Editorial introduction

<abstract xmlns="http://www.w3.org/1999/xhtml">

President Trump imposed tariffs in 2017 on several of China’s exports, notably steel. Many papers opposed these tariffs by using a common, invalid argument: rather than arguing these tariffs reduced U.S. welfare, they argue U.S. consumers and businesses pay the tariffs, a different, rhetorical issue. Their main evidence of harm is increases in imported goods’ after-tariff U.S. prices, especially relative to other goods’ U.S. prices. In a standard, small general equilibrium model (two countries, two goods, two factors), this price evidence is wholly ambiguous—it is even consistent with the view that Trump’s tariff was optimal, increasing U.S. welfare. Even sophisticated papers are similarly ambiguous. All fail because they neglect how government uses tariff revenue. Relying on fallacious arguments makes the free-trade position look weak and encourages protectionism.
</abstract>

Tariffs and welfare: A common, invalid anti-tariff argument

<abstract xmlns="http://www.w3.org/1999/xhtml">

The article has three aims. The first aim is to develop an improved version of the Keynes-Metzler-Goodwin (the KMG) monetary growth model originally presented and analysed in a series of publications by Carl Chiarella, Peter Flaschel and Willi Semler. The improvement of the model is obtained by modifying some of its equations in a way which ensures that they reflect real macroeconomic dependencies more properly. The equations that have been modified describe final demand expectations, determinants of production decisions, fixed capital accumulation, tax revenues, government budget deficit and money demand. The second aim is to transform the model into an intensive form described by seven non-linear differential equations and determine its unique steady state which shows proportions between variables on the balanced growth path. The third ultimate aim is to present a mathematical proof that the new improved version of the KMG model is locally asymptotically stable.
</abstract>

On the stability of a certain Keynes-Metzler-Goodwin monetary growth model

<abstract xmlns="http://www.w3.org/1999/xhtml">

The aim of this article is to critically review and evaluate two ESG-based investment strategies—divestment and engagement for alignment of investment portfolios with climate change mitigation goals of the United Nations. The article compares both approaches in terms of their effectiveness of decarbonization, using the case study method. First, the case on fossil fuels divestment by Harvard Management Company is analysed. The second case study discusses shareholder engagement endeavors by Engine No. 1 hedge fund and its investment in ExxonMobil. The findings indicate that divestment may have non-immediate impact on corporate behavior and carries political and legal retribution risks. Engagement, on the other hand, presents itself as a more plausible option as it takes less time to deploy and, therefore, can produce more immediate and impactful results. Nevertheless, both divestment and engagement can play mutually supportive roles in addressing climate change by the investment industry.
</abstract>

Poznań University of Economics and Business, Institute of International Business and Economics

Divest or engage? Effective paths to net zero from the U.S. perspective

<abstract xmlns="http://www.w3.org/1999/xhtml">

This study employs robust martingale difference hypothesis tests to examine return predictability in a broad sample of the 40 most capitalized cryptocurrency markets in the context of the adaptive market hypothesis. The tests were applied to daily returns using the rolling window method in the research period from May 1, 2013 to September 30, 2022. The results of this study suggest that the returns of the majority of the examined cryptocurrencies were unpredictable most of the time. However, a great part of them also suffered some short periods of weak-form inefficiency. The results obtained validate the adaptive market hypothesis. Additionally, this study allowed the observation of some differences in return predictability between the examined cryptocurrencies. Also some historical trends in weak-form efficiency were identified. The results suggest that the predictability of cryptocurrency returns might have decreased in recent years also no significant relationship between market cap and predictability was observed.
</abstract>

The adaptive market hypothesis and the return predictability in the cryptocurrency markets

<abstract xmlns="http://www.w3.org/1999/xhtml">

The widespread use of digital technologies in banking allows banks to obtain and analyse huge amounts of data from different communication channels. While this phenomenon is conducive to improving the quality of services it also increases the risk of privacy breaches. The aim of this study is to identify what factors determine consumer acceptance of banks’ use of public access personal data found on social media accounts. The results indicate the importance of the financial incentive and consumers’ assessment of banks’ information activities regarding the processing of personal data. Determinants relating to the technological sophistication of respondents were also found to be significant, with a particular focus on the ethical evaluation of decisions made by Artificial Intelligence algorithms. The results of the work may be used by banks in practice to adapt the area of personal data management to the requirements of e-privacy and Trustworthy Artificial Intelligence.
</abstract>

Privacy frontiers in customers’ relations with banks

AHEAD OF PRINT

Volume 10 (2024): Issue 1 (April 2024)

Volume 9 (2023): Issue 4 (December 2023)

Volume 9 (2023): Issue 3 (October 2023)

Volume 9 (2023): Issue 2 (April 2023)

Volume 9 (2023): Issue 1 (April 2023)

Volume 8 (2022): Issue 4 (December 2022)

Volume 8 (2022): Issue 3 (October 2022)

Volume 8 (2022): Issue 2 (July 2022)

Volume 8 (2022): Issue 1 (April 2022)

Volume 7 (2021): Issue 4 (December 2021)

Volume 7 (2021): Issue 3 (September 2021)

Volume 7 (2021): Issue 2 (June 2021)

Volume 7 (2021): Issue 1 (March 2021)

Volume 6 (2020): Issue 4 (December 2020)

Volume 6 (2020): Issue 3 (August 2020)

Volume 6 (2020): Issue 2 (June 2020)

Volume 6 (2020): Issue 1 (March 2020)

Volume 5 (2019): Issue 4 (December 2019)

Volume 5 (2019): Issue 3 (September 2019)

Volume 5 (2019): Issue 2 (June 2019)

Volume 5 (2019): Issue 1 (March 2019)

Volume 4 (2018): Issue 4 (November 2018)

Volume 4 (2018): Issue 3 (July 2018)

Volume 4 (2018): Issue 2 (June 2018)

Volume 4 (2018): Issue 1 (April 2018)

Economics and Business Review

The aim of Economics and Business Review is to provide a platform for academicians from all over the world to share, discuss and integrate their research in the fields of economics and finance, including both behavioural economics and finance, with a key interest in topics that are relevant for emerging market economies. The journal welcomes submissions of articles dealing with micro, mezzo and macro issues that are well-founded in modern theories or based on empirical studies and which are valuable for an international readership.   The journal is published in English. Texts are double-blind peer-reviewed by independent specialists from Polish and foreign academic centers. The journal is open for contributions from economists and management specialists both from Poland and abroad.  Economics and Business Review is scored 70 points in the Ministerial List of Journals.  The journal is edited and published in the paper form and also presented on-line.  This journal is the open access and non-profit enterprise.  The journal have no articles processing charges (APCs) nor article submission charges.  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 