Ekonomika

Journal Information
ISSN / EISSN : 1392-1258 / 1392-1258
Published by: Vilnius University Press (10.15388)
Total articles ≅ 1,560
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Olena Trofymenko, Serhii Voitko, Serhii Naraievskyi
Published: 9 September 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 70-91; https://doi.org/10.15388/ekon.2022.101.2.5

Abstract:
The object of research was to identify the field of renewable energy for ensuring the process of gradual transition from traditional energy to carbon-free technologies. The article compares the opportunities for energy development, taking into account current trends in sustainable development. The conducted analysis of energy resources in the section of renewable energy is based on the processing of available sources of analytical and statistical information. The study investigates the structure and features of the functioning of the energy sector of Ukraine and Turkey. There have been revealed several common problems of functioning of energy spheres in Ukraine and Turkey. The article investigates the possibilities of using technological solutions and principles of Industry 4.0 in ensuring energy security through the development of the electric car market. The analysis consists of calculations of the efficient functioning of solar and wind energy for Ukraine and Turkey. The article provides recommendations for the development of possible mutually beneficial cooperation between Ukraine and Turkey in the field of renewable energy.
Alban Elshani, Lekë Pula
Published: 9 September 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 92-108; https://doi.org/10.15388/ekon.2022.101.2.6

Abstract:
This paper evaluates the performance and efficiency of the government public expenditure in the education and health sectors in the emerging economies context, specifically comparing Kosovo with the Western Balkan countries. The indicators of education and health sectors were used to assess a Public Sector Performance Index (PSP) and the Public Sector Efficiency Index (PSE). Also, this study uses the nonparametric method DEA (Data Envelopment Analysis) to evaluate the input-output oriented efficiency. This study finds that education score of performance ranges from 0.43 which is the minimum to 1.48 which is the maximum. And in the health sector, the PSP score ranges from 0.81 which is the minimum to 1.09 which is the maximum. Kosovo ranks 41st out of 42 countries in this sample, in terms of the education sector, with a performance index of 0.67, which is 37% below the average of 1.00, whilst in terms of the health sector it ranks 39th out of 42 countries in the sample.In the analysis of the input output efficiency model in the education sector, the results show that the countries included in the study achieve an efficiency of 76.69 and it means that countries can reduce relevant public expenditure by 23.3% and maintain the same level of PSP in the education sector. Kosovo is assessed in this analysis as an inefficient country. The value of the input-oriented index is 40.24, which means that Kosovo can achieve the same level of performance in the education sector by using 60% less relative public expenditure, whilst, on the other hand, the input-output efficiency results for the health sector show that the efficiency score for countries is 47.64, and denotes that the countries in the sample could reduce 53% in health expenditure to achieve the same performance in the health sector. Thus, Kosovo compared to other countries in the sample is within the limits of production opportunities and uses public expenditure on health and education inefficiently.
Mindaugas Butkus, Laura Dargenytė-Kacilevičienė, Kristina Matuzevičiūtė, Dovilė Ruplienė, Janina Šeputienė
Published: 9 September 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 38-51; https://doi.org/10.15388/ekon.2022.101.2.3

Abstract:
This paper examines age- and gender-specific employment sensitivity to growth across different economic sectors. By applying a non-linear panel specification of Okun’s first-difference equation on EU-28 countries for 1995-2019, we estimate age-, gender-, and sector-specific employment intensities to growth. Our study examines the ability of growth in different sectors to generate total employment opportunities. Results show that regardless of gender or age, the employment growth is mainly driven by the services sector growth. Still, if we consider the share of a sector in the economy, the construction sector is found to be the most employment-intensive. Our estimates show that the male and female employment intensities of growth in services are quite equal. Considering the employment opportunities by gender, the main differences were found in the construction sector. Expansion and recession were confirmed to have a significantly different effect on the employment rate only in the construction sector regardless of age and gender.
Audrius Masiulevičius, Vaclovas Lakis
Published: 9 September 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 6-21; https://doi.org/10.15388/ekon.2022.101.2.1

Abstract:
The auditor should use qualitative characteristics, which describe the essence of misstatement, while assessing identified misstatements. Final decision depends on the professional judgment made by the auditor, however, auditors may make erroneous decisions or be biased. Previous theoretical research highlighted problems with the application of qualitative characteristics. However, factual audit data is confidential and usually not available for researchers to examine, therefore previous research mostly relied on surveys or experiments and there is little evidence on how auditors behave during real audits (rather than simulations). One audit company agreed to provide us with factual data for this research. The aim of the research is to examine the application of primary qualitative characteristics based on factual audit data. During the research, the audits performed in one Lithuanian audit company for the financial years 2019–2020 were examined as well as summarized official (publicly available) data about audit companies in Lithuania and audits performed by them for 2018–2020 financial years were examined. Firstly, most important primary qualitative characteristics, as well as secondary commonly used characteristics, were singled out. Our further investigation, based on received 2019–2020 factual audit data revealed that some auditors still do not apply primary qualitative characteristics in all cases. Even though we investigated one company and we cannot directly extrapolate results for the whole audit market, but our results are in line with the official and publicly available information about audit companies in Lithuania. Thus, we conclude that our results partly reflect truthful view of factual behavior of audit companies in Lithuania. These results also confirm theoretical research that qualitative characteristics are not sufficiently appreciated.
Kristina Zitikytė
Published: 9 September 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 53-69; https://doi.org/10.15388/ekon.2022.101.2.4

Abstract:
The Covid-19 pandemic that began in 2020 presented a new challenge for the labor market participants. This paper discusses the Covid-19 pandemic, highlighting the key challenges that older people can face trying to stay in the labor market for longer in the future, especially if such pandemics continue. Binary response models are used to identify the push-and-pull factors determining the impact of the Covid-19 pandemic on the employment of people aged 55–64 during the pandemic in Lithuania. As the Covid-19 pandemic still continues, most of researchers prefer statistical analysis, comparing employment rates with those of the 2009 economic crisis, to determine the potential impact of the pandemic on employment or by only theoretically discussing the potential impact of the pandemic on the elderly. This paper models the impact of the pandemic on the employment of older people in Lithuania using unique administrative micro-data of State social insurance fund (SSIF). This allows to draw deeper conclusions about how the pandemic affects workers aged 55–64 in Lithuania. The results show that the employment of older people has not been disproportionately impacted by the Covid-19 pandemic, and if such pandemics occur in the future, they may present both limitations and opportunities from the point of view of older people.
Nazlıgül Gülcan, Fatma Gül Altin, Samet Gürsoy
Published: 9 September 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 22-37; https://doi.org/10.15388/ekon.2022.101.2.2

Abstract:
Energy production is a phenomenon that has always preserved its importance for the history of humanity, as well as where the energy is spent and its consumption are also important. This study examined the causality relationship between Bitcoin energy consumption and Apple, Dell Technologies, Lenova Group, HP, Quanta Computer, Compal Electronics, Canon, Wistron and Hewlett Packard Enterprise has been taken into account to represent technology companies’ stock market. In the analysis, daily price data for the period 12.02.2017-07.02.2021 were used. Toda-Yamamoto (1995) symmetric causality test and Hatemi-J (2012) asymmetric causality test were used for used to determine the relationship between Bitcoin energy consumption and technology companies’ stock values. According to the results of the Toda-Yamamoto (1995) causality test, it has been found that there is a causality from Bitcoin energy consumption to Apple's stock value; according to the Hatemi-J (2012) asymmetric causality test results, it has been determined that there is a causality from Bitcoin energy consumption positive shocks to Apple, Dell Technologies, Lenova Group, HP, Quanta Computer, Compal Electronics, Canon, Wistron and Hewlett Packard Enterprise stock values negative shocks and from Bitcoin energy expenditure negative shocks to Hewlett Packard Enterprise negative shocks. According to the results of the study in general, it is seen that the change in Bitcoin energy consumption has an effect on the firm returns of the companies that sell the necessary tools for bitcoin energy production. From this, it can be commented that bitcoin mining is also effective on the stock returns of technology companies as well as many financial factors.
Azer Dilanchiev, Tengiz Taktakishvili
Published: 30 March 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 6-19; https://doi.org/10.15388/ekon.2022.101.1.1

Abstract:
This paper aims to empirically examine the drivers of the bilateral balance of the trade model for the Georgian-Chinese economy from 2000 to 2020 and the influence of the Georgia-China free trade agreement on the Georgian-Chinese balance of trade. The Error Correction Model (ECM) of the ARDL was used to see if the balance of trade and its predictors have a long-term relationship. One of the ARDL’s defining properties is that it may be utilized in circumstances when there is minimal data, regardless of the level of variable integration. According to the findings, a perceived effective exchange rate has a statistically significant positive impact on the balance of trade in the long run and a statistically significant negative impact on the balance of trade in the short run. The output is shaped to favor the presence of the elasticity attitude’s J-Curve impact. The study also found that the comparative supply of money (MS) and GDP have only a minor impact on the trade balance in the medium and long run. The sponging and monetary methods are ineffective in characterizing the bilateral trade deficit between Georgia and China.
Doğan Barak
Published: 30 March 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 62-83; https://doi.org/10.15388/ekon.2022.101.1.4

Abstract:
The main purpose of this study is to investigate the role of income inequality, per capita renewable and per capita non-renewable energy consumption, per capita income on poverty reduction in BRICS (Brazil, Russia, India, China, South Africa) countries over the period between 1991–2019. This study used second-generation panel data methodologies taking into account cross-dependence between countries, which gives more accurate results. The outcomes of the panel ARDL unveiled that while an increase in income inequality and per capita non-renewable energy consumption increases poverty, an increase in growth and per capita renewable energy consumption decreases poverty. Based on the findings, policymakers should focus their efforts on developing an appropriate energy strategy that highlights the necessity of a renewable energy-driven economy powered by energy-saving technologies.
Ali Çeli̇k
Published: 30 March 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 125-141; https://doi.org/10.15388/ekon.2022.101.1.7

Abstract:
This study examines the factors affecting exchange rate fluctuations in Turkey by employing the quarterly data from 2008 to 2020. In this context, linear and nonlinear unit root tests were used to determine the stationarity levels of the variables. Then, symmetric and asymmetric causality analysis was preferred to ascertain the relationship between the variables. Symmetric causality analysis results indicated a causality relationship from the exchange rate to the long-term debt stock, from the credit default swap (CDS) to the exchange rate, and from the exchange rate to the uncertainty index. The asymmetric causality analysis showed a causality relationship from positive shocks in the short-term debt stock to negative shocks in the exchange rate. Also, it was proven that there exists a causality relationship from negative shocks in the short-term external debt stock to positive and negative shocks in the exchange rate. Another result demonstrated a causality relationship between positive shocks in the exchange rate to negative shocks in the long-term debt stock. In addition, it was found that negative shocks in net capital investment were the cause of negative shocks in the exchange rate, while it was determined that there was a causality relationship from positive shocks in the net reserves to positive shocks in the exchange rate. In conclusion, the asymmetric causality relationship from positive shocks in CDS to positive shocks in exchange rates was detected.
Sergii Slukhai, Nataliia Slukhai, Olena Bazhenova
Published: 30 March 2022
Journal: Ekonomika
Ekonomika, Volume 101, pp 102-124; https://doi.org/10.15388/ekon.2022.101.1.6

Abstract:
In this article the economic performance as a factor that determined the political choice of Ukrainians has been analyzed. It is proven by a panel model that, unlike the countries with developed democracies, a retrospective economic vote in presidential elections was not observed in Ukraine; it turned out to be prospective instead with regard to the last (year 2019) presidential election. The authors presented a set of reasons which could explain such situation: lack of democratic experience, relying on heuristics and emotions, low public mood among the others. It has been demonstrated that Ukrainians’ political choice in 2019 has some consequences for the economy, which may contribute to the loss of a nation’s development guidelines for a certain period of time and subsequent social disappointment.
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