Is there any ‘new normal’? Economics of the turmoil
Is there any ‘new normal’? Economics of the turmoil
Contributor(s): Ewa Mińska-Struzik (Editor), Barbara Jankowska (Editor)
Subject(s): Politics / Political Sciences, Social Sciences, Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Economic policy, International relations/trade, Management and complex organizations, Sociology of the arts, business, education, Economic development, Migration Studies, EU-Accession / EU-DEvelopment, Marketing / Advertising, Tourism, Business Ethics, Globalization, Transport / Logistics, Asylum, Refugees, Migration as Policy-fields
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: COVID-19;economic crisis;European integration;globalization;sustainable development;international business;transport;tourism market;logistics;e-commerce;consumption;companies;migration;
Summary/Abstract: With the outbreak of the COVID-19 pandemic, the world came to a standstill. Scholars and policymakers dealing with the economic consequences of the pandemic quickly realised that returning to the pre-pandemic state was impossible—the global community had been heading toward a “new normal”. Unfortunately, before we could recognise and tame the “new normal” for good, it was disrupted by the Russian invasion of Ukraine and subsequent energy crises. Therefore, in the monograph’s title, we question whether any “new normal” exists. However, disruptions and shocks are unimaginable to get used to; as researchers, we believe knowledge becomes particularly valuable in such circumstances. Defining, studying and describing turmoils allow, if only to some extent, to control the damages they cause. Hence, the research presented in this book aims to identify and explore challenges at the supranational and national levels. Focusing on those challenges, we got to investigate the multidimensional impact of the pandemic shock on business reality. In doing that, we hoped to collect a valuable foundation for formulating a resilience policy, which, to be effective, must respect the peculiarity of national economies, industries, firms, and individual consumers.
- E-ISBN-13: 978-83-8211-217-7
- Print-ISBN-13: 978-83-8211-216-0
- Page Count: 255
- Publication Year: 2024
- Language: English
Foreword
Foreword
(Foreword)
- Author(s):Ewa Mińska-Struzik, Barbara Jankowska
- Language:English
- Subject(s):Economy
- Page Range:7-9
- No. of Pages:3
The COVID-19 pandemic in the disaster and economic discourses
The COVID-19 pandemic in the disaster and economic discourses
(The COVID-19 pandemic in the disaster and economic discourses)
- Author(s):Galit Palzur
- Language:English
- Subject(s):Economy
- Page Range:13-38
- No. of Pages:26
- Keywords:disasters;resilience;bouncing back;economic hysteresis;economic scarring;
- Summary/Abstract:Purpose: The chapter aims to compare how the disciplines of economics and disaster researchuse terminology related to the long-term impacts of disasters and crises and particularly to discuss the overlaps in the use of the concepts “economic scarring” and hysteresis from the economics literature with the concepts of resilience, “bouncing back” or “bouncing forward” from the disaster discourse. Design/methodology/approach: By using a comparative literature review, the chapter compares the terms used in the economic literature with those used in the disaster literature and applies these concepts to the context of the COVID-19 pandemic, considering it a global disaster with significant economic implications. Findings: While earlier literature showed similarities in the use of the terms hysteresis, scarring,resilience, and bouncing back, a comparison of COVID-19 studies reveals divergences in operational definitions. The economic discourse still uses single indicators like GDP, output or unemployment to measure economic scarring and hysteresis, while the disaster discourse utilises more often multi-indicator operational definitions or indices, which demonstrate the multi-dimensional characteristics of the concept of resilience. Originality and value: This chapter seeks to identify potential differences in how two disciplines approach the study of disasters, crises, or shocks and aims to foster interdisciplinary dialogue and understanding. The chapter provides a resource for scholars in disaster and crisis research, helping to frame the concepts and relevant literature into groupings and assists a better selection of concepts for research in the field.
Macroeconomic implications of the COVID-19 revisited
Macroeconomic implications of the COVID-19 revisited
(Macroeconomic implications of the COVID-19 revisited)
- Author(s):Tadeusz Kowalski
- Language:English
- Subject(s):Economy, Supranational / Global Economy, Economic development
- Page Range:39-63
- No. of Pages:25
- Keywords:complete macroeconomic model;COVID-19 vs demand and supply shocks;macroeconomics of the COVID-19 disturbances;anti-crisis economic policy;
- Summary/Abstract:Purpose: The chapter identifies channels of COVID-19’s impact on the economy. The empirical part presents and assesses the consecutive reactions of inflation, industrial production, the unemployment rate, Gross Domestic Product (GDP) growth rate and shifts in GDP expenditurestructure on the COVID-driven disturbances and policies designed and implemented. A new research dimension covers the central banks’ monetary policy, long-term bond yields and real effective exchange rates. Design/methodology/approach: A complete standard Keynesian macroeconomic model isused as the conceptual framework of revisited studies on the adverse shocks triggered by the pandemic. In the empirical part, comparative analyses of reactions of the same group of six European countries, namely France, Germany, Italy, Spain, Hungary and Poland and two major large open economies of the USA and Japan are done. Findings: The real shocks transmitted to the demand and supply sides were mostly neutralised; countries protected their levels of employment and consumption. However, the real economy’s restored stability was achieved at a significant cost of inflation, higher public debtand hikes in the cost of debt servicing. Practical implications: The analytical framework and empirical analyses have a potential value as a case study in economic policy design and appraisal. Originality and value: The original empirical analyses extended to the monetary policy domain offer a comprehensive perspective on the real and nominal disturbances and policies implemented to stabilise the economies.
Resilience of Poland's economy to external shocks: A comparative study of tourist arrivals in relation to Lithuania, Spain and Portugal
Resilience of Poland's economy to external shocks: A comparative study of tourist arrivals in relation to Lithuania, Spain and Portugal
(Resilience of Poland's economy to external shocks: A comparative study of tourist arrivals in relation to Lithuania, Spain and Portugal)
- Author(s):Justyna Majewska, Szymon Truskolaski
- Language:English
- Subject(s):Economy, Tourism
- Page Range:64-88
- No. of Pages:25
- Keywords:external shocks’ economy resilience;COVID;war in Ukraine;VAR;
- Summary/Abstract:Purpose: The chapter explores the resilience of Poland’s economy to external shocks, focusing on the tourism sector. It aims to compare the impact of various crises, such as the financial crisis, sovereign debt crisis, COVID-19 pandemic, and the war in Ukraine, on tourist arrivals in Poland, Lithuania, Spain, and Portugal. Design/methodology/approach: Employing a Vector Autoregression (VAR) model and Impulse Response Functions (IRFs), the study analyses the effects of these crises on Gross Domestic Product (GDP) and foreign tourist arrivals (ARR). Data from the Eurostat Dissemination Database, spanning from Q1 2006 to Q4 2022, is used, with adjustments for seasonality and crisis-specific dummy variables. Findings: The research reveals notable differences in how these economies, with varying tourism dependencies, respond to external shocks. Tourism-dependent countries like Spain and Portugal exhibited greater sensitivity in their GDP and ARR to these shocks compared to less reliant countries like Poland and Lithuania. Research limitations/implications: The study’s scope is limited to four European countries and specific crises, suggesting the potential for broader future research. Practical implications: The findings offer valuable insights for policymakers and tourism industry stakeholders, aiding in the development of strategies for crisis mitigation. Social implications: The chapter underscores the importance of resilient economic structures and policies in mitigating the broader social and economic impacts of crises. Originality and value: This chapter provides unique insights into economic resilience in the tourism sector during crises. Its comparative analysis across different European countries offers valuable perspectives for economists, policymakers, and researchers in understanding the dynamics of economic resilience and crisis management in tourism-dependent economies.
The European Union’s Common Commercial Policy in times of turmoil
The European Union’s Common Commercial Policy in times of turmoil
(The European Union’s Common Commercial Policy in times of turmoil)
- Author(s):Grzegorz Mazur
- Language:English
- Subject(s):Economy, Supranational / Global Economy, Economic policy, Economic development, EU-Accession / EU-DEvelopment, Globalization
- Page Range:89-98
- No. of Pages:10
- Keywords:European Union;Common Commercial Policy;trade policy;COVID-19;Russia–Ukraine war;open strategic autonomy;
- Summary/Abstract:Purpose: The general aim of the chapter is to identify the main challenges for the EU’s Common Commercial Policy in the context of post-pandemic and war’s experiences as well asfuture trade-related challenges. Design/methodology/approach: The chapter is based on literature/EU official documents, studies, and statistical analysis of the EU’s merchandise trade. It has been structured into two general sections. The first one presents recent trends in the EU’s external merchandise trade caused by the pandemic’s economic repercussions. This is followed by a short analysis of trade disruptions from the Russian-Ukrainian war and trade reactions to the new situation from the EU. Findings: The European Union faces challenges of a fundamental political and economic nature and the Common Commercial Policy is among the main policies defining the EU’s role in the dynamically changing global environment. The COVID-19 pandemic has brought dramatic instabilities to EU economy and trade and the new strategy of the Common Commercial Policy addressed some of the challenges of the evolving global trading system, revealed by the pandemic-related turbulences. Moreover, the Russia–Ukraine war with its geoeconomic and geopolitical consequences has exposed the CCP to new challenges and necessary adjustments. The latest strategy of the EU’s CCP, grounded on open strategic autonomy, emphasises a strong necessity of defending the interests and values of the EU and requires making the trade policy an important engine of green and digital transformation of EU economy. The renewed CCP must also address important trends in the geopolitics of trade and distortions ofthe global system that have symptomised already before the pandemic and the war. Originality and value: The chapter is addressed to students, scholars, and policymakers by contributing to the ongoing debate on the current changes in the global trading system and reactions to those changes from the EU’s Common Commercial Policy.
The impact of the COVID-19 pandemic on migration in Europe
The impact of the COVID-19 pandemic on migration in Europe
(The impact of the COVID-19 pandemic on migration in Europe)
- Author(s):Judyta Cabańska
- Language:English
- Subject(s):Politics, Economy, Supranational / Global Economy, Economic policy, Economic development, Migration Studies, EU-Accession / EU-DEvelopment, Globalization, Asylum, Refugees, Migration as Policy-fields
- Page Range:99-109
- No. of Pages:11
- Keywords:migration;labor market;COVID-19;
- Summary/Abstract:Purpose: The COVID-19 pandemic has brought unprecedented restrictions to travel and mobility at global level. Limitations of migration flows resulted in problems in countries with a large share of immigrants on the labor market. The aim of the chapter is to examine the impacts of COVID-19 pandemic on migration flow in Europe. In addition, the impact of changes in migration flows during the COVID-19 pandemic on the labor market in Europe is also presented. Design/methodology/approach: The following research methods were used in the work: cause and effect analysis, statistical analysis of quantitative data, descriptive statistics methods. The analysis used statistical data from Eurostat, Frontex, OECD and the International Organization for Migration (IOM). Findings: From the analysis, it can be concluded that restrictions on migration to Europe contributed to reducing the influx of migrants to EU countries, which was reflected in the situation on the labor market. Increasing labor shortages in critical sectors leads to a slowdown in the post-pandemic recovery of economies. The lifting of pandemic restrictions in 2021 made it possible to partially resume travel. Labor markets have recovered surprisingly rapidly, as vaccination levels have risen markedly and mobility has normalised. Research limitations: The possibilities to determine the impact of restrictions related to the COVID-19 pandemic on migration flows are limited, as the timeliness and frequency of data collection are not sufficient to provide adequate information on this subject. Practical implications: The European Union should support the opening of legal migration channels. Making legal migration more difficult for people in developing countries will encourage more people to attempt irregular migration. It is necessary to pursue an effective immigration policy tailored to the needs of the labor market of EU Member States in conjunction with development policy. During the pandemic, it was possible to observe how much some sectors of the economy are dependent on workers from other countries. Originality and value: This chapter attempts to contribute to the literature on international migration delivering results of analysis of impact of COVID-19 pandemic on the migration flows in Europe.
The geography of consumer goods logistics in Poland—a diagnosis of the period since the COVID-19 pandemic
The geography of consumer goods logistics in Poland—a diagnosis of the period since the COVID-19 pandemic
(The geography of consumer goods logistics in Poland—a diagnosis of the period since the COVID-19 pandemic)
- Author(s):Piotr Banaszyk, Waldemar W. Budner
- Language:English
- Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Transport / Logistics
- Page Range:113-128
- No. of Pages:16
- Keywords:geography;logistics;consumer goods;Poland;COVID-19;
- Summary/Abstract:Purpose: The aim of the work is to find answers to four research questions. What is the geography of: 1) consumer goods production centers in Poland? 2) centers of consumption of consumer goods in Poland? 3) transport corridors used to move consumer goods? 4) what is the location system of logistics hubs supporting the movement of goods? Design/methodology/approach: The study used quantitative data mainly from public statistics Statistics Poland—LOCAL DATA BANK, supplemented with information from consulting companies on the logistics real estate market. The analysed locations are urban complexes. The time scope of the study covers the year: 2020 to indicate GDP and average expenditure per person; 2021 for the number and size of logistics facilities. The analysis used: desk research, web research, simple statistical indicators, cartographic methods and deductive logical reasoning. Findings: As the analysis shows, there are very large economic inequalities in Poland, which are deepened by the concentration of production. The best developed regions are voivode shipswith the greatest socio-economic potential concentrated in its main center, i.e. in the agglomerations of Warsaw, Poznań, Wrocław, Kraków, Łódź, Tricity and the Silesian conurbation.The share in consumption of the seven largest urbanised areas in Poland is 41.8%, which is much less than the total share in GDP generation (50.8%). The activities of production centers are closely related to broadly understood warehouse management. Originality and value: The existing spatial economic and demographic pattern influenced the formation of consumption centres. The share of the designated 16 metropolitan centres in household expenditure was 57.0%, correspondingly less than GDP (65.6%). The factors determining the location of major hubs are primarily: geographical location near the urban agglomeration, transport accessibility, which is determined by the transport infrastructure (road and rail, but also proximity to airports and seaports) and the absorptive capacity of the local market in terms of the services offered.
Determinants of competitiveness of Polish road carriers
Determinants of competitiveness of Polish road carriers
(Determinants of competitiveness of Polish road carriers)
- Author(s):Piotr Banaszyk, Sylwia Konecka, Anna Maryniak
- Language:English
- Subject(s):Economy, Business Economy / Management, Micro-Economics, Economic development, Transport / Logistics
- Page Range:129-151
- No. of Pages:23
- Keywords:COVID-19;transport;logistics;competition;crisis;
- Summary/Abstract:Purpose: The study aims to investigate how economic, legal, geopolitical, and technological factors impact the competitiveness of Polish road hauliers both immediately after and three years after the pandemic. Design/methodology/approach: The study relies on primary research conducted through a questionnaire survey, secondary research from existing literature, and an analysis of statistical data and consulting companies’ insights. Findings: The study found several key points, including the market favoring freight forwarders during turbulent times, opportunities in digitalization due to difficulties in reducing costs related to fuel, energy, and wages, successful adaptation to legislative changes (especially the mobility package), and the need for market consolidation based on operators’ financial health. Research limitations/implications: The study acknowledges the unique nature of the COVID-19 pandemic, making it challenging to compare it to future crises. However, it provides valuable insights into the impact of the pandemic on various aspects of competitiveness, such as rates, volumes, legal protection, profitability, and new challenges. Practical implications: The collected data can help stakeholders better understand the behavior of the road freight industry during times of crisis, which has implications for productprices, environmental impact, and societal purchasing power. Social implications: The condition of the road transport industry not only affects business but also has broader societal and environmental consequences. Understanding the industry’s behavior can shed light on these aspects. Originality and value: The study stands out for its multifaceted approach to understanding competitiveness in times of crisis within the road freight industry. It’s noted as one of the few studies on this specific topic and is valuable for its comparison of the author’s findings with those of other researchers and industry opinions. Overall, your text provides a clear and comprehensive overview of your study, making it easy for readers to grasp the purpose, methodology,findings, and implications of your research.
Dilemmas of organising public transport in COVID-19 and post-COVID-19 times
Dilemmas of organising public transport in COVID-19 and post-COVID-19 times
(Dilemmas of organising public transport in COVID-19 and post-COVID-19 times)
- Author(s):Marcin Jurczak
- Language:English
- Subject(s):Politics, Economy, Business Economy / Management, Economic policy, Management and complex organizations, Economic development, Transport / Logistics
- Page Range:152-162
- No. of Pages:11
- Keywords:public transport;pandemia;social services;public management;
- Summary/Abstract:Purpose: The chapter aims to identify the most important challenges related to public transport organisation during COVID and post-COVID times. The author asks several questions: How have the restrictions affected (and still affect) public transport? Can economically efficient public transport services be offered in COVID and post-COVID times? And finally: Is public transport safe for users, and will it be safe in the future? Design/methodology/approach: The chapter is based on the literature review and examination of selected case studies. The analysis is carried out in urban transport, regional and interregional rail transport and international transport (particularly air transport). Findings: The chapter specifies the “dilemmas”, of which the most important is a contradiction between the essential requirement for the operation of public transport (to transport many people in a small space) and the basic principle of minimising the increase in COVID infections (the avoidance of large crowds of people). Research limitations: Quantitative methods could further develop and confirm the study. Practical implications: The chapter diagnoses the main challenges related to the organisation and operation of public transport systems in (socially and economically) uncertain times that lie within areas of interest of both managers and local government authorities. Originality and value: The study contributes to the ongoing discussion on improving publictransport.
Substitution of tourism trips as a result of the COVID-19 pandemic—an empirical verification
Substitution of tourism trips as a result of the COVID-19 pandemic—an empirical verification
(Substitution of tourism trips as a result of the COVID-19 pandemic—an empirical verification)
- Author(s):Agnieszka Niezgoda, Ewa Markiewicz
- Language:English
- Subject(s):Economy, Tourism
- Page Range:163-173
- No. of Pages:11
- Keywords:tourism market;COVID-19 pandemic;internal substitution;external substitution;tourist behaviour;
- Summary/Abstract:Purpose: The aim of this chapter is to empirically verify the thesis (set out in the previous work) regarding the substitution changes in the tourism market caused by the COVID-19 pandemic. The question was posed as to whether the travel substitution caused by the pandemic concerned substitution internal or external to the offer of the tourism market. Design/methodology/approach: Qualitative research was conducted on the supply side and the demand side of the tourism market. The supply-side research comprised a direct (non-standardised) interview among representatives of the three main tour operators organising tourist trips on the Polish market. The demand study used a direct standardised interview method using an interview questionnaire. Findings: The results of the research showed internal substitution processes in the tourism market triggered by the COVID-19 pandemic. The changes affected trips to a slightly greater extent in 2020 than in 2021. The research showed lower external substitution, meaning that during the pandemic consumers did not want to give up tourism trips. Research limitations/implications: The research confirms the findings of other authors that the pandemic treated as a transformative force in tourism and hospitality, while the relatively short time after its end prevents long-term conclusions. Practical implications: The results can be used by service providers, to anticipate changes caused by contingencies, as well as to predict trends in tourism product design. Social implications: The research indicates the direction of change that a pandemic may provide a starting point for further observations. Originality and value: Most of the analysis is limited to quantitative phenomena related to the reduction of tourism trips as a result of the COVID-19 pandemic. The originality of the article is based on the analysis of the substitution processes in the tourism market by internaland external substitution. The added value is the simultaneity of the study on both the demand and the supply side of tourism.
Firm capabilities, export diversification, and crisis affectedness: A study of Polish exporters during the COVID-19 pandemic in 2020–2021
Firm capabilities, export diversification, and crisis affectedness: A study of Polish exporters during the COVID-19 pandemic in 2020–2021
(Firm capabilities, export diversification, and crisis affectedness: A study of Polish exporters during the COVID-19 pandemic in 2020–2021)
- Author(s):Marian Gorynia, Piotr Trąpczyński
- Language:English
- Subject(s):Economy, Business Economy / Management, Micro-Economics, Management and complex organizations, Sociology of the arts, business, education, Economic development
- Page Range:177-190
- No. of Pages:14
- Keywords:firm capabilities;crisis affectedness;export diversification;exporting firms;COVID-19 pandemic;
- Summary/Abstract:Purpose: This chapter investigates the factors influencing a company’s vulnerability to economic crises, particularly focusing on the role of firm capabilities and export diversification. In light of the unprecedented COVID-19 pandemic, the study explores how these variables interact to shape a company’s resilience in the face of crisis. Design/methodology/approach: This study utilises primary data collected from Polish exporters in 2022, allowing for a retrospective analysis of the COVID-19 pandemic’s impact. Drawing on the resource-based view and firm internationalisation theories, the research formulates hypotheses concerning the relationships between firm capabilities (marketing and technological) and crisis affectedness, moderated by export diversification. Findings: Both marketing and technological capabilities have a negative impact on a company’s vulnerability to economic crises. However, this effect is more pronounced for companies with lower export diversification. In contrast, highly diversified exporters show reduced sensitivity to firm capabilities in mitigating crisis affectedness. Research limitations/implications: This study focuses on Polish exporters in a post-transition economy, which may differ from firms in other economic contexts. Additionally, the research explores a specific crisis, the COVID-19 pandemic, and its effects on export-oriented companies. Further research is needed to generalize these findings to other crises andregions. Practical implications: The findings suggest that companies should invest in marketing and technological capabilities to enhance resilience during crises, especially if they have a limited international diversification strategy. Highly diversified exporters may need to balance their focus on capabilities with broader market approaches. Originality and value: This research contributes to the understanding of how firm capabilities and export diversification interact to influence a company’s vulnerability to economic crises, with practical implications for exporters navigating turbulent times in a globalized world. The study sheds light on the complexities of resilience-building strategies in post-transition economies and underlines the importance of adaptability in international business.
The impact of COVID-19 pandemic on sustainable business practices—case of an international logistics company
The impact of COVID-19 pandemic on sustainable business practices—case of an international logistics company
(The impact of COVID-19 pandemic on sustainable business practices—case of an international logistics company)
- Author(s):Łukasz Małys, Rafał Jabłoński
- Language:English
- Subject(s):Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Management and complex organizations, Sociology of the arts, business, education, Business Ethics, Transport / Logistics
- Page Range:191-200
- No. of Pages:10
- Keywords:sustainable business practices;sustainable transportation;social programmes for employees;companies’ economic performance;
- Summary/Abstract:Purpose: The aim of the research was verification of changes in companies’ environmental and social initiatives during the COVID-19 pandemic and determination of the impact of these changes on the economic benefits and costs. Design/methodology/approach: A case study method was applied in the research. A deliberately selected company, which participated in previous quantitative research was chosenfor the study. Findings: In the analysed company, the COVID-19 pandemic led to the acceleration of the already implemented sustainable business practices and the introduction of new ones. It suggests that the crisis may improve companies’ environmental and social results. The improvementis particularly likely, if the implemented sustainable business practices meet one of the criteria: have a positive impact on the financial performance in the short term (1), reduce business risks highlighted by the crisis (2) or improve efficiency, optimise operations (3). Research limitations/implications: A company selected for the case study may be considered a sustainability leader and, as such, is not representative for the population. At the same time, however, it meets the criterion of vividness of the cases selected for study. Originality and value: In the previously conducted quantitative research, the largest group of respondents indicated that in the crisis they would probably give up all implemented environmental and social practices. The presented results suggest, that the opposite approach—increasing the number and accelerating already implemented sustainable business practices—may be profitable for the companies.
Factors influencing consumer trust in sharing economy platforms—a comparative study of Polish and Moroccan consumers
Factors influencing consumer trust in sharing economy platforms—a comparative study of Polish and Moroccan consumers
(Factors influencing consumer trust in sharing economy platforms—a comparative study of Polish and Moroccan consumers)
- Author(s):Wiktoria Rakowska, Zakaria Talouni
- Language:English
- Subject(s):Economy, Business Economy / Management, Micro-Economics, Sociology of the arts, business, education, Economic development, Business Ethics, Globalization
- Page Range:201-225
- No. of Pages:25
- Keywords:sharing economy platform;Poland;Morocco;trust;sharing economy;
- Summary/Abstract:Purpose: The study aims to define the significance of trust and identify consumers’ trust-building factors in sharing economy platforms in two different cultures. Design/methodology/approach: The study used a narrative literature review and exploratory primary qualitative research—focus groups, providing an in-depth insight into the perception of trust in the sharing economy in Poland and Morocco. Findings: Eight factors are crucial in the trust-building process toward sharing economy platforms. For Polish consumers, functional elements such as customer service or service provider reputation standards are critical in building trust, unlike Moroccans, who value the platform’s reputation the most. Research limitations: The study’s focus group size and the possibility of being influenced by other participants’ responses may limit the generalizability of the results. Practical implications: The research stresses the importance of the cultural context in the trust-building process. It may help the sharing economy platforms to customise their offers for consumers coming from different cultural backgrounds, gain their trust and make them feel secure. Originality and value: The study provides new insights into consumers’ perception of trust determinants in two different cultural contexts and contributes to the ongoing discussion on the importance of trust in the sharing economy.
