Contents of issue 6/2017
Andrzej Wojtyna - A New Stage in the Debate on the Effects of Capital Controls, summary
Tomasz Zgrzywa, Joanna Tyrowicz, Stanisław Cichocki - Factors Influencing the Time It Takes To Find First Job, summary
Joanna Dzionek-Kozłowska, Sharaf N. Rehman - Indoctrination, Preselection or Culture? Economic Education and Attitudes towards Cooperation, summary
Ewa Aksman - Do Poverty and Income Inequality Affect Public Debt?, summary
Anna Zamojska, Sebastian Susmarski - Criteria for the Selection of Stakeholder Management Strategies for Infrastructure Projects, summary
, articleList of Reviewers
Andrzej Wojtyna - A New Stage in the Debate on the Effects of Capital Controls
Arguments for and against capital controls have long attracted attention not only of economists but also of politicians, being part of a broader debate about the optimal scope of the state in economic processes. It is understandable that this controversy has become even more difficult to settle at a time of financial and economic crisis that first adversely affected developed economies countries and later spread to other groups of countries.
The aim of this article is to show whether and to what extent a frequent policy recommendation for emerging market economies to adopt specific capital control measures is well grounded in theoretical research. Two largely complementary lines of recent research are surveyed. On the one hand, the survey covers those theoretical contributions that depart from the monetary policy “trilemma” approach and try to incorporate some new aspects that affect the costs and benefits of capital controls. On the other hand, the article discusses those new theoretical advances that focus on the efficiency of capital controls relative to alternative policy tools. The survey emphasizes those lines of theoretical research that help better understand the changing role of middle-income countries in the world economy. One can draw a general conclusion that, in spite of considerable progress in research, a broad theoretical framework is still missing that could make it possible to assess the macroeconomic consequences of capital control policies and offer clear criteria of their success. From the middle-income countries’ perspective, a recent research effort aimed at shedding new light on linkages between capital controls, structural change and economic reform seems to be particularly promising.Keywords
: capital flows, capital controls, economic policy, financial and economic crisisJEL classification codes
: F32, F34, F37, F38, F43, F44Article
Tomasz Zgrzywa, Joanna Tyrowicz, Stanisław Cichocki - Factors Influencing the Time It Takes To Find First Job
This article aims to investigate factors that influence the time needed for young people to find their first job. Using data from the Programme for the International Assessment of Adult Competencies (PIAAC), a Cox proportional hazard model was estimated for all respondents and for five subgroups of respondents coming from countries with similar labor markets. The results for all the respondents show that factors influencing the time needed for young people to find their first job are in line with the literature. In the case of the five subgroups, there are significant differences between countries in terms of these factors.
It seems that, in order to shorten the time needed for young people to find their first job, measures from labor markets with similar characteristics, where similar factors influence the process of people searching for work, should be applied. However, one should bear in mind that this process of “copying” may not be completely successful.Keywords
: education, young people, probability of finding a job, Cox proportional hazard modelJEL classification codes
: J22, J64, C25Article
Joanna Dzionek-Kozłowska, Sharaf N. Rehman - Indoctrination, Preselection or Culture? Economic Education and Attitudes towards Cooperation
Students of economics are often presented as less cooperative than students of other disciplines. A method commonly used to establish this difference is based on laboratory experiments where students participate in trust games. However, these games are analysed as part of microeconomics courses. Hence, drawing conclusions about how students of economics behave while playing these games may not indicate their actual behaviour. This paper contributes to the discussion on economics students’ attitudes towards cooperation by presenting the results of a survey conducted among undergraduate students of economics at the University of Lodz in central Poland (N=129). Besides the indoctrination and preselection hypotheses, a culture hypothesis was also examined.
To analyse the significance of culture on students’ cooperativeness, we recruited respondents from two countries, China and Poland, representing two different cultures of collectivism vs. individualism. Our findings lend support to the culture hypothesis, while we failed to find evidence for the indoctrination hypothesis. Moreover, the values of the Cooperation Index, an indicator coined to express respondents’ attitude towards cooperation, confirm that females are more ready to cooperate than males. Since an ability to work in a team is regarded as the most valuable skill by employers (NACE Job Outlook 2016), our findings suggest treating training in teamwork as an integral part of economics curricula.Keywords
: economic education, cooperation, teamwork, economics students, gender, collaborationJEL classification codes
: A22, A23, Z13Article
Ewa Aksman - Do Poverty and Income Inequality Affect Public Debt?
The aim of this paper is to capture the impact of poverty and income inequality on public debt in European Union countries, providing for the dynamic nature of the response variable. To assess absolute poverty, a new overall deprivation indicator is suggested, a measure that makes it possible to distinguish between average deprivation and severe deprivation. To determine income inequality, the unevenness in the distribution of prefiscal income is considered, as this is the factor that is most likely to cause government redistributive spending. A dynamic panel data model (DPD model) is estimated using the bias-corrected LSDV estimator. The results indicate that neither poverty nor income inequality are statistically significant predictors of the public debt-to-GDP ratio. This is because countries that report higher absolute poverty or higher income inequality de facto spend less on social benefits, while countries with higher relative poverty do not have higher social spending than the rest of the sample.Keywords
: public debt-to-GDP ratio, deprivation indicator, pre-fiscal income, Gini coefficient, Kiviet estimatorJEL classification codes
: C23, D31, E62, H63Article
Anna Zamojska, Sebastian Susmarski - Criteria for the Selection of Stakeholder Management Strategies for Infrastructure Projects
The objective of this paper is to assess the influence of stakeholders on the implementation of infrastructure projects by classifying their strength and direction of impact. The relevance of such an assessment, based on an appropriate stakeholder classification, is intended to make it possible to select the type of interaction in relation to the identified groups and the budget necessary to carry out those activities. The starting point of our research was a critical analysis of the literature. Subsequently, research material was obtained using a questionnaire. The material was analysed using descriptive statistics and exploratory factor analysis. Based on our statistical research, we identified the attributes of each stakeholder group. We then ranked them in order to determine their strength and impact on the project. The results obtained from the identification of attributes and stakeholder classifications were used to develop a stakeholder management system/strategy for an infrastructure project. The results can be used to formulate a universal methodology for assessing the impact of stakeholders on the implementation of infrastructure projects.
Proper identification of the strength and direction of stakeholder impact on the implementation of an infrastructure project allows the stakeholder to be identified to determine their impact on the project. Conclusions from the qualitative and quantitative analyses may be used to develop stakeholder management strategies.Keywords
: stakeholder theory, stakeholders’ classification, management process, infrastructure projectJEL classification codes
: D78, H76, R53Article