Gospodarka Narodowa
magazine archives


Contents of issue 9/2009

Michał Brzoza-Brzezina, Jacek Kotłowski - The Pure Inflation Rate in the Polish Economy, summary, article

Jakub Growiec, Łukasz Marć - Single-Factor Productivity in OECD Countries, summary, article

Andrzej Wojtyna - The Causes and Implications of Changes in the Share of Profits and Wages in GDP, summary, article

Paweł Niedziółka - Changes in the Default Component of Spread at a Time of Financial Instability, summary, article

Andrzej Adamczyk, Tomasz Tokarski, Robert W. Włodarczyk - Regional Wage Differences in Poland, summary, article


CONFRENCES - POLEMICS - REVIEWS

Book Review: Piotr Pysz, Społeczna gospodarka rynkowa. Ordoliberalna koncepcja polityki gospodarczej (The Social Market Economy: The Ordoliberal Concept of Economic Policy), Wydawnictwo Naukowe PWN, Warsaw 2008, 202 pp. - reviewed by Bogusław Fiedor

Book Review: Marian Gorynia, Strategia zagranicznej ekspansji przedsiębiorstw (The Strategy of Foreign Expansion of Enterprises), Polskie Wydawnictwo Ekonomiczne, Warsaw 2007, 200 pp. - reviewed by Urszula Płowiec

Podlasie: A Region With a Future - Tadeusz Smuga





Michał Brzoza-Brzezina, Jacek Kotłowski - The Pure Inflation Rate in the Polish Economy

The authors use a restricted factor model to estimate the Harmonized Index of Consumer Prices (HICP) excluding relative price changes. The index obtained in this way, referred to as pure inflation, demonstrates a stronger relationship to the central bank’s short-term interest rate than the HICP index and selected measures of core inflation. Pure inflation also has a forecasting effect on the future HICP, comparable or better than that of competing models. The estimated variable shows that changes in relative prices played a much smaller role in the recent period of rising inflation (2006-2008) than during previous inflation increases (1999-2000 and 2004-2005). This shows that inflation was mainly driven by demand pressures in 2006-2008, the authors conclude.

Keywords: monetary policy, relative prices, restricted factor model, Harmonized Index of Consumer Prices (HICP), pure inflation, core inflation
Article: PDF



Jakub Growiec, Łukasz Marć - Single-Factor Productivity in OECD Countries

The paper aims to determine the single-factor productivity (SFP) of capital and labor in 20 member countries of the Organization for Economic Cooperation and Development (OECD) in 1970-2000. Calculated with the use of a parametric method based onnested constant-elasticity-of-substitution (CES) production functions,the SFP values are used to deal with three research issues: (1) determine the distribution of SFP among countries; (2) compare SFP between individual OECD countries and the United States in 2000 (such an analysis makes it possible to identify which factors are especially efficiently/inefficiently used in production by which countries); (3) conduct a dynamic analysis to check how the SFP of individual factors evolved in the analyzed countries in 1970-2000.
The results obtained show that the key advantage of the United States over other OECD countries analyzed in terms of total factor productivity is based on a different level of endowment with individual production factors, specifically physical and human capital.
Second, an increased SFP for skilled labor was the main factor (alongside factor accumulation) behind an increase in productivity in OECD countries in 1970-2000. In most countries, especially Japan, the SFP of capital also increased. The SFP of unskilled labor, on the other hand, decreased considerably, the authors note.

Keywords: single-factor productivity (SFP), Organization for Economic Cooperation and Development (OECD), parametric method, nested constant-elasticity-of-substitution (CES) production functions
Article: PDF



Andrzej Wojtyna - The Causes and Implications of Changes in the Share of Profits and Wages in GDP

The paper examines the latest research into factors behind changes in the functional distribution of incomes, or the relationship between the share of wages and profits in GDP. The author describes the key determinants of theoretical and empirical research and explains why interest in these issues has increased in recent years in both Poland and elsewhere. The second part of the paper discusses the most controversial issues linked with the definition and measurement of the share of wages and profits in GDP, while part three focuses on general historic trends linked with the distribution of profits and wages. Part four discusses the results of the latest econometric research that takes into account the role of globalization and technological progress. Part five is dedicated to research dealing with capital-labor substitution, which is important from the perspective of theoretical debates in contemporary macroeconomics. The author concludes that future research into the distribution of profits and wages should cover countries with a medium and low level of development.

Keywords: profits, wages, globalization, technological progress, econometric research, capital-labor substitution
Article: PDF



Paweł Niedziółka - Changes in the Default Component of Spread at a Time of Financial Instability

The paper aims to identify factors determining the level of spread in light of the latest theories. The author examines theories related to spread by classifying individual concepts into several categories and looks at theoretical approaches in the context of the latest financial crisis on the U.S. market. Niedziółka checks to what extent the breakdown of spread at a time of financial instability testifies to its “decomposition” on the basis of data collected before the crisis.
The study makes use of rating agency data on the probability of default depending on the rating. The author also uses rating transition matrices and the theory of Markow chains to determine the share of the default component in spread identified as the difference between the profitability of corporate and Treasury securities. The main advantage of this method is that it adopts a realistic assumption about a gradual change in the quality of debt in a given time period, Niedziółka says. Considering the limitations linked with the use of the rating transition matrix mentioned in the article, the results of research into the structure of spread at a time of financial instability lead the author to formulate the following conclusions:
1) In accordance with the heuristic approach, the share of the default component is subject to reduction in favor of the liquidity component even though the default factor increases in absolute terms;
2) An increase in the volatility of spread is chiefly determined by the liquidity factor;
3) The proportion of the default component increases with the maturity of bonds; however in each case the share of the default component in spread during a period of financial instability is lower than during a period of financial stability.

Keywords: credit spread, default component, rating transition matrices, financial stability/instability
Article: PDF



Andrzej Adamczyk, Tomasz Tokarski, Robert W. Włodarczyk - Regional Wage Differences in Poland

The paper offers a statistical analysis of the determinants of wage differences in Poland in 2002-2006. These analyses are made with the use of a theoretical model that combines the Solow-Summers efficiency wage model (a neo-Keynesian economic model) and neoclassical growth models. This combined model shows that wage differences are determined by macroeconomic variables such as labor productivity and the unemployment rate. The authors use statistical data collected by the Central Statistical Office (GUS) on wages, labor productivity and unemployment in individual counties in Poland in 2002-2006.
The analysis shows that the highest wages are reported in large urban centers and “counties that are centers of local economic development,” the authors say. On the other hand, the lowest wages are in typically agricultural counties and those that were home to many former state-run farms. In counties with a high rate of unemployment, relative wages in 2002-2006 were usually lower than in counties with low unemployment rates, while a high level of relative labor productivity was usually accompanied by a high level of relative wages. Regression equation estimates for each of the country’s 16 provinces show that relative wages had a different impact on unemployment rates and relative labor productivity in individual provinces.

Keywords: wages, unemployment, counties, wage differences, regional labor markets
Article: PDF

Copyright © Szkoła Główna Handlowa w Warszawie 1931-2017 ISSN 2300-5238