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COMPLEMENTING DATA GAPS ON WAGES IN THE LABOUR FORCE SURVEY DATA SET: EVIDENCE FROM POLAND

Wojciech Grabowski, Karol Korczak

Due to the low level of quality of the Labour Force Survey (LFS) data set, studies devoted to matching the LFS data with data from alternative sources are frequent. In this paper, we propose a novel method of complementing data gaps on wages in the Labour Force Survey data set. The method is based on estimataing the parameters of the multilevel model explaining wages on the basis of the Structure of Earnings Survey (SES) data set. In such a way, we identify the impact of individual characteristics and enterprise-level features on wages. We also find evidence of random differences between the wages of workers from different professional groups. The relative importance of consecutive groups of variables is evaluated on the basis of the estimates of the parameters of the full model and reduced models. The results of the estimation of the parameters are in line with expectations. The estimates of parameters and predictions of random effects are used in order to calculate the theoretical wages of individuals who do not report wages in the Labour Force Survey. When the predicted wages are compared with the observed ones, some discrepancies are observed. Rationales for these discrepancies are provided. Therefore, the use of a correction factor is proposed. Correction factors are provided for different features of workers and different features of enterprises. The use of the microeconometric multilevel model, as well as the correction factor, leads to reasonable wage estimates of workers not reporting them in the Labour Force Survey. The proposed method may be used in order to complement data gaps on wages for other EU countries.
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IMPACT OF STOCK MARKETS ON THE ECONOMY IN THE V4 COUNTRIES

Radmila Krkošková

The performance of the economy should generally reflect the performance of stock markets. Production increases, prices rise, and companies’ profits increase if the economy grows. And the shares should naturally make the profits (which means among other things, higher dividends) even more attractive. But is that really true? The aim of the article is to find out the relationship between the development of stock markets and the economic growth in Visegrad Group countries (V4). The subject of the survey is both the long-term relationship and the short-term relationship in the course of economic cycles. The article uses the tools of time series econometrics, especially VECMs, including corresponding diagnostics, Granger causality and block erogeneity. The relationships between the variables examined vary from country to country. The long-term relationship between the development of stock markets and the economic growth was confirmed in Slovakia and Hungary. It was confirmed that the GDP growth rate influenced the growth rate of stock indices in all V4 countries. The opposite relationship (the stock index growth rate influences the GDP growth rate) was not confirmed only in the Czech Republic. Quarterly data for the period from 2005/Q1 to 2018/Q4 was used for the analysis. This period was selected because all of the V4 countries have been members of the European Union since 2004. The EViews software version 9 was used for the calculations. Variables used in this research are: the GDP, the stock Exchange index of the country and stock trading volume. The PX, SAX, BUX and WIG20 stock indices are considered to be the crucial representatives of individual stock markets in this work.
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A MODEL OF INTERNAL MIGRATION: AN EXTENDED NEO-CLASSICAL MIGRATION MODEL AND EVALUATION OF REGIONAL MIGRATION DETERMINANTS IN POLAND

Pavlína Hejduková, Lucie Kureková

Population migration continues to be a current topic linked to a wide spectrum of various external and internal factors on both international and regional levels. In contemporary literature, there is a whole score of empirical studies that deal with international migration, its determinants and impacts on the economy. However, there are only few empirical studies that deal primarily with solely regional (i.e. internal) migration in comparison to the large number of studies analyzing international migration, which is one of the main reasons for the selection of the topic of this study and its focus on internal migration and thus on movements that take place within one geopolitical entity, usually a nationstate (for more on the definition of internal migration, see, e.g., Fendel, 2014; Royuela & Ordóñez, 2016). So-called “gravity models” stemming from an analogy to Newton’s law of gravity and Ravenstein’s laws of migration are often used for modelling internal migration and the study of it, or for the analysis of the main determinates that impact these internal fluctuations of citizens; however, these gravity models of migration are often criticized for their insufficient theoretical foundation.
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MANAGERS OF TOURISM COMPANIES CAN NO LONGER EXPECT ANY FINANCIAL SUPPORT FROM COMPANY OWNERS: DIFFERENT WORKING CAPITAL MANAGEMENT DUE TO THE GLOBAL FINANCIAL CRISIS

Tomáš Heryán

In several economies, tourism is the key field representing an engine of economic growth. This field is employing directly or indirectly a big part of the economically active population. Above that, tourism belongs to the services, which bring an added value itself. A recent global financial crisis, which negatively reflected a real economy development ten years ago, unfortunately, influenced tourism, too. Even if the role of a central bank is very distant from tourism, a consequent unconventional monetary policy within the sovereign debt crisis in the Eurozone undoubtedly influenced it as well (Heryán, 2017). Rather than macroeconomy and turbulent development in financial markets, which can relate to tourism in very different ways, it is more contributive to deal with a microeconomic aspect of company internal processes of hotels and travel agencies (Heryán, 2018).
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Asymmetry in the Okun Coefficient in Romanian Economy

Petre Caraiani

Any recession is characterized by social costs.The loss of jobs, the specter of unemployment, and the decrease of earnings are all negative phenomena that produce during the recessions. During the ngoing financial crisis, unemployment rose quickly in Romanian economy. From a very low unemployment rate, at about 3.5 % before the trigger of the recession, in less than a year, the unemployment more than doubled. Coupled with the loss of budgetary revenues and the increasing public debt, this put further constraints on the optimal decisions of policy makers.
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