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Volume 33 (2023): Issue 1 (March 2023)

Volume 32 (2022): Issue 4 (December 2022)

Volume 32 (2022): Issue 3 (September 2022)

Volume 32 (2022): Issue 2 (June 2022)

Volume 32 (2022): Issue 1 (March 2022)

Volume 31 (2021): Issue 4 (December 2021)

Volume 31 (2021): Issue 3 (September 2021)

Volume 31 (2021): Issue 2 (June 2021)

Volume 31 (2021): Issue 1 (March 2021)

Volume 30 (2020): Issue 4 (December 2020)

Volume 30 (2020): Issue 3 (September 2020)

Volume 30 (2020): Issue 2 (June 2020)

Volume 30 (2020): Issue 1 (March 2020)

Volume 29 (2019): Issue 4 (December 2019)

Volume 29 (2019): Issue 3 (September 2019)

Volume 29 (2019): Issue 2 (June 2019)

Volume 29 (2019): Issue 1 (March 2019)

Volume 28 (2018): Issue 4 (December 2018)

Volume 28 (2018): Issue 3 (September 2018)

Volume 28 (2018): Issue 2 (June 2018)

Volume 28 (2018): Issue 1 (March 2018)

Volume 27 (2017): Issue 4 (December 2017)

Volume 27 (2017): Issue 3 (September 2017)

Volume 27 (2017): Issue 2 (June 2017)

Volume 27 (2017): Issue 1 (April 2017)

Volume 26 (2016): Issue 4 (November 2016)

Volume 26 (2016): Issue 3 (September 2016)

Volume 26 (2016): Issue 2 (June 2016)

Volume 26 (2016): Issue 1 (March 2016)

Volume 25 (2015): Issue 4 (November 2015)

Volume 25 (2015): Issue 3 (August 2015)

Volume 25 (2015): Issue 2 (July 2015)

Volume 25 (2015): Issue 1 (May 2015)

Journal Details
Format
Journal
eISSN
2285-3065
First Published
30 Mar 2015
Publication timeframe
4 times per year
Languages
English

Search

Volume 31 (2021): Issue 2 (June 2021)

Journal Details
Format
Journal
eISSN
2285-3065
First Published
30 Mar 2015
Publication timeframe
4 times per year
Languages
English

Search

5 Articles
Open Access

Macroeconomic Impact of Pension System Upon Private Pension Funds Scheme. Empirical Evidence from Central and Eastern European Countries

Published Online: 21 May 2021
Page range: 1 - 19

Abstract

Abstract

The significance of retirement savings and private pension funds increased in the latest decades and gathered important amounts of capitals. The purpose of this paper is to investigate the macroeconomic effects of pension systems from an investment perspective in five Central and Eastern European countries. The analyzing process regarding several underlying macroeconomic effects of pension systems started from the premises that there is a strong connection between the structure of pension systems, the national economy and the development of the financial sector. The econometric tests were processed and applied by using pool data regression models and the method Pooled Instrumental Variables (IV) - Two-stage Least Squares (2SLS). The main conclusion highlights that the interest rate at deposits is correlated with the amount of incomes earned by population, inflation rate, severe material deprivation rate and the investment strategy of private pension funds.

Keywords

  • Pension systems
  • Investment funds scheme
  • Equities
  • Macroeconomic effects

JEL Classification

  • J32
  • E43
  • E44
Open Access

Grouping of Major Changes in Conceptual Framework of Financial Reporting and Analysis of New Challenges

Published Online: 21 May 2021
Page range: 20 - 44

Abstract

Abstract

This article aims to research the major changes in the Conceptual Framework of Financial Reporting; to find out the new gaps in the current document; to group the changes into categories; to analyze the current difficulties and consequences of these changes for a consistent understanding between standard-setters and practitioners. The Onion research model based on the quantitative data collection with elements of descriptive analysis was considered as important contributions to the research methodology of the Conceptual Framework for Financial Reporting investigation. As a result, a comparative analysis of the financial reporting concepts was made between July 1989, September 2010, and March 2018. The implications of results are two-fold. On the one hand, the revised Conceptual Framework is a more comprehensive set of concepts that enhance the understanding between practitioners and standard-setters. On the other hand, it consists of the new gaps most of them in the ―Updating” category. It is concluded that this innovation complicates the reporting process for practitioners because it requires using of additional judgments. Besides, the investigation shows some IFRS are not justified within only the Conceptual Framework that might be the subject for further research.

Keywords

  • Conceptual Framework for Financial Reporting
  • concepts
  • major changes
  • IASB
  • IFRS
  • IAS
  • gaps

JEL Classification

  • M40
  • M41
  • M49
Open Access

Price Stickiness in US-Corn Market: Evidence from Dsge-Var Simulation

Published Online: 21 May 2021
Page range: 45 - 63

Abstract

Abstract

This study examines price stickiness in the United States (US) corn market using annual series data, on the dollar price of corn per bushel, obtained from the United States Department of Agriculture (USDA) and Federal Reserve Bank of Saint Louis (FRED), between 1930 and 2017. The study implemented the Calvo price stick model based on an agent in a general equilibrium and New Keynesian type, simulated using DSGE-VAR. The approach permits the indexing formula to include expected corn inflation rather than lagged inflation. The results show that corn price inflation only persists by 2% every trading year, resulting from changes in the immediate future corn-price inflation and output-gap, respectively. The shock to stochastic term only causes a partial decline in the corn price, converging at a future date with its long-run equilibrium. The experiment confirmed that corn price fluctuations are beyond the purview of the domestic economy, and any attempt to impose price policies will offset the price setting, creating further distortions and a wider gap in the corn yield. The study provides fresh insight into the Calvo price stick model of the New Keynesian type and its use to forecast agricultural outcomes.

Keywords

  • supply and demand shock
  • policy responses
  • price stick
  • agricultural yield

JEL Classification

  • E0
  • O11
  • O13
Open Access

Petroleum Pump Price Swing and Consumer Price Index Nexus in Nigeria: New Evidence from NARDL

Published Online: 21 May 2021
Page range: 64 - 79

Abstract

Abstract

The study analyses the role of the petroleum pump price on the consumer price index in Nigeria, using the Nonlinear Autoregressive distributive lag method was used to estimate the time-series data, spanning from 1980 to 2020. The study reveals a long-run equilibrium was found between the consumer price index and petroleum pump price measures. The empirical results obtained revealed an asymmetric relationship between the petroleum pump price and the consumer price index in Nigeria. The study recommended that the policymakers should transparently commit resources into rehabilitation and maintenance of domestic refineries to enhance their functionality and as well reduce importation cost to curtail frequent petroleum pump price adjustment that spiral domestic inflation.

Keywords

  • Consumer price index
  • NARDL
  • Petroleum pump price

JEL Classification

  • E31
  • C32
  • P43
Open Access

Employment and Happiness of the Older People in Romania and the Visegrád Countries: Analysis of the European Quality of Life Surveys

Published Online: 21 May 2021
Page range: 80 - 97

Abstract

Abstract

We used the last three waves of the European Quality of Life Surveys to analyze the happiness of older workers in Romania and the Visegrád countries. Applying ordinary least squares and ordered logit models we showed that being employed makes people happier ceteris paribus than being unemployed. This effect is the same for younger and older persons in the V4 countries, but there is an extra positive effect for older workers in Romania.

Keywords

  • European Quality of Life Surveys
  • older workers
  • happiness

JEL Classification

  • I31
  • J14
5 Articles
Open Access

Macroeconomic Impact of Pension System Upon Private Pension Funds Scheme. Empirical Evidence from Central and Eastern European Countries

Published Online: 21 May 2021
Page range: 1 - 19

Abstract

Abstract

The significance of retirement savings and private pension funds increased in the latest decades and gathered important amounts of capitals. The purpose of this paper is to investigate the macroeconomic effects of pension systems from an investment perspective in five Central and Eastern European countries. The analyzing process regarding several underlying macroeconomic effects of pension systems started from the premises that there is a strong connection between the structure of pension systems, the national economy and the development of the financial sector. The econometric tests were processed and applied by using pool data regression models and the method Pooled Instrumental Variables (IV) - Two-stage Least Squares (2SLS). The main conclusion highlights that the interest rate at deposits is correlated with the amount of incomes earned by population, inflation rate, severe material deprivation rate and the investment strategy of private pension funds.

Keywords

  • Pension systems
  • Investment funds scheme
  • Equities
  • Macroeconomic effects

JEL Classification

  • J32
  • E43
  • E44
Open Access

Grouping of Major Changes in Conceptual Framework of Financial Reporting and Analysis of New Challenges

Published Online: 21 May 2021
Page range: 20 - 44

Abstract

Abstract

This article aims to research the major changes in the Conceptual Framework of Financial Reporting; to find out the new gaps in the current document; to group the changes into categories; to analyze the current difficulties and consequences of these changes for a consistent understanding between standard-setters and practitioners. The Onion research model based on the quantitative data collection with elements of descriptive analysis was considered as important contributions to the research methodology of the Conceptual Framework for Financial Reporting investigation. As a result, a comparative analysis of the financial reporting concepts was made between July 1989, September 2010, and March 2018. The implications of results are two-fold. On the one hand, the revised Conceptual Framework is a more comprehensive set of concepts that enhance the understanding between practitioners and standard-setters. On the other hand, it consists of the new gaps most of them in the ―Updating” category. It is concluded that this innovation complicates the reporting process for practitioners because it requires using of additional judgments. Besides, the investigation shows some IFRS are not justified within only the Conceptual Framework that might be the subject for further research.

Keywords

  • Conceptual Framework for Financial Reporting
  • concepts
  • major changes
  • IASB
  • IFRS
  • IAS
  • gaps

JEL Classification

  • M40
  • M41
  • M49
Open Access

Price Stickiness in US-Corn Market: Evidence from Dsge-Var Simulation

Published Online: 21 May 2021
Page range: 45 - 63

Abstract

Abstract

This study examines price stickiness in the United States (US) corn market using annual series data, on the dollar price of corn per bushel, obtained from the United States Department of Agriculture (USDA) and Federal Reserve Bank of Saint Louis (FRED), between 1930 and 2017. The study implemented the Calvo price stick model based on an agent in a general equilibrium and New Keynesian type, simulated using DSGE-VAR. The approach permits the indexing formula to include expected corn inflation rather than lagged inflation. The results show that corn price inflation only persists by 2% every trading year, resulting from changes in the immediate future corn-price inflation and output-gap, respectively. The shock to stochastic term only causes a partial decline in the corn price, converging at a future date with its long-run equilibrium. The experiment confirmed that corn price fluctuations are beyond the purview of the domestic economy, and any attempt to impose price policies will offset the price setting, creating further distortions and a wider gap in the corn yield. The study provides fresh insight into the Calvo price stick model of the New Keynesian type and its use to forecast agricultural outcomes.

Keywords

  • supply and demand shock
  • policy responses
  • price stick
  • agricultural yield

JEL Classification

  • E0
  • O11
  • O13
Open Access

Petroleum Pump Price Swing and Consumer Price Index Nexus in Nigeria: New Evidence from NARDL

Published Online: 21 May 2021
Page range: 64 - 79

Abstract

Abstract

The study analyses the role of the petroleum pump price on the consumer price index in Nigeria, using the Nonlinear Autoregressive distributive lag method was used to estimate the time-series data, spanning from 1980 to 2020. The study reveals a long-run equilibrium was found between the consumer price index and petroleum pump price measures. The empirical results obtained revealed an asymmetric relationship between the petroleum pump price and the consumer price index in Nigeria. The study recommended that the policymakers should transparently commit resources into rehabilitation and maintenance of domestic refineries to enhance their functionality and as well reduce importation cost to curtail frequent petroleum pump price adjustment that spiral domestic inflation.

Keywords

  • Consumer price index
  • NARDL
  • Petroleum pump price

JEL Classification

  • E31
  • C32
  • P43
Open Access

Employment and Happiness of the Older People in Romania and the Visegrád Countries: Analysis of the European Quality of Life Surveys

Published Online: 21 May 2021
Page range: 80 - 97

Abstract

Abstract

We used the last three waves of the European Quality of Life Surveys to analyze the happiness of older workers in Romania and the Visegrád countries. Applying ordinary least squares and ordered logit models we showed that being employed makes people happier ceteris paribus than being unemployed. This effect is the same for younger and older persons in the V4 countries, but there is an extra positive effect for older workers in Romania.

Keywords

  • European Quality of Life Surveys
  • older workers
  • happiness

JEL Classification

  • I31
  • J14

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