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Financial markets stress indicator for Slovenia (FIMSIS)
Get PDFThe Global Financial Crisis (GFC) highlighted the importance of early identification of systemic financial stress and timely macroprudential policy responses. In this context, financial stress indices have become essential tools for monitoring systemic risk in real time. While composite indicators exist for the euro area and several member states, Slovenia has lacked such a measure, primarily due to limited financial market depth and data constraints. This paper introduces the Financial Markets Stress Indicator for Slovenia (FIMSIS), the first composite financial stress indicator developed specifically for the Slovenian financial system. FIMSIS aggregates volatility-based indicators across market segments using three alternative approaches - exponentially weighted moving average (EWMA), multivariate GARCH (BEKK) and principal component analysis (PCA) - allowing for a comparative evaluation of aggregation techniques. The indicator captures both the intensity and systemic dimension of financial stress and is evaluated through robustness checks and regime classification using a Markov-switching model. To assess predictive performance, we apply a Growth-at-Risk framework with Adaptive LASSO and non-crossing constraints. Results confirm FIMSIS's relevance for signalling downside macroeconomic risk
“Greening” Education for Climate Resilience: Strategies, Implementation, and Curriculum Integration
Get PDFThe increasing urgency of the climate crisis has necessitated a transformative approach to education that prepares learners to act as agents of sustainable change. This working paper synthesizes UNESCO's Greening Curriculum Guidance with contemporary academic insights to propose a comprehensive framework for embedding climate change education into formal and non-formal learning environments. Drawing on theoretical models, empirical evidence, and international policy frameworks, the paper articulates strategies for greening the curriculum, outlines actionable steps for institutional implementation, and analyzes pedagogical methods that cultivate cognitive, socio-emotional, and behavioral competencies. The role of intersectionality, justice, and indigenous knowledge systems is emphasized to ensure an inclusive and context-sensitive transition toward climate-resilient education systems
Infinite-Horizon and Overlapping-Generations Models
Get PDFThis paper studies the relation between two widely used macroeconomic frameworks: the infinite-horizon general equilibrium model with infinitely-lived agents (GEILA) and the overlapping generations (OLG) model. We show that a two-cycle equilibrium of the GEILA model is an equilibrium of the OLG model, and conversely, an equilibrium of the OLG model can be viewed as a two-cycle equilibrium of the GEILA model. Using this equivalence, we explore the existence of equilibrium indeterminacy and rational asset price bubbles in both frameworks. Our results provide a unified perspective on these important economic phenomena across the two modeling approaches
The impact of accrual accounting on the cost efficiency of municipally controlled enterprises: Evidence from the Japanese municipal sewerage system
Get PDFIn recent decades, the global trend has been moving toward the adoption of accrual accounting in the public sector. However, quantitative analysis regarding its fiscal effects is still in its infancy. Thus, this study examines the impact of accrual accounting on municipally controlled enterprises, with specific focus on the Japanese municipal sewage system. For this purpose, it employs a combination of instrumental variables as well as stochastic frontier analysis to quantitatively determine the fiscal effects from the perspective of cost efficiency. Based on the results, the transition from cash- to accrual-based accounting has led to improvements in overall cost efficiency. These findings also provide new quantitative evidence for future discussions on fiscal discipline, which is a key area in the field of public economics
Short‐run and long‐run determinants of exchange rate fluctuations: A tale of the Dollar and the Naira
Get PDFThe study provides evidence on the effects of changes in oil price, inflation, interest rate, budget balance, economic growth, external debt, domestic investment, and current account balance on exchange rate fluctuations in using the ARDL approach for the period 1970-2015 for the case of the Naira and Dollar. The study shows that changes in oil price, inflation, the current account and domestic investment have significant effects on exchange rate fluctuations both in the short and long run. Changes in external debt has significant effects on exchange rate fluctuations only in the long run. Changes in interest rate, budget balance and economic growth have significant effects on exchange rate only in the short run. In other words, a significant proportion of the high volatility of exchange rate in Nigeria is as a result of changes in oil price, inflation, interest rate, budget balance, economic growth, external debt, domestic investment, and current account balance. The logical conclusion is that in order to stabilize exchange rate in Nigeria, measures should be aimed at diversifying the economy, improving the current account position as well as reducing inflation
Can monetary and fiscal policy reduce CO2 emissions? Analysis of regional country groups
Get PDFThere are calls for monetary and fiscal authorities to use policy tools to support ongoing efforts to achieve the net zero emissions goal. However, limited attention has been paid to the regional differences in the relationship between monetary-fiscal policy and CO2 emissions. This study examines the impact of monetary and fiscal policy on carbon dioxide (CO2) emissions from fossil fuel energy consumption. The study extends the literature by linking monetary and fiscal policy to climate action for achieving the net zero emissions goal. In the empirical analysis, the monetary policy indicator is the lending interest rate, the fiscal policy indicator is the tax revenue to GDP ratio while CO2 emissions from fossil fuel energy consumption is the CO2 emissions indicator. The findings reveal that contractionary monetary and fiscal policy jointly reduce CO2 emissions in the regions of the Americas and Africa. Contractionary monetary and fiscal policy combined with higher renewable energy consumption jointly reduce CO2 emissions in the regions of the Americas, Asia and Europe. Also, contractionary monetary and fiscal policy combined with higher institutional quality jointly reduce CO2 emissions in African countries. Higher renewable energy consumption reduces CO2 emissions in Africa, Asia, Europe and Americas regions while strong institutional quality consistently reduce CO2 emissions in Europe and the Americas. The implication of the findings is that monetary and fiscal authorities should strengthen existing institutions, increase renewable energy consumption, and increase interest rate and taxes on the fossil fuel economy in a coordinated manner to reduce CO2 emissions from fossil fuel energy consumption
Navigating crises. Organizational innovation and managerial restructuring in bad times
Get PDFThis paper investigates the interplay between financial frictions, organizational innovation and managerial restructuring among Italian small and medium-sized enterprises during the Great Financial Crisis. Using firm-level data from the VIII UniCredit survey, we find that financial constraints spurred managerial and organizational innovation, suggesting a Schumpeterian-like response to the downturn. The analysis reveals that this effect was stronger for relatively young and small firms operating in services industries. Limited entrenchment with financial institutions and propensity to engage in financial innovation facilitated firms' organizational transformations. While we find no evidence of an across-the-board effect of public support on firms' organizational and managerial innovations, the results indicate that public policies eased the reorganization efforts of financially constrained firms
Приложимост на медиацията при разрешаване на спорове, свързани с права на потребители
Get PDFThis study analyses the question of the applicability of mediation
as a means of resolving consumer rights disputes. On the one hand, the content of the concept of “consumer rights dispute” is examined from a theoretical perspective. On the other hand, some practical aspects of consumer disputes as the object of mediation are examined. In conclusion summaries and conclusions on the applicable law are made
Automation, Economic Growth, and Wage Inequality: A Comment on Afonso (2024)
Get PDFThis study critically reviews Afonso (2024), who proposes a model of economic growth that considers automation capital, traditional capital, skilled labor, and unskilled labor. In his definition of a balanced growth path, the progress of automation makes both the ratio of skilled labor to all labor and the skill premium asymptotically approach zero in the long run. Eventually, the economic growth rate becomes zero, which contradicts his conclusion. In contrast, if we correct the definition of the balanced growth path, the ratio of skilled labor to all labor asymptotically approaches unity in the long run, and the skill premium diverges to infinity. In this case, the long-run growth rate of per-capita output is equal to the growth rate obtained from Jones’s (1995) semi-endogenous growth model
Risk Measures and Portfolio Choices for Gain-Loss Dependent Objectives
Get PDFThis study advances the understanding of risk measures and portfolio choice for investors exhibiting gain-loss dependent risk attitudes by integrating stochastic dominance (SD) concepts, including prospect stochastic dominance (PSD) and Markowitz stochastic dominance (MSD). We demonstrate that partial moments serve as effective risk measures, aligning with various SD criteria to capture diverse investor attitudes toward gains and losses. One contribution of this paper is the development of a decision-making criterion to identify the segment of the mean-variance efficient frontier that is efficient under different SD conditions, applicable to elliptical distributions. Leveraging partial moments, we adopt a portfolio optimization method that constructs portfolios dominating a benchmark from multiple SD perspectives, facilitating comparisons across gain-loss utility models. This approach enables a more direct comparison of alternative gain-loss utility models without relying on parameter assumptions, which often lead to differing risk-return priorities within a model