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Volume XVIII, Fall, Issue 3(81), 2023
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The study investigated the existence of volatility and spillover effects between sovereign bond returns of South Africa and Ethiopia and the world’s long-term interest rate using multivariate generalized autoregressive conditional heteroskedasticity model. The results showed that volatility from the long-term world interest rate negatively affects the Ethiopian sovereign bond market. The results also showed a one-way spillover from South Africa's market to the U.S. long-term market, then from the U.S. to Ethiopia's market, and further from Ethiopia's to South Africa's market. However, no bidirectional spillover was observed within these markets. Besides, both African markets display high volatility persistence. Besides, the markets have a weak or insignificant correlation with the world’s long-term interest rate. Volatility in the markets is significantly affected by their respective past shocks or volatilities. Finally, it has forwarded policy inputs that should be tailored to the specific economic and financial context of each country.
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The outbreak of the COVID-19 pandemic marked the beginning of huge changes both in the economy and in the attitudes of purchasers in many market sectors. The dynamically changing reality and uncertainty about the future resulted in a variety of consumer reactions such as: refraining from purchasing certain goods and services and postponing spending. The impact of the pandemic can be considered in the context of factors shaping consumer behaviour: economic, e.g., level and sources of income, supply, price level and relations, as well as non-economic. This article addresses the issue of consumer behaviour during a pandemic and attempts to analyse the economic and social factors influencing purchasing decisions. The article is theoretical in nature, but includes a review of various Polish and foreign studies conducted during that period.
The purpose of the publication is to determine to what extent the pandemic condition caused by COVID-19 changed the behaviour of Polish consumers taking into account economic and social factors. In particular, how did the pandemic restrictions affect purchasing behaviour, expenditure structure, savings and final decisions made by consumers. A research gap in this area has been identified.
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The emergence of remote work has ushered in a transformative era of economic change, profoundly altering the dynamics of regional economies and extending its impact nationwide. This abstract explores the profound implications of remote work on local economies, focusing on the operation of the multiplier effect within a country's economic framework. The multiplier effect is a fundamental economic principle that elucidates how changes in expenditure and investment can trigger a ripple effect, magnifying their influence on an economy. In the context of remote work, this concept gains heightened relevance as it sets in motion a cascade of economic activities originating from remote employees and radiating to their local communities. The increased flexibility and reduced geographical constraints associated with remote work have reshaped resource distribution, potentially diminishing the demand for commercial real estate in urban hubs and necessitating adaptable urban design strategies. In summary, the advent of remote work has instigated a paradigm shift in regional economies, propelled by the multiplier effect, which fosters job diversity, innovation, and infrastructure development within communities by amplifying the impact of spending and investment.
The ongoing transformation of work and life due to remote work necessitates a comprehensive understanding of its amplifying impact, bearing significant importance for policymakers, businesses, and local communities. The multiplier effect, a cornerstone of economics, underscores how alterations in expenditure can trigger substantial repercussions in a country's economy through a cascade of economic operations, offering lasting influence rather than a transient effect, although it can also operate negatively when expenditure decreases, leading to a decline in both economic activity and income. This concept highlights the interconnectedness of economic activity and underscores the significance of changes in spending patterns for a nation's overall economic well-being. The magnitude of the multiplier effect is shaped by factors such as the marginal propensity to consume, leakages like savings and taxes, and the extent to which additional spending drives additional production capacity within the economy. A comprehensive understanding of the multiplier effect is invaluable for policymakers, enabling them to assess the potential outcomes of adjustments in fiscal and monetary policies.
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The global development of society dictates changes in the field of economy, technology and, inter alia, the importance of the responsibility of the individual to society. We know that the changes dictated by various forms of promotion on the one hand and on the other hand of very aggressive marketing forms of organization have also recently caused reactions by individuals and society as a whole, who, despite consumer-driven market practices, want higher rates socially responsible behaviour of organizations.
With regard to the all-round development of both the economy and society, social entrepreneurship is an inevitable consequence of the orientation towards the perception of entrepreneurship in terms of strengthening social solidarity and the greater interaction of social good in the concepts of business operations. Where is the future of the development of the entrepreneurial profession, and is social enterprise capable of overtaking existing forms of entrepreneurship? The answer would be accompanied by the fact that the incentive to increase social entrepreneurship in the last decade has been created with a similar reason than in the wake of the development of the social economy.
The financial and economic crisis in the European Union has diminished confidence in the market, products and services and to managers at the global level. Generating a "new" form of entrepreneurship was therefore a logical consequence of distrust in the free market and capitalism. Therefore, with the help of social entrepreneurship and social enterprise, the confidence building was built primarily on the market itself, and a higher level of tendency towards the development of this kind of activity was established. Slovenia followed the development with the social enterprise justification with the Social Entrepreneurship Act, the content of which was partly presented in the paper.
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In order to attract and retain employees, many companies have begun to strategically manage their employer brand, both externally to potential candidates and internally to existing employees. Competition among companies is intense when it comes to human capital. In the so-called "war for talent," companies are competing to attract and retain talent, seeking a competitive advantage as the role they play in organizational performance and company success is recognized. The "war" for talent requires companies to differentiate themselves as employers in order to attract the best available candidates. Companies are looking for the best trained human resources and recognize the employer brand as a significant advantage in attracting, recruiting and retaining talent. Therefore, the aim of this paper is to analyze the contemporary literature in this area, as well as to present an example of good practice of a company in Greece.
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The analysis computed the trends and determinants of India’s bilateral composite IIT as well as sectoral IIT with select trade partners. In particular, Grubel - Lloyd Corrected (Grubel and Lloyd, 1975; Aquino, 1997) indices have been used for the empirical analysis involving bilateral aggregate and bilateral sectoral IIT respectively. The empirical results provide evidence for a major part of actual IIT to be explained outside the framework of the neoclassical theories of international trade.
The major findings are as follows. First, India’s aggregate as well as sectoral IITs in general displayed a positive time trend with the ROW. This signifies that the country’s two-way manufacturing trade in general and its IPN participation with partners in particular has considerably deepened over the period. Second, the regression analysis indicates that several demand-related (e.g., income difference), supply-oriented (e.g., technology difference), friction-led (e.g., distance, trade facilitation, contiguity, language) and sector-specific (e.g., average labour productivity, vertical product differentiation) factors display a strong statistical relationship with IIT as expected. Third, the empirical analysis strongly underlines the importance of trade facilitation measures in enhancing IIT, which needs to be viewed in a wider perspective. As presence of poor connectivity framework raises transport costs and discourage trade in parts and components (i.e., the relatively low value-added items) significantly, the two-way trade (i.e., IIT) in a wide range of manufacturing product segment can be affected. Fourth, as diversification of product baskets (i.e., product differentiation) happens to be a significant driver of IIT, there is a strong case to focus on technological innovation through research and development (R&D), for maintaining intra-sectoral manufacturing trade flows.
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It is not easy to perform a numerical simulation of the path to a steady state in dynamic economic growth models in which households behave by generating rational expectations. It is much easier, however, if households are assumed to behave according to a procedure based on the maximum degree of comfortability (MDC), where MDC indicates the state at which a household feels most comfortable with its combination of income and assets. In this paper, I simulate how economic inequality increases in democratic countries under the supposition that households behave according to the MDC-based procedure. The results indicate that high levels of economic inequality can be generated and even increase in a democracy. As causes, I postulate households’ misunderstandings of the economic situation, a government against certain groups in the economy, or an upward trend in temporary rent incomes. I then present a criterion for establishing the socially acceptable level of economic inequality and point out a practical shortfall arising from the inability to distinguish temporary economic rents.
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In this paper, we try to search the effect of patents on the relationship between domestic investment and economic growth. Data for Middle East and North Africa (MENA) countries over the period 1998 – 2022 are applied for panel data analysis. Empirical analysis validates that domestic investment impact positively on economic growth. However, patents don’t have any incidence on economic growth. Also, the outcome of domestic investment on economic growth attests to be not influenced by patent.
