Scientific Annals of Economics and Business
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Sectoral Analysis of Environmental Economics: The View from Ukraine
Get PDFThe study is devoted to environmentally extended input-output tables in the form of economic analysis based on the interdependencies between economic sectors. The Leontief-Ford model is considered as a basic method for research. This model generalizes the Leontief model in two groups of industries (production): primary (sectors of material production) and secondary production (industry, dealing with the destruction of pollutants). The analysis of the sectoral structure gave a general view of the current situation in Ukraine. The regional breakdown requires the development and implementation of regional concepts, strategies, programs of ecological and economic development. They should be based on the Strategy of macroeconomic development with the priority of the ecological economy formation, and its goals are formulated and based on the analysis of the sectoral structure of the economy. The short-term strategy should be based on structural changes in the economy with a gradual minimization of resource intensity and waste generation.JEL Codes - B22; C67; C68; P5
Input-Output Models and Derived Indicators: A Critical Review
Get PDFInput-Output literature can be characterized as complicated and chaotic. The complications concern the nomenclature of concepts for the derived indices from the multipliers’ models, their mathematical expressions and computable applications. The terminologies’ inconsistencies often end up to a deviation between the description for these indices and their actual computation, or/and to a misunderstanding as for their usefulness and outcomes. The aim of the paper is to help the readers to face the weaknesses in the literature. In this way, the paper provide an overview with a critical look to the constructed multipliers’ matrices and their derived indicators from the I-O models, and elaborate the causes for the scrutinized confusions. The paper proposes both terminological and computational adjustments and differentiated approaches for the models and their indices, in order to ameliorate their capabilities and to exploit their peculiarities for the developmental patterns. Alternative interpretative ways and applicable expansions are suggested.JEL Codes - C18, C31, C67, F43, O2
New Assessment of Development Status among the People Living in Rural Areas: an Alternative Approach for Rural Vitality
Get PDFIn the process of development, the rural areas meet a wide range of economic, environmental and social challenges. This study theoretically discusses the concept of rural development and attempts to evaluate the development status among the people living in rural areas. In this scope, we propose the personal rural development index (PRDI), which is composed to, on one hand, an individual dimension and, on the other hand, a community one, related to different aspects of rural vitality. In this regard, three socio-economic components, namely economy, education – including a sub-dimension regarding culture, and health – with an environment sub-dimension were considered. These dimensions are influenced by the rural activities, especially the agricultural ones, that generates, nearby the economic results, as main objective for the individual or economic agent, also a set of economic, social or environmental externalities, from the category of public goods and of which both the stable and transitional residents of the area benefit. So, the complexity of the personal rural development index is high, aiming to put into light both individual and public components. The data used was obtained through a survey applied in seven rural communities from the North-East Region of Romania.JEL Codes - O15; I15; I25; D6
Football and Stock Market Performance Correlation: Evidence from Italy
Get PDFThe increasing growth of soccer economy is delivering new challenges for prospective investors in terms of stock price volatility. Such challenges are rooted in behavioral finance and efficient market hypotheses. Given this, the aim of our paper is to test the link between sport performance and correspondent stock price for the Italian listed football clubs (Juventus, Lazio, AS Roma). Our results suggest that soccer wins are likely to have a positive impact over stock price. This impact is more pronounced for local stocks and thus the findings have policy implications for emotional investors.JEL Codes - G12; G32; M1
The Misery Index, Corruption and Income Inequality in Latin American Countries: A Panel Cointegration and Causality Analysis
Get PDFThe globalization process has led to considerable increases in the flow of goods, services and financial assets, and thus global production and wealth have risen substantially during the past 40 years. However, discussion has now centered around the rising income inequality and poverty in some parts of the world. In this regard, the Latin American region is one of the leading regions in terms of income inequality. This study investigates the interaction among misery index, corruption and income inequality in Latin American countries during the 2002-2014 period, employing the Westerlund and Edgerton (2007) LM bootstrap cointegration test and the Kónya (2006) bootstrap panel Granger causality test. The findings reveal that increases in both the misery index and corruption played a part in the increases in income inequality. Furthermore, the results of the causality test reveal unidirectional causality from the misery index to income inequality and bidirectional causality between corruption and income inequality.JEL Codes - C23; D30; D73; E24; E31; O5
Romanian Interbank Interest Rates and Central Bank’s Monetary Policy
Get PDFInterbank rates are affected by the monetary policy of a country and represent a link to other financial and credit markets. In 2007, Romania became a member of the European Union and its central bank, the National Bank of Romania (NBR), joined the European System of Central Banks (ESCB) but not the Eurosystem. This paper analyses the role of the central bank and the use of its instruments concerning interbank rates. The research evaluates the influence of the Romanian Central Bank on interbank rates and shows that the policy rate and bank liquidity are among the main determinants of interbank rate movements. It is also presented that the NBR’s deposit and lending rates can limit the free movements of the interbank rate of interest. This research confirms that interbank interest rates influence bank rates strongly. The methodology used in this research includes cointegration, dynamic econometric measurement and analyses with Granger causality. Our research uses mainly ROBID and ROBOR of different maturities, showing that the influence of the Romanian Central Bank (NBR) on the interbank rate is strong, while the influence of the ECB and Fed is weak.JEL Codes - E430, E520, G17
Introduction to the Special Issue “20 Years of the Euro: Achievements and Challenges”
Get PDFIntroductionJEL Codes
Discretion of the Monetary Policy: An Exemplification with Bolivia
Get PDFIn this paper, we evaluate and quantify the role of the discretion of the monetary policy in an open small and open economy (the case of Bolivia). The results suggest that conventional instruments of the Central Bank respond in different ways: interest rates present a sensitive/elastic response to output gap (actual economic cycle) [1.8]; an inelastic mechanism to inflation [0.5]. On the other hand, open market operations in the Central Bank responds elastically to inflation [1.2] and insensible to the output gap. These results are robust to alternative specification utilizing the Generalized Method of moments (GMM), for the quarterly period from 2000(T1)-2015(T4).JEL Codes - C36; E31; E32; E43; E52; E5
Making a Difference: Accounting for the Impact of Management Decisions in Environmental Management
Get PDFManagement decisions are typically meant to be making a lasting impact, or at least bringing us one step closer to a long-term goal. Yet there are situations where it is hard to link decisions made and results achieved. The problem gets more complex when comparing different backgrounds, as management quality is often assessed either in specific organizational context (Ghoshal and Bartlett, 1994; Coggburn and Schneider, 2003) or in a finite number of case-studies. These methods have been successfully used for a long time in corporate environment (Gong et al., 2018) and for public sector decisions (Eller et al., 2018), but their application is not as easy when facing problems that are affected by multiple economy-wide factors, and/or by variables that are not directly observable. We study the long term impact on management decisions in environmental management by using market information on different instruments used to manage and control environmental pollution and risk. The core reason for choosing this approach is that market data is able to account for economic reasons and capture changes that go beyond the scope of an individual corporation or a public agency.JEL Codes - G13; G17; G1
Projects financed by the European Union’s 6th and 7th Framework Programmes for Research and Technological Development in the Andalusian Agrifood sector. A gender perspective analysis
Get PDFFramework Programmes for Research and Technological Development are the European Union’s key tool for financing research projects and initiatives. The objective of this study is to analyse the impact of research projects in the Andalusian agrifood sector that were financed by the 6th and 7th Framework Programmes from a gender perspective. Our methodology is based on the analysis of survey responses of the researchers who have participated in these projects. Using the data from their responses, we conduct a descriptive analysis from a cross-cutting gender perspective and also analyse the outcomes and results of each project. Our conclusions could serve as guidelines to improve the implementation of the Horizon 2020 Programme with regard to the equality of opportunities between men and women.JEL Codes - H6