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New Articles – Economics


INFLATION PERSISTENCE AND UNIT ROOT TESTS IN THE EURO AREA COUNTRIES

Lenka Vyrostková, Rajmund Mirdala

With the creation of EMU (Economic and Monetary Union), new economic conditions were also created. Before entering the euro area, the EU (European Union) member states must fulfill the convergence criteria (or “Maastricht convergence criteria”), which are based on economic indicators and they must continue to respect them once entered. One of the criteria is the price stability and height of the inflation rate. Together with the creation of a new economy, the topic of examining inflation persistence has become actual, particularly over the past decades. Inflation persistence is one of the most important parameters influencing the conduct of monetary policy. The central bank is interested in the degree of inflation persistence to improve inflation forecasting and reliably estimate the dynamic responses of inflation to shocks. The persistence of inflation is known to have a strong impact on monetary policy. If there is considerable inertia in inflation, then inflation shocks take a long-lasting nature and make it difficult for the central bank to control it.
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FACTORS OF GENDER PAY GAP IN THE HIGHEST WAGES OF EMPLOYEES IN THE SLOVAK REPUBLIC

Viera Pacáková, Viera Labudová, Ľubica Sipková

Reducing the gender pay gap is one of the key priorities of gender policies at both the European Union and at the national levels. At the European Union level, the European Commission priority is “reducing the gender pay, earnings, and pension gaps and thus fighting poverty among women” as one of the key areas in the framework of the Union of Equality: Gender Equality Strategy 2020–2025 (European Commission, 2020). The unadjusted gender pay gap indicator is used to monitor imbalances in earnings between men and women (Eurostat, 2021a). The unadjusted gender pay gap (GPG) is defined as the difference between the average gross hourly earnings of men and women expressed as a percentage of the average gross hourly earnings of men. It is calculated for enterprises with 10 or more employees (Eurostat, 2021b).
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CORE INDUSTRY AGGLOMERATION OF DIGITAL ECONOMY AND GREEN TOTAL FACTOR PRODUCTIVITY: EVIDENCE FROM CHINA

Ping Li, Huiying Fu, Yueyao Li

In recent years, the wave of digitalization has swept the world, and the digital economy, a new economic form, has emerged and become an important driving force for transformation and upgrading, as well as the high point of a new round of industrial competition among countries around the world. In particular, the COVID-19 outbreak in 2020, while giving the traditional manufacturing industry a considerable impact and posed severe challenges to economic development around the world. It has further highlighted the role of the engine of the digital economy and made it a key driving force for the global economic recovery and the development of the world economy (Steiner, 2019). For China, on the one hand, after years of rapid development, the traditional kinetic energy of the national economy continues to weaken and can no longer forcefully pull the economy to soar, so it is urgent to find new economic growth kinetic energy; on the other hand, the extensive traditional pattern of economic growth emphasizes quantity, ignores quality and low efficiency, which causes waste of resources and also brings severe environmental problems.
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MINSKY MEETS PORTER

Burak Erkut

Hyman P. Minsky focused on explaining investment by means of a financial theory; the financial instability hypothesis, put forward by Minsky, provides an explanation to the existence of business cycles by tracing their roots back to the transformation from robust financial markets to fragile financial markets (Minsky, 1992). During the final years of his life, his attempts were placed in a historical framework of analysis, with which he aimed to explain capitalist development based on the assumption of multiple forms of capitalism (Sau, 2019). His theory of capitalist development was published under the names “Schumpeter: Finance and Evolution” (Minsky, 1990) and “Schumpeter and Finance” (Minsky, 1993). His focus in the final era of his life was to give a new interpretation to the Schumpeterian theory of capitalist development by introducing Keynesian insights into it. With this research, he proposed four stages of capitalist development, which are labelled as commercial capitalism, financial capitalism, managerial capitalism and money-manager capitalism (Minsky, 1990, 1993).
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BROWNFIELDS AND GREENFIELDS ASSESSMENT METHOD IN RELATION TO VALUE POTENTIAL AND EFFICIENT USE

Zuzana Dvořáková Líšková, Nikola Sagapova, Roman Buchtele

Brownfields (greenfields) are defined as the areas with a significant change in the past from sites with intensive use to sites with limited use, further to under-utilized and abandoned areas (De Sousa, 2003; Frantál et al., 2013; Syms, 1999). Brownfields are generally classified as the sites with a high probability of substantial changes. Marcuse and van Kempen (2000) use the term ‘soft locations’ for such sites. Brownfields are the sites characterized by abandonment, discontinuation of production and often associated with land contamination (Jetmar, 2008; Kirschner, 2005; Lange & Mc Neil, 2004). This fact may lead to the loss of value of such property accompanied by a decrease in the land price, an increase in unemployment, or increased costs of the clean-up (Čiháková Aguilar, 2009). Although brownfield sites are the post-industrial outcomes of various anthropogenic activities and land use, the scarcity of land may play an important role in the attempts of finding new ways of utilization, redevelopment, and restoration of such areas based on their evaluation with regard not only to environmental issues but also sustainable development (Ahmad et al., 2018).
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