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Unemployment Convergence In Transition, Joanna Tyrowicz, Piotr Wojcik Jan 2009

Unemployment Convergence In Transition, Joanna Tyrowicz, Piotr Wojcik

Joanna Tyrowicz

In this paper an attempt is made to inquire the dynamics of regional unemployment rates in transition economies. We use policy relevant NUTS4 unemployment rates for transition economies characterised by both relatively intense (Poland, Slovaka) and relatively mild labour market hardships (Czech Republic). We apply diverse analytical techniques to seek traces of convergence, including beta- and sigma-convergence as well as time-series approach.

Transition economies typically experienced rapid growth of the unemployment rates due to profound restructuring. Naturally, these processes affected local labour markets asymmetrically, since regions were diversified with respect to industry composition and economic outlooks. Results in each of ...


Foreign Debt And Domestic Savings In Developing Countries, Luke Okafor, Joanna Tyrowicz Jan 2009

Foreign Debt And Domestic Savings In Developing Countries, Luke Okafor, Joanna Tyrowicz

Joanna Tyrowicz

This paper approaches the question of potential causality between foreign debt and domestic savings in the context of developing countries. Literature provides evidence in as far as foreign debt and development is concerned, but little attention was given so far to internal potential for capital formation. We provide a theoretical framework and test its relevance using 1975-2004 data for two groups of countries: sub-Saharan Africa and Latin America with the Caribbean. With the use of instrumental variables we find negative impact of foreign debt on domestic savings especially in the long run. The results are not susceptible to the choice ...


Is The Impact Really That High? The Effect Of Fdi In Transition, Jan Hagemejer, Joanna Tyrowicz Jan 2009

Is The Impact Really That High? The Effect Of Fdi In Transition, Jan Hagemejer, Joanna Tyrowicz

Joanna Tyrowicz

Literature is not clear on the effect of FDI on the economic performance in hosting countries. The analysed eects include productivity, propensity to export, access to financial markets, etc. Although foreign subsidiaries usually perform better than the average of the hosting economies, sometimes the selection eect is found to be considerable. The analysed eects In this paper we use a unique dataset based on accounting annual reports to the statistical authorities by all medium and large Polish enterprises over a period 1997-2006. We apply a propensity score matching technique to disentangle the effect of self-selection and FDI entry (treatment). We ...


When Eastern Labour Markets Enter Western Europe - Ceecs Labour Market Institutions Upon Euro Zone Accession, Joanna Tyrowicz Jan 2009

When Eastern Labour Markets Enter Western Europe - Ceecs Labour Market Institutions Upon Euro Zone Accession, Joanna Tyrowicz

Joanna Tyrowicz

This paper reviews the literature on the labour market institutions in European Union Member States in the context of monetary integration. Traditionally, labour markets are a key concept in the optimal currency area theory, playing the role of the only accommodation mechanism of asymmetric shocks after the monetary unification. There are several theoretical frameworks linking the institutional design of the labour market to the potential effectiveness of monetary policy in the context of currency areas. Many empirical studies addressed these issues too, yielding important policy implications for labour market reforms in the process of monetary unification. However, there seem to ...


Nonlinear Stochastic Convergence Analysis Of Regional Unemployment Rates In Poland, Joanna Tyrowicz, Piotr Wojcik Jan 2009

Nonlinear Stochastic Convergence Analysis Of Regional Unemployment Rates In Poland, Joanna Tyrowicz, Piotr Wojcik

Joanna Tyrowicz

This paper analyzes convergence of unemployment rates in Poland at NUTS4 level by testing nonlinear convergence, applying the modified KSS-CHLL for each pair of territorial units. The results suggest that actually the convergence is a rare phenomenon and occurs only in 1916 cases out of potential over 70 000 combinations. This paper inquires what systematic reasons contribute to this phenomenon.

There are some circumstances under which unemployment convergence should be more awaited than in the others. These include sharing a higher level territorial authority, experiencing similar labour market hardship or sharing the same structural characteristics. For each of these three ...


Blame No One? Investment Decisions Of The Polish Stock-Listed Companies, Joanna Tyrowicz Jan 2009

Blame No One? Investment Decisions Of The Polish Stock-Listed Companies, Joanna Tyrowicz

Joanna Tyrowicz

It is often raised that enterprises in transition countries are cursed with credit constraints and insufficient capital. Regardless of whether this belief holds for the whole of the economy, the Agency Theory provides a useful both theoretical and empirical framework helping to verify the efficiency of investment decisions in case of companies for which 'objective' future cash-flow valuation is available. The assertion of managerial discretion has been verified empirically for many different countries with the analytical background provided by user cost of capital and Tobin's Q theories. This paper’s contribution is the analysis of the Polish stock-listed companies ...


Labour Market Racial Discrimination In South Africa Revisited, Joanna Tyrowicz, Maciej Szelewicki Jan 2009

Labour Market Racial Discrimination In South Africa Revisited, Joanna Tyrowicz, Maciej Szelewicki

Joanna Tyrowicz

Discrimination is a significant issue in labour market economics across developed as well as developing countries. In this paper we inquire the actual size of wage discrimination in the Republic of Soutn Africa, accounting for large differences in endowments. We apply the Oaxaca-Blinder decomposition as well as propensity score matching to adequately determine the size of the pay gap. Although the size of the absolute racial pay gap is enormous, amounting for more than 500%, the actual estimated effect non-attributable to other factors ranges between 45%-55%. This estimator however assumes homogenous discrimination across the wage distribution, while data suggest ...


(In)Efficiency Of Matching - The Case Of A Post-Transition Economy, Joanna Tyrowicz, Tomasz Jeruzalski Jan 2009

(In)Efficiency Of Matching - The Case Of A Post-Transition Economy, Joanna Tyrowicz, Tomasz Jeruzalski

Joanna Tyrowicz

This paper approaches the question of efficiency in job placement using regional data for Polish regions (policy relevant NUTS 4 level) over the time span of 2000-2008. Using a unique data set we estimate the matching function using stochastic frontier as well as difference-in-difference estimators. We use also managed to combine this unique data set with another unique source of data on the ALMPs

coverage, unemployment structure across time and regions as well as the individual capacity of local labour offices. We use these data to explain the exceptional variation in estimated efficiency scores.

Our findings suggest that matching abilities ...


Delivery Of Legal Services To Immigrant Small Business Owners: The Problems And A Model To Solve Them, William A. Langer, Pablo A. Ormachea Jan 2009

Delivery Of Legal Services To Immigrant Small Business Owners: The Problems And A Model To Solve Them, William A. Langer, Pablo A. Ormachea

William A Langer

Delivery of Legal Services to Immigrant Small Business Owners: The Problems and a Model to Solve Them. By Pablo Ormachea & William Langer

Immigrant entrepreneurs not only provide essential support for individual families, but also serve as key engines of economic growth for United States cities. While immigrant small-business owners continuously stimulate growth in various economic sectors, creating new jobs and helping to develop inner-city neighborhoods, they overcome considerable obstacles and barriers to reach these achievements. This article argues that a deeper understanding of such systemic barriers can help to reduce such barriers so that an increasingly larger number of small ...


Water Borne Diseases And Rural Development In Sudan Study Of Malaria In Gezira Irrigated Agricultural Scheme, Professor Issam A.W. Mohamed Oct 2008

Water Borne Diseases And Rural Development In Sudan Study Of Malaria In Gezira Irrigated Agricultural Scheme, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Gezira irrigated scheme is globally one of the biggest agricultural productive units administratively managed. It has seen deteriorating productivity for the past two decades. There cries that it should be privatized. That was seriously taken by the government in an economic liquidation of its assets. However, in this study we discuss analyze other aspects than the previously mentioned aspects of production parameters. We focus of health economics and how gradual negligence led to the prevalence of waterborne diseases. That degenerated farmers' abilities to produce. The present study was carried out in the Gezira scheme to measure the impact of water ...


Investment Credit Availability - Bank Enterprise Relations In Poland, Joanna Tyrowicz Jan 2008

Investment Credit Availability - Bank Enterprise Relations In Poland, Joanna Tyrowicz

Joanna Tyrowicz

The complaints about insufficient private investment are frequent in Poland. Equally often do we hear the criticism of the monetary policy pointing to excessively high interest rates. This paper estimates the speed of upward adjustment of loan rates relative to downward adjustment, accounting for dierent market segments and products. The empirical results show that for the investment credit upward adjustment is fast, but downward adjustment essentially does not occur. Consumer credit products demonstrate positive values for the speed of both adjustments although still upward changes occur faster than downwards ones. These ndings suggest that banks may tend to discriminate entrepreneurs ...


Democracy Autocracy And Macroeconomic Performance In Pakistan, Nasir Iqbal, Sardar Javaid Iqbal Khan, Muhammad Irfan Chani Jan 2008

Democracy Autocracy And Macroeconomic Performance In Pakistan, Nasir Iqbal, Sardar Javaid Iqbal Khan, Muhammad Irfan Chani

Muhammad Irfan Chani

Pakistan showed a healthy growth rate of 5.6 percent during the entire history and faced many ups and downs in economic growth due to dramatic changes in political regimes. The literature shows mixed results regarding the impact of autocracy or democracy on economic growth. The aggregate growth of the economy under autocracy remained better as compared to democratic period. Financial indicators show consistent path through out the history of Pakistan. Different trade policies are designed in different regime to run the external sector and the impact of each policy was different.


Konwergencja Bezrobocia W Polsce W Latach 1999-2006, Joanna Tyrowicz Jan 2007

Konwergencja Bezrobocia W Polsce W Latach 1999-2006, Joanna Tyrowicz

Joanna Tyrowicz

W artykule analizie poddana została dynamika stóp bezrobocia na poziomie powiatów w Polsce w latach 1999-2006. Wykorzystano miesięczne dane rejestrowe. Celem badania jest zweryfikowanie, do jakiego stopnia zachodzą procesy konwergencji regionalnych stóp bezrobocia. Zbadana została zarówno konwergencja typu beta, czyli zależność między dynamiką stopy bezrobocia a jej poziomem wyjściowym, jak i konwergencja typu sigma polegająca na analizie dyspersji rozkładu i jej zmian w czasie. Zastosowane zostały również metody pozwalające zbadać dynamikę pełnego rozkładu analizowanej zmiennej – macierze przejścia oraz nieparametryczna metoda estymacji jądrowej. Macierze przejścia pozwalają określić prawdopodobieństwo z jakim w powiatach stopa bezrobocia utrzyma się na stałym poziomie, wzrośnie lub ...


Optimality And Synchronicity - Where Do We Stand? Oca Theory And Its Empirical Application For Emu, Joanna Tyrowicz Jan 2007

Optimality And Synchronicity - Where Do We Stand? Oca Theory And Its Empirical Application For Emu, Joanna Tyrowicz

Joanna Tyrowicz

Should Poland join EMU? The answer to this question has already been determined by both economists and politicians - by joining EU Poland has agreed to eventually join EMU, which barely any serious economists find to be harmful to our economy. However, the moment of joining the currency union has not been determined and its choice is largely left to the decision of Polish policy makers. Obviously, there are some costs to entering the currency union, as well as some benefits. However, since both the process of accessing and the very participation in the EMU are dynamic in nature, the path ...


Podmioty Ekonomii Społecznej A Perspektywy Rozwojowe Polski 2007-2013, Joanna Tyrowicz Jan 2007

Podmioty Ekonomii Społecznej A Perspektywy Rozwojowe Polski 2007-2013, Joanna Tyrowicz

Joanna Tyrowicz

No abstract provided.


Assessment Of Capital Returns And Economics Of Investment In Khartoum Stock Exchange Market, Professor Issam A.W. Mohamed Aug 2006

Assessment Of Capital Returns And Economics Of Investment In Khartoum Stock Exchange Market, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Financial markets in a country are parts of modern economic systems and have definite impacts of its economic performance. However, in an underdeveloped economic structure there can be other targets o hidden activities for them. Such assumptions are provoked under totalitarian economic systems that impose cartel monopolies in a autocratic compradorism that own most of the companies and their stocks. The institutional structure of the prevailing economic system avails negative cost/benefits dealings to continue unaffected as the main profits have to come from other resources, e.g., money laundry. The private sector has to be monopolized in order to ...


Assessment Of Capital Returns And Economics Of Investment In Khartoum Stock Exchange Market, Professor Issam A.W. Mohamed Mar 2006

Assessment Of Capital Returns And Economics Of Investment In Khartoum Stock Exchange Market, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Financial markets in a country are parts of modern economic systems and have definite impacts of its economic performance. However, in an underdeveloped economic structure there can be other targets o hidden activities for them. Such assumptions are provoked under totalitarian economic systems that impose cartel monopolies in a autocratic compradorism that own most of the companies and their stocks. The institutional structure of the prevailing economic system avails negative cost/benefits dealings to continue unaffected as the main profits have to come from other resources, e.g., money laundry. The private sector has to be monopolized in order to ...


On Measuring The Efficiency Of The Social Security System Reforms. The Case Of Poland, Joanna Tyrowicz, Piotr Mularczyk Jan 2005

On Measuring The Efficiency Of The Social Security System Reforms. The Case Of Poland, Joanna Tyrowicz, Piotr Mularczyk

Joanna Tyrowicz

As other European countries, transition economies face the reform of the social security system. As one of the first, Poland has introduced a pension reform in 1999, which changed a standard pay-as-you-go system into a one constructed of three pillars and based on addressed contributions. The five years from the reform allow to take a first look at the reform, both in terms of assessing the legal implementation as well as the realization of main assumptions and aims. In this paper we consider the effectiveness of the reform. We find that in many aspects this reform should not be considered ...


From Hayek To Keynes: G.L.S. Shackle And Our Ignorance Of The Future, Greg Hill Jan 2004

From Hayek To Keynes: G.L.S. Shackle And Our Ignorance Of The Future, Greg Hill

Greg Hill

G.L.S. Shackle stood at the historic crossroads where the economics of Hayek and Keynes collided. Shackle fused these opposing lines of thought in a macroeconomic theory that draws Keynesian conclusions from Austrian premises. In Shackle’s scheme of thought, the power to imagine alternative courses of action releases decision makers from the web of predictable causation. But the continuous stream of spontaneous and unpredictable choices that originate in the subjective and disparate orientations of individual agents denies us the possibility of rational expectations, and therewith the logical coherence of market equilibrium through time.


Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado Dec 2003

Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado

José-Manuel Martin Coronado

This research aims to prove that sound economic policies are nothing more that basic conditions for the foreign public debt problem. In fact, by studying the factors of public debt issues in Peru, Latin America and the emerging economies it’s clear that some implicit economic and non-economic factors have to be considered because of the social complexity and variable characteristics in emerging economies. This causes failures in economic policies assumptions, inefficiencies, distorted causality and nonrational behavior. This paper proposes, first, to perform a deep and comparative analysis of the foreign debt determinants in emerging economies, then, to allocate financial ...


Institutional Changes And Discretionary Value For Property Rights In Drylands’ Farming Of The Sudan, Professor Issam A.W. Mohamed Jun 1999

Institutional Changes And Discretionary Value For Property Rights In Drylands’ Farming Of The Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Research on land tenure and use control and the socioeconomic sets of regulations in the agricultural rainfed sub sector of Sudan, come to focus for many reasons. Anthropogenic pressure, expanding animal population and migration led to accelerated impacts on both the ecological systems and land yields. Conflicts between governmental regulations and indigenous rules contribute to generate inconsistencies on who have the right to till the land and hence own it. With such transformation logically, more intensive commercial farming took place and land intake exponentially increased. Private or collective property rights of land are procured through traditional tenure, prescription, settlement or ...


Project Appraisal For The Keynesian Investment Planner, Greg Hill Jan 1999

Project Appraisal For The Keynesian Investment Planner, Greg Hill

Greg Hill

This paper outlines a theory of project appraisal wherein the neoclassical premises of conventional cost-benefit analysis are replaced by their Keynesian counterparts. The paper shows how the social rate of return on investment, the private and social rates of discount, and other concepts used in cost-benefit analysis may be modified to take account of the income externalities generated by the multiplier, mark-up pricing, and the causal priority of investment over saving.