23 research outputs found

    The interconnectedness of stock prices, money, and credit across time and frequency from 1970 to 2016

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    This article applies continuous wavelet and maximal overlap discrete wavelet transforms to study the co-movements and the direction of causality between money (M3 and M2), bank credit, credit from all sectors vs. stock price dynamics across time and frequency for 12 developed countries. The time-varying linkages were significant typically for credit rather than money developments. Particularly, these linkages appeared during phases of house and stock price boom and bust at a business cycle frequency. The discovered lead-lag patterns give relatively much time for monetary policy authorities to support their financial stability objectives by imposing restrictions on credit. Closing the channel through which credit and stock prices interact may counteract the rising financial imbalances. This finding holds also for the euro area where the monetary pillar is based on broad money. The new application of wavelets allowed discovering the varying linkages that were not necessarily evident in the standard methods of analysing data. First published online 08 July 202

    Gender Unemployment in the Czech and Polish Labour Market

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    Making use of EU-Labour Force Survey data, the authors estimated logistic regressions with a maximum likelihood method and found that gender unemployment risk was largely explained by human capital, marital status, receiving financial support, job experience and gender discrimination in both Poland and the Czech Republic. The gender unemployment risk gap amounted to 8% and 10% in Poland and the Czech Republic, respectively. Although the impact of marital status was significant and considerable, married wome in the Czech Republic benefited from their marital status on average three times less than men in the Czech Republic, and men and women in Poland. In both countries only women aged below 30 were ‘rewarded’, while women beyond 50 years of age were penalized in terms of unemployment risk. As opposed to that, men up to 60 years old have their unemployment risk reduced all else equalled. The authors argue that this form of possible discrimination in some respects is a better measure of injustice than the commonly used pay gap and it constitutes an alternative dimension of ‘gender inequality’. The results can contribute to better targeted policies against discriminatory practices by enhancing the career paths demanded in the labour market and by breaking the stereotypes rooted in the cultures of Polish and Czech societies

    Money, credit, house prices and quantitative easing – the wavelet perspective from 1970 to 2016

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    This paper investigates the relationship between money/credit growth and house price inflation for a sample of twelve developed countries. The novel application of the continuous wavelet transform showed significant but time-varying linkages between these two variables. During quantitative easing in the United States and the United Kingdom, growth of respectively broad money and bank credit was leading house price inflation for the 2-8 years cycle. In contrast to this, the Bank of Japan and the European Central Bank either did not assign a separate role to house prices in their reaction functions or the two central banks were not capable to significantly increase house prices by extending money/credit during the business cycle. The significant co-movements of financial variables and house prices around booming episodes warn us that a new asset price boom might appear within the length of a business cycle as a consequence of overly expansionary monetary policy. In the euro area, the significant, long run, and close to a one-for-one link between growth of M3 and house price inflation is an argument for the monetary pillar of the European Central Bank. The present study contributes significantly to the literature by introducing a novel application of a continuous wavelet transform to study the housing prices in relation to money, credit and quantitative easing. The article uses a long-term dataset covering a period of almost half a century to analyse their varying relationship in the short-run to the long-run and from the historical perspective

    Low wages – Coincidence or a result? Evidence from Poland

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    The article evaluates the influence of a wide range of socio-demographic, job and company-related characteristics on the likelihood of low earnings by applying logistic regression on a broad range of Labour Force Survey data. We evidenced that the average impact of the company-related characteristics is three times stronger than the impact of personal characteristics. We also found that working full-time considerably decreases this risk of low wages, but company-related and personal characteristics (except for the kind of company’s economic activity) have not provided a rent (benefit) from working full-time. The underlying conclusion is that reforms decreasing the size of the low-wage sector in the former transition countries should be focused on targeted employment programmes enhancing transitions to more profitable economic activities instead of possibly maintaining the unprofitable industries at all costs. Additionally, the reforms should be concentrated on introducing employment regulations to harmonise the rules of employment among all contract types, which would put the part-timers and the underemployed on a more equal footing with fulltime workers especially in terms of pension schemes and access to training

    Public Statistics Resources as a Source for Research in Geography of Industry

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    The article aims to present data resources for the needs of research in geography of industry in Poland. These sources can be independently obtained primary sources or secondary sources. Primary data have a unique value. They are collected for a specific purpose to solve a specific problem. They usually allow for a detailed description of the theme under investigation. As they are obtained directly from the surveyed entities during statistical research, they show timeliness and originality. In the research in geography of industry, primary data sources are used relatively rarely. It is mainly due to the time-consuming and costly nature of this type of research and the increasing difficulties in obtaining consent for research from respondents. Therefore, secondary data, which are the results of previous research, primarily by Statistics Poland, are especially popular. Statistics Poland, deals with issues useful from the point of view of the research in geography of industry, both in the form of surveys of the official statistics and as part of experimental studies. The article describes research carried out by Statistics Poland, which provides essential information about the industry and its location. Administrative data sources which may be helpful in this regard have also been mentioned. Public statistics has access to many of them. The area of interest of official statistics regarding data on industrial activities also refers to the data on the labour areas, which were created using the European version of the TTWA algorithm. The argument presented in this article proves that public statistics investigates a broad spectrum of phenomena related to industrial activities, and the results of these studies are and may be widely used by researchers in geography of industry

    Labour Market Areas in Poland

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    The aim of the article is to delineate Labour Market Areas (LMAs) in Poland with the use of the European version of the Travel to Work Areas (EU-TTWA) methodology that was developed under Eurostat auspices. We received over 300 areas that consist of LAU-2 units (gminas) – the smallest administrative regions in Poland. We discuss Poland-specific results and problems. We compare numbers of LMAs in countries with EU-TTWA-delineated LMAs in relation to population density, total population and area. We propose the taxonomic rank method to select the parameter values for the EU-TTWA algorithm. LMAs may deliver useful spatial information, although one needs to account for their heterogeneity.Celem artykułu jest wyznaczenie obszarów rynku pracy w Polsce przy wykorzystaniu metody EU-TTWA opracowanej pod auspicjami Eurostatu. Wykorzystując wspomnianą metodę otrzymano ponad 300 obszarów rynku pracy składających się z gmin. W artykule opisano charakterystyczne dla Polski problemy i rozwiązania, które przyjęto. Przeprowadzono także porównanie liczby obszarów rynku pracy w państwach, w których wyznaczono za pomocą tego algorytmu wspomniane obszary uwzględniając gęstość zaludnienia, liczbę ludności oraz wielkość danego państwa. W pracy zaproponowaliśmy wykorzystanie metody taksonomicznej celem wyboru parametrów wejściowych w algorytmie EU-TTWA. Obszary rynku pracy mogą dostarczać wartościowej informacji przestrzennej. Niemniej jednak okazały się one niejednorodne pod kątem wybranych statystyk. Dlatego właściwa polityka gospodarcza nie powinna ograniczać się wyłącznie do interpretowania ich granic

    Gender Pay Gap In The Micro Level – Case Of Poland

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    The paper analyzes the size of the GPG in enterprises located in Poland and with at least 10 employees. For this purpose a linear model is constructed for individual data that allows to distinguish the influence of sex, occupation and education on the earnings. That allows to explain the size of income discrepancies caused by external, objective factors and assess the magnitude of sex discrimination

    Сравнительный анализ источников данных для потребностей разработки современной Системы счетов труда

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    Pracujący stanowią jedną z najważniejszych i integralnych części rozbudowanego Systemu Rachunków Pracy. W artykule przedstawiono źródła, z których można uzyskać dane dotyczące liczby pracujących. Zwrócono jednak uwagę, że należy zachować ostrożność podczas porównań, ponieważ poszczególne definicje, populacje odniesienia, częstotliwość zbierania danych oraz ich reprezentatywność różnią się. Budowa nowoczesnego Systemu Rachunków Pracy wymaga oceny uzyskiwanych danych oraz stworzenia macierzy źródeł danych.Employees constitute one of the most important and integral part of the extensive System of Labour Accounts. The article presents the source of data on the number of employees. However, caution should be exercised when comparisons, because different definitions, reference populations, the frequency of data collection and their representativeness vary. Construction of a modern System of Labour Accounts requires an evaluation of the data obtained and creating a matrix of data sources.Занятые составляют одну из самых важных и интегральных частей расширенной Системы счетов труда. В статье были представлены источники, из которых можно получать данные по числу занятых. Было обращено внимание на то, что надо быть осторожным во время сравнений, так как отдельные их определения, базовое население, периодичность сбора данных, а также их представительность отличаются. Разработка современной Системы счетов труда требует оценки получаемых данных, а также разработки матрицы источников данных

    Poland as an inflation nutter: The story of successful output stabilization

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    The goal of the paper is to verify whether the National Bank of Poland (NBP) follows pure inflation targeting. The contemporaneous and forward looking, numerous Taylor rules estimated with the OLS and GMM methods provided weak evidence of any significant importance attached by NBP to output stabilization in the reaction function. The strong focus of NBP on its primary target has led to a satisfactory performance of the central bank in stabilizing the real economy. This suggests the basic conclusion that pure inflation targeters may perform equally fine in stabilizing the real economy as countries which officially attach importance to output stabilization.The goal of the paper is to verify whether the National Bank of Poland (NBP) follows pure inflation targeting. The contemporaneous and forward looking, numerous Taylor rules estimated with the OLS and GMM methods provided weak evidence of any significant importance attached by NBP to output stabilization in the reaction function. The strong focus of NBP on its primary target has led to a satisfactory performance of the central bank in stabilizing the real economy. This suggests the basic conclusion that pure inflation targeters may perform equally fine in stabilizing the real economy as countries which officially attach importance to output stabilization
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