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Volume XIX, Winter, Issue 4(86), 2024
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Universal Basic Income (UBI) has gained attention in both academic and policy circles. However, its implications are not fully understood. This paper develops a general equilibrium model with uninsured income risks to examine such implications. Multiple policy alternatives are considered under both deficit-expanding and deficit-neutral structures. If the UBI policy is not financed through additional taxation, its impact on measures of inequality is unclear. The consumption and income inequality decrease while wealth inequality rises. Deficit-neutral UBIs resolve this ambiguity as the higher marginal tax rates prevent the wealth inequality from rising, which leads to a more equal distribution of consumption and income. However, the aggregate effects are amplified. The income tax must be as high as 80% of the output to keep the deficit from expanding. The interest rate rises, and the output and capital-to-output ratio sharply fall as the precautionary saving motives are weakened.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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This study aims to examine India's position in the global green bond market and identify areas for improvement to develop its sustainable finance sector. Analysing data from the Luxembourg Green Exchange (1999-2024) and Indian market sources, including Securities and Exchange Board of India, National Stock Exchange, and Climate Bond Initiatives. Findings reveal that green bonds dominate the global market, with the Luxembourg Green Exchange showing the highest variability in bond coupons and maturity durations. In India, the private sector holds a significant 84% market share, with companies issuing various sustainable bonds. However, challenges persist, including lack of standardisation, limited investor awareness, and inadequate disclosure and reporting standards. Research findings have implications for policymakers, investors, and issuers, emphasising the importance of a supportive ecosystem for sustainable finance to flourish in India. Addressing the challenges and leveraging opportunities can help India unlock the full potential of its green bond market and contribute to global sustainable finance efforts. This study contributes to understanding India's green bond market and its potential for growth, highlighting the need for increased standardisation, transparency, and alignment with national and international best practices to develop India's sustainable finance sector.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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Future sustainable economic development depends heavily on public policy at regional, national, and global levels. Therefore, it is essential to conduct a thorough policy analysis that ensures consistent and effective policy guidance. However, a major challenge in traditional policy analysis is the uncertainty inherent in the models used. Both policymakers and analysts face fundamental uncertainty regarding which model accurately represents the natural, economic, or social phenomena being analyzed. In this paper, we present a comprehensive framework that explicitly incorporates model uncertainty into the policy decision-making process. Addressing this uncertainty typically requires significant computational resources. We utilize metamodeling techniques to reduce computational demands. We illustrate the impact of various metamodel types by applying a simplified model to the CAADP policy in Nigeria. Our findings highlight that neglecting model uncertainty can lead to inefficient policy decisions and substantial waste of public funds.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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The topic of banking performance and efficiency has received considerable attention, yet there is a noticeable gap in examining the performance and efficiency of central banks. Moreover, there is a scarcity of studies on central bank efficiency. This paper aims to investigate the factors that influenced the efficiency of the Central Bank of Tunisia from 2000 to 2020, using an Autoregressive Distributed Lag Model. The appropriate econometric methodology was first established to achieve this goal, after which the model's results were presented and interpreted.
The study's findings indicate that the Tunisian Central Bank’s efficiency is influenced by several macroeconomic (inflation, public deficit, growth rate), international (exchange rate, foreign debt), and political variables (political and government instability, conflict of interest), each with a varying degree of impact. Interestingly, the transition of the Central Bank of Tunisia from a dependent to an independent institution in 2016 did not yield a notable change in efficiency.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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This research seeks to explore the volatility patterns for the SENSEX index to figure out the characteristics of volatility in Indian stock trading and to investigate the relationship between returns and volatility of the Indian market for the last ten years. The research adds to the existing knowledge about stock market fluctuations, their implications for investors, and their impact on developing the country's economy. The study involves using daily returns data from BSE SENSEX from 01 Jan 2014 to 31 Dec 2023. Daily closing prices are obtained from the official website of BSE, and returns are calculated based on these prices. The Dickey-Fuller and Phillips-perron are taken to make the time series static. ARCH, GARCH, and GARCH-M tests are utilized to capture volatility clustering, return and volatility relationship. The results reveal that Fluctuations in the Indian stock market, particularly shown in the SENSEX index of the BSE, were highest in the year 2020. Findings suggest that GARCH-M does not show any relation between expected returns and market volatility. The risk-premium parameter is positive but statistically insignificant. If you want to hedge against risk, the risk premium is not very high. It means that taking risks does not give you more returns. Durbin Watson's value of 1.981401 further supports the model's suitability.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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This study examines the impact of public agricultural spending on cowpea and soybean yields in Cameroon from 2000 to 2024, using time series data and Ordinary Least Squares (OLS) analysis. The results indicate that public agricultural spending, land use, agricultural labour, and fertilizer use explain 82% and 96% of the variation in soybean and cowpea yields, respectively. Findings reveal a positive and significant relationship between agricultural labour and yields for both crops, highlighting the importance of labour-intensive farming practices. Additionally, increased public agricultural spending significantly enhances cowpea yields, emphasizing the critical role of government investment in agriculture. Conversely, a 30% decrease in public spending would likely reduce yields due to diminished access to essential inputs and services. The study underscores the need for sustained public support and efficient labour use to boost agricultural productivity in Cameroon.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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According to the economic literature, the influence of political instability on economic activity is ambiguous. In the case of ECOWAS, we attempt to verify whether political instability conditions the effect of industrial performance on growth. The aim of our study is to verify the relationship between industrial performance and economic growth in ECOWAS under the influence of political instability over the period 1990-2018. To this end, we estimate a non-linear model using the Pool Mean Group (PMG) method. Our results show that political instability negatively influences the effect of industry performance on GDP growth in ECOWAS. However, there is a threshold level below which the political atmosphere does not significantly deteriorate the contribution of industrial performance to the ECOWAS economy. This threshold is 0.84% in our study.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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Information or disinformation is more likely to be believed when it originates from a trusted person or source, indicating that the impact of disinformation varies significantly based on the level of trust involved. Additionally, one individual's judgment can be influenced by the judgments of others, and conversely, an individual's judgment can influence those around them. To explore this dynamic, the author constructs a model for uncovering disinformation and integrates it with a model of disinformation dissemination. The findings show that as the level of mutual trust within an economy or society rises, the likelihood of uncovering disinformation increases. Furthermore, a high level of mutual trust significantly reduces the acceptance and belief in disinformation, which in turn enhances the efficiency of various economic activities. Thus, mutual trust emerges as a key factor in achieving high levels of economic, social, and potentially political performance.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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This study investigates the evolving dynamics of service quality in the voluntary property insurance market, focusing on the integration of Polish and USA insurance companies within their respective internal and external environments. The primary aim is to evaluate the competitiveness of this market from the perspective of individual clients, with a specific emphasis on improving service quality. Employing a SERVQUAL-based framework, this research diagnoses key factors influencing service excellence and explores the processes involved in enhancing the quality of voluntary property insurance services in both Poland and the USA.
A key achievement of this work is the comprehensive analysis of literature, identifying definitional criteria and conceptual underpinnings related to service quality improvement. The findings highlight potential areas for action and unresolved issues in the ongoing efforts to elevate the standards of property insurance services. As a result, a novel model for improving the quality of insurance services has been developed and described. This model introduces a new perspective on service quality, offering new tools for measuring, analysing, and assessing the improvement process. The study provides valuable insights into service quality enhancement, offering a practical, research-driven framework that insurers and policymakers can leverage for advancing customer service standards in voluntary property insurance.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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This research provides an in-depth review of the literature on case studies as a strategic qualitative research methodology. While case studies have faced criticism for lacking scientific rigor and failing to address generalizability, this research underscores their value when examining complex, real-life processes or activities in great detail. Case studies have been widely used in social sciences, such as sociology, industrial relations, and anthropology, though they are sometimes considered an underutilized approach. This research explores the general concepts, strengths, and limitations of the case study method, noting its theoretical richness and ability to generate data that is contextually and empirically rich. It emphasises the versatility of case studies in creating a more holistic understanding of the subject matter. Based on a study involving four organisations and the researcher’s practical experience, the article details how case studies were conducted, how access to organisations was gained, and how data collection was systematically managed. The research also highlights the use of triangulation employing multiple data collection techniques, including observations and document analysis, which enhances the reliability and validity of findings.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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Digitalisation, driven by the transformative impact of digital technologies, has an important role in the energy transition process. Advancements in these technologies are bringing about significant changes in how energy is generated, transmitted, and utilised. In particular, digital technologies enable modern smart grids to optimise energy management by integrating renewable energy sources more effectively. In this context, the paper explores the effects of smart grids on the energy transition, emphasising their benefits and the key incentives that promote investment. Addition-ally, it reviews current trends in smart grid development across European countries, with a specific focus on Italy. The objective is to provide a comprehensive overview of the investments required to implement both existing and new smart grid projects.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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We follow a non-linear dynamic correlation approach using a combination of a DCC-GARCH model and a copula model to capture the dependence between oil price changes and inflation in Tunisia. The case of Tunisia is particularly instructive since after having been an exporter and a major producer, it became a net oil importer in the 2000s. The study, based on monthly data spanning decades, selects a Gumbel copula and shows that beyond weak average dependencies, there is a strong correlation between extreme values, suggesting that inflation in Tunisia is more sensitive to extreme (positive) variations in oil prices than to average variations. The implications of these empirical results for economic policy are crucial for the Tunisian economy.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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This paper explores the impact of minimum wage policies on labour markets and economic systems, focusing on the broader consequences for workers, employers, and national economies. The paper examines both theoretical perspectives and empirical studies to assess the effects of minimum wage adjustments on employment levels, income distribution, and economic performance. Drawing on a combination of theoretical frameworks and empirical data, this paper highlights the complex relationship between wage policies and broader societal issues, such as poverty reduction, social equity, and economic growth. An attempt has also been made to analyse changes in the minimum wage in Poland over the period 2010-2024, providing a case study to understand the real-world effects of these policy shifts in a transitioning economy. Ultimately, it offers insights into the role of minimum wage policies as tools for achieving social justice and economic stability, with recommendations for optimising these policies to balance the needs of workers, employers, and national economies.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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The adoption of modern ICT technologies in healthcare has become indispensable in today’s world. A key aspect is reducing patient service costs through effective interactive communication supported by ICT tools, such as smartphone applications. Interactive communication is increasingly essential for the marketing strategies of healthcare providers, patients, and mobile app developers.
This article aims to examine the implementation of new information and communication technologies in healthcare services, focusing on their contribution to enhancing communication between patients and doctors in the treatment process. This objective holds significant importance for the healthcare sector, as well as for advancing management theory and relationship marketing. The evolution of the healthcare sector necessitates comprehensive research to strengthen theoretical foundations and improve practical solutions, particularly in marketing communication. The findings of the diagnostic survey highlight the need for further in-depth analysis, as the successful integration of ICT depends on the scope and pace of changes within the healthcare system.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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This paper analyses active labour market policies (ALMPs) in Poland, focusing on their structure and effectiveness in enhancing employment outcomes. As Poland continues to address labour market challenges, particularly unemployment and workforce activation, understanding the impact of various ALMP initiatives is essential. Using recent statistical data and policy analysis, this study examines the types of activation measures employed, such as job placement services, training programs, and subsidies. The findings reveal which measures have the most significant impact on employment rates and highlight potential areas for improvement. By offering insights into the effectiveness of current ALMPs, this research provides policy recommendations to optimise the design and implementation of labour activation strategies in Poland, contributing to a more resilient and inclusive labour market.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
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Financial analysis is essential for evaluating company performance, providing insights into assets, capital, and financial health. This research highlights the importance of key indicators like profitability, efficiency, and stability in supporting strategic decisions and managing risks. The paper further examines the utility of discriminant models, such as Altman's Z-score and models tailored to Polish market conditions, for early detection of financial distress and potential bankruptcy. It provides a comparative analysis of multiple models, including those by Gajdka and Stos, Hadasik, Hołda, and Sojak and Stawicki, evaluating their efficacy in forecasting financial risk.
The study applies these models to assess the financial standing of Wawel S.A., a prominent confectionery producer in Poland, exploring its financial statements, operational performance, and risk indicators. The findings reveal the nuanced applications and limitations of discriminant models, emphasizing the importance of adapting methodologies to local market conditions and the unique characteristics of individual enterprises. This research contributes to the broader discourse on financial risk management, offering practical insights for businesses, analysts, and policymakers.
Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
