Acta Oeconomica

Abstract A set of simple and complex indicators is used to measure the economic condition of economies, and the analysis can be conducted in a static or dynamic approach. This article proposes the author's macroeconomic condition index (MCI), which is based on the popular misery index, supplementing the unemployment and inflation rates with two variables: GDP growth rate and budget deficit. The aim of the study is to assess the macroeconomic situation of Poland against the average for the EU, using the above-mentioned measure. The time scope of the study covers the years 2011–2020, with particular emphasis on the effects of the first year of the Covid crisis. The results indicate that throughout the period the economic situation in Poland in terms of the four variables combined was relatively favourable, although less stable. A sharp downturn occurred in 2020, both domestically and on average in the EU. The main determinants of the worse condition were a decline in the GDP growth rate and an increase in the budget deficit, with relatively steady unemployment and inflation.

Paweł Błaszczyk

Sebastian Stępień

Jan Polcyn

Polish and European Union economy in 2011–2019 and under the Covid pandemic: Application of macroeconomic condition index

2011-2019年波兰与欧盟经济及新冠疫情下的表现：宏观经济状况指数的应用

Abstract Measurement of the performances of inflation targeting (IT) frameworks has been of interest to researchers ever since IT began to be implemented as a monetary policy strategy. The purpose of this paper is to evaluate the impact of domestic and international determinants on success in achieving inflation targets of the selected European economies. Our methodological framework is based on the application of a non-stationary discrete choice model. For this research, four European economies are considered: Czech Republic, Hungary, Poland and Serbia. Their results regarding IT policy can provide a useful benchmark for similar economies that are either planning to adopt the same monetary policy framework or have begun to apply it recently. Our findings indicate that IT success is primarily under the control of monetary policymakers by key policy rate mechanism, but that the impact of additional domestic and international factors that are not easily managed by the central bank like budget balance, exchange rate, growth rate, current account balance, labor cost growth, loans, Harmonized Index of Consumer Prices, inflation, and GDP gap of the Eurozone, can be also significant. Consequently, monetary policymakers need to take into account a wide range of inflation factors, including foreign spillover effects, so that tools for their neutralization can be helpful in achieving the targeted goals.

Milutin Ješić

Zorica Mladenović

Miomir Jakšić

Performances of selected European economies in achieving their inflation targets: The non-stationary discrete choice model approach

选定欧洲经济体实现通胀目标的表现：非平稳离散选择模型方法

Abstract Synthesizing multidimensional phenomena such as well-being in the form of composite indicators has been gaining popularity in recent years. The Mazziotta-Pareto Index is one of the methods of constructing non-compensatory composite indices. The paper proposes a modification of this method, which (unlike the original) enables periodical measurements and can be used to compare countries in research on East European transition. The essence of this modification is the use of anti-pattern normalization, during which only current data is used, and yet after normalization, the indicators are in a certain way comparable over time. The Anti-Pattern Normalized Mazziotta-Pareto Index (APMPI), unlike the original, does not change the previously determined values after the inclusion of new data. Both the imperfection of the original approach and the new proposal are illustrated by an empirical example. Indices of well-being for the OECD countries are constructed. The example shows that although AMPI and APMPI values are not comparable, the rankings based on them are not very different.

Iwona Müller-Frączek

Periodical measurement of multidimensional phenomena

多维现象的定期测量

Abstract This paper shows how the three economic policy uncertainties (EPUs), namely global economic uncertainty, US economic policy uncertainty and German economic policy uncertainty, impact the industrial production of 8 Central and Eastern European countries. The investigation is done in both time and frequency domains, using the wavelet coherence and wavelet correlation approaches. The US EPU has the strongest effect on all industrial productions, while this effect was recorded during the global financial crisis and the corona virus pandemic. The most intense effect was found in the time-horizon between 4 and 8 months. The Czech Republic and Hungary suffer the strongest impact from EPU, probably because these two economies have relatively high ratio of export (import) vis-à-vis GDP. We fail to find very strong and wide areas of coherence in the Slovakian plot, although Slovakia has the highest level of export (import) to GDP. However, the wavelet correlation findings indicate that Slovakia has relatively high negative correlation at third wavelet scale, which is perfectly in compliance with its high export (import) share in GDP.

Dejan Živkov

Slavica Manić

Jasmina Đurašković

Mirela Momčilović

Multiscale interdependence between economic policy uncertainty and industrial production of Central and Eastern European countries

中欧和东欧国家经济政策不确定性与其工业生产的多尺度相互依赖关系

Abstract The COVID-19 pandemic affected all countries both in social and economic dimensions. Currently, vaccination is considered to be one of the most efficient solutions which can stop the further spread of the virus. Therefore, the paper aims to understand the factors that determined the social approval of the COVID-19 vaccines in Romania. To get a detailed picture on the situation, we looked not only at economic variables, but also at social and demographic components. Accordingly, the findings of the analysis list the variables that significantly influence the vaccination rate nationwide. The social approval (or the refusal) of these shots is a complex issue, thus it is essential that policymakers make decisions based on scientific evidence. The practical relevance of the paper lies in the two policy implications suggested (i.e., transparent and predictable policymaking and adjustments on the level of the education system in the long run for similar situations), which also highlight the importance of evidence-based decision-making processes in public health. Our analysis method consists of multivariate cross-sectional OLS regressions.

Balázs Boga

Balázs Markó

Béla-Gergely Rácz

The economic and social determinants of vaccine hesitancy in Romania during the COVID-19 pandemic

COVID-19疫情期间罗马尼亚疫苗犹豫的经济和社会决定因素

Abstract Recent research has suggested that unconditional convergence no longer exists. Thus, this study examined the income convergence among 11 Central and Eastern European (CEE-11) countries that joined the European Union in/after 2004 and Europe's four largest economies (Germany, France, the United Kingdom, and Italy) by using panel data from 1994 to 2019. For this purpose, it employed the beta (β) and sigma (σ) convergence approaches to analyze the dynamics of economic growth. Based on the findings, in 1996, the four largest European economies had a higher capital–labour ratio and GDP growth than CEE-11. However, by 2019, the patterns reversed. As for the regression results, there was strong evidence of unconditional β convergence between 1999 and 2019, at an annual rate of 11%, with the σ convergence and the fixed effect models further supporting income convergence. Moreover, although brief divergence occurred during various financial crises, the overall trend was a significant convergence of CEE-11 with Europe's four largest economies through higher relative GDP growth. This study contributes to the economic growth theory of income convergence across countries and highlights the importance of regional integration in enabling sustainable catch-up growth.

Seboka Alemu

Beáta Udvari

Balázs Kotosz

Income convergence in Central and Eastern Europe: Evidence from cross-country panel data analysis

中欧和东欧的收入趋同：基于跨国面板数据的分析

Abstract There is a long-standing debate among scholars over the convergence versus divergence of the regional growth rate of per capita income in India. The present study tries to resolve this debate in light of the latest available data by using Beta-convergence analysis in a panel data framework. The results indicate the presence of unconditional divergence and conditional convergence in the case of both inter-state and inter-region analysis, which shows that the unconditional divergence may be due to the presence of omitted variable bias. The results also show that the primary sector is associated with the reduction of interstate and inter-region income inequality, while the growth of the tertiary sector is correlated with increasing interstate and inter-region income inequality. Therefore, the findings of the study imply that the phenomenon of service-led growth in the post-reform period was accompanied by the widening gap in the growth of various states and regions of India.

Ombir Singh

Parveen Kumar

Magdalena Radulescu

Analysis of inter-state and inter-region beta-convergence of growth rates in India in post-reform period

印度改革后时期各邦与各地区增长率β收敛性分析

Abstract This paper attempts to identify the determinants of foreign direct investment (FDI), focusing especially on terrorism and keeping in mind that FDI is one of the key economic growth engines. The main goal of this paper was to determine the correlation between terrorism and investment activities. The method used is a dynamic panel data model (System 2 step-GMM estimator), based on a sample covering a total of 36 OECD economies in the period from 2005 to 2018. The findings indicate that terrorist incidents and economic, institutional, and natural variables have different impacts on FDI in the OECD Member countries. The research found a statistically significant impact of terrorist incidents and natural disasters and a strong impact of economic and institutional variables.

Tomislav Galović

Petar Mišević

Davorin Balaž

The effects of terrorism on foreign direct investments: The case of OECD countries

恐怖主义对外国直接投资的影响：以经合组织国家为例

Abstract We investigated the determinants of changes in agricultural technology in Vietnamese rice-growing households. The double-hurdle estimation developed in this study proved to be an efficient method for determining how and to what extent changes in agricultural technology had been influenced by various factors while also allowing correlation between farmers' choices. We found evidence of a persistent increase in the use of improved seeds and machinery. In contrast, the previous upward trend in the use of fertilisers and pesticides was recently reversed. Farmers' decisions to adopt and use these four agricultural technologies are highly correlated with farm size, input and output prices, and macroeconomic conditions. Our findings also confirm a simultaneous relationship between the decisions to apply agricultural practices. When promoting new agricultural technologies, follow-up policy interventions should account for these characteristics of individual smallholders' decisions.

Nguyen Duc Kien

Determinants of agricultural technology changes: Evidence from rice-cultivating households in Vietnam

农业技术变革的决定因素：来自越南水稻种植户的证据

Abstract Cognitive ability is increasingly recognized as a significant factor influencing household portfolio decisions. However, different cognitive abilities, such as numeracy, fluency and recall, may yield different investment results. The aim of this paper is to empirically examine the associations of three cognitive abilities (numeracy, fluency and recall) with household portfolio composition using Survey of Health, Aging and Retirement (SHARE) data across 16 European countries and the multinomial logit model. Our empirical analyses focus on the impacts of differences in country characteristics, specifically the level of economic development and the existence of a national health system (NHS). The results indicate that numeracy and fluency have positive impacts on the decision to hold safe and relatively risky assets, as well as fully diversified portfolios in developed countries, but have no significant effects in emerging countries. Additionally, all three cognitive abilities positively influence the decision to hold fully diversified portfolios in the countries with NHS, while no significant effects are observed in the countries without NHS. Our findings reveal a decreased impact of cognitive abilities on portfolio types in the emerging countries and the non-NHS countries. Notably, a significant and positive correlation is found between the holding of no financial assets in both non-NHS countries and advanced countries. One important implication of this study is that marketing strategies of financial advisors should take into account household cognitive abilities, as well as differences in economic development among countries and the presence or absence of NHS.

Saruultuya Tsendsuren

Wing-Keung Wong

Chu-Shiu Li

Cognitive abilities and household financial portfolios in association with economic development and national health system: A cross-country analysis based on SHARE data

认知能力与家庭金融投资组合在经济发展和国家健康体系中的关联：基于SHARE数据的跨国分析

短名	AOecon
Journal Impact	0.71
国际分区	ECONOMICS(Q3)
期刊索引	SCI Q4中科院 4 区

ISSN	0001-6373, 1588-2659
h-index	21
国内分区	经济学(4区)经济学经济学(4区)

涉及主题	经济业务政治学法学数学计算机科学宏观经济学哲学财务地理历史生物市场经济考古社会学统计物理语言学国际经济学政治微观经济学货币经济学
出版信息	出版商: Akademiai Kiado，出版周期: ，期刊类型: journal，开源期刊: 否
基本数据	创刊年份: 2002，原创研究文献占比: 96.97%，自引率:28.60%， Gold OA占比: 35.00%

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