Ekonomika
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FIGHTING CARTELS: AN APPLICATION OF ECONOMIC THEORY AND THE EFFECTS OF LENIENCY POLICIES
Get PDFThe paper focuses on the theory and practice of antitrust action in detecting and deterring cartels and analyzing the development of the modern leniency policy. Drawing from game theory and following the examination of the main conditions and reasons for cartel formation and sustainability and a statistical analysis of cartel prosecutions, our attempt is to show that leniency programs, accompanied by strong enforcement powers and effective sanctions, increase the inherent instability of cartels and therefore have proven to represent a functional and successful tool for detecting and punishing, as well as preventing the formation of anticompetitive agreements
THE SCOPE OF FUNCTIONS AND STRENGHT OF INSTITUTIONS IN ECONOMIC POLICY OF THE EU MEMBER STATES FROM CENTRAL AND EASTERN EUROPE. CONCEPTION OF ANALYSIS
Get PDFThe manner of conducting economic policy determines various phenomena and socio-economic processes, including economic development and growth, to a considerable degree. A significant role in economic and social sciences is attributed to international comparative studies. The aim of the study was introduction of the conception for analysis of the scope of functions and strength of institutions on an exampleof the national policies of the EU member states from Central and Eastern Europe.The paper introduces the selected dimensions of economic policy in the EU member states from Central and Eastern Europe. On the basis of the use of existing indices, the measures of these dimensions are proposed. Also, elements of the typology of economic policies of these countries considering the selected policy dimensions are presented.The analyses show that there are differences among national economic policies of particular states of Central and Eastern Europe. From the standpoint of economic policy and its dimensions, the situation is most favourable in countries with the most powerful institutions: the Czech Republic and Estonia. It is crucial to strive after improvement of the quality of institutions in individual states, which should result in a faster socioeconomic development and an increased efficiency of the public authorities
THE IMPACT OF MINIMUM WAGE ON THE LABOUR MARKET OF LITHUANIA
Get PDFRecently, Lithuanian trade unions have announced the requirement for the government to raise the minimum wage by more than 10 percent, e.g. from 800 to 900 Lt. The aim of the study was to investigate the possible consequences of the implementation of such a requirement. Minimum wage (MW) macroeconomics in theoretical aspects and the practical evidence of it consequences in the EU countries are analyzed in the first part of the article. The second part provides an assessment of the impact of the 100 Lt raise in MW on the Lithuanian labor market. This assessment is carried out using econometric techniques
CONSUMPTION CULTURE IN THE PRESENCE OF GLOBALISATION: THE INFLUENCE OF RELIGION, NATION AND ETHNICITY ON CONSUMPTION PATTERNS
Get PDFThe aim of this paper is to discuss existing consumption culture approaches and to analyse various consumption patterns determined by national, ethnic and religious differences. The current consumer culture is usually approached from two major positions: consumption homogeneity and consumption heterogeneity. Although globalisation has penetrated a number of areas in the modern world, one can see that consumption patterns have not become universal. The differences exist not just among the countries, but in some cases even within countries. The migration and population trends make these differences even higher. Even though the tendency of using the same products could be noticed all over the world, the reasons for consumption are different due to various national, religious or ethnical values. Paper type: general review
THE VILIBOR–EURIBOR SPREAD DYNAMICS DURING THE RECENT FINANCIAL CRISIS
Get PDFThis article deals with the influence of the international financial crisis on the Lithuanian interbank market interest rates. Specifically, VILIBOR–EURIBOR spread dynamics over the period from the beginning of 2005 until the end of 2010 is analysed. The objective of the study was to estimate and describe the main factors affecting the VILIBOR spread. Methods used in the study include a systemic analysis of related studies, historical data analysis and statistical testing.Several episodes of increased market volatility could be clearly identified during the period, under study and the volatility of the data series as well as changes in their statistical properties and interdependence make the statistical analysis of the relationship very complicated. Statistically robust results could be achieved only after introducing several restrictions. The EURIBOR, RIGIBOR and Lithuanian CDS indexes have been found to explain more than 40 percent of the largest VILIBOR spread changes
POPULATION AGEING AND THE TRAGEDY OF THE PENSION COMMONS
Get PDFThe essay deals with sustainability issues of pension systems. Considering the functioning of the dividing–imposing systems, the definitive factors are the proportion and quality of active-age population and its willingness to pay pension contribution. It delineates the “prisoner’s dilemma” situation of the approach of childbearing in today’s social insurance pension systems. The fundamental problem with pension systems is that individuals with few or without children are in a better financial position by gaining more savings and having more time to spend on work which results in a higher pension income. Therefore, the dividing–imposing system erodes itself. The process is very similar to the tragedy of a theoretical common pasture described by Garrett Hardin. The most important lesson of the tragedy of commons is that individual rationality can lead to bankruptcy on the community level. Hardin was of the opinion that the tragedy of common pasture can be prevented by subdivision, namely privatisation. The present study examines the possible outcomes of the pension reform and what have been realised of these. The experience of the past decade demonstrates what confusion can be created and misinformation disseminated when the debate about the future of social security is left to those who have other interests than preserving an adequate social security protection
PRICE SETTING IN LITHUANIA: MORE EVIDENCE FROM THE SURVEY OF FIRMS
Get PDFThe article examines price setting in Lithuania, based on the ad hoc survey “On Price and Wage Setting” of the Bank of Lithuania. The study extends the survey data analysis presented in Virbickas (2009). The article points to the incidence of both time-dependent and state-dependent price reviewing policies used by the firms under study, though the price reviewing practices appear to be somewhat tilted to the state-dependent pricing. Analysis provides evidence on the reasons for the upward and downward stickiness of prices. Delayed price adjustment is found to be related to the price adjustment rather than the price reviewing stage. The most momentous explanations for not adjusting prices upwards or downwards rest on the cost-based pricing and the explicit contracts. The study finds an asymmetric influence of some of the price factors. In particular, the cost factors are found to be decisive in invoking a price increase rather than a price decrease
VYTAUTAS KINDURYS. LIFE INSURANCE BUSINESS AND ITS DEVELOPMENT TENDENCIES AND MANIFESTATIONS IN LITHUANIA: THEORETICAL AND PRACTICAL ASPECTS
Get PDFThe monograph. Vilnius: Vilnius University Publishing House, 2011, 558 p
IMPACT OF EXTERNAL BUSINESS ENVIRONMENT FACTORS ON INTERNATIONALIZATION OF LITHUANIAN-BORN GLOBAL COMPANIES
Get PDFThe paper examines the external factors that influence the internationalization of the Born Global firms in Lithuania. The identification of such factors is based on M. Porter’s National Diamond model. Theoretical analysis of the model enabled us to distinguish 23 factors as potentially influencing the internationalization of firms. The impact of these factors on Born Global firms was explored upon performing a survey of 50 Lithuanian firms of this sort. The survey results have revealed seven factors as having a positive effect on the internationalization of Lithuanian Born Global firms
THE IMPACT OF THE EURO ADOPTION ON NASDAQ OM X BALTIC STOCK EXCHANGE. ANALYSIS BY STRUCTURAL BREAK TESTS
No full textAlthough the euro adoption in Estonia in 2011 and changing the trading and clearing currency at the NASDAQ OMX Vilnius for euro on 22 November 2010 were foreseen as a possibility to attract more foreign investors, last year the Baltic stock exchange underwent some extreme fluctuations, both positive and negative.In this paper, shown are statistically significant euro adoption-caused trend breaks underlying the data set of NASDAQ OMX stock exchanges in Tallinn and Vilnius. Also, the possible factors that may have been driving them are discussed. The assessment is carried out using three different structural break tests