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In Memoriam: Professor Dr Vincentas Rolandas Giedraitis (1972-2025)
No full textThis tribute, penned in the shadow of profound loss, honors the life and legacy of Prof. Dr Vincentas Rolandas Giedraitis, a luminary in economic history, socioeconomics, and criminology whose rigorous scholarship illuminated the turbulent waters of emerging markets. Vincentas Rolandas Giedraitis was a prominent Lithuanian economist whose academic legacy reflects substantial contributions to empirical economics, sustainability, and interdisciplinary policy research. With a strong citation record and publications in leading international journals, his research addressed key issues such as maternal health, energy consumption, economic development, and environmental sustainability. His work applied rigorous econometric and statistical methods to examine socioeconomic inequalities, energy security, and institutional transformation, particularly in Central and Eastern Europe and developing regions. Beyond research, prof. V. R. Giedraitis played a pivotal role in advancing academic publishing and international collaboration. At Vilnius University, he strengthened doctoral training, mentored young scholars, and led interdisciplinary initiatives. His editorial leadership enhanced the international visibility of economic journals and fostered partnerships with institutions such as Taras Shevchenko National University of Kyiv. His legacy endures through his scholarly contributions, institutional leadership, and lasting influence on economic research and academic communities
Modeling the Non-linear Relationship between the International Prices of Oil and Wheat and the Exchange Rate in Egypt
Full text linkThe Egyptian pound (LE) has experienced multiple devaluations over the last few years. One of the proclaimed causes was the severe rise in the prices of Egypt’s two main imports – wheat and oil – that followed the eruption of the Russian-Ukraine war and inflated Egypt’s import bill, resulting in an increased shortage of the US dollars and creating downward pressures on the LE. Using a nonlinear autoregressive distributed lag (NARDL) method we probe whether an asymmetric relationship exists between Egypt’s exchange rate and each of the international prices of oil and wheat. Short-run asymmetric effects of oil and wheat prices on Egypt’s currency rate were found, as the latter rose in response to upsurges in the oil price and fell in response to downturns in the price of wheat, with no impacts from the opposite changes in the short run. Oil price rises may thus temporarily function as a weak hedge for the LE
Debt Trapped: Analysing the Impact of IMF on Economic Growth and Human Development in Highly Indebted Countries, with a Focus on Corruption
Full text linkBeing indebted represents significant risks associated with global financial instability in a world where financial stability hangs precariously between debt and economic growth. The International Monetary Fund (IMF) casts a critical eye over countries navigating the perilous seas of fiscal responsibility, aiming to improve their economic performance. Hence, evaluating the connection between IMF loans and sustainable growth in highly indebted countries is crucial. This study aims to examine the impact of IMF loans on real GDP and human development in a panel of the 13 most indebted countries from 1997 to 2020, by using pooled OLS and fixed-effect estimators. The article contributes to the existing literature in two ways. On the one hand, a broad set of human development indicators is analysed. On the other hand, corruption is incorporated into the analysis, explicitly measuring the simultaneous effects of IMF loans and corruption. It has been found that IMF loan growth tends to lower GDP growth, human development, and mortality. IMF loans often come with conditions that may lead to austerity measures. While these measures can negatively impact economic growth in the short term, they might also redirect resources toward social programs which improve health outcomes, thereby reducing mortality rates. When corruption is considered, a reduction in corruption leads to more effective IMF loans, increased human development, and decreased mortality even further. Therefore, it is recommended that IMF loans should always be accompanied with incentives to reduce corruption
The Impact of Working Capital Management and Credit Management Policies on the Financial Performance of Kosovo Banks
No full textThis study examines banking stability in Southeast Europe by analyzing both financial and institutional factors by using the Z-score as a key metric. On the basis of covering the period of 2012–2023, the research evaluates the impact of capital adequacy, lending rates, non-performing loans, rule of law, regulatory quality, control of corruption, judicial efficiency, and government integrity. The analysis combines static Ordinary Least Squares (OLS) and dynamic Generalized Method of Moments (GMM) methods on panel data. The key findings reveal that capital adequacy, non-performing loans, and regulatory quality positively influence banking stability, thereby suggesting the benefits of strong financial regulation. Conversely, control of corruption and weak government integrity negatively affect stability, highlighting institutional weaknesses. A novel aspect of the study lies in comparing the static and dynamic models: while OLS results show the rule of law as significant and positive and judicial effectiveness as negative, the GMM model finds these institutional variables largely insignificant. This divergence emphasizes the importance of using multidimensional empirical approaches to assess the complex interplay of governance and financial performance in the banking sector. The study ultimately demands strengthened legal and regulatory institutions to enhance banking stability in the region
Dynamic Equal Co-movements Measurement for Volatility of Returns in Financial Markets: Evidence from the US, China, and Some Arab Countries Using the DECO-GARCH Model
Full text linkThe research aims to use the Dynamic Equality Condition Correlation (DECO-GARCH) model to test the general movements and conditional relationships regarding the return on investment in a financial market. This is distinguished from other models, particularly from the DCC model, as it is based on calculating the pairwise correlations of assets (joint return volatilities) at one time for all assets, while relying on the history of those assets. This study focused on the returns of US stock market indices, the Chinese stock market index, and financial markets in some Middle Eastern countries, (S&P 500, DJI, NASDAQ Composite, Shanghai Composite, Saudi General, Dubai General, Bahrain General, Amman General, Iraq Stock Exchange). We conduct this research on the grounds of understanding the impact of financial crises on asset returns in these markets, the interconnections that govern them, and the extent to which investors can hedge their investments in these markets. The results have revealed significant and varying correlations between these indices, with increased equal relationships observed in 2015–2016 and 2020–2021, which corresponding to the dates of the European debt crisis, the collapse of the Chinese stock market, and the COVID-19 pandemic. Overall, there was noticeable fluctuation in the conditional dynamic equality among the studied indices during the study period, thus supporting the hypothesis of contagion effects and emphasizing the importance of considering the evolving nature of relationships between these indices when making asset allocation decisions
Attitudes of Slovak Consumers towards the Generation of Waste in Tourism
Full text linkThe objective of this study is to analyse the relationship between tourist attitudes towards waste generation in Slovakia and their corresponding behaviours. With an increasing emphasis on environmental responsibility, understanding the behaviours and beliefs of tourists concerning waste management is crucial for promoting sustainable practices within tourism. This research focused specifically on tourists visiting Slovakia, offering valuable insights into their waste management attitudes. A questionnaire was distributed electronically to 324 respondents through platforms such as MS Teams, email, and social networks. The questionnaire captured tourist attitudes and behaviours regarding waste generation, responsible consumption, and environmentally sustainable practices. The sample size of 324 responses was validated for representativeness. The statistical method, principal component factor analysis (PCA), was used to assess data suitability and identify the underlying patterns. Correlation analysis was conducted to examine the relationships between variables, with a significance check included. The results showed a significant correlation between tourist attitudes towards waste reduction and their environmentally responsible behaviours. This study provides important implications for promoting sustainable tourism practices in Slovakia and enhancing environmental stewardship in the industry. These findings offer insights that can support more targeted interventions so that to improve waste management in tourism, thereby contributing to Slovakia’s sustainability goals
Inflation or Speculative Bubbles? Observing Housing Prices in Türkiye by Using PANICCA and GSADF Methods
Full text linkThis paper delves into the fundamental reasons behind the non-stationary behavior of Housing Prices (HP) in different regions of Türkiye, which have witnessed an intensified surge fueled by recent aggressive fluctuations. The primary objective is to ascertain whether the driving force behind the escalating HP stems from a housing bubble, or if it can be predominantly attributed to the unprecedented levels of inflation that Türkiye has been experiencing in recent times. This study adopted a comprehensive approach by employing advanced panel PANICCA and GSADF cointegration test techniques to identify the presence of common factors between HPI and inflation from January 2010 to January 2023 to resolve this dilemma. The outcomes strongly suggest that the observed stationarity in HPI predominantly originates from the influence of common factors. More importantly, it has been revealed that disregard of the relevant common variables in the standard factor model may lead to misleading conclusions, such as the misidentification of housing bubbles. This underscores the significance of accurately accounting for the impact of common factors in order to avoid potential distortions in assessing market dynamics and potential risks
Monetary and Macroeconomic Determinants of Tax Revenue in Sub-Saharan Africa
Full text linkThe challenge of tax collection in rising economies cannot be overstated. These economies have had certain economic setbacks as a result of a lack of a domestic revenue base, tax evasion, and macroeconomic and monetary issues hindering tax revenue growth. This study critically examines the key aspects influencing the tax revenue increase and collection in Sub-Saharan Africa. The dependent variable is the tax revenue, and the monetary and macroeconomic factors that influence it are inflation, income per person, foreign direct investment inflows, broad money supply, and trade openness. These characteristics are shared by several countries in Sub-Saharan Africa. The study uses the Vector Error Correction Model to analyze secondary data from the World Bank Development Indicators for the period of 1990–2023. The findings of this research show that inflation and foreign direct investment inflows have a negative association with tax revenue in the long run, but both have a significant positive impact on the tax revenue in the short term. Other factors, including the broad money supply, GDP per capita, and trade openness, have a negative but insignificant association with tax revenue. The study advises a shift in financial policy to lower inflation and increase the overall money supply. Again, a friendly business climate is required to encourage the free movement of business investment and international commerce in sub-Saharan African regions
Central Bank Independence and Inflation in the MENA Region: Does Institutional Quality Matter?
Full text linkThis paper examines the impact of Central Bank independence on Inflation in 16 MENA countries from 1990 to 2017. By employing a two-stage least squares instrumental variables approach, the study assesses the influence of three legal independence measures on the inflation rate. It investigates the moderating role of institutional quality in the relationship between these two variables. The findings robustly demonstrate that an increased Central Bank independence leads to lower inflation rates across all measures, model specifications, and estimation methods. Moreover, institutional quality not only directly reduces inflation but also enhances the negative impact of the Central Bank independence on inflation. Consequently, the study suggests that policymakers in MENA countries should reinforce the independence of monetary authorities and improve the overall institutional quality to maintain price stability
Theoretical Model of Copyrighted Content Consumption
Full text linkThis paper deals with the price discrimination issue when a producer applies one price to a buyer in one selling location and another at another selling location for the same product. The specific case under consideration is the consumption of copyrighted products in television broadcasts and payment for them at home and in hotels. Unlike most articles where the analysis of price discrimination is based on the case of discounts to a specific group of consumers, this article deals with the opposite case, where a manufacturer of creative content raises the price for one group of customers compared to a standard group. The examination of the issue is based on a theoretical microeconomic model rather than on statistical data analysis because data on the amounts of copyright payments is unavailable.The main reason for the analysis, which is based on a theoretical model, is the lack of officially available data on payments to copyright agencies. Different agencies apply their own tariffs to all physical places where creative content can be consumed, and this data is not officially available. The lack of data is not a major obstacle because it would show how things are and not what choice would benefit society. The limitation of the data is that it does not show the motives of the choice but only states the choice itself. The advantage of theoretical modeling is that it allows one to analyze the outcomes with respect to the motives influencing the choice and action.The article attempts to answer the questions of whether the service provider’s decision to engage in pricing discrimination is a right choice for the provider and what the consequences of this action are for the consumers and society. Based on the analysis of choices, this article also aims to determine the conditions under which price discrimination can be considered a bad practice and when it should be tolerated.The first part of the paper presents a brief explanation of the problem, a literature survey that encloses the prevailing approaches and points of view on the issue of price discrimination. The second part contains a theoretical microeconomic model which allows for the evaluation of all the consequences that the producer and seller is facing when they pass different prices for different locations, and the consumer has a free choice to reject purchases if the price for them is not acceptable. The third part is devoted to the analysis of how different prices affect consumption, profits, and consumer utility. The final section is devoted to the conclusions that follow from this analysis.The microeconomic model is based on the unrestricted choice of the buyer when buyers themselves freely decide what amount of copyrighted content to buy at any of the selling places and on the unrestricted choice of the seller to set up the price that the seller deems appropriate. In the model, neither party of the transaction dominates nor can decide for the other party, but the choice of one party influences the decisions of the other party.The implications of the model, which is based on the rational choice of economic agents and not on current administrative practice, can be used for policy and legislative purposes