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Some Elements of the Expansion Mechanism in the World Economy

Author(s): Ziada Borbasova,Yuriy I. Ossik,Baurzhan Tolysbayev,Sairan Ulakov,Marat Syrlybayev / Language(s): English Issue: 26/2017

In this paper considered the simulation as a tool for economic expansion in modern conditions of socio-economic development. Discussed the relationship between expansion and competition. Given evidence of much larger economic success in the global market firms, practicing mainly in simulation activities, compared to innovative firms. As a successful business simulation is an example of Chinese firms. Also shown that successful firms combine the innovative and imitative activities. Given that the first companies on the market of goods and services is much more than the second, it is proposed to develop a simulation direction in theoretical and applied economic science at the crossroads of theory and practice of law.

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TRADE BALANCE AND FOREIGN DIRECT INVESTMENT INFLOWS: A NEW PERSPECTIVE ON GROWTH IN AFRICA

Author(s): Arodoye Nosakhare Liberty,John Izevbigie,David Etinosa Igbinoba / Language(s): English Issue: 2/2020

This study analyses the relationship between Foreign Direct Investment (FDI), trade balance and economic growth in Africa employing Panel least square methods (Fully Modified Least Squares (FMOLS) and Dynamic Least Squares (DOLS)) for forty-two (42) Africa countries for the period of 1995 to 2017. The analysis revealed that Foreign Direct Investment (FDI) positively and significantly affect economic growth in Africa while trade balance exhibited a negative and significant effect on economic growth in Africa. These results were separately and individually affirmed by Panel least square methods estimation techniques employed. From the findings, recommendations such as ensuring that trade deficits emanates through productive investment, implementation of policies that attract more FDI inflows to Africa and strengthening of cross border relations using the instrumentality of Africa Union (AU) were proffered.This study analyses the relationship between Foreign Direct Investment (FDI), trade balance and economic growth in Africa employing Panel least square methods (Fully Modified Least Squares (FMOLS) and Dynamic Least Squares (DOLS)) for forty-two (42) Africa countries for the period of 1995 to 2017. The analysis revealed that Foreign Direct Investment (FDI) positively and significantly affect economic growth in Africa while trade balance exhibited a negative and significant effect on economic growth in Africa. These results were separately and individually affirmed by Panel least square methods estimation techniques employed. From the findings, recommendations such as ensuring that trade deficits emanates through productive investment, implementation of policies that attract more FDI inflows to Africa and strengthening of cross border relations using the instrumentality of Africa Union (AU) were proffered.

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DETERMINANTS OF FOREIGN DIRECT INVESTMENT INFLOWS: EVIDENCE FROM A PANEL ANALYSIS OF SOUTH ASIAN COUNTRIES

Author(s): Aderemi Timothy Ayomitunde,Akin George Ogunleye,Bako Yusuf Adebola,Gbenro Matthew Sokunbi / Language(s): English Issue: 3/2020

The aim of this study is to examine the variables that derive FDI inflows in five major countries of South Asia. The results from the past empirical studies about this subject matter have been controversial, which has created a gap in the literature. Data was collected from the United Nations Conference on Trade and Development and World Bank Indicator from 1990 to 2017, and various Panel Techniques were estimated to simultaneously address the objective of this study and counter heterogeneity problem associated with cross countries analysis. Consequently, the findings that originated from this work established the following among others; the prominent variables that determine the inflows of FDI in South Asia are the market size and GDP per capita. However, growth rate of these economies are identified as a factor that could discourage the inflows of cross border investment in this region. Furthermore, as result of these important findings, this paper makes the following recommendations. The policy makers in South Asia should embark on further policy measures that will expand the market size and GDP per capita in this region. Also the policy makers in South Asia should implement policies that will boost competitive growth rate in the individual country.

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THE INFLUENCE OF NATIONAL CULTURAL DIMENSION ON BUSINESS SUCCESS: A STUDY OF SELECTED MULTINATIONAL CORPORATIONS (MNCS) IN OGUN STATE, NIGERIA

Author(s): Nkiruka Eugenia Ifekwem / Language(s): English Issue: 1/2021

This study examined the influence of National Cultural Dimensions on business success in selected Multinational Corporations (MNCs) using Geert Hofstede’s four cultural dimensions model. The objective ascertained the relationship between national culture and business success. Descriptive research design and simple random sampling techniques wereused to select one hundred respondents. The population of the study consists of all the management staff and employees of selected MNCs in Ogun State, Nigeria. Simple percentages were used to analyse the data while the hypothesis was tested using Chi-Square goodness of fit test. The research instrument’s reliability was tested using Crombach Alpha while the validity was ascertained with content validity. The findings indicated that Hofstede’s prediction were right as national cultural dimension influences MNCs’ success and in this case, higher Power Distance, Uncertainty Avoidance, Collectivism and Femininity influence the success of the selected MNCs in Ogun State, Nigeria. Based on the findings, it was recommended that MNCs should work with a business philosophy that supports these cultural dimensions identified and apply it in the organisations to construct suitable organisational culture having examined the national culture of the host-country.

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IS ADVERTISING A SOLUTION IN THE CURRENT TIMES OF ECONOMIC CRISIS?

Author(s): Laurențiu Radu / Language(s): English Issue: XI/2010

As an after-effect of the global economic crisis, the world economyhas suffered major disruptions. Supply-demand relationship has been affectedboth economically and between advertising producers and their customers. Inthis context, the advertising market sought to exploit new means ofcommunication, using the latest production and promotion technologies for theiradvertising products. During the early stages of economic recession thepersuasive power of the advertising message is highly overrated, which cangenerate an increasing demand for advertising, while in latter stages ofrecession, it faces its own recession, due to budget cuts, reduction of the targetaudience and less spectacular results, while, paradoxically, customer demandsare much higher.

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Impact of institutions on economic growth across OECD countries

Author(s): Oscar Afonso,Inês Almeida / Language(s): English Issue: 6/2021

This paper provides empirical evidence in support of the view that quality of institutionsis an important determinant of medium and long-term growth in OECD countries.Regarding the methodology, a panel data analysis with two-stage least squares (2SLS)estimation will be used to account for the endogeneity of the institutional variable. Besidesinstitutional quality, we also consider other relevant determinants of potential growthsuch as the initial level of GDP per capita, public debt, and structural variables typicallyreferred to in economic growth theory. Our estimation results show a positive impactof institutions on subsequent economic growth: an increase in 1 point in institutionalquality leads to an estimated increase of 16.88 percentage points in potential GDP percapita growth, in the case of high-debt countries. With this, we notice a particular relevanceof institutions in countries with high levels of debt. Therefore, our findingssupport the necessary attention to the institutional tissue of societies since improvementsin institutional quality can subsequently improve economic growth.

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Determinants of Chinese Foreign Direct Investment in Central and Eastern Europe

Author(s): Barbora Abu Dayeh,Martin Janíčko / Language(s): English Issue: 3/2021

The article deals with China’s outward direct investment (ODI) in Europe. The ODI has been on the rise and is unique in the sense that its development is much faster than in any other developing country. We investigate the determinants of Chinese ODI in ten countries of Central and Eastern Europe in the time span of 2005 and 2018. Using panel data analysis, the regression model incorporates both traditional macroeconomic variables as well as selected institutional variables, trying to test which of those work best at explaining the Chinese investment activity in the countries of interest. The quality of the institutional framework is represented by EBRD indicators, which seem to be more suitable for transition economies. Findings generally suggest that Chinese multinational enterprises do not access Central and Eastern European countries primarily for market-seeking reasons. However, the fact of being a member of the EU helps Chinese ODI since the membership is used as a sort of “backdoor” to the large European markets. Still, Chinese ODI is less likely associated with a sound institutional environment of a host country, as the opposite appears to be true. These findings, therefore, support the hypothesis that access to the single EU market and R&D spending are more important determinants of the Chinese ODI than almost any other factors.Implications for Central European audience: The article explores the main drivers of Chinese foreign direct investment in the CEE region while it employs the most relevant theoretical framework, including several recently developed theories. The quantitative analysis then thoroughly explores the weight and sign of selected drivers using recent data and questions some of the conventionally accepted surmises about motivations of Chinese investment activity in the CEE region. This is an important topic given the ongoing debates about China’s influence in the region as well as about the intensity and general value added of its investment activity.

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КОНЦЕПТ РАВНОТЕЖЕ У ЕКОНОМИЈИ

Author(s): Nikola Njegovan / Language(s): Serbian Issue: 179/2021

Equilibrium models play a central role in modern (micro)economic analysis. They form the basis of almost all our understanding in economics and are increasingly being used in other fields of social science. Yet there are numerous limitations to the equilibrium approach. To name a few: the treatment of time, i.e., the problem of distinguishing between “time in models” and “models in time”; learning process, i.e., the problem of knowledge necessary to attain the equilibrium; equilibrium dynamics, i.e. considering the equilibrium attainment process and not just the equilibrium state. Many critics already drew attention to the reach and limitations of the “engineering approach” in economic science. It seems that the “voice of reason” has never been loud enough. This paper presents a review of the above-mentioned problems.

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PIGS ECONOMIES: BAIL-OUT VS. BAIL-IN

Author(s): Marina Beljić / Language(s): English Issue: 3/2021

This paper analyzes bail-out and bail-in programs in the Eurozone periphery economies after the transformation of the global crisis into a debt crisis. Continuous rise of debt service costs was leading PIGS economies (Portugal, Ireland, Greece, Spain) either to abandon of Eurozone or to negotiate rescue programs. Using Panel corrected standard errors (PCSE) method, the research shows that bail-out programs had a negative effect on GDP growth in PIGS economies in the period 2011-2019, as the consequence of crowding-out effects. However, the results showed that bail-out programs could positively affect fiscal variables. An alternative solution is the bail-in mechanism, which is a sustainable mechanism that does not burden taxpayers. Based on examples of banks in Spain and Portugal, results show that using bail-in programs, panic and contagion effects could be avoided; however, in the case of future crisis, the effects of bail-in programs on the real economy still need to be examined.

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Geoeconomic concept and practice: classification of contemporary geoeconomic means

Author(s): Nataša Stanojević / Language(s): English Issue: 1183/2021

In this research, geoeconomics was analysed separately, as a theoretical concept and as a strategic practice. The aim is to conduct detailed analysis, systematization, classification and explanation of different types of geoeconomic means, as a key part of geoeconomic practice. The basic hypothesis is that in the mass of economic means used by states in international relations, there are natural lines of their demarcation and inner logic, which allow them to be classified and to explain their different purposes. The research has resulted in the classification of geoeconomic means into forced, penetrating and protective means. It provides the basis for a deeper analysis, explanations, and predictions of the geostrategies of participants in international relations. The explanation of the groups of geoeconomic means indicates the expediency of the suggested classification and implies that it can be a useful tool for authors of geoeconomics, but also for planners in creating consistent geoeconomic strategies.

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Niemonetarne wskaźniki wykluczenia społecznego – wielowymiarowa analiza porównawcza państw UE-10

Author(s): Łukasz Jarosław Kozar / Language(s): English Issue: 4/2021

Social exclusion is a complex and multidimensional process. This phenomenon is also characterised by spatial differentiation, which is illustrated by numerous indicators. Yet, insufficient attention is paid to non-monetary indicators of social exclusion. The aim of this paper was to identify the key non-monetary indicators of social exclusion (also related to the Agenda 2030 sustainable development goals) and, on their basis, to develop a synthetic measure that would make it possible to rank and compare the countries that joined the European Union on May 1, 2004. The considerations were limited to a group of non-monetary indicators of social exclusion selected by the author on the basis of the analysis of the literature on the subject, which included the Laeken indicators. Data on indicator values were taken from the Eurostat database for 2020. In the study, the method of multidimensional comparative analysis of Hellwig's development pattern was used. The analyses showed that, compared to the other countries selected for the analysis, the Czech Republic, Slovenia and Poland were in the most favourable situation in terms of social exclusion understood through the prism of non-monetary indicators.

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INVESTIGATION OF PROOF OF ONTOLOGICAL FOUNDATIONS OF AN INTERNATIONAL CURRENCY: EVIDENCE FROM THE EVOLUTION OF THE EURO

Author(s): Milan Vemić / Language(s): English Issue: 33/2021

This paper is not mainly concerned with epistemology. The formalism of international financial linkages, currency unions and monetary stability produce results that are in agreement with theory with great precision. Economic theory now shows how to predict and control the behavior of financial markets and monetary policy including that of the euro experience. Consequently, a broad spectrum of practical monetary innovations addressed the global financial and sovereign debt crises of 2007-2009 and the still lingering Covid-19 crisis. This research will not study extensively how we attain our knowledge of international currencies and what recommendations arise out of theory. We discuss the extent to which an epistemological currency interpretation functions in euro reality and discover its ontological ground. We extend this approach to prove that the absence of a central state and fiscal inconsistencies among others challenges were not an obstacle in the development of the euro. Research results are in good agreement with Mundell’s concepts and there is unequivocal evidence that the euro has evolved into a major international currency. Finally, we discuss briefly the extension of our results to potential challenges.

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Zasadność tworzenia organizacji międzynarodowych na podstawie działania UNDP w regionie Afryki Południowej

Author(s): Magdalena Pogoda / Language(s): English Issue: 24/2021

International organizations are specialized formal frameworks created to assist states in achieving national goals, stimulating economic growth, and ensuring the protection of their citizens, however their legitimacy has been questioned over the years. This paper aims to answer the question of the adequacy and effectiveness of one of such organizations, namely the United Nations Development Programme (UNDP) in the economic development of five countries in Southern Africa (Botswana, Eswatini, Lesotho, Namibia and South Africa). According to the analysis, the effects of the programme are satisfactory, although the intervention needs improvement. Southern African countries still lack stable and reliable statistical systems to monitor social and economic changes. In addition, these countries rely heavily on international organizations and do not take their own initiative, which makes all the endeavors less effective. Ultimately, these countries require both technical and expert support at all stages of the implemented projects to maximize the impact of the support and sustainability of the results. In line with these findings, the presence of the programme in the region seems to be justified, hence it actively contributes to its economic growth. Yet so far, no alternative ways of intervention have been found and the current framework, although imperfect, has not found a replacement.

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Skutki pandemii COVID-19 dla handlu Unii Europejskiej z najsłabiej rozwiniętymi państwami

Author(s): Grzegorz Mazur / Language(s): English Issue: 24/2021

The COVID-19 pandemic has triggered unprecedented and multidimensional repercussions for the global trading system. In this context, special attention should be addressed to the group of the least developed countries (LDCs) with their vulnerable economies and export performance weighed down by structural deficiencies. The general aim of the paper was to identify the main changes in merchandise exports of LDCs to the European Union (EU) – being one of the most important export markets for those countries – in the aftermath of the pandemic. The methodology is based on descriptive statistics of merchandise exports from the least developed countries to the EU during the pandemic with reference to the previous pre-pandemic period. The analysis indicated a strong decrease (mostly recorded by exporters of energy and manufactured goods, less for suppliers of raw materials and food/agricultural products) in LDCs’ exports to the EU market. The latest trade statistics also revealed that countries with higher export concentration and those that have the ‘graduating status’ have been more affected by export falls than the group. This highlights the need for further structural changes in the least developed countries, cautious monitoring of the graduation mechanism and the influence of the pandemic on the socio-economic situation in the group.

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Strukturne promene u privredama SAD i EU prouzrokovane širenjem klastera

Author(s): Milan Srzentić / Language(s): Serbian Issue: 1182/2021

In the long run, the usage of economic policy measures in the US and EU economies to overcome the consequences of the 2007 global economic crisis has produced different results in different urban agglomerations. In order to perceive the causes of such effects of the measures applied, this paperconducts analyses of the functioning of urban agglomerations, with a focus on specific forms of cluster expansion that are located within them. This is done primarily through the intermediary of two basic economic aggregates, unemployment and GDP, whose changes are monitored during the observed periods. The influence of the potential expanding of the basic cluster in them on economic aggregates is examined, and their mutual relation is observed according to the basic hypothesis of this paper. Based on the given results, suggestions for additional measures of structural economic policy are formed.In the long run, the usage of economic policy measures in the US and EU economies to overcome the consequences of the 2007 global economic crisis has produced different results in different urban agglomerations. In order to perceive the causes of such effects of the measures applied, this paper conducts analyses of the functioning of urban agglomerations, with a focus on specific forms of cluster expansion that are located within them. This is done primarily through the intermediary of two basic economic aggregates, unemployment and GDP, whose changes are monitored during the observed periods. The influence of the potential expanding of the basic cluster in them on economic aggregates is examined, and their mutual relation is observed according to the basic hypothesis of this paper. Based on the given results, suggestions for additional measures of structural economic policy are formed.

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The Post-Crisis Developmental State: Perspectives from the Global Periphery

Author(s): Zsófia Hajnal / Language(s): English Issue: 2/2022

Gerőcs, T. – Ricz, J. (eds) (2021). The Post-Crisis Developmental State: Perspectives from the Global Periphery Cham Palgrave Macmillan, p. XVI + 337. 978-3-030-71986-9

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The Belt & Road Initiative in the Global Arena. Chinese and European Perspectives

Author(s): Carlos Raul Lima da Frota Araújo / Language(s): English Issue: 2/2022

Cheng, Y. , Song, L. & Huang, L. (eds) (2018). The Belt & Road Initiative in the Global Arena. Chinese and European Perspectives. Palgrave Macmillan, pp. 266. ISBN 978-981-10-5920-9

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Globalne łańcuchy wartości (GŁW) w Azji Wschodniej w dobie pandemii COVID-19 – perspektywa Japonii

Author(s): Sebastian Bobowski,Bogusława Drelich-Skulska / Language(s): English Issue: 1/2022

GVCs have become an inherent component of the economic landscape of East Asia, one of the key pillars of the regional integration processes and division of labour based on fragmentation and specialisation. The main objective of the paper was to describe the impact of COVID-19 pandemic on GVCs in East Asia from the perspective of Japan, using monthly trade statistics for 2020-2021. The paper indicates the short-term disruptive impact on trade statistics with the prospect of improvement, however, under conditions of the gradual phasing out of the pandemic, the effective utilisation of RCEP concessions to boost GVC trade, and with the better coordination of the regional response to future health crises. Statistical analysis is accompanied by critical analysis of literature in the field of research. The paper delivers the current statistical picture of the impact of the COVID-19 pandemic on intra-RCEP trade, accompanied by references to legal and institutional aspects of the response of individual countries to health crisis.

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HETEROGENEOUS DEPENDENCE OF OIL-FOOD PRICE DYNAMICS IN AFRICA'S NET OIL-EXPORTING COUNTRIES

Author(s): Sina Jimoh Ogede,Felix Odunayo Ajayi / Language(s): English Issue: 1/2022

The determinants of food prices have attracted sizeable debates among scholars over the last three decades. However, many of these studies ignore the possibility that the impact of oil prices on food prices could vary across the food price distribution. The paper employs a quantile regression technique to ascertain whether food prices respond to the potential heterogeneous impact of crude oil price changes in the six selected African net oil-exporting countries. The coefficient of negative oil price shocks in the panel OLS model is insignificant and positive at the 5% significance level. In contrast, the coefficient of positive oil price shocks significantly affects food prices for the chosen African countries. The quantile regression analysis's empirical findings highlight the diverse dependence effects of various ranges on food prices. All coefficients are non-significant across all quantiles for negative oil price shocks, a conclusion consistent with panel least squares estimate results. Besides, the findings prove that positive changes in oil prices significantly affect the magnitude of food prices in selected African countries. The article concludes that the influence of crude oil price variations on food prices is diverse and positive across quantiles for a subset of Africa's net oil-exporting countries. The findings of this study could have a crucial policy and economic implications for economic agents and stakeholders in diverse fiscal environments. As a result, economic agents must make timely decisions to respond to the effects of oil price uncertainty on Africa's food market.

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Organizacje realizujące projekty współpracy transgranicznej na pograniczach Polski – zmiany w latach 2007-2013 oraz 2014-2020

Author(s): Andrzej Raczyk,Sylwia Dołzbłasz / Language(s): Polish Issue: 3/2022

The aim of the study was to identify regularities in relation to organizations implementing cross-border cooperation projects and their changes over time. The analysis covered a total of more than 2.4 thousand organizations implementing about 1.5 thousand cooperation projects. In the analysis statistical description methods were used. The article is one of the first comparative analyses of cross-border cooperation projects implemented on all Polish borders in two consecutive EU programming periods: 2007-2013 and 2014-2020. The study showed a very high variability of organizations involved in cooperation over time, which, however, was accompanied by relative stability of the generic structures of these organizations and stability of spatial structures. The latter was conditioned by the factor of distance from the state border and the existence of large urban centres. The results obtained are an important contribution to a better understanding of the challenges of implementing EU cooperation policy.

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