Neoliberalism: Befall or Respite?

The authors of this argumentative article emphasize that the range of the current crisis cannot be depleted in the diagnosis which is based on cyclic consideration. It is both systematic and structural, which is derived from the genesis and the modus of neoliberalism, which has become dominant during the previous decades. Other than that, it is emphasized that the current crisis is “great”, because it forces relevant actors to face the structural characteristics of contemporary shareholder-capitalism. The crisis also puts to a test the self-reflection of the economic science which faces certain deficits. The authors believe that, given the tendencies in today’s economy, there can be different scenarios for exiting the crisis and projecting a new modus of capitalism in the following period. Having in mind the openness of the present and the uncertainty of the future, the authors describe those scenarios without projecting which one of them will be dominant.Capitalism, Crisis, Neoliberalism, Cyclic, System, Structure

Monetary and Exchange Rate Regimes Changes: The Cases of Poland, Czech Republic, Slovakia and Republic of Serbia

The paper explores (former) transition economies, Poland, Czech Republic, Slovakia and the Republic of Serbia, concerning abandonment of the exchange rate targeting and fixed exchange rate regimes and movement toward explicit/implicit inflation targeting and flexible exchange rate regimes. The paper identifies different subperiods concerning crucial monetary and exchange rate regimes, and tracks the changes of specific monetary transmission channels i.e exchange rate channel, interest rate channel, indirect and direct influences to the exchange rate, with variance decomposition of VAR/VEC model. The empirical results indicate that Polish monetary strategy toward higher monetary and exchange rate flexibility has been performed smoothly, gradually and planned, compared to the Slovak and, especially, Czech case. The comparison of three former transition economies with the Serbian case indicate strong and persistent exchange rate pass-through, low interest rate pass-through, significant indirect and direct influence to the exchange rate as potential obstacles for successful inflation targeting in the Republic of Serbia.Exchange rate targeting, Inflation targeting, Intermediate exchange rate regimes, Monetary transmission channels

Monetary and Exchange Rate Regimes Changes: The Cases of Poland, Czech Republic, Slovakia and Republic of Serbia

The paper explores (former) transition economies, Poland, Czech Republic, Slovakia and the Republic of Serbia, concerning abandonment of the exchange rate targeting and fixed exchange rate regimes and movement toward explicit/implicit inflation targeting and flexible exchange rate regimes. The paper identifies different subperiods concerning crucial monetary and exchange rate regimes, and tracks the changes of specific monetary transmission channels i.e exchange rate channel, interest rate channel, indirect and direct influences to the exchange rate, with variance decomposition of VAR/VEC model. The empirical results indicate that Polish monetary strategy toward higher monetary and exchange rate flexibility has been performed smoothly, gradually and planned, compared to the Slovak and, especially, Czech case. The comparison of three former transition economies with the Serbian case indicate strong and persistent exchange rate pass-through, low interest rate pass-through, significant indirect and direct influence to the exchange rate as potential obstacles for successful inflation targeting in the Republic of Serbia.Exchange rate targeting; Inflation targeting; Intermediate exchange rate regimes; Monetary transmission channels

Monetary and Exchange Rate Regimes Changes: The Cases of Poland, Czech Republic, Slovakia and Republic of Serbia

International audienceThe paper explores (former) transition economies, Poland, Czech Republic, Slovakia and the Republic of Serbia, concerning abandonment of the exchange rate targeting and fixed exchange rate regimes and movement toward explicit/implicit inflation targeting and flexible exchange rate regimes. The paper identifies different subperiods concerning crucial monetary and exchange rate regimes, and tracks the changes of specific monetary transmission channels i.e exchange rate channel, interest rate channel, indirect and direct influences to the exchange rate, with variance decomposition of VAR/VEC model. The empirical results indicate that Polish monetary strategy toward higher monetary and exchange rate flexibility has been performed smoothly, gradually and planned, compared to the Slovak and, especially, Czech case. The comparison of three former transition economies with the Serbian case indicate strong and persistent exchange rate pass-through, low interest rate pass-through, significant indirect and direct influence to the exchange rate as potential obstacles for successful inflation targeting in the Republic of Serbia

Labour migration flows: EU8+2 vs EU-15

The aim of this paper is to determine whether, and to what extent, the migrations from the EU-8+2 to the EU-15 were motivated by differences in earnings and productivity and to what extent by differences in welfare state generosity during the period of the transitional arrangements. On these grounds, a distinction emerges between “favourable” and “unfavourable” migrations on one hand and immigration net winners and losers on the other hand. The obtained results represent an empirical ground for the discussion on the thesis according to which more generous welfare state regimes will be more susceptible to the influx of unfavourable immigrants during the upcoming period of the free movement of labour, while the less generous welfare state regimes will be a magnet for the favourable immigration influx within the EU-27. First published online: 02 Jan 201

The European welfare state regimes: questioning the typology during the crisis

This paper examines the nature of changes within the EU–15 welfare states affected by the 2008 crisis. We try to answer the question of whether the differences that exist among different welfare state regimes, according to prevailing welfare state typologies, lead to different responses to the consequences of the crisis. Welfare state regimes are the result of different institutional perceptions of social risks hence it is realistic to expect specific responses to the effects of crisis among different welfare state regimes, and similar responses among the countries that belong to the same welfare state regimes. In order to recognize convergent vs. divergent processes, we perform a comparative analysis of the dynamics of the key welfare state determinants of the EU–15 countries, grouping according to welfare state regimes, in the pre-crisis and crisis periods. The results indicate that institutional rigidity and inherent inertia has remained a key factor of convergent welfare state processes in countries that belong to the Social Democratic and Corporatist welfare state regimes. Deviations from such a course are the most evident in the Mediterranean welfare state regimes, especially in Greece and Portugal where austerity measures have been formulated under the strong influence of the Troika

Eastern Migrations vs Western Welfare States - (Un)Biased Fears

This inquiry considers some effects of migration on the labour markets and the welfare systems found in the EU-15, and from the perspectives of sustainability of the current welfare state regimes. Our inquiry aims to determine whether and to what extent different approaches in regulation of migration flows between the new and old member states are compatible with related economic and demographic findings. Within this context, our research considers regulations affecting migration flows. Our findings suggest that some effects of migration from the EU8+2 on the labour markets and social protection systems found in the EU-15, both with respect to level and structure, do indeed generate effects on migration, especially considering whether migration is based upon economic or welfare decisions. In addition, our inquiry considers perspectives upon restrictive versus liberal migration policies

Institutionalist versus neoclassical view on income distribution and economic progress: The OECD panel evidence

Institutionalist and neoclassical views on income distribution are characterized by different assumptions about the inequality - savings - economic progress relationship. By questioning the neoclassical arguments, the paper promotes the attitude that economic progress results not from savings as “abstain from current consumption” but from society’s ability to continuously develop technological arts and crafts. Empirical analysis of panel data from OECD countries using a dynamic GMM model shows a positive relationship between income concentration and aggregate savings, but there is no robust evidence of a positive relationship between aggregate savings and economic progress. Furthermore, we find robust evidence that technology and human capital are the key determinants of economic progress, implying that accumulation of physical and human capital is more important for economic progress than accumulation of financial capital