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Détails du magazine
Format
Magazine
eISSN
2543-5361
Première publication
17 Oct 2014
Période de publication
4 fois par an
Langues
Anglais

Chercher

Volume 41 (2014): Edition 1 (March 2014)

Détails du magazine
Format
Magazine
eISSN
2543-5361
Première publication
17 Oct 2014
Période de publication
4 fois par an
Langues
Anglais

Chercher

6 Articles
access type Accès libre

Does the Common Currency Increase Exports? Evidence from Firm-Level Data

Publié en ligne: 17 Oct 2014
Pages: 8 - 22

Résumé

Abstract

The main goal of this paper is to investigate empirically whether the adoption of the common currency increases the export activity of individual frms using the probity model. There are many studies that seek to estimate the aggregate trade effects of the adoption of the euro by the “outside” EU countries, which are based on the gravity model. In contrast to the existing literature we use an alternative micro econometric approach based on firm level data compiled by the EBRD and the World Bank. We demonstrate that the propensity to export of individual frms from Slovenia and Slovakia increased after the accession of those countries to the Eurozone.

Mots clés

  • Export
  • Eurozone
  • frm level data

JEL

  • F12
  • F14
  • F33
access type Accès libre

Geographic Labor Mobility as an Element of Adjustment Process in the Eurozone Countries and the USA States

Publié en ligne: 17 Oct 2014
Pages: 23 - 44

Résumé

Abstract

The aim of the article is to compare geographic labor mobility (the migration channel of adjustment) in the eurozone and the USA since the 1990s. The first part of the article contains a review of selected literature on migration in Europe and the USA. In the second part three hypotheses are formulated on the basis of this review. The third part of the article presents the methodology and data used to verify these hypotheses. Tat methodology rests on analyzing how net emigration rates in the period 1992-2011 in eurozone countries and various states in the United States (plus the District of Columbia) reacted to unemployment rates. The fourth part of the article presents the results of the analysis, together with an explanation of the intensity and dynamics of the migration channel of adjustment in both monetary unions. The analysis confirms that migration has been less supportive for the functioning of the monetary union in the eurozone than in the USA. It also shows that visible strengthening of the migration channel in the eurozone seems to have taken place only after 2004, which suggests an association with the European Union enlargement in 2004. For the eurozone, the analysis does not provide convincing evidence that the migration channel strengthened after the outbreak of the fnancial crisis. For the USA the analysis suggests that the fnancial and economic crisis significantly weakened the migration channel. The article ends with concluding remarks.

Mots clés

  • migration
  • adjustment process
  • monetary unions

JEL

  • F220
access type Accès libre

An Analysis of China's Outward Foreign Direct Investment to the EU: Features and Problems

Publié en ligne: 17 Oct 2014
Pages: 45 - 59

Résumé

Abstract

This research paper reviews the development of China's outward foreign direct investment (OFDI) to the European Union since the global fnancial crisis, summarizes the apparent characteristics and causes behind that development, provides an in-depth analysis of the problems and deep rooted risks in such investment, and predicts that with China's economy being stronger the scale of China's OFDI will be greater in the coming period. However, since Chinese enterprises are really newcomers of OFDI, they are far from being mature and successful players, which requires not only capital, but also an organic combination of intangible elements regarding economy, society, and culture etc.

Mots clés

  • China
  • OFDI
  • European Union
  • cause analysis

JEL

  • F2
access type Accès libre

International Trade and Foreign Direct Investment as Innovation Factors of the U.S. Economy

Publié en ligne: 17 Oct 2014
Pages: 60 - 75

Résumé

Abstract

The aim of this research is to asses the hypothesis that foreign direct investment (FDI) and international trade have had a positive impact on innovation in one of the most significant economies in the world, the United States (U.S.). To do so, the author used annual data from 1995 to 2010 to build a set of econometric models. In each model, 11 in total) the number of patent applications by U.S. residents is regressed on inward FDI stock, exports and imports of the economy as a collective, and in each of the 10 SITC groups separately.

Although the topic of FDI is widely covered in the literature, there are still disagreements when it comes to the impact of foreign direct investment on the host economy [McGrattan, 2011]. To partially address this gap, this research approaches the host economy not only as an aggregate, but also as a sum of its components (i.e., SITC groups), which to the knowledge of this author has not yet been done on the innovation-FDI-trade plane, especially for the U.S.

Unfortunately, the study suffers from the lack of available data. For example, the number of patents and other used variables is reported in the aggregate and not for each SITC groups (e.g., trade). As a result, our conclusions regarding exports and imports in a specific SITC category (and the total) impact innovation in the U.S. is reported in the aggregate.

General notions found in the literature are first shown and discussed. Second, the dynamics of innovation, trade and inward FDI stock in the U.S. are presented. Third, the main portion of the work, i.e. the econometric study, takes place, leading to several policy applications and conclusions.

Mots clés

  • FDI
  • innovation
  • foreign trade

JEL

  • F21
  • O30
access type Accès libre

Prospering in Tough Economic Times Through Loyal Customers

Publié en ligne: 17 Oct 2014
Pages: 76 - 91

Résumé

Abstract

In severe economic downturns, only a few business leaders have the courage and wisdom to invest in customer loyalty to increase profits instead of reflexively cutting costs to try to maintain falling profit margins. Moreover, the usual research and advice tends to focus on how companies can effectively and efficiently reduce costs in order to survive an economic decline. This study contributes to the literature by offering a fresh look at how best to respond in tough economic times by examining companies who have responded traditionally with cost cutting strategies versus companies who instead have invested in customer loyalty. We make the unique and contrarian argument that the latter strategy can be the superior business strategy, which underscores the originality of this investigation. Thus, the purpose of this study is to highlight why investing resources in creating and retaining loyal customers is the best strategy for companies to survive and prosper in tough economic conditions while simultaneously gaining longer-run competitive advantage. Based on quantitative and qualitative survey research methodology, the study findings identify and explain key customer loyalty measures, including: customization for customers, communication interactivity, nurturing of customers, commitment to customers, customer sharing networks, customer focused product assortments, facile exchanges, and customer engagement. Perceptive company executives will measure, benchmark, and regularly compare their performances on these key customer loyalty measures with different customer groups versus their company's past performances, managerial goals, and competitors, then make appropriate adjustments to retain their loyal customers and prosper during tough economic times.

Mots clés

  • Customer Loyalty
  • Customer Satisfaction
  • Customer Relationship Management
access type Accès libre

On Economics in Poland in 1949-1989: Introduction

Publié en ligne: 17 Oct 2014
Pages: 92 - 112

Résumé

Abstract

This article is a concise introduction into the history of economics in totalitarian Poland in 1949-1989. In it, I attempt to show the degradation of economics in Poland in this period. The main theses of the article are three. First, academic economics and the institutions necessary for the normal functioning of science were destroyed in Poland at the turn of the 1940s and 1950s. Pseudo science was substituted for the science of economics. Second, these events had a damaging impact on the quality of research in the years that followed. In my opinion, the alleged achievements of Polish economists, e.g., Oskar Lange's monograph Ekonomia polityczna, as well as the works of Włodzimierz Brus and members of the so-called “Wakar School,” were of only “outside” importance. Third, after 1949, the teaching of economics degenerated as well.

In effect, the achievements of Polish economists in the period 1949-1989 are negligible. They did not contribute significantly to the accumulation of true knowledge about the economy. Moreover, in violation of the ideals of science, Polish economists intensely indoctrinated the society, perpetuating the totalitarian system in Poland.

Mots clés

  • pathology of science
  • history of economics in post-war Poland
  • methodology of economics

JEL

  • B14
  • B41
6 Articles
access type Accès libre

Does the Common Currency Increase Exports? Evidence from Firm-Level Data

Publié en ligne: 17 Oct 2014
Pages: 8 - 22

Résumé

Abstract

The main goal of this paper is to investigate empirically whether the adoption of the common currency increases the export activity of individual frms using the probity model. There are many studies that seek to estimate the aggregate trade effects of the adoption of the euro by the “outside” EU countries, which are based on the gravity model. In contrast to the existing literature we use an alternative micro econometric approach based on firm level data compiled by the EBRD and the World Bank. We demonstrate that the propensity to export of individual frms from Slovenia and Slovakia increased after the accession of those countries to the Eurozone.

Mots clés

  • Export
  • Eurozone
  • frm level data

JEL

  • F12
  • F14
  • F33
access type Accès libre

Geographic Labor Mobility as an Element of Adjustment Process in the Eurozone Countries and the USA States

Publié en ligne: 17 Oct 2014
Pages: 23 - 44

Résumé

Abstract

The aim of the article is to compare geographic labor mobility (the migration channel of adjustment) in the eurozone and the USA since the 1990s. The first part of the article contains a review of selected literature on migration in Europe and the USA. In the second part three hypotheses are formulated on the basis of this review. The third part of the article presents the methodology and data used to verify these hypotheses. Tat methodology rests on analyzing how net emigration rates in the period 1992-2011 in eurozone countries and various states in the United States (plus the District of Columbia) reacted to unemployment rates. The fourth part of the article presents the results of the analysis, together with an explanation of the intensity and dynamics of the migration channel of adjustment in both monetary unions. The analysis confirms that migration has been less supportive for the functioning of the monetary union in the eurozone than in the USA. It also shows that visible strengthening of the migration channel in the eurozone seems to have taken place only after 2004, which suggests an association with the European Union enlargement in 2004. For the eurozone, the analysis does not provide convincing evidence that the migration channel strengthened after the outbreak of the fnancial crisis. For the USA the analysis suggests that the fnancial and economic crisis significantly weakened the migration channel. The article ends with concluding remarks.

Mots clés

  • migration
  • adjustment process
  • monetary unions

JEL

  • F220
access type Accès libre

An Analysis of China's Outward Foreign Direct Investment to the EU: Features and Problems

Publié en ligne: 17 Oct 2014
Pages: 45 - 59

Résumé

Abstract

This research paper reviews the development of China's outward foreign direct investment (OFDI) to the European Union since the global fnancial crisis, summarizes the apparent characteristics and causes behind that development, provides an in-depth analysis of the problems and deep rooted risks in such investment, and predicts that with China's economy being stronger the scale of China's OFDI will be greater in the coming period. However, since Chinese enterprises are really newcomers of OFDI, they are far from being mature and successful players, which requires not only capital, but also an organic combination of intangible elements regarding economy, society, and culture etc.

Mots clés

  • China
  • OFDI
  • European Union
  • cause analysis

JEL

  • F2
access type Accès libre

International Trade and Foreign Direct Investment as Innovation Factors of the U.S. Economy

Publié en ligne: 17 Oct 2014
Pages: 60 - 75

Résumé

Abstract

The aim of this research is to asses the hypothesis that foreign direct investment (FDI) and international trade have had a positive impact on innovation in one of the most significant economies in the world, the United States (U.S.). To do so, the author used annual data from 1995 to 2010 to build a set of econometric models. In each model, 11 in total) the number of patent applications by U.S. residents is regressed on inward FDI stock, exports and imports of the economy as a collective, and in each of the 10 SITC groups separately.

Although the topic of FDI is widely covered in the literature, there are still disagreements when it comes to the impact of foreign direct investment on the host economy [McGrattan, 2011]. To partially address this gap, this research approaches the host economy not only as an aggregate, but also as a sum of its components (i.e., SITC groups), which to the knowledge of this author has not yet been done on the innovation-FDI-trade plane, especially for the U.S.

Unfortunately, the study suffers from the lack of available data. For example, the number of patents and other used variables is reported in the aggregate and not for each SITC groups (e.g., trade). As a result, our conclusions regarding exports and imports in a specific SITC category (and the total) impact innovation in the U.S. is reported in the aggregate.

General notions found in the literature are first shown and discussed. Second, the dynamics of innovation, trade and inward FDI stock in the U.S. are presented. Third, the main portion of the work, i.e. the econometric study, takes place, leading to several policy applications and conclusions.

Mots clés

  • FDI
  • innovation
  • foreign trade

JEL

  • F21
  • O30
access type Accès libre

Prospering in Tough Economic Times Through Loyal Customers

Publié en ligne: 17 Oct 2014
Pages: 76 - 91

Résumé

Abstract

In severe economic downturns, only a few business leaders have the courage and wisdom to invest in customer loyalty to increase profits instead of reflexively cutting costs to try to maintain falling profit margins. Moreover, the usual research and advice tends to focus on how companies can effectively and efficiently reduce costs in order to survive an economic decline. This study contributes to the literature by offering a fresh look at how best to respond in tough economic times by examining companies who have responded traditionally with cost cutting strategies versus companies who instead have invested in customer loyalty. We make the unique and contrarian argument that the latter strategy can be the superior business strategy, which underscores the originality of this investigation. Thus, the purpose of this study is to highlight why investing resources in creating and retaining loyal customers is the best strategy for companies to survive and prosper in tough economic conditions while simultaneously gaining longer-run competitive advantage. Based on quantitative and qualitative survey research methodology, the study findings identify and explain key customer loyalty measures, including: customization for customers, communication interactivity, nurturing of customers, commitment to customers, customer sharing networks, customer focused product assortments, facile exchanges, and customer engagement. Perceptive company executives will measure, benchmark, and regularly compare their performances on these key customer loyalty measures with different customer groups versus their company's past performances, managerial goals, and competitors, then make appropriate adjustments to retain their loyal customers and prosper during tough economic times.

Mots clés

  • Customer Loyalty
  • Customer Satisfaction
  • Customer Relationship Management
access type Accès libre

On Economics in Poland in 1949-1989: Introduction

Publié en ligne: 17 Oct 2014
Pages: 92 - 112

Résumé

Abstract

This article is a concise introduction into the history of economics in totalitarian Poland in 1949-1989. In it, I attempt to show the degradation of economics in Poland in this period. The main theses of the article are three. First, academic economics and the institutions necessary for the normal functioning of science were destroyed in Poland at the turn of the 1940s and 1950s. Pseudo science was substituted for the science of economics. Second, these events had a damaging impact on the quality of research in the years that followed. In my opinion, the alleged achievements of Polish economists, e.g., Oskar Lange's monograph Ekonomia polityczna, as well as the works of Włodzimierz Brus and members of the so-called “Wakar School,” were of only “outside” importance. Third, after 1949, the teaching of economics degenerated as well.

In effect, the achievements of Polish economists in the period 1949-1989 are negligible. They did not contribute significantly to the accumulation of true knowledge about the economy. Moreover, in violation of the ideals of science, Polish economists intensely indoctrinated the society, perpetuating the totalitarian system in Poland.

Mots clés

  • pathology of science
  • history of economics in post-war Poland
  • methodology of economics

JEL

  • B14
  • B41

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