Analysis of β-Convergence. From Traditional Cross-Section Model to Dynamic Panel Model

Celem artykułu jest omówienie kierunku rozwoju metodologii badania konwergencji gospodarczej, wskazującego na potrzebę uwzględniania w modelach wzrostu regionów powiązań przestrzennych między nimi. Artykuł prezentuje empiryczne modele β-konwergencji dotyczące wzrostu gospodarczego regionów Europy, otrzymane przy wykorzystaniu różnych koncepcji metodologicznych. W artykule rekomenduje się modele z zakresu ekonometrii przestrzennej. Dane empiryczne dotyczą PKB per capita w regionach NUTS-2 27 państw europejskich, będących członkami Unii Europejskiej. Zakres czasowy analizy obejmuje lata 1995–2009 (dane roczne).The aim of the paper is to discuss the course of development of methodology of economic convergence analyses, which points up the necessity of taking into consideration spatial connections among regions in regional growth models. It presents empirical models of β-convergence concerning the economic growth of European regions using various methodological conceptions. In the paper the models offered by spatial econometrics are recommended. The empirical data refer to per capita GDP across the European Union regions at a NUTS-2 level over the period 1995–2009 (annual data)

The Significance of Distance Between Stock Exchanges Undergoing the Process of Convergence: an Analysis of Selected World Stock Exchanges During the Period of 2004–2012

The paper concerns the convergence of selected world stock exchanges from the point of view of their development in the context of geographical and economic distance between them. It presents the methodological approach which points up the necessity of taking into account spatial and economic connections among stock markets in convergence analyses. The research includes 46 largest trading floors analyzed in the period of 2004–2012. The empirical data refer to six diagnostic variables acknowledged as the important determinants of the development of stock markets

Przestrzenny model panelowy dla nakładów na działalność innowacyjną przedsiębiorstw przemysłowych w Polsce w latach 2009-2012

Innovative activity is more often considered on the regional level. Regional approach to innovativeness is connected with specific assets, which depend on geographical localization in space. Thanks to those assets some regions can create knowledge and advantageous environment that supports innovative activity. The study present econometric models for polish NUTS-2 level regions in years 2009 – 2012. Specific regions assets are implemented to model as fixed or random effects in panel data model. Moreover spatial dependencies are examined. Regions are not independent from their neighbors, so spatial dependencies are introduced to models. Paper shows spatial panel data model for total expenditures on innovative activity of industrial enterprises. Explanatory variables were chosen using Hellwig’s method.Coraz częściej akcentowane jest znaczenie regionów w procesie innowacji, wynikające ze specyficznych zasobów związanych z lokalizacją geograficzną. W badaniu sprawdzone jest, czy polskie województwa charakteryzują się indywidualnymi cechami związanymi z innowacyjnością, oraz czy między regionami zachodzą istotne zależności przestrzenne. Do badania wykorzystane są dane dotyczące województw w latach 2009-2012. Wykorzystywany jest przestrzenny model dla danych panelowych

The Share of European Economies in the Process of Convergence of Long-term Interest Rates in the EU in the Period of 2006–2016

The paper refers to the process of convergence of interest rates of ten-year government bonds emitted by EU countries. It is an attempt to assess the participation of particular European economies in this process. The primary tools of analysis were panel models with fixed effects, including models that consider the links among economies, which are quantified by using a distance matrix between indicators of fiscal stability comprehended as the share of public debt in GDP. The idea of the so-called vertical convergence was used. The analysis was conducted on the basis of pooled time series and cross-sectional data for the 27 members of the EU in the period between January 2006 and November 2016

Spatial and Spatio-Temporal Tendencies and Dependence of GDP in Selected European Countries in the Years 2001–2009

The paper presents the analysis of per capita GDP in the area of eight European countries in the period before and after their accession to the European Union. They are: the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. In particular, the spatial and spatio-temporal tendencies of GDP and the dependence among the values of per capita GDP across the established regions according to the European classification system NUTS-2 are considered. The changes in time of the dependence are analyzed as well. In the investigation the ideas of spatial and spatio-temporal trends and spatial autocorrelation were used. Additionally some econometric space-time autoregressive model was specified and verified. The concept of b-convergence of NUTS-2 regions of the investigated countries in the context of spatial connections was analyzed. The data relating to the established regions was taken from the database released by Eurostat

Analysis Of Convergence Of European Regions With The Use Of Composite Index

Convergence study is related to several crucial issues. One of those problems is an individual character of every region in the selected area, as the regions established accordingly to the European classification system NUTS-2 are not homogeneous. Therefore, while analysing convergence in the European Union, regions with extremely dissimilar characteristics (for example GDP per capita) are taken under consideration. Absolute β-convergence means that all of the investigated regions tend to the same level of economic growth. Thus, among the regions with highly differential amounts of the examined variables the convergence hypothesis can be rejected. Due to the heterogeneity in the conducted investigation a classification based on the composite index will be used so that the convergence clubs could be established. Several approaches to convergence will be used according to those regimes. Moreover, there will be an attempt to indicate the determinants that differentiate the selected regions, such as: expenditure on R&D, HRST, quantity of patents, employment, participation of people in tertiary education among all employees. This will allow the analysis of conditional β-convergence to be conducted. In the investigation some methods and models offered by the spatial statistics and econometrics will be used. There are empirical proofs that geographical location has a great impact on the processes of economic growth. Consequently, spatial dependencies will be analysed as well

Convergence or Divergence of Regions of Middle-East Europe after their Accession to the European Union

Uniwersytet Mikołaja Kopernika w Toruniu, Wydział Nauk Ekonomicznych i Zarządzania Opracowanie prezentuje analizę PKB per capita na wyodrębnionym obszarze ośmiu krajów europejskich (Czechy, Estonia, Węgry, Łotwa, Litwa, Polska, Słowacja i Słowenia) w dwóch okresach: 2000‒2004 i 2005‒2011, tj. przed i po ich wstąpieniu do Unii Europejskiej. Oczekiwano, że akcesja do UE miała przyczyniać się do poprawy warunków życia i zwiększania tempa zrównoważonego wzrostu gospodarczego w krajach wstępujących do Wspólnoty. Umożliwiłoby to zmniejszenie różnic w poziomach dochodów w tych krajach. Celem przeprowadzonej analizy jest zbadanie czy w rozważanych okresach zachodziło zjawisko konwergencji czy może jednak dywergencji w zakresie poziomów PKB per capita w przekroju regionów według europejskiej klasyfikacji NUTS-2 wybranych krajów. W badaniu wykorzystuje się metody i modele wywodzące się ze statystyki i ekonometrii przestrzennej. Wybór takiej metodologii wynika z hipotezy mówiącej, że tempo wzrostu danego regionu jest związane z tempem wzrostu jego sąsiadów. Zatem koncepcja konwergencji gospodarczej na badanym obszarze jest analizowana w kontekście powiązań przestrzennych. Rozważa się trendy przestrzenne i autokorelację przestrzenną PKB per capita oraz zmiany w czasie tych tendencji i zależności przestrzennych. Głównymi narzędziami stosowanymi w badaniu są przestrzenne modele danych przekrojowych oraz przestrzenne modele panelowe. Dane pochodzą z bazy danych udostępnianej przez Eurostat (http://epp.eurostat.ec.europa.eu/).The work presents the analysis of per capita GDP in the selected area of eight European countries (the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia) in two periods: 2000‒2004 and 2005‒2011, i.e. before and after their accession to the European Union. It was expected that accession to the EU would improve living conditions and would raise the pace of steady economic growth rate in those countries. It would enable the diminution of differences of income levels in the countries. The aim of the analysis is to investigate whether the phenomena of convergence or divergence of per capita GDP across the established regions according to the European classification system NUTS-2 have occurred in the periods considered. In the investigation some methods and models offered by the spatial statistics and econometrics will be used. Choosing the methodology was motivated by the hypothesis that the growth rate of any region is connected with the growth rates of its neighbors. Thus, the conception of economic convergence of the regions of the established area in the context of spatial connections is analyzed. The spatial trends and spatial autocorrelation of the GDP are considered. The changes in time of the spatial tendencies and dependence are analyzed as well. The main tools used in the investigation are the spatial cross-sectional data models and the spatial panel models of β-convergence. The data related to the established regions was taken from the database released by Eurostat (http://epp.eurostat.ec.europa.eu/)

ANALYSIS OF CONVERGENCE OF EUROPEAN REGIONS WITH THE USE OF COMPOSITE INDEX

Convergence study is related to several crucial issues. One of those problems is an individual character of every region in the selected area, as the regions established accordingly to the European classification system NUTS-2 are not homogeneous. Therefore, while analysing convergence in the European Union, regions with extremely dissimilar characteristics (for example GDP per capita) are taken under consideration. Absolute β-convergence means that all of the investigated regions tend to the same level of economic growth. Thus, among the regions with highly differential amounts of the examined variables the convergence hypothesis can be rejected. Due to the heterogeneity in the conducted investigation a classification based on the composite index will be used so that the convergence clubs could be established. Several approaches to convergence will be used according to those regimes. Moreover, there will be an attempt to indicate the determinants that differentiate the selected regions, such as: expenditure on R&D, HRST, quantity of patents, employment, participation of people in tertiary education among all employees. This will allow the analysis of conditional β-convergence to be conducted. In the investigation some methods and models offered by the spatial statistics and econometrics will be used. There are empirical proofs that geographical location has a great impact on the processes of economic growth. Consequently, spatial dependencies will be analysed as well

IMPLEMENTATION OF ECONOMIC DISTANCE INTO MODELING SELECTED STOCKS’ EXCHANGE CAPITALIZATION

Celem artykułu jest analiza kapitalizacji wybranych giełd z perspektywy odległości ekonomicznej między nimi. Ze względu na charakter giełd – brak ścisłego związku z geograficzną lokalizacją, zaproponowana zostanie macierz oparta na odpowiednio zdefiniowanej odległości ekonomicznej. Takie podejście umożliwi sprawdzenie jak silnie na kształtowanie się wielkości kapitalizacji na jednej giełdzie wpływa wartość tego procesu na innych giełdach, które są podobne pod względem ekonomicznym. Ponadto sprawdzone zostanie, czy między wybranymi giełdami zachodzi zjawisko σ-konwergencji wielkości kapitalizacji.The aim of the article is the analysis of capitalization of selected stocks from a perspective of economical distance. According to character of stocks – lack of connection to their spatial position, in investigated model the matrix founded on economical distance will be proposed. Thanks to that approach, it will be possible to investigate how powerful impact on stock capitalization has value of this process observed in the other stocks. Moreover, it will be investigated if among selected stocks σ-convergence phenomena of capitalization is observed