Suchergebnisse

The literature stresses the relation between institutions and economic performance. Series of studies have demonstrated a strong link between institutional environment (measured by property right, rule of law, corruption, bureaucratic quality and other institutional variables) and economic growth and development. What is unclear whether the institutions can also explain variation in per capita income across countries, in which institutional environment is to some degree alike. This article focuses on economic development in 1996–2006 in countries, grouped according to their institutional environment quality. This article aims to analyze to what extent variation in GDP per capita across these countries can be associated with institutional environment. Positive and strong relationship between GDP per capita and institutional environment variable proves out across 153 analyzed countries sample and in sub-sample of 60 countries where institutional environment in 1996–2006 on the average was "positive". But at best only weak relationship was established in sub-sample of 93 countries where institutional environment on the average was "negative".

The impact of economic fluctuations on the total unemployment rate is widely studied, however, with respect to age- and gender-specific unemployment, this relationship is not so well examined. We apply the gap version of Okun's law, aiming to estimate youth unemployment rate sensitivity to output deviations from its potential level. Additionally, we aim to compare whether men or women have a higher equilibrium unemployment rate when output is at the potential level. Contrary to most studies on age- and gender-specific Okun's coefficients, which assume that the effect of output on unemployment is homogenous, we allow a different effect to occur, depending on the output gap's sign (positive/negative). The focus of the analysis is on 28 EU countries over the period of 2000–2018. The model is estimated by least squares dummy variable estimator (LSDV), using Prais–Winsten standard errors. We did not find evidence that higher equilibrium unemployment rates are more typical for men or for women. The estimates clearly show the equilibrium level of youth unemployment to be well above that of total unemployment, and this conclusion holds for both genders. We assess greater youth unemployment sensitivity to negative output shock, rather than to positive output shock, but when we take confidence intervals into consideration, this conclusion becomes less obvious.

The impact of economic fluctuations on the total unemployment rate is widely studied, however, with respect to age- and gender-specific unemployment, this relationship is not so well examined. We apply the gap version of Okun's law, aiming to estimate youth unemployment rate sensitivity to output deviations from its potential level. Additionally, we aim to compare whether men or women have a higher equilibrium unemployment rate when output is at the potential level. Contrary to most studies on age- and gender-specific Okun's coefficients, which assume that the effect of output on unemployment is homogenous, we allow a different effect to occur, depending on the output gap's sign (positive/negative). The focus of the analysis is on 28 EU countries over the period of 2000–2018. The model is estimated by least squares dummy variable estimator (LSDV), using Prais–Winsten standard errors. We did not find evidence that higher equilibrium unemployment rates are more typical for men or for women. The estimates clearly show the equilibrium level of youth unemployment to be well above that of total unemployment, and this conclusion holds for both genders. We assess greater youth unemployment sensitivity to negative output shock, rather than to positive output shock, but when we take confidence intervals into consideration, this conclusion becomes less obvious.

A growing number of recent works support the idea of debt threshold level (turning point), above which debt starts reducing economic growth. However, estimated threshold varies sharply across studies and gives a little insight into what the optimal level of debt is. The point is that there is no single turning point that could be applied to all countries and a proper investigation is needed on factors, which shape the debt impact on growth. This study aims to investigate whether debt threshold level depends on government effectiveness (one of the aspects of countries' institutional quality) and trade balance. Our SYS-GMM estimates (and alternatively OLS and LSDV for robustness check) are based on the unbalanced panel of 152 countries over the period of 1996–2016 and on two strategies: (i) splitting of sample into subsamples according to trade balance and government effectiveness and (ii) including debt and government effectiveness, debt and trade deficit interactions. The obtained results are in line with those which confirm inverted U-shaped debt-growth relationship with clear debt turning point dependence on government effectiveness. However, effective governance is not enough to avoid the negative debt effect. Trade balance seems to be more crucial factor than institutional quality, on which threshold level depends.

A growing number of recent works support the idea of debt threshold level (turning point), above which debt starts reducing economic growth. However, estimated threshold varies sharply across studies and gives a little insight into what the optimal level of debt is. The point is that there is no single turning point that could be applied to all countries and a proper investigation is needed on factors, which shape the debt impact on growth. This study aims to investigate whether debt threshold level depends on government effectiveness (one of the aspects of countries' institutional quality) and trade balance. Our SYS-GMM estimates (and alternatively OLS and LSDV for robustness check) are based on the unbalanced panel of 152 countries over the period of 1996–2016 and on two strategies: (i) splitting of sample into subsamples according to trade balance and government effectiveness and (ii) including debt and government effectiveness, debt and trade deficit interactions. The obtained results are in line with those which confirm inverted U-shaped debt-growth relationship with clear debt turning point dependence on government effectiveness. However, effective governance is not enough to avoid the negative debt effect. Trade balance seems to be more crucial factor than institutional quality, on which threshold level depends.

The objectives are: • to discuss the theoretical aspects of the competitiveness concept, competitiveness factors, and to reveal their impact on the economy; • to compare the level of competitiveness of Lithuania and other EU countries in 2010 and evaluate the changes in competitiveness in these countries with reference to 2008; • to assess the factors that led to changes in the competitiveness of Lithuania in 2008-2010. In this article the concept of competitiveness is analyzed, the Global Competitiveness Index and its structure are defined, and competitiveness and its impact on the economy are discussed. Based on the Global Competitiveness Index analysis of Lithuania's competitiveness and its factors was performed. Both in 2008 and 2010 Lithuania's competitiveness was below the EU average and the gap increased. Despite that competitiveness index decreased in 2010, Lithuania remained at the same position among the European Union countries (18th place) as it was in 2008. Results showed that, compared with the EU countries, Lithuania's sources of competitiveness in 2010 were labour market efficiency, and higher education and training factors. Lithuania's competitiveness was particularly reduced by the size of the market and the evaluation of institutions, as by these factors Lithuania is below the EU average. Compared to 2008, in 2010 Lithuania improved its position in technological innovation field (moved from the 21st position to the 17th among the EU countries), and in health and primary education field (moved from the 25th position to the 24th). As to other factors of competitiveness, Lithuania's position in the context of other EU countries has gotten worse, especially the evaluation of the product (service) market efficiency (down from the 19th to the 24th position) and macroeconomic stability (down from the 16th to the 20th position).

The objectives are: • to discuss the theoretical aspects of the competitiveness concept, competitiveness factors, and to reveal their impact on the economy; • to compare the level of competitiveness of Lithuania and other EU countries in 2010 and evaluate the changes in competitiveness in these countries with reference to 2008; • to assess the factors that led to changes in the competitiveness of Lithuania in 2008-2010. In this article the concept of competitiveness is analyzed, the Global Competitiveness Index and its structure are defined, and competitiveness and its impact on the economy are discussed. Based on the Global Competitiveness Index analysis of Lithuania's competitiveness and its factors was performed. Both in 2008 and 2010 Lithuania's competitiveness was below the EU average and the gap increased. Despite that competitiveness index decreased in 2010, Lithuania remained at the same position among the European Union countries (18th place) as it was in 2008. Results showed that, compared with the EU countries, Lithuania's sources of competitiveness in 2010 were labour market efficiency, and higher education and training factors. Lithuania's competitiveness was particularly reduced by the size of the market and the evaluation of institutions, as by these factors Lithuania is below the EU average. Compared to 2008, in 2010 Lithuania improved its position in technological innovation field (moved from the 21st position to the 17th among the EU countries), and in health and primary education field (moved from the 25th position to the 24th). As to other factors of competitiveness, Lithuania's position in the context of other EU countries has gotten worse, especially the evaluation of the product (service) market efficiency (down from the 19th to the 24th position) and macroeconomic stability (down from the 16th to the 20th position).

The essence of monetary union derives from the fact that when a country relinquishes its national currency, it also loses the ability to conduct an independent monetary policy. The possible asymmetric shocks of a supply or demand determine the optimality of monetary policy. If there are asymmetric shocks in the union, they might cause inflation in one country and deflation in another one, so different monetary policy should be applied. In practice, shocks are always some mixture of demand and supply movements. The major problem with witch the European Central Bank confronts is how to conduct monetary policy when asymmetric shocks occur. The situation is more complicated when supply shock originates in the country of monetary union. This shock lowers output and increases prices. The ECB is responsible for maintaining price stability, also for stabilizing the economy, if it does not interfere with price stability. The price stability is the primary aim in any case. If countries are affected by asymmetric shocks, the common monetary policy won't be appropriate for some of them. The countries which differ from the union as a whole have difficulties with stabilizing output and employment. The aim of the article is to analyse the differences of GDP growth rates and inflation rates between the European Monetary Union countries in respect of the possible incongruity when seeking the price stability. Methods of the research: the analysis and the synthesis of scientific literature, analysis of the statistical data, Theil's inequality coefficient. Differences of GDP growth rates and inflation rates have shown that there were asymmetric shocks of a supply and demand in the European Monetary Union countries. Netherlands, Austria, Belgium and France were identified 373 as countries, which best mach the union as a whole. [.].

The essence of monetary union derives from the fact that when a country relinquishes its national currency, it also loses the ability to conduct an independent monetary policy. The possible asymmetric shocks of a supply or demand determine the optimality of monetary policy. If there are asymmetric shocks in the union, they might cause inflation in one country and deflation in another one, so different monetary policy should be applied. In practice, shocks are always some mixture of demand and supply movements. The major problem with witch the European Central Bank confronts is how to conduct monetary policy when asymmetric shocks occur. The situation is more complicated when supply shock originates in the country of monetary union. This shock lowers output and increases prices. The ECB is responsible for maintaining price stability, also for stabilizing the economy, if it does not interfere with price stability. The price stability is the primary aim in any case. If countries are affected by asymmetric shocks, the common monetary policy won't be appropriate for some of them. The countries which differ from the union as a whole have difficulties with stabilizing output and employment. The aim of the article is to analyse the differences of GDP growth rates and inflation rates between the European Monetary Union countries in respect of the possible incongruity when seeking the price stability. Methods of the research: the analysis and the synthesis of scientific literature, analysis of the statistical data, Theil's inequality coefficient. Differences of GDP growth rates and inflation rates have shown that there were asymmetric shocks of a supply and demand in the European Monetary Union countries. Netherlands, Austria, Belgium and France were identified 373 as countries, which best mach the union as a whole. [.].

The literature on social capital stresses the relations between social capital (trust, social norms and networks), government effectiveness and economic performance. In empirical investigations the relationship between aforementioned items was clarified by using various indicators of social capital and different country samples. Due to this reason the results are hardly comparable. In this article we aim to examine the strength of the relationship between social capital, governance quality and economic performance by using the same indicators of social capital and the same country sample (23 European countries). The study has indicated that both social capital and government indicators are related to economic performance and to each other. Results showed the positive correlation of two social capital dimensions, namely trust and networks, with economic performance indicators and governance indicators, while civism dimensions do not correlate either with economic performance or with governance indicators. In this paper we used three economic performance indicators, namely GDP per capita in Purchasing Power Standards, labour productivity per person employed and percentage of gross domestic expenditure on R&D (GERD) financed by industry.

The literature on social capital stresses the relations between social capital (trust, social norms and networks), government effectiveness and economic performance. In empirical investigations the relationship between aforementioned items was clarified by using various indicators of social capital and different country samples. Due to this reason the results are hardly comparable. In this article we aim to examine the strength of the relationship between social capital, governance quality and economic performance by using the same indicators of social capital and the same country sample (23 European countries). The study has indicated that both social capital and government indicators are related to economic performance and to each other. Results showed the positive correlation of two social capital dimensions, namely trust and networks, with economic performance indicators and governance indicators, while civism dimensions do not correlate either with economic performance or with governance indicators. In this paper we used three economic performance indicators, namely GDP per capita in Purchasing Power Standards, labour productivity per person employed and percentage of gross domestic expenditure on R&D (GERD) financed by industry.

The literature on social capital stresses the relations between social capital (trust, social norms and networks), government effectiveness and economic performance. In empirical investigations the relationship between aforementioned items was clarified by using various indicators of social capital and different country samples. Due to this reason the results are hardly comparable. In this article we aim to examine the strength of the relationship between social capital, governance quality and economic performance by using the same indicators of social capital and the same country sample (23 European countries). The study has indicated that both social capital and government indicators are related to economic performance and to each other. Results showed the positive correlation of two social capital dimensions, namely trust and networks, with economic performance indicators and governance indicators, while civism dimensions do not correlate either with economic performance or with governance indicators. In this paper we used three economic performance indicators, namely GDP per capita in Purchasing Power Standards, labour productivity per person employed and percentage of gross domestic expenditure on R&D (GERD) financed by industry.

The paper deals with the use of scientific and technological potential in Lithuania under conditions of global economy. Aft er acknowledging that the need for innovations and scientific knowledge for the economic development becomes more and more relevant and the efficient sciencebusiness cooperation is necessary when solving relevant economic development and technology progress problems on the global scale the results of the research on science and technology development, funding, human resources and innovation development in Lithuania as well as in the EU-27 are present ed in the article. Though currently a lot of research works dealing with the problems of the scientific and technological pot ent ial use appear some questions have not been analysed properly. In scientific literature there is no common opinion about the definit ion of the scientific and technological potential and the factors having the biggest influence on the scientific and technological pot ent ial development have not been identified, estimated and analysed properly. The results of the research have shown that the science and technology development in Lithuania depends on the close cooperation between business and public sector; however Lithuania remains behind the others in context of the European Union countries. It is stated that not all possibilities to improve the count ry's competitive ability under condit ions of global economy have been currently used.

The paper deals with the use of scientific and technological potential in Lithuania under conditions of global economy. Aft er acknowledging that the need for innovations and scientific knowledge for the economic development becomes more and more relevant and the efficient sciencebusiness cooperation is necessary when solving relevant economic development and technology progress problems on the global scale the results of the research on science and technology development, funding, human resources and innovation development in Lithuania as well as in the EU-27 are present ed in the article. Though currently a lot of research works dealing with the problems of the scientific and technological pot ent ial use appear some questions have not been analysed properly. In scientific literature there is no common opinion about the definit ion of the scientific and technological potential and the factors having the biggest influence on the scientific and technological pot ent ial development have not been identified, estimated and analysed properly. The results of the research have shown that the science and technology development in Lithuania depends on the close cooperation between business and public sector; however Lithuania remains behind the others in context of the European Union countries. It is stated that not all possibilities to improve the count ry's competitive ability under condit ions of global economy have been currently used.

The literature stresses the relation between institutions and economic performance. The series of studies have demonstrated a strong link between institutional environment (measured through property right, rule of law, corruption, bureaucratic quality and other institutional variables) and economic growth and development. It is unclear whether the differences in institutional environment can also explain dispersion in per capita income in countries in which institutional environment is to some degree alike. Does it matter in respect of explaining variation in per capita income if country's institutional environment is "good" or "better" and "bad" or "worse"? While the contribution of institutions to economic development is often acknowledged, the channels by which institutions affect economy are underestimated. The theoretical arguments highlight the impact of institutions on physical and human capital accumulation, in­novation and thus on economic development. This article aims to test this presumption and to examine whether average means of investment, gross enrollment rate and technology creation index are higher in countries where institutional environment is good than in countries where institutional environment is bad. The aim of the article is to examine the differences in economic indicators between group of countries with better and group of countries with worse institutional environment and to identify their relationships with quality of institutional environment. The results show that on average economic variables are higher in good institutional environment countries than in bad ones. The findings reveal that extent to which the variation in GDP per capita can be associated with the quality of institutional environment differs a lot between good and bad institutional environment samples.