recommendations to enhance financial development such as enhancing social cohesion through education on the use of tax contributions, revising budget procedures to ensure efficient spending of resources and to improve institutional quality, and reducing corruptive pursuits by targeting the informal economy activities and modifying the rule of law.

Schlüsselwörter

  • Financial development
  • government efficiency
  • OECD countries
  • panel data

JEL Classification

  • C33
  • D73
  • H11
access type Uneingeschränkter Zugang

Economic policy and confidence of economic agents – a causal relationship?

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 471 - 484

Zusammenfassung

Abstract

The purpose of this paper is to study whether innovations in monetary and fiscal policy are a leading indicator of future business and consumer confidence and reverse applying the panel Granger causality analysis to two periods in the history of the euro area: before and after the start of the Great Recession. The results show that Granger causality interaction between the confidence of economic agents and the stance of monetary policy (measured by the shadow rate) is stronger than between the former and the fiscal policy instruments. The European Central Bank (ECB) shadow rate innovations Granger caused business and consumer confidence in both periods, but also indicators of confidence Granger caused the shadow rate. No such feedback could be established between two fiscal policy instruments (government expenditure and revenue growth) and the indicators of confidence. Government spending and revenues Granger caused business confidence in the first subperiod, but not in the second subperiod when the causality reversed. The government revenues Granger caused consumer confidence in the first subperiod, while government expenditures in the second subperiod. Consumer confidence Granger caused government spending in the first subperiod.

Schlüsselwörter

  • fiscal policy
  • monetary policy
  • consumer confidence
  • business confidence
  • panel Granger causality

JEL Classification

  • E52
  • E62
  • E63
  • H31
  • H32
access type Uneingeschränkter Zugang

University Students’ Preferences about Savings and Investments at Individual and National level in the 21st Century: The Case of Turkey

Online veröffentlicht: 17 Dec 2020
Seitenbereich: 485 - 502

Zusammenfassung

Abstract

This paper aims to capture the favored both national and individual saving and investment perceptions of the Turkish youth. Also, the research contributes to the understanding of the common preferences of the youth and focuses on perceptions over their home country’s saving-investment decisions. We reason, it is important to evaluate views of the youth on national savings and investments as they will be both the decision-makers determining the economic and social policies of the near future and the ones that are directly impacted by these policies implemented today. For this purpose, a questionnaire is applied to randomly selected 550 university students in Turkey and the results are analyzed by the chi-square test. Accordingly, students have mostly preferred that investments should be primarily made to the education sector at national level while investment made for the social security system is placed on the last rank. In addition, education is the most important individual investment choice of participants. On the other hand, information technologies, energy, and agriculture are identified as the most significant investment areas, which could be potentially increased the global competitiveness of their home country. Another important outcome of this research is that students prefer to invest their individual savings in gold and real estate investments, respectively.

Schlüsselwörter

  • Economic Policies
  • Investment
  • Saving
  • Turkish Economy
  • University Students

JEL Classification

  • D6
  • E2
  • H3
  • H5
  • I3

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