Duration of Regional Unemployment Spells in Slovenia

The paper begins with an overview of the unemployment rate in Slovenia and focuses on duration of unemployment and regional characteristics of the unemployment rates. It is shown that the dispersion of regional unemployment rate is gradually decreasing and is also slightly below European average on NUTS 3 level. The analysis of the duration of regional unemployment spells is based on the data obtained from the Employment Office of the Republic of Slovenia, which consists of the unemployment spells between January 1st, 2002 and November 18th, 2005 with more than 450,000 entries. The Kaplan-Meier estimates of the survival function are presented and the effects of region on the duration of unemployment spells are discussed.unemployment, regions, survival analysis, Kaplan-Meier estimator, Slovenia

The Trade Deficit and Banking Sector Results in Romania and Bulgaria

We tested for the significance of macroeconomic variables that condition non-performing loan ratios. Our estimates for Bulgaria and Romania support the hypothesis that the growth of available finance might harm banking performance and deteriorate NPL dynamics, most probably due to the overheating of economies. Since we confirmed that the dynamics of net exports of these economies deteriorated the NPL ratio, the weakening of growth in export-oriented industries could lead to economic contraction with a direct impact on the sustainability of banking-sector results in these countries. Large current account deficits are typical for emerging markets and do not pose a problem as long as they are caused by the importing of capital goods, and, if future export growth is strong enough to reimburse foreign debt. Structural dependence on external financing - which is in part a by-product of the effect of low levels of internal saving - have led to large current account deficits and financial instability.cyclicality, non-performing loans, systemic risk, asset quality, economic growth

Duration of regional unemployment spells in Slovenia

The paper begins with an overview of the unemployment rate in Slovenia and focuses on duration of unemployment and regional characteristics of the unemployment rates. It is shown that the dispersion of regional unemployment rate is gradually decreasing and is also slightly below European average on NUTS 3 level. The analysis of the duration of regional unemployment spells is based on the data obtained from the Employment Office of the Republic of Slovenia, which consists of the unemployment spells between January 1st, 2002 and November 18th, 2005 with more than 450,000 entries. The Kaplan - Meier estimates of the survival function are presented and the effects of region on the duration of unemployment spells are discussed

Unemployment in Slovenia

Capitalul uman este una dintre cele mai importante forţe motrice ale competitivităţii economice, ale dezvoltării şi creşterii economice. Jumătate din abilităţile, cunoştinţele şi productivitatea unei naţiuni este reprezentată de femei. Pe termen lung, performanţele economice ale unei ţări depind de cât de eficient şi în ce măsură este utilizat talentul feminin. Analiza noastră de supravieţuire privind inegalităţile dintre sexe pe perioadele de şomaj în Slovenia s-a bazat pe un set de date cu mai mult de 450000 perioade de şomaj ale persoanelor fizice între ianuarie 2004 şi iulie 2008. Analiza empirică bazată pe estimări Kaplan-Meier a funcţiei de supravieţuire sugerează că diferenţele dintre sexe pe durata perioadelor de şomaj în Slovenia sunt semnificative. Baza noastră de date arată că există peste 107% mai multe perioade de şomaj în rândul femeilor cu studii superioare comparativ cu bărbaţii cu acelaşi nivel de educaţie. Acest fapt indică existenţa unui potenţial neexploatat şi folosirea prea puţin a talentului sexului feminin care, dacă ar fi accesat, ar putea contribui la sporirea competitivităţii şi la o mai puternică creştere economică a ţării în ansamblu.Human capital is one of the most important driving forces for economic competitiveness, development and growth. One half of a nation\u27s skills, knowledge, and productivity is represented by women. In the long run a country\u27s economic performance depends on how effectively and to what extent female talent is well utilized. Our survival analysis of gender disparities in duration of unemployed spells in Slovenia was based on a dataset with more than 450,000 unemployment spells for individuals between January 2004 and July 2008. The empirical analysis based on Kaplan-Meier estimates of survival function suggests that gender disparities in the duration of unemployment spells in Slovenia are significant. Our database shows that there are 107% more unemployment spells for women with tertiary education compared to men with the same level of education. This fact is indicating unexploited potential and underuse of female talents which, if accessed, could contribute to higher competitiveness and overall stronger economic growth of the country

Unemployment in Slovenia: Impact of Gender Disparities During Unemployment Spells

Human capital is one of the most important driving forces for economic competitiveness, development and growth. One half of a nation’s skills, knowledge, and productivity is represented by women. In the long run a country’s economic performance depends on how effectively and to what extent female talent is well utilized. Our survival analysis of gender disparities in duration of unemployed spells in Slovenia was based on a dataset with more than 450,000 unemployment spells for individuals between January 2004 and July 2008. The empirical analysis based on Kaplan-Meier estimates of survival function suggests that gender disparities in the duration of unemployment spells in Slovenia are significant. Our database shows that there are 107% more unemployment spells for women with tertiary education compared to men with the same level of education. This fact is indicating unexploited potential and underuse of female talents which, if accessed, could contribute to higher competitiveness and overall stronger economic growth of the country.gender, unemployment, survival analysis, Kaplan-Meier, Slovenia

Effects of cross-border mergers and acquisitions on GDP per capita and domestic investment in transition countries

The study investigates the impact of cross-border mergers and acquisitions on GDP per capita and domestic investment in 22 European transition countries from 2000 to 2014 by using the system Generalized Method of Moments estimator. The main implications are that cross-border mergers and acquisitions have a negative effect on GDP per capita in the year of merger or acquisition, while their lagged level shows a positive impact. From long-term perspective, this type of FDI has negative and significant effect on GDP per capita. The results show that one-year lagged cross-border mergers and acquisitions positively affects domestic investment, suggesting that spillover effects of this type of investment can be expected not earlier than one year after the merger or acquisition. The value of this paper is that our results show how the advances in structural reforms enhance GDP per capita whereas their influence on domestic investment activity is insignificant. We found that there is insignificant impact of the relationship between overall structural reforms and cross-border mergers and acquisitions on GDP per capita and domestic investment both in short and long run. The originality of this study lies in investigation of the dynamic nature of cross-border mergers and acquisitions and their economic effects depending on the quality of structural reformss

The overheating of five EU new member states and cyclicality of systemic risk in the banking sector

Rapid credit growth has been one of the most pervasive developments in recent years in Central and Eastern Europe. We tested for the significance of macroeconomic and banking sector variables that condition non‐performing loan ratios and the hypothesis of procyclicality between economic activity and improving banking‐sector results in the Baltic States, Bulgaria and Romania. The theory of procyclicality between economic activity and the non‐performing loan ratio was proven. The increased economic activity improved the loan portfolio quality of the banking sector, as indicated by a lower NPL ratio. Due to a high share of loans denominated in a foreign currency and the fact of productivity gains in the tradable sector, the appreciation of the real exchange rate contributed to an improvement in loan portfolio quality. The procyclicality of banking sector performance and high economic activities growth could be a signal of an economy overheating and therefore a slowdown in economic activity is likely to accelerate the growth of the non‐performing loan ratio in the Baltic States, Bulgaria and Romania. First Publish Online: 14 Oct 201

Dugoročna memorija u prinosima hrvatskog i madžarskog dioničkog tržišta

The objective of this paper is to analyze and compare the fractal structure of the Croatian and Hungarian stock market returns. The presence of long memory components in asset returns provides evidence against the weak-form of stock market effi ciency. The starting working hypothesis that there is no long memory in the Croatian and Hungarian stock market returns is tested by applying the Kwiatkowski-Phillips-Schmidt-Shin (KPSS) (1992) test, Lo’s (1991) modified rescaled range (R/S) test, and the wavelet ordinary least squares (WOLS) estimator of Jensen (1999). The research showed that the WOLS estimator may lead to different conclusions regarding long memory presence in the stock returns from the KPSS and unit root tests or Lo’s R/S test. Furthermore, it proved that the fractal structure of individual stock returns may be masked in aggregated stock market returns (i.e. in returns of stock index). The main fi nding of the paper is that both the Croatian stock index Crobex and individual stocks in this index exhibit long memory. Long memory is identifi ed for some stocks in the Hungarian stock market as well, but not for the stock market index BUX. Based on the results of the long memory tests, it can be concluded that while the Hungarian stock market is weakform efficient, the Croatian stock market is not.U ovom radu analizira se dugoročna memorija prinosa hrvatskog i madžarskog dioničkog tržišta. Prisutnost dugoročne memorije u prinosima dokaz je neučinkovitosti dioničkog tržišta. Pod pretpostavkom da je moguće prinose modelirati kao ARFIMA (engl. Autoregressive Fractionally Integrated Moving Average) procese, aplicirani su Kwiatkowski-Phillips-Schmidt-Shin (KPSS) (1992) test i Jensenova (1999) valna metoda klasičnih najmanjih kvadrata (engl. wavelet ordinary least squares – WOLS) kako bi se dobila ocjena parametra integriranosti prinosa dioničkih tržišta. Rezultati ove studije ukazuju na to da WOLS, KPSS i R/S metoda vode do različitih konstatacija o dugoročnoj memoriji u prinosima dioničkog tržišta. Nadalje, utvrđeno je da dugoročna memorija u prinosima pojedinačnih dionica može biti ˝zamaskirana˝ u agregatnim prinosima dioničkog indeksa, koji uključuje ove dionice. Stoga je za investitore bitno da istovremeno testiraju i potencijalnu prisutnost dugoročne memorije u prinosima indeksa dioničkog tržišta i pojedinačne dionice u koje investiranju. Ključni rezultat studije je dokaz o dugoročnoj memoriji u prinosima hrvatskog dioničkog indeksa Crobex i pojedinačnih dionica u indeksu. Dugoročna memorija identifi cirana je i za pojedinačne dionice na madžarskom dioničkom tržištu, ali ne i za sam indeks BUX. Na temelju rezultata testova dugoročne memorije, odbačena je hipoteza slabe tržišne učinkovitosti za hrvatsko, ali ne i za madžarsko dioničko tržište