Suchergebnisse

Although addressing income inequalities is one of the main challenges in the European Union (EU), whether the EU has influenced income distributions, possibly causing a rise in inequalities, is still a heavily underexplored topic. Using the newest methodological developments associated with the counterfactual estimations, I assessed the distributional effects of the 2004 EU enlargement. The results indicate that EU accession cannot be held responsible for any significant changes in income inequalities in the New Member States. That finding is robust to changes in the method of estimation, and it is also supported by dynamic panel data methods.

Although addressing income inequalities is one of the main challenges in the European Union (EU), whether the EU has influenced income distributions, possibly causing a rise in inequalities, is still a heavily underexplored topic. Using the newest methodological developments associated with the counterfactual estimations, I assessed the distributional effects of the 2004 EU enlargement. The results indicate that EU accession cannot be held responsible for any significant changes in income inequalities in the New Member States. That finding is robust to changes in the method of estimation, and it is also supported by dynamic panel data methods.

Purpose – The article reviews the literature on the interactions between aggregate demand and aggregate supply. It discusses the relevance of the presented mechanisms for the current economic situation, especially due to the ongoing monetary tightening in major economies. Research method – The article is based on a review of the literature on the linkages between aggregate demand and aggregate supply shocks. Results – According to the presented models, heightened corporate debt makes firms more vulnerable to financial shocks, including an unexpected increase in interest rates. As a result, tight credit conditions (due to monetary tightening) may reduce aggregate demand and aggregate supply, with ambiguous effects on general price level and inflation rate. Originality /value /implications /recommendations – The review summarises the broad but overlooked literature on the links between aggregate demand disturbances and shocks to aggregate supply. The paper's originality lies in its attempt to present the literature in relation to ongoing increases in the policy of interest rates around the world.

RESEARCH OBJECTIVE: The first objective of this paper is to evaluate countries' position in the international trade network with regard to their two dimensions: their self-sufficiency and extent of their trade contacts. The second objective is to test the implications of the utilized criteria for the European Union member states.THE RESEARCH PROBLEM AND METHODS: It was decided to classify countries using the data on foreign value added in trade and network characteristics (mainly – vertex centrality). Different categories of countries were identified and labelled according to that criteria. Later, correlation analysis was used to determine if the utilised criteria had any effect on countries' welfare and shock resistance.THE PROCESS OF ARGUMENTATION: In our opinion, countries that play an important role in international trade network should be important partners for numerous other countries. However, that criterion is not enough, as many less developed countries serve simply as assembly lines for value created elsewhere. Therefore we focused also on the share of imported value added to the total value of exported goods. We then tested if our notions translate to national welfare and export's resistance to external shocks, such as the Great Trade Collapse of 2008/2009.RESEARCH RESULTS: The classification concept was applied to a sample of EU member states displaying differences between Old and New member states. The analysis proved differences in welfare and stability of export performance during the Great Trade Collapse among countries with different levels of export and import contacts and intensity of relying on imported inputs for their own export production.CONCLUSIONS, INNOVATIONS AND RECOMMENDATIONS: It is vital to diversify export and import contacts due to possible impact of those characteristics on welfare level and stability of trade flows. At the same time, the effects of engagement in international production networks creates a tradeoff: higher dependence on foreign inputs may stabilize trade dynamics at the expense of lowering GDP level.

Cilj ovog rada je provjeriti utjecaj usvajanja eura na strukture dobara u slovenskom izvozu. Prema najboljim saznanjima autora, ovo je prva studija o posljedicama koje ukidanje nacionalne valute može imati za tu značajku trgovine. Prema modelima trgovine Ricarda i Hechscher-Ohlina, takva odluka o politici (koja se vidi kao primjer liberalizacije trgovine) može dovesti do specijalizacije u proizvodnji više ili manje sofisticiranih dobara – ono što ovisi o tehnologiji i faktorima dodjele sredstava. Istodobno, povećani tokovi izravnih stranih ulaganja mogu učiniti određenu ekonomiju više angažiranom u međunarodnim proizvodnim lancima, s dvosmislenim utjecajem na složenost izvoza. S obzirom na činjenicu da je nemoguće (a priori) teoretski predvidjeti utjecaj monetarne integracije na složenost, razumljivo je empirijski tražiti učinke integracije. Autori su koristili Sustav za kontrolu sintetske metode kako bi usporedili stvarne razine izvozne složenosti u Sloveniji nakon usvajanja eura sa suprotnim scenarijem u kojem Slovenija ne ulazi u Eurozonu. Rezultati ukazuju da je članstvo u Europskoj monetarnoj uniji (EMU) dovelo do privremenog povećanja složenosti izvezene robe. ; The aim of this paper is to verify the impact of the euro adoption on the complexity of goods in Slovenian exports. To the best knowledge of the authors, it is the first study on the consequences that the elimination of a national currency may have for that feature of trade. According to the Ricardian and Hechscher-Ohlin models of trade, such a policy decision (seen as an example of trade liberalization) may lead to specialization in the production of either more or less sophisticated goods – the outcome depends on the country's technology and factor endowment. At the same time, increased FDI flows may make a particular economy more engaged in international production chains, with an ambiguous influence on export complexity. Given the fact that it is impossible to (a priori) theoretically predict the impact of monetary integration on export complexity, it is reasonable to search for the effects of the integration empirically. The authors used the Synthetic Control Method to compare the actual levels of export complexity in Slovenia after the adoption of the euro with the counterfactual scenario with Slovenia not entering the Eurozone. The results indicate that membership in the European Monetary Union (EMU) led to a temporary increase in the complexity of exported goods.

The goal of the article is to evaluate the impact of the European Union (EU) accession on the complexity of goods in Slovak exports. The traditional theories or trade (Ricardian and Heckscher-Ohlin models) show that such an engagement in economic integration may lead to specialization in the production of either more or less sophisticated goods, depending on the country's technological advancement and factor endowment. At the same time, increased FDI flows may stimulate the engagement of a country in international production chains with ambiguous effects on export complexity. Because it is impossible to a priori predict the effect economic integration may have on the complexity, it is reasonable to verify it empirically. The authors used the Synthetic Control Method (SCM) to compare the observed post-accession levels of exports complexity in Slovakia with the counterfactual values of that country remaining outside of the EU. The obtained results show that the accession led to an increase in complexity of exported goods.