Ekonomika
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The Economics of Open Science and Ukraine’s Prospective Place in It
No full textThis article presents the evaluation of the factors influencing the adoption of Open Access (OA) within the Open Science (OS) paradigm, utilizing statistical dynamics of OA publications across EU countries from 2000 to 2022. The study employs econometric modeling to test a set of hypotheses regarding the percentage of articles in OA, including: the proportion of freely accessible research outputs; the regulatory impact of OA declarations; state-driven OA publication; overall scientific development fostering collaboration; OA rates among top universities; young researchers engagement; and internet penetration as a facilitator of OA dissemination. The analysis reveals the growth trajectory in dynamics of OA. The EU model forecasts an increase in the percentage of OA articles from approximately 50% in 2022 to 70% by 2030, contingent on sustained investment and policy alignment.These hypotheses form a model initially developed for EU countries, providing a framework to assess Ukraine’s academic publishing landscape and its evolving position within OS. A SWOT and PESTLE analysis is conducted to evaluate the financing of Ukrainian science, identifying the broader implications of OA implementation. Prospects for Ukraine’s integration into the OS paradigm are outlined, emphasizing the necessity of overcoming unique challenges such as war-related disruptions
Decline of Interest Rates under Inflation Targeting and Previous Regimes: Evidence from Latin America and Developed Countries
Full text linkThis study empirically investigates the impact of Inflation Targeting (IT) on nominal interest rates over the past 40 years, focusing on 10 advanced and emerging economies. By using a Binary Regime Model embedded within a Backward-Looking Taylor, our findings confirm that IT adoption has significantly contributed to reducing interest rates, with the strongest effects observed in Latin American countries. To reinforce these results, we incorporate Smooth Transition Regression (STR) models, with and without instrumental variables, allowing for a more suitable representation of gradual policy transitions. The STR estimates consistently support our main findings, validating the robustness of the observed impacts. Furthermore, we show that, both before and after IT implementation, central banks display a stronger emphasis on responding to inflation than to the output gap, with this focus intensifying under IT regimes
Assessment of Excessive Municipal Education Spending
No full textA tight budgetary situation in Lithuania forces the Government to seek savings, plan financial resources carefully, and monitor their use closely. As a result, municipalities – which are responsible for implementing several delegated functions – are often viewed unfavourably by the central government when their spending appears excessive, and thus further widening the gap between the income and the expenditure. This article highlights one area where higher expenditure can be economically and strategically justified: education.The article examines the obstacles that prevent the economy from securing a well-qualified labour force, the measures that could strengthen the workforce quality, and the risks that arise when the economisation of education is applied uncritically. Failure to meet secondary school completion requirements remains a major barrier to full labour-market integration, limiting individuals’ long-term economic prospects and reducing the overall productivity of the workforce. Identifying factors within the education system that help reduce the number of early school leavers is therefore essential for improving labour-market outcomes and supporting sustainable economic development.Consequently, increased education spending directed toward targeted interventions – particularly those that help students complete secondary education – should not be interpreted as inefficiency. Instead, such investment represents a strategic measure that enhances human capital formation and contributes to stronger long-term economic performance
The Impact of Financial Constraints and Distress on Events after the Reporting Period in Accounting: Evidence from Türkiye
Full text linkThe aim of this study is to examine the impact of leverage and debt cost which were substantiated as the factors of financial constraints, and the interest coverage ratio which was substantiated as financial distress of Turkish firms listed on the BIST MAIN Index on events after the reporting period. To achieve this aim, panel data analysis was conducted on 112 companies listed in the relevant index between 2014 and 2023. The dependent variable is disclosure after the reporting period, while the independent variables are leverage, cost of debt (financial constraints), and the interest coverage ratio (financial distress). The research findings show that high debt levels (particularly short-term debt) and financial distress increase the number of events after the reporting period. The findings can be interpreted as suggesting that Turkish firms experiencing financial constraints and distress may be more likely to engage in creative accounting practices to enhance the appearance of their financial statements
What Is the Level of Savings Needed for High-Technology Export Led Growth?
Full text linkHigh-tech export-led growth is an important determinant in terms of having a milestone feature for the level of development of countries. Although the restrictions arise from recent literature, it is obvious that countries, like Korea with 35.7% the high-technology product export ratio and China with 31.3%, that have set a strategy on the high-technology export-led growth could have managed to achieve what they aimed to have. It is obvious that to make any investment in high-technology products, a certain level of savings should be achieved. The purpose of this paper is to determine the savings level that is necessary for achieving a high-technology export level for economic growth. The motivation arises from the willingness to shed light on policymakers on their way to achieve the high-technology export-led growth. Sixteen countries with high-technology product export levels higher than the World’s average are chosen in order to test the HXT export-led growth strategy at the initial stage. The period of 2007–2020 has been chosen due to the availability of the data. After achieving the result that there is a bidirectional casualty relationship between HTX and economic growth, by using the threshold regression model it is concluded that after achieving the savings level of 38.73%, countries can create an increase in their HTX level. And this is a very important output for policymakers for setting their strategies for the high-technology export-led growth. Hence the main aim of the policymakers is to increase welfare level of citizens, they should aim to reach 38.73% in order to achieve the high-technology export-led growth. After reaching this savings level they will have a chance to make investments for producing high-technology products by routing their savings to research and development and getting patents. In this way, they will have a chance to increase the welfare levels with the HTX-led growth strategy
Cracking the Wealth Puzzle: Investigating the Interplay of Personal Finance, Expenditure Behavior, and Financial Management
Full text linkThis paper investigated the wealth puzzle by examining the relationships among personal finance (PF), expenditure behavior (EB), and financial management (FM). Data from a diverse sample of 2000 individuals across regions such as Kosovo, Ghana, Kenya, Nigeria, Turkey, Pakistan, Nepal, Uganda, Cameroon, Ethiopia, India, Indonesia, Albania, Oman, and Egypt were collected through an online questionnaire from 2023 to 2024, and processed through exploratory and confirmatory factor analyses using AMOS and SPSS programs. Results revealed the robust relationships among PF, EB, and FM, indicating their resilience and strong internal consistency, and underscoring their pivotal role in shaping individuals’ financial stability and well-being. Notably, EB emerged as a crucial determinant, highlighting the importance of aligning spending habits with family priorities, moderating excesses, and consistently reviewing for improvements. Moreover, critical variables within PF and FM underscored the necessity for strategic financial planning, efficient spending optimization, and the cultivation of resilience against unforeseen financial obstacles. This research has significantly advanced the understanding of wealth dynamics and provided practical insights for policymakers and educators to design targeted financial education initiatives that can improve financial well-being and long-term prosperity. Future research should concentrate on understanding underlying mechanisms and assessing intervention effectiveness across more variables and countries
External Shocks, Asset Prices, and Credit Dynamics in Morocco: Insights from Disequilibrium Models
Full text linkWe investigate external shocks and asset price’s impact on the slowdown of business and household credit in Morocco using disequilibrium models. The results show that banks’ fly to quality, driven by a simultaneous decline in interest margins and borrower creditworthiness, is a key factor behind the slowdown of credit supply. On the demand side, slower growth and saturated housing demand have contributed to reduced borrowing and repayment capacity of borrowers. Furthermore, external shocks are transmitted to credit supply through foreign deposits and households’ credit demand through remittances. Additionally, stocks and residential real estate asset prices are closely tied to credit demand. These findings suggest that addressing bank credit barriers could stimulate economic growth. To do so, policymakers may consider employing unconventional monetary policy tools to effectively manage the transmission channels of external shocks and asset prices to bank credit dynamics
Determining the Future Direction and Amount of Tax Revenue in Indonesia Using an Error Correction Model (ECM)
Full text linkThe characteristics of how tax revenues, as well as the macroeconomic factors that are expected to influence and determine tax revenues, develop have become the basic macroeconomic assumptions by the government in compiling various components of the posture of the state revenue and expenditure budget to maintain and increase the expected economic growth. To understand the evolution of tax revenues and the impacts of these variables, it is important to investigate the relationship between tax revenues and specific macroeconomic variables. This study aims to identify the effect of macroeconomic variables on Indonesian tax revenues in the long and short term using multiple regression analysis in an error correction model (ECM). The macroeconomic conditions and variables used in this study are gross domestic product (GDP), inflation, interest rates, and exchange rates. This study employed the time-series data from 2000–2019. The ECM method was conducted in the following stages: stationarity test, cointegration test, and ECM regression test. The ECM model is declared valid, if the cointegrated variables are supported by a significant and negative ECT coefficient value. The statistical analysis, i.e. t-statistic, the F-statistic, and the coefficient of determination, were used to evaluate the significance of the ECM model. The results showed that among the four of macroeconomic variables used in this study, GDP has the highest significant effect on the tax revenue. GDP has a highly positive and considerable impact on tax revenue. The increasing of GDP growth is in line with the realization of tax revenue. A strong positive long-term (t-statistic = 13.94075*, P-value = 0.0000) and short-term (t-statistic = 5.515026*, P-value = 0.0001) association is also observed between inflation and tax revenue. Inflation has a favorable and considerable impact on tax income either in long (t-statistic = 2.298586**, P-value= 0.0363) or short term (t-statistic = 2.515695**, P-value = 0.0258). On the other hand, Bank Indonesia interest rate has a negative insignificant effect (t-statistic = −1.542970ᵈ, P-value = 0.1437) in the long run on tax revenue. However, it has a negative significant effect (t-statistic = −2.699231**, P-value = 0.0182) in short-term tax revenue. A rise in interest rates results in the lowered tax revenues due to the reduction of public consumption patterns, and a decrease in public consumption. The exchange rate has a negative negligible connection in long term (t-statistic = −1.045768ᵈ, P-value = 0.3122), as well as in short term (t-statistic = 1.250076ᵈ, P-value = 0.2333) with tax revenue, meaning that tax revenue is not significantly affected by changes in exchange rate. In conclusion, total tax revenues and the four macroeconomic variables have a significant long- and short-term association according to the ECM analysis with an adjusted R² value of 0.985866 and 0.792880, respectively. Changes in future tax revenues are largely determined by the stability of macroeconomic variables. Therefore, it is highly recommended that the government maintain the stability of macroeconomic variables, especially GDP, because GDP has a dominant influence on tax revenues in the long and short term so that the target of tax revenues can be achieved. The ECM analysis applied in this study can explain the effect of changes in macroeconomic variables on the tax revenue in the short and long term; so that the future direction and amount of tax revenue can be determined in preparing the State Budget and projecting the expected level of economic activity growth in a nation