Ekonomika

Journal Information
ISSN / EISSN : 1392-1258 / 1392-1258
Current Publisher: Vilnius University Press (10.15388)
Total articles ≅ 360
Current Coverage
DOAJ
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Latest articles in this journal

Vita Karpuškienė
Published: 25 March 2021
Ekonomika, Volume 100, pp 75-93; doi:10.15388/ekon.2021.1.5

Abstract:
To reduce alcohol consumption, in 2018 the Lithuanian Government introduced new restrictions on alcohol sales time, consumer age, and alcohol advertising. These restrictions apply to the entire population, regardless of alcohol consumption behavior. Such actions of the government were provoked by the scale of the problem; according to the data provided by the World Health Organization and the European Union Commission, Lithuania sits among the leading countries in alcohol consumption.The policies taken by the government to reduce alcohol consumption are described by many economists as paternalistic, as they reduce an individual’s freedom of decision. The aim of this paper is to evaluate the changes in alcohol consumption behavior after the regulatory measures entered into force and the public attitude towards these measures based on research results.This article presents the results of a study first conducted in December 2016 by the researchers of the Faculty of Economics of Vilnius University and the representatives of the Lithuanian Business Confederation*. The aim of the study was to distinguish the different groups of alcohol consumers and their alcohol consumption behavior and attitudes towards the alcohol restriction policies.** To achieve this aim, an analysis of scientific papers, a population survey, and statistical analysis methods were used.The authors conclude that alcohol restriction policies, met with a relatively favorable public attitude, may have adjusted levels of alcohol consumption and its patterns, but the increase in the number of young people among alcohol consumers is not in line with the expected policy outcomes. The measures adopted did not encourage respondents to give up alcohol in the longer term (12 months).
Jose Garcia-Louzao, Linas Tarasonis
Published: 25 March 2021
Ekonomika, Volume 100, pp 31-53; doi:10.15388/ekon.2021.1.2

Abstract:
This document explores the incidence of the minimum wage in Lithuania. The descriptive analysis exploits high-frequency data on monthly labor income coming from Social Security records between July 2013 and July 2020 to characterize (i) the evolution of the monthly minimum wage, (ii) the percentage of workers who earn the minimum wage, (iii) the bite of the minimum wage in the wage distribution, and (iv) the heterogeneity of the findings with respect to gender and age. The evidence shows that the minimum wage was raised 7 times with an average (real) increase of 7.3% and, on average, less than 10% of the workers earn at most the minimum wage but low-pay incidence is around 20%. In terms of the impact of the wage distribution, the minimum wage relative to the average wage in the economy fluctuates between 45 and 50 percent. Females and young workers exhibit a larger low-pay incidence and minimum wage bite.
Yasuhito Tanaka
Published: 25 March 2021
Ekonomika, Volume 100, pp 54-66; doi:10.15388/ekon.2021.1.3

Abstract:
We examine positive or negative real balance effect (or so-called Pigou effect) by falls in the nominal wage rate and the prices of the goods in situations where there is involuntary unemployment using a three-generations overlapping generations model with childhood period and pay-as-you go pension system for the older generation consumers. We will show that if the net savings of the younger generation consumers are larger than their debts due to consumption in their childhood period, there exists positive real balance effect and the employment increases by a fall in the nominal wage rate; on the other hand, if the net savings of the younger generation consumers are smaller than their debts, there exists negative real balance effect and the employment decreases by a fall in the nominal wage rate.
Yuriy Vasylenko
Published: 25 March 2021
Ekonomika, Volume 100, pp 6-30; doi:10.15388/ekon.2021.1.1

Abstract:
For the macro characteristic of active investment, we introduced the concept of the technical productivity of investment. It characterizes an investment’s capacity to reduce the norm of material or labor costs.Based on the technical productivity of investment, we derived the equation (not identity) of economic dynamics.We have proposed measuring the efficiency of investments by added-value to reflect their effectiveness for the business owner’s far-sighted interests in minimizing the turnover of skilled workers. We have proposed to use the criteria in terms of the state – the maximum of the real GDP growth and the maximum of the sum of real GDP for the country as a whole.We defined the limits of an investment’s technical productivity, for which the investor receives the desired payback or effectiveness, and an economy in maximal development.For this, we used our causal simulation model of Ukraine’s economy dynamics, which, in contrast to the known models, reflects the main types of legal and shadow economic activities in their relationships.
David Kbiladze, Shorena Metreveli, Tamar Kbiladze
Published: 25 March 2021
Ekonomika, Volume 100, pp 67-74; doi:10.15388/ekon.2021.1.4

Abstract:
The present article describes the approaches and definition of the concept of uncertainty proposed by its authors, a quantitative evaluation of uncertainty, and materials of the empirical study used to explore the said issues on the example of macroeconomics of Georgia. We hope that the views given in the article will be useful for developing countries, particularly for the economic policy-makers in the post-communist states, as well as for the academic and scientific circles engaged in the studies of the above-listed issues.
Kazys Kupčinskas, Arvydas Paškevičius
Published: 16 November 2020
Ekonomika, Volume 99, pp 39-58; doi:10.15388/ekon.2020.2.3

Abstract:
This paper performs an empirical study on house loans, interest rates, unemployment, and house rent prices relationship in Germany, France, Spain and Italy from the year 2003 to 2018. We look for the cointegration and causality relationship between the house loans and macro variables with the help of the Vector error correction model (VECM) and Granger causality methods. We investigate whether variables with monthly data explain better the relationship and causal effects between the variables. We find a long term cointegrating relationship between the real house loans and interest rates, unemployment and house rent prices for France, Spain, and Italy, but not for Germany. On average the equilibrium in house loan development is reached from 4 to 8 years, meaning that long term equilibrium exists, but the variables reach it in a rather long time period. The ECB deposit facility rate included as an exogenous variable in four countries gained no significant power in explaining the short term changes of house loans in any of the country. We reveal a complex interaction between the bank’s credits and unemployment, interest rates, house rental prices in the paper.
Published: 16 November 2020
Ekonomika, Volume 99, pp 59-75; doi:10.15388/ekon.2020.2.4

Abstract:
The aim of this research is to test the relation between institutional ownership and firm value. To accomplish this aim, data from 104 firms listed in the BIST (i.e. Borsa Istanbul) industrial index between 2006 and 2018 have been used. Studies on the structure of ownership have problems with endogeneity. In order to avoid these problems, this study adopted Durbin-Wu-Hausman test with advanced econometric techniques, Ordinary Least Squares (i.e. OLS), and Two-Stage Least Squares (i.e. 2SLS). As a result of the simultaneous equation system improved in this study, a positive relation between institutional ownership as an endogenous variable, and firm value has been located. Besides, it has been found that institutional investors are more interested in the firms that have a higher market performance.
Oğuz Yusuf Atasel, Yusuf Güneysu, Hüseyin Ünal
Published: 16 November 2020
Ekonomika, Volume 99, pp 76-91; doi:10.15388/ekon.2020.2.5

Abstract:
Financial instability, financial crises, and business frauds cause a loss of society confidence on firms. Similarly, the economic uncertainty increased as a result of the social problems, such as rapid consumption of natural resources, climate change, water scarcity, violation of human rights. For these reasons, the reliability and validity of the reports published by firms have been questioned. Firms make voluntary disclosures, such as environmental, social, sustainability, in order to overcome these problems and gain trust of investors. In this context, the purpose of this study is to explore the impact of information disclosure, including environmental disclosures, within the context of sustainability on the cost of equity (COE). At the same time, the study examines the effect of information disclosure on financial performance in terms of firm value and profitability. In doing so, the study employs BIST100 data of non-financial firms from 2010 to 2019, and uses panel regression models for Turkey. As a result, it was found that information disclosure negatively impacts the COE while positively affecting firm value and profitability.
Olena Liashenko, Tetyana Kravets, Anastasiya Filogina
Published: 16 November 2020
Ekonomika, Volume 99, pp 20-38; doi:10.15388/ekon.2020.2.2

Abstract:
Financial markets are complex systems. Network analysis is an innovative method for improving data sharing and knowledge discovery in financial data. Oriented weighted networks were created for the Shanghai Composite, S&P500, DAX30, CAC40, Nikkei225, FTSE100, IBEX35 indexes, for CNY-JPY, EUR-USD, GBP-EUR, RUB-CNY and for cryptocurrency BTC-USD. We considered data since January 6, 2006 to September 6, 2019. The complex networks had a similar structure for both types of markets, which was divided into the central part (core) and the outer one (loops). The emergence of such a structure reflects the fact that, for the most part, the stock and currency markets develop around some significant state of volatility, but occasionally anomalies occur when the states of volatility deviate from the core. Comparing the topology of evolutionary networks and the differences found for the stock and currency markets networks, we can conclude that stock markets are characterized by a greater variety of volatility patterns than currency ones. At the same time, the cryptocurrency market network showed a special mechanism of volatility evolution compared to the currency and stock market networks.
Olha Fedirko, Tetiana Zatonatska
Published: 16 November 2020
Ekonomika, Volume 99, pp 92-103; doi:10.15388/ekon.2020.2.6

Abstract:
What are the economy sectors will help countries overcome the crisis caused by the COVID-19 pandemic? How countries should rezone their investment strategies to bolster recovery in main economy sectors? Using the Cobb-Douglas model, the importance of agriculture, energy, education, and ICT industries for GDP growth was proven. It was confirmed that agriculture and industry will be key sectors in the post-crisis period for Ukraine, Poland and Austria. During the time of economic uncertainty growth, ICT and e-commerce sectors are principal tools that will sustain the population’s well-being.
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