Minimum wages in 2023 : annual review

Aquesta publicació s'elabora a partir de les contribucions de cadascú dels membres nacionals que integren la Network of Eurofound Correspondents. Pel cas d'Espanya la contribució ha estat realitzada per l'Oscar Molina (veure annex Network of Eurofound Correspondents)The 2023 annual review of minimum wages was prepared in the context of unprecedented inflation across Europe. While this led to hefty increases in nominal wage rates in many countries, it was in many cases not enough to maintain workers' purchasing power. Based on developments over the last decade, this report shows that, overall, minimum wage earners in nearly all countries saw their purchasing power rising, the gap between their wages and average wages narrowing, and to some degree growth exceeding labour productivity development

THE APPLICATION OF FUNDAMENTAL ANALYSIS AT THE FOREIGN EXCHANGE MARKET

Temeljna analiza predstavlja instrumentarij, s katerim poskušamo razložiti številne premike v gibanju deviznega tečaja skozi daljše obdobje. Takšen instrumentarij lahko uporabimo tudi za ugotavljanje gibanja tečaja v prihodnosti — za napovedovanje. V splošnem je temeljna analiza skupek različnih teorij, ki vsaka po svoje opisujejo, kako se devizni tečaj v nekem trenutku izoblikuje. Za dobro napoved je potrebno uporabiti čim večje število teorij, ki jih vključuje temeljna analizale tako se lahko izognemo situaciji, kjer bi ob uporabi samo ene teorije, temeljna analiza podala manj kvalitetne napovedi. Priporočena je tudi uporaba analize pri napovedovanju na dolgi rok, saj zaradi različnih razlogov odnosi med ekonomskimi spremenljivkami in tečajem potrebujejo čas, preden se povezava nedvoumno pokaže. Kot rezultat naše sprotne analize tečaja evro/dolar tekom diplomskega dela lahko zaključimo, da večina teorij, ki so del temeljne analize, kaže na bodočo depreciacijo evra proti ameriškemu dolarju.Fundamental analysis represents an instrument, with which we try to explain movements or shifts in the exchange rate through a certain lengthy time period. This instrument can also be applied to assess or predict exchange rate movements in the future, thus it can be used for forecasting. In general, fundamental analysis consists of a number of different theories, all of which try to describe the determination of the exchange rate. For a quality forecast it is necessary to use as much of the theories in the repertoire of fundamental analysis as possible, since therefore the probability of fundamental analysis to produce an inaccurate forecast, due to an erroneous theory, is reduced. Also recommended when forecasting, is the application of fundamental analysis in the long run, because for different reasons economic variables take time to influence the exchange rate. From our analysis of the euro/dollar exchange rate, we can conclude that most of the theories offered by fundamental analysis show a future depreciation of the euro against the U.S. dollar

Social returns to education and human capital externalities in Slovenia

V tem magistrskem delu ocenjujemo osebni in eksterni donos na izobraževanje na ravni slovenskih občin za leta 2007–2009. Osebni donos merimo kot učinek števila let formalnega izobraževanja posameznika na njegov bruto dohodek iz dela, eksterni donos pa kot učinek ravni izobrazbe v občini. Kot merilo ravni izobrazbe uporabimo dva kazalca: delež terciarno izobraženih in povprečno število let šolanja v občini. Razpolagamo s panelnimi mikropodatki, v ekonometričnem ocenjevanju pa uporabimo različne cenilke, med katerimi sta pomembnejši cenilki slučajnih in fiksnih učinkov. Ocene osebnega donosa so vedno robustne, vendar eksterni donos, merjen z deležem terciarno izobraženega prebivalstva, izgubi statistično značilnost ob dodajanju kontrolnih spremenljivk, ki naj bi nadzorovale za učinek velikosti občine. Medtem pa eksterni donos v obliki povprečnega števila let šolanja obdrži statistično značilnost pri uporabi cenilke fiksnih učinkov. Kot literatura tudi mi posumimo na morebitno endogenost povprečnega števila let šolanja v občini in izvedemo ocenjevanje z dvostopenjskimi najmanjšimi kvadrati na modelu fiksnih učinkov, pri čemer kot instrumenta uporabimo pretekli delež prebivalstva v občini, star 0–4 in 5–9 let. Koeficient za povprečno število let šolanja posledično izgubi statistično značilnost, s čimer potrdimo sum o endogenosti. Eksternega učinka izobraževanja na ravni občin za Slovenijo ne moremo potrditi.In this master thesis we estimate the private and external return to education at the level of municipality in Slovenia for the years 2007-2009. We measure the private return as the effect of the number of years spent in formal education on an individual\u27s gross yearly income and the external return as the effect of the level of education. We use two measures for the level of education: the share of population with a tertiary education and the average years of formal schooling in the municipality. Using panel micro-level data we use several estimators, two of which are the random effects and the fixed effects estimators. The estimates of the private return are always robust, although the external return measured by the share of persons having achieved tertiary education loses its significance after adding different control variables. On the other hand, the external return measured by the average years of schooling remains statistically significant using the fixed effects estimator. Suspecting endogeneity of average years of schooling we estimate a two-stage least squares regression on a fixed effect model using as instruments the past share of population aged 0-4 and 5-9. The coefficient for average years of schooling loses its significance, confirming our suspicion of endogeneity. As a result we are unable to confirm external effects of education at the level of municipality for Slovenia

Minimum wages in 2022 : annual review

Aquesta publicació s'elabora a partir de les contribucions de cadascú dels membres nacionals que integren la Network of Eurofound Correspondents. Pel cas d'Espanya la contribució ha estat realitzada per l'Oscar MolinaAfter a cautious round of minimum wage setting for 2021, nominal rates rose significantly for 2022 as the negative consequences of the pandemic eased and economies and labour markets improved. In this context, 20 of the 21 EU Member States with statutory minimum wages raised their rates. Substantial growth was apparent in the central and eastern European Member States compared with the pre-enlargement Member States, while the largest increase occurred in Germany. When inflation is taken into account, however, the minimum wage increased in real terms in only six Member States.If present inflation trends continue, minimum wages will barely grow at all in real terms in any country in 2022. Significant losses in the purchasing capacity of minimum wage earners are likely to dominate the picture, unless the issue is addressed by policy changes during the year. The processes for minimum wage setting and related legislation in the EU have remained unchanged, by and large, or were adapted only slightly for 2022